Google might be struggling to make money off YouTube, but pyramid schemers are apparently doing just fine. They’re doing so well, the Better Business Bureau has issued an alert warning of “little Bernie Madoffs” running all around the video site Call it user-generated scamming. .
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Long definition of cash gifting: You give a dude some money to earn your position in a special pay-it-forward program dedicated to a cause—saving the Norwegian aardvark, or whatever you’re into. The dude takes your money and you now have a job as a member of the special club. Your job is to go find more club members and convince them to give you money to help save the Norwegian aardvark. You keep a little for your effort and give the rest to the dude who gave you your job, who keeps a little more, and presumably gives the rest to the organization.
If you smell a rat then you’re smarter than the folks convinced all that pay-it-forward karma will come home to roost in their mattresses, where the President has made very clear you’re not supposed to be keeping your money. This is a classic pyramid/Ponzi scheme without the pretense of crappy products or imaginary investments, cash straight to some bald dude in a tank top you know only through YouTube. And in that sense, for Tank Top Dude, it’s very efficient and cost effective.
He might even call it a stupidity tax.
The BBB calls it a friggin scam. “Bernie Madoff isn’t the only guy with a ponzi scheme; money-making opportunities promising big returns for little work are all over the Internet and are extremely enticing to millions of people struggling with today’s economy,”
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YouTube A Breeding Ground For Ponzi Schemes
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