PAYSBOOK.COM PONZI AFFILIATE PROGRAM COULD LAND YOU IN JAIL!6 min read
I wanted to check how this so called Paysbook.com work. I have watched a little of their promo video and what I gathered was that they wanted to make something like Facebook but also trying to reward their users/members.
What I can take from this is that they want to mix Facebook and Steemit, where the interface is similar to Facebook but users get paid for “likes” like Steemit does.
They tried to do this with joining and implementing the Indigen Coin.
However, that did not work because the Philippines SEC intervened.
What they are doing now is rewarding the trending post from the money they get from advertisements on their platform.
It’s not bad right. I don’t think anyone will ever go against that idea or system.
The problem is their affiliate program which is a pure Ponzi scheme. The Philippine SEC already issued a public warning to the public about it.
Anyway, I wanted to try this Paysbook so I have asked around. I have asked the people who are already an affiliate on Paysbook.
I wanted to see how to earn money from this Paysbook besides the Ponzi scheme.
How Paysbook Ponzi Scheme Works?
From what I have gathered you need an activation code which will cost you 1000 pesos for 1 account.
From that account there is a possibility that you can earn 1500 in just 6 days!
You will get 300 pesos when you make an account then you will also get a log in bonus of 1200 pesos if you log in daily for 6 consecutive days.
You might say WOW! You got 1500 pesos already, what a beauty, you made 500 pesos in just 6 days.
Here is the catch.
You will never be able to withdraw that money until you managed to invite 7 people. I repeat that’s 7 people.
This Paysbook actually have multiple options like packages.
- 1 account = 1500 pesos in 6 days but need 7 invites
- 3 accounts = 2000 pesos in 6 days but need 3 invites
- 7 accounts = 3600 – 4000 pesos in 6 days
- 15 accounts = 7600 pesos in 6 days
You know this is a Ponzi scheme, don’t be playing ignorant or innocent by saying it is not. So let us keep going so we can instil this Ponzi into your head.
Because it is a Ponzi, (and the SEC warning already out), it will be very hard to find an unsuspecting invite to join you. This means option 1 and 2 is not good for you.
So why not try option 3 and 4, the 7 and 15 accounts.
On option 3 you will be paying for 7 accounts so that will be 7000 pesos. The good thing is you will get your payout of 4000 pesos in 6 days. You paid 7000 pesos and you got 4000 pesos back. You still lost 3000 pesos. YOU STILL HAVE TO INVITE TO GET EVEN.
This is pure Ponzi scheme! All the member’s pay out, or what they like to call it “an income”, is coming from the new members. IF NO NEW MEMBER, NO MORE INCOME!
Paysbook Continues To Defy SEC Warning!
Paysbook have not removed their Ponzi scheme affiliate program.
SEC already issued a warning!
However, Paysbook and its members are still continually inviting people to join the platform.
From the existing members, they have to invite, otherwise they will not get that pay out.
YOU COULD GO TO JAIL!
You know that SEC already issued a warning regarding the legality of Paysbook. Paysbook is not registered or authorized to solicit investments from the public.
“Per records of the Securities and Exchange Commission (“Commission”), PAYSBOOK is registered in the Commission’s database as a partnership with the primary purpose of engaging in the business of providing other information technology and computer services. However, the said partnership is not authorized to solicit investments from the public as the above-mentioned entity did not secure prior registration and/or license to solicit investment from the Commission as prescribed under Section 8 of the Securities Regulation Code.”
If you are a member and continually inviting people to join Paysbook Ponzi Affiliate Program, you could go to jail.
“Likewise, those who act as salesmen, brokers, dealers or agents of these companies in selling or convincing people to invest in the investment scheme being offered by these cryptocurrency mining companies including solicitations and recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).”
This is the actual public warning issued by Philippine SEC to Paysbook http://www.sec.gov.ph/paysbook-e-commerce-system-co-ltd/
The article above is based on my own experiences and my own research. I don’t claim it to be 100% accurate.
I am not a financial adviser. The article above is just my own opinion. Please do your own research.