FOREX and Bitcoin will change your life! Don't agree with me? that's because you are DUMB!
Hi there! longtime lurker and first time post! I've became sort of addicted to this subreddit (a lot of people that haven't talked to me in ages now are contacting me and trying to get me to join SEVERAL mlm scams) but this one was by far the most aggressive and offensive sales pitch in a while. I'll try to keep it short so hopefully it makes sense. So apparently this "friend" was back in the U.S. and wanted to catch up after 8 years of not seeing each other. She ended up inviting me to grab coffee and a sandwich. Cool! I was genuinely excited to see this person since I actually had a pretty good relationship with her before she left to a foreign country. We ended up meeting and talking about her life experience for about 5 minutes before she mentioned that she was making "a ton" of money in the FOREX market. That seemed oddly specific and kind of weird since she got a degree in graphic design... She then proceeds to explain to me how she subscribed to this amazing program and makes money from her phone WITHOUT DOING ANYTHING! and wanted me to join her team of highly paid "entrepreneurs" that are making money in the biggest financial market blah blah... After throwing a bunch of "industry" terms to pepper her story, I decided to ask a little more about this company and how in the world they haven't been awarded a nobel prize for this amazing piece of software that makes money for every single person on the planet. She finally told me that for "only 140 usd" (or some other amount...) I would get access to this app plus advice from their analysts BUT If I joined her team NOW she would help me get 4 people to join my team and I would be rolling in dough since I would be getting commissions from their monthly subscription fees and earnings. I proceeded to tell her that it didn't seem like a winning proposition and that it most likely was some sort of pyramid scheme, that the forex market is extremely volatile, you actually have to pay attention to your trades and that there is NO WAY that someone has "cracked the code" yet and would be willing to sell it for $140. That's when she lost it. She proceeded to tell me that since I studied finance I should know very well that this market is the future, and that I am dumb for not understanding this. I should be better than this and should join right now before I regret this decision. She then asked if I also knew what bitcoin was...before she went down that rabbit hole I proceeded to explain to her that a degree in finance actually helped me to understand what scams are, picked up my stuff and left. So there it is...there is a FOREX mlm company now...what in the world. What hurts most is that I actually thought she wanted to meet up and catch up! How naive...
Cant figure out which company this FOREX mlm is. Is it Silverstar Live or something else?
I have a friend posting cryptic crap every day about "What would you do if you had an extra $500 a month" and all the typical invest in yourself junk. I called him out on it being an MLM, and he acknowledged that he'd get a percentage of your sales, and down the line etc. He also admitted that he hadn't earned back the cost of the training he had after a year. However, I can figure out the actual name of the MLM. I know there are several, but my Google Fu isn't solving the mystery and it's driving me crazy. Here's what I got:
It's a software service that is 'Proprietary AI' for giving hints at investing in FOREX.
It might be related to an expensive training course in FOREX investing that is also MLM in nature, that is free if you get two other people to pay for it
The software must be fairly expensive in order to motivate people to recruit others over investing in trades
He has not posted a single clue about the actual name of the software
10-26 19:53 - 'BITCOIN passive EARNINGS. It is a registered MLM company (I have proof yes) that trades and mines crypto and trades Forex. These number are reflective from 8-24-17 till now. Messages if interested or wanna inquire.' (i.redd.it) by /u/08brandon26 removed from /r/Bitcoin within 0-6min
BITCOIN passive EARNINGS. It is a registered MLM company (I have proof yes) that trades and mines crypto and trades Forex. These number are reflective from 8-24-17 till now. Messages if interested or wanna inquire. /r/Bitcoin
What does someone who works for a Forex company do?
Context: Forex is big in my country (Cyprus) and it pays good, while normal jobs barely scrape by. So I wanna know if I can work at such a company but I've no idea what is it exactly that people who work there actually do. I'm talking about the entry level jobs by the way. So basically what is the entry level job at a Forex company and what is required for one to be successful at such a job? Thanks!
I used to be a Member of a Forex MLM (IM) up until yesterday, I was in it for two months, and i joined originally to learn to trade, did learn a decent amount, but i feel there was too much focus on marketing than trading, i want to focus more on trading now, I know about babypips, but can someone recommend me more things so i can start trading properly on my own, No i dont want to join any other MLM company so dont advertise that to me
Got an MLM advert from a young guy and I respond in the HIGHEST EFFORT way possible!
So last week I went to my car and found this letter attached to my windshield. I read it and the language had the patented MLM-speak and red flags that we see with just about every MLM. So I looked it up as I hadn't heard of it before and lo and behold, IT'S AN MLM I think about just throwing it away and not thinking about it again, but seeing as he's a young dude and probably new, I thought, " Let me try and help him see the company for what it truly is." Well one thing led to another and I found myself doing a deep dive into this company as well as using this as an opportunity to flesh out my thoughts about MLM's in general. Here is the email chat I started with him. I ended up giving the highest effort persuasive essay to try to save him from the MLM Forex Huns. I swear I condensed as much as I could! Fair Warning: It is pretty long lol but I think it is worth the read if you're interested in a detailed explanation as to why exactly MLM's are so bad. (worth just reading the horrendous income stats of this company) I'll post an update if he responds. Let me know what you think! 💸💸💸 UPDATE:Here is his response and mine. I don't think he will be responding again, but I do wish him the best. Hopefully, me ripping off the rose-colored glasses made a difference and he will avoid a worse future had he not known any better.
