It was on October first I called my Co founder of Genix to discuss heartily with him shortly after Earners Fx crashed, regarding a new reigning website that claimed to be a Knight in shining Armour, possessing high income standard, stable investment and strong financial security, this could be the platforms millions of Nigeria were waiting upon for a change of story, after FG has frustrated the efforts of passionate youths in Nigeria.
So we began surveying, We investigated deeply on it to actually see, but however this platform seemed very young and has a promising future and great potential, so we decided to venture into it, shortly after we started, we heard lots of sweet talks from the founder about how they invest the money of its members into Forex and Real estate.
It was that which drew our attention into what is really happening with this platform, cause we went into deep research, surveys from LinkