Nigeria Loom Is Scam, Loom ponzi scheme first appeared in UK and it trend like wild fire in Australia and then, it went viral on social media platforms and finally, it came to Nigeria our country.
Two years after the popular Mavrodi Mundial Moneybox (MMM) Ponzi scheme crashed with millions of Naira lost, Nigerians are starting to flood towards Loom, another scheme that promises astonishing returns on investment.
MMM penetrated the Nigerian market in 2015 with over 2 million people signing up for the scheme by the time it crashed in December 2016.
Despite the loss of billions to that scheme and many of its ilk, Loom Money Nigeria is starting to gain widespread following among Nigeria’s online community.
Loom is a peer-to-peer pyramid scheme which involves people being invited to invest as little as N1000, or N2000, or N13,000 and get as much as eight times its value within a short period of time.
You know Nigerians can never learn from their past mistakes because they love awoof and I will say who has ears let him hear that;
Loom money Nigeria is a pure scam and is illegal. In developed countries, you get arrested for participating in it.
These ponzi schemes comes with little attractive money to lure members because it feels like nothing to pay but when it gets to time, they pack away money in full.
Loom is an old fashioned pyramid scheme repackaged and rebranded with a new name to scam users of their hard earned money.
Exactly like MMM which was literally the old name but since the founder, Mavrodi is dead. New people came up with a new tactic to scam users using same method. In fact, “Naijaloom” which is different from “Loom” is also out with different method entirely.
If you can remember how MMM scammed Nigerians of their hard earned money, I believed you would make a U-turn by now. Now, Loom Ponzi scheme is spreading so fast.
But firstly, I will tell you how the Loom Scheme works:
Someone invites you to a WhatsApp group promising that you would get N8,000 with just N1,000 or N104,000 with N13,000 and after you’ve paid, you will be asked to come with one of your friend or relative to join the system. Are you not sensing scam? OK, let’s proceed.
There are four levels in Loom and they are Purple, Blue, Orange And Red. Immediately, 8 people joined the program, the person in RED (center) will get his target amount and leave. Then, the loom will split into top half and bottom half as the circle begins again.
Basically, the amount of people you add to the loom, the quicker the movement for you to withdraw yours.
Now, How Is Loom Nigeria A Scam?
To be honest, Loom Nigeria is a ponzi and pyramid-selling scheme and they are often illegal or not sustainable to keep the circle moving.
Follow me to see proof:
Firstly, you have to pay to join the program. And for the first person to part away with any money, he or she has to supply 8 new members.
And to make money as Loom promises, you have to supply members in this format in a WhatsApp group:
1st payment attracts 8 new people.
For 8 people to be paid, the WhatsApp group needs 8 × 8 new members = 64 new members.
For 64 people to be paid, the WhatsApp group needs 512 members which can be calculated as 64 × 8.
For 512 people to be paid, the WhatsApp group needs 4,096 new members and vice versa.
Now The Scam Appears Here:
There’s where it will reach, the ponzi scheme won’t be able to get new investors or members in the system and once that happens, the program or system will crash and pack all available money with it.
Take for example as a Nigeria:
When NNU was first out. It was working smooth and clean but as everyone enters into it, the system crashed because the referring system becomes hard and then, it crashed. It packed a lot of money along but not still as much as that of MMM.
That’s what awaits Loom Nigeria. Is a time bomb and when it gets there, it will crash like bomb and pack your full money away.
What If I Join And Make Money Quickly With It?
Is that what you think? The system can crash during your own turn and you never can tell when it will crash. It can crash early or later. It won’t only affect you, it will affect your family members that you invited to participate without knowing what it entails.
So, LOOM ponzi scheme is a pure scam and I advise you stay away from it before you regret. It’s painful when it happens. Remember, I warned.