So I’m into investing and I came across one of my friends constantly posting on social media his forex (Foreign Exchange Currency Trading) trades. I struck up a conversation about what he does and got roped into an hour long pitch call about an MLM (They didn’t even tell me what their company was called) That involved a 250$ start fee and 180$ Monthly fee, thats waived if you recruit people each month. If anybody knows what its called, please let me know. I’m also confused as to how a forex teading MLM works, it just seemed like they called trades over a zoom call and didn’t sell any product.
Being forced to be a MLM down-line by my own parents...
Some background - first of all, I'm a midterm college student currently staying at home for obvious reasons. In recent months my parents have pressured me to start making money, saying "You need to start working on financial independence" or something like that. First off I opened an online shop selling my parents' merchandise clothing (they have actual stores for this one tho, no LLR stuff or whatever). Decided to pull out as academic stuff takes over my life. As time and the pandemic rolls on, my parents have started hinting on how lazy I am by refusing to earn money on my own, asking "What do you wanna do in your life then to start earning money ?". When I told them I can't restart the online shop just yet because of my college, they then said "okay, we understand your situation" ... Oh, how wrong I was. Shortly thereafter my mother got ecstatic when she came across an "opportunity" on instagram posted by one of her church friends. We set up a (physical, not that I think its wise) meeting not long after and by the time we arrived I know already - I'm being roped into a MLM by MY OWN PARENTS. For context, the MLM is some sort of forex trading investment company called NET89 I honestly would have refused joining, but with my mother there and my parents' pressure on me I was scared and didn't dare saying 'no' since in this pandemic & amid college sh** I don't have a chance yet to pursue a career, meaning I'm still very much dependent on my parents for sustenance (like most college students where I am - not in the USA, student loans are a foreign concept here). My parents used their personal money to pay for it though. A few months have gone by since, and with me NOT EVEN MENTIONING the MLM to anyone else and flat-out refusing to support the company in any way I decided to pull out the money from my account. My parents got furious at me, saying "What you've done was an obvious loss", "You're being stupid by acting that way", "All companies may as well be MLMs since they ask consumers to promote them" ... Yeah, so ... Here I am. Being involved in an obvious scam because of my parents pulling me in without an option to get out of it whatsoever. What do you think I should do ? How can I get out of this ? FYI ; I wish I could look for a job but like I said before, with my college being super busy right now despite being online (they think students are just slacking around at home, thus churning out assignments at breakneck pace) ... I can't, yet.
I joined IM Academy, realized it was a pyramid scheme, told my “team”, and they kicked me out of the team. Lol
I joined IM Academy after seeing somebody that I follow on both Instagram and Twitter, posting about joining their forex trading group. I was so amped up, after seeing the individual post a screen recorded video of them making $250 in 7 seconds on MetaTrader 4. I couldn’t wait to join! BOOM!. Stimulus checks come in. I vowed to invest my $235 as an investment fee for this group. My bank kept declining the transaction, so I called the head of the security department and aired them out so I could invest my $235 and make money already! Then, I finally had access to this investment group after a long morning of trying to get my transaction to go through. I was thrown into a group chat, then told to download Telegram and Zoom from the AppStore. Pretty much, after that, I felt like I was living the dream. I had my foot in the door in the forex trading market. I’ve been investing for 3-4 years, starting with cryptocurrency, to the stock market, now forex trading with an “investment group”. For the days following, my time was spent being on pointless zoom calls, made up of “millionaires”, and like-minded people just giving motivational speeches all day. None of these calls ever consisted of how to trade, or how to read the graphs/charts, or anything pertaining to actually making money. They were always focused on getting you to recruit people. My team, they were especially hyped on the idea of recruiting people. They would always talk about living the lavish life, once they reach the highest rank in IM Academy, which was a Chairman position. In my eyes, I knew damn well none of us were going to ever make that big of an impact. I started to connect the dots within this organization, then I figured that nothing seemed right. I went on the website, cancelled my subscription and then deactivated my account 2 nights ago, all before the 7 day “free trial” period they supposedly give you. Hopefully I get a refund. But wait, there’s more! So, after contemplating for what seemed like days, I finally hop in my group chat with my “family”, tell them how much I liked them (which I actually did), and told them that I think that IM Academy is a pyramid scheme. I told them valid reasons, as well as pulling up factual information, such as the CFTC court documents against iMarkets Live in 2018. They all put laughing emojis, and told me that I was tripping, and that there’s a huge difference between an MLM and a pyramid scheme. After that, I knew I was working with a bunch of dickheads who were too absorbed into the company to face the reality at hand. I then got aired out by my mentor, got called an embarrassment, and a fraud for bringing “fake energy” into the family. I was appalled, because I couldn’t believe they thought I was trying to bring down “the family”. I was telling them what it was straight up, and their reaction told me that they really believed they’d be making millions of dollars under IM Academy. I’m someone who does research before making investments, and this was the only time in my life that I didn’t. I don’t even think these people looked up the company itself, or received any ratings on it or anything. They got sold the dream of making millions by IM Academy, and now they’re so knee deep into the “dream”, that they couldn’t handle what I told them. I got kicked out the group chat, and ever since then I just wanted to get this off my chest. What a bunch of losers they were, LOL! I hope they have fun getting scammed out of their time and money for as long as that company can stay afloat.
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