So last night while on Twitter, my timeline was flooded with tweets relating to Ultimate Cycler and iCharity sites having crashed. A number of people who had invested began to panic and worry about their funds already invested. These schemes are one of many I have deliberately avoided talking about even with a number of my friends involved in them.
After a lot of tweets and retweets on my timeline, I was tempted to write an article about them but then I stopped myself because I knew I would be giving them the media attention I specifically did not want to but would unintentionally do. I am quite certain a few of those who have not already checked the website may actually do thus, achieving what I set out not to. And as Trump’s victory may have noted, all publicity is good publicity.
Now that aside. With the continuous growth of MMM despite all warnings (official and unofficial), other Ponzi schemes have set up shop in the country. Why not right? After all we have the population, low literacy level, love for quick money and coupled with a recession biting hard and making basic living difficult it seems like a fertile ground for such schemes.
Ultimate Cycler is the latest and its wooing people with promises higher returns than MMM. The catch is this; sign up by and paying N12,500 to a fellow member you registered under. When your donation has been confirmed, the Ultimate Cycler admin puts four people under you who will pay N12,500 you resulting in N50,000. In summary, pay N12,500 and get N50,000. When you have four people under you, Ultimate Cycler bumps you up to the second level. In this stage, you will pay N25,000 from your N50,000 largess to a grade 2 member. After this, the system will put 16 people under you who will pay you N25,000. At this stage, your grand total will be N400,000.
iCharity on the other hand is much similar to MMM, only difference is a user chooses who he/she want to pay money to or ‘help’ (peer to peer). Unlike MMM, where a system matches users with who they are to pay to, icharity allows its users to choose.
Here’s Alexa’s ranking of the site and you can see the spike upwards which occurred in less than a week. I don’t intend to warn or deter anyone from proceeding because it seems not to work. As of publishing this, the site is back up and like I earlier stated that all publicity is good publicity. The news of the crash has created more attention for it (free marketing) and I expect the site to record an increased number of sign ups on the platform.