Loom Money Review | Is It A Boom Or A Doom?

Loom Money Review
Sometime a few years ago, I already lost count, ponzi schemes were so rampant in Nigeria.
Ponzi schemes ring a bell in the ears of all Nigerians. They are a kind of scheme were you are meant to join with a particular amount of money, and then they'd be expected to invite more people into the scheme.
When you invite the required number, say four, and you joined with ₦5,000, you might make ₦15,000 and move on to a next level.
Your referrals would then have to go around as 'fishers of men' hunting for their own referrals too, or they might stand a chance of loosing their own 'capital'. You, the first invitee would also be making a percentage of their own referrals and the whole cycle goes on.

The Mavrodi Mavrodi Melnikova was the most popular of all then. Better known as MMM,  an estimated 5 to 10 million people lost their savings to this scheme according to WikiPedia. It was founded by three Russian brothers, Sergei Mavrodi, Vyacheslav Mavrodi and Olga Melnikova. The companies' name was gotten from the founders' last names, 'Mavrodi', 'Mavrodi', and 'Melnikova'.
MMM reportedly crashed in 2016 and caused so many heartbreaks.

Well, Ultimate Cycler came into existence almost around that period of time too. My friends were 'investing' and cashing out, and the moment Stanford and I put our money, ₦12,500 to cash out ₦50,000 if I'm not mistaken, the system crashed!
That was the year 2016 and the money was a lot of money for us then. Since then, I've never failed to be an anti-ponzi crusader...Lol!

That was for the records. Less than three months ago, I started hearing of Loom...hia! Every WhatsApp group, Loom and even on my Facebook timeline.
People were inviting me here and there. Some were even asking me to put in ₦500 to get ₦4,000...Lol.
Now let's be frank, we're all humans. If these people's money weren't stuck in, and they could cash out 'stresslessly', would they be inviting you? An average human, especially we Nigerians would only support you when it's beneficial. 
The participants need you to 'put' in your money before they can receive their own, and then you would have to do the job of scouting for your own referrals else you loose your money. Infact, wasting time is risky because we're talking about PONZI!

What is Loom all about?

It is not so different from any other ponzi scheme.
➨ First you are invited to the WhatsApp group chat by a family, friend, colleague and so on, anyone who wants to bring out their own money would want you to join.
You'd then be asked to invest a particular amount of money, say ₦500, ₦1,000, ₦5,000 or even up to ₦50,000 depending on the agreement and you'll be assured of getting ⨉8 of the money once you recruit more people.
Remember that the lower the money, the easier people can risk, the more people you have chances of bringing in and also, the lower the outcome.
If you put ₦500, you get ₦4,000. Put ₦5,000, get ₦40,000 and so on!
➨ After joining by paying your own money, you'll then be expected to bring at least one other participant.
There are four levels in the Loom - the Purple, the Blue, the Orange and the Red levels.
➨ You will move a step up at a time, and each time any participant reaches the top level, he/she will get the target amount, ie ⨉8 of their initial investment and then will leave the cycle.
➨ Finally the Loom splits into two groups, the top half and the bottom half will become new looms and everyone will move into the next level (from the Purple Level – into the Blue Level – and then into the Orange Level) and the whole cycle begins again.

That's all! The earlier you join, the earlier you get your money and I think it's more or logical!
Having read this, what is your review of the Loom Money. Is is a DOOM as others always say or another economic BOOM?
For me, there are so many awesome ways to make money online in Nigeria even as a beginner, so why waste my time inviting people?
What do you think? Don't forget to drop us a comment and share to your friends!
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