Idk man I'm skeptical but she showed the proof. She's going to show proof of there money hitting her PayPal account..that doesn't sound like a scam, especially if she chop up her wins now and bounce.
want to elaborate? fukk it i'm money hungry
So Is Anybody On The Coli Falling For This Blessing/Looms Shít?
- Thread starter R.O. Double
- Start date
want to elaborate? fukk it i'm money hungry
When people "bounce" and don't go back in is when it becomes a scam
So money is coming out of nowhere to multiply every person's $100 to $800
Are you STUPID or what?
Sure someone gets paid. The 1 person that gets paid is getting paid OFF YOUR DUMB ASS.
For the $100 a month bullshyt and you get $1200 at the end of the year: ARE YOU INSANE? Just put your $100 in the BANK FOOL
Are you STUPID or what?
Sure someone gets paid. The 1 person that gets paid is getting paid OFF YOUR DUMB ASS.
For the $100 a month bullshyt and you get $1200 at the end of the year: ARE YOU INSANE? Just put your $100 in the BANK FOOL
Plain and simple
Came in to say this...In Jamaica its called partna.....so in theory if you have 12 people, each dropping 100 every month, when it is your time, you get $1200. So in January if you were first, you pulling in $1200 at the beginning of the year...then paying out the rest.
If you put down $100 in a savings account and keep adding $100 as the year goes by,,.....you end up with $1200It's glorified savings for people who cant save
First people in get payed and once it's gets played out people stop being interested and folks can't keep the cycle up and they left to dry. Works if people continue to cooperate. That said passed on it Cuz I'm not gonna hound folks to join
Its almost as if the shape the sign up and paying process for paying people/getting paid by people takes up some sort of pyramid form
That Blessing/Looms shyt is a pyramid scheme!
Now on the other hand...
Now on the other hand...
Yea this a scam
A lot of cultures have a legit variation of this tho.
The Somali version is called ayuuto. Lets say there's 10 people and they each pay $100 a month. You determine the order and someone in the group gets $1000 a month in a rotating fashion for 10 months. Those who need the money asap usually go first and those who are good go last. The contract is over when the whole rotation is over. The only part that sucks is being the one in charge of the $$ and chasing down the individual members each month.
My mom legit helped my cousin pay off his whole car note in a year using this method. I dunno how effective it is in the new era but the oldheads are all on it.
Susu collectors
From Wikipedia, the free encyclopedia
Not to be confused with the related, but mutual form of Susu as practiced in Ghana, the Caribbean and amongst North American immigrants.
Susu collectors are a traditional form of financial intermediaries in Africa, predominantly in Ghana. For a small fee they provide an informal means for Ghanaians to securely save and access their own money, and gain some limited access to credit, a form of microfinance. Money looked after for an individual by a Susu collector is held in a Susu account.
The sus informal accounts used in the Caribbean and among West Indian immigrants to the United States are similar.
Operation[edit]
Susu collectors usually run their businesses from kiosks located in the market place and act as mobile bankers. Otherwise they can often be recognized by their distinctive coats with many pockets.
Deposits, often of low but regular value, are usually taken on a daily basis over the course of a month. At the end of this period the susu collector returns the accumulated savings to the client but keeps one day's savings as commission. Susu collectors may also provide advances to their clients.
Susu collectors vs. mutual Susu[edit]
The word susu is also used in reference to rotating savings and credit associations in Ghana and the Caribbean. K. Little's 1957 article in American Anthropology, as well as the book Traditional Peoples of the World by National Geographic describes susu groups in this context. Both Aryeetey and Gockel (1991) and Little (1957) are cited by Ellen Bortei-Doku and Ernest Aryeetey in Chapter 5 of the 1995 edited volume, Money-go-rounds.[5]
Susu collectors - Wikipedia
In Jamaica its called partna.....so in theory if you have 12 people, each dropping 100 every month, when it is your time, you get $1200. So in January if you were first, you pulling in $1200 at the beginning of the year...then paying out the rest.
If you put down $100 in a savings account and keep adding $100 as the year goes by,,.....you end up with $1200
It's not even that cause you're also paying out $1200 over the year, so you break even. Everyone pays out $1200 ($100 a month counting the month they collect) and collects $1200 one time, $0 net gain over the year. It's nuts how they can't see that they're not actually making money. It's basically a loan with no interest.
Either they're clueless or they are consciously scamming people they know and recruiting more people to collect again real quick and telling them when they recruit a certain amount of people they can collect too, which in that case it's bound to fall in on itself very soon and do so in a volatile manner. Only way it could keep going that way is if the average person getting in just approaches it like it's beneficial cause they can get that $1200 in one shot instead of saving it slowly, but it's also peanuts in the big scheme of things, they could save that $1200 in a matter of weeks with just a tiny bit of discipline.
It could essentially work if the first people in eventually don't pay and take a % off the top, then everyone who recruits a certain amount of people could do the same thing and everyone could keep making a small amount of money for essentially being a money manager. I didn't do the math but I'm assuming to keep it worth it for the people paying the $100 every month it wouldn't be worth the headache for the person organizing it. They're basically convincing people to let them manage a small portion of their money at that point in exhange for 1 lump sum payout and the foundation to eventually manage other people's money themselves also and make a small 5 for doing so. At that point it's a microloan business which is legit, and if they marketed it as that it wouldn't come off as a scam pyramid scheme. It would still be dependent on people who are bad with money, which is a large portion of the population.
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In Jamaica its called partna.....so in theory if you have 12 people, each dropping 100 every month, when it is your time, you get $1200. So in January if you were first, you pulling in $1200 at the beginning of the year...then paying out the rest.
If you put down $100 in a savings account and keep adding $100 as the year goes by,,.....you end up with $1200
Many people call it a susu as well... some folks feel it is beneficial because they wouldn't save it any other way.
I think the difference between the susu and the money loom is that it is cyclical and more intimate. The money loom looks linear and impersonal. I have never done either, but I know lots of my Caribbean friends have done it to get large sums of money at one time (down payments on houses and cars)
I don't get it.... Someone explain this to me like I'm a 5.
edit: nvm, I think I got it now...
...We can start a Coli-system...
edit: nvm, I think I got it now...
...We can start a Coli-system...
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Well I was talking from the Jamaican perspective, where people did not deal with formal monetary setup of a bank. So if you have a group of trusted friends i t can work, because it is just glorified savings, but a lot of people don't know how to save. But it is partner draw I am talking about
the loom with bringing in more people is just a pyramid scheme. Once you have to bring in more people, then the pyramid gewts bigger and bigger
it could work, but there is that trust factor.I don't get it.... So one explain this to me like I'm a 5.
edit: nvm, I think I got it now...
...We can start a Coli-system...
I remmeber in high school, we were broke but loved video games. So I suggested, all 8 of us throw $5 every week and one of us would get a new game and rotate every other week. We could also switch games......it worked for 2 weeks
nikkas wasnt seeing the big picture
