Incessant Appetite for Pyramid Schemes: New Scheme Emerges in Swaziland as BTC Global and Others Crash

By Thembeka Dlamini | 2018-03-11

Despite the Financial Devastation from Previous Pyramid Schemes, Swaziland Citizens Stay Determined in their Quest for Quick Riches

Swaziland is once again dealing with the aftermath of pyramid schemes, as citizens continue to be lured by the allure of quick profits, despite the financial devastation caused by schemes like BTC Global and Esco Options.

The Persistence of Pyramid Schemes in Swaziland

After the collapse of BTC Global two weeks ago, some locals jumped ship and joined Esco Options, which then crashed the subsequent week. This cycle repeats itself, leaving many to question their judgment and risking immense financial losses.

“Some schemes offer tantalizing 100% returns, which, however, are not paid out. It all comes down to timing and knowing when to jump ship,” – seasoned broker.

Schemes that Refuse to Pay Out

• Earn Bitcoin Forever: Promised daily returns of 12% to 24% but has not paid out returns for some time.
• Extract Mining: Earlier paid 14% but has recently reduced payouts to 7%.

Swaziland’s History with Pyramid Schemes

Swaziland has been plagued with pyramid schemes in the past, with devastating consequences:

1. Sharemax: Promised monthly returns of up to 12.5%, which drew in thousands of locals to invest their life savings and retrenchment packages. Although it gained ground in 2007, the scheme finally ‘crashed’ in 2010, leaving locals outraged and still struggling to recover their investments.
2. Channel S Club and Diamond Africa: Both left countless Swazilanders impoverished, with millions lost.

The Resurgence of Old Schemes

Amidst the chaos, some locals are turning to the resurgence of old, infamous schemes, such as the infamous MMM, which promised passive wealth before crashing in Swaziland two years ago.

“Despite this, some who made a profit in the past are returning to the scheme.”

Caution and Awareness

The broker advises potential investors to be aware of the temporary nature of such schemes and the risks involved:

• Regulatory scrutiny on schemes like Power Mining Pool, which currently pays out every three hours.

Join the conversation. Share your thoughts on the persistence of pyramid schemes in Swaziland and the impact they have on people’s lives in the comments section below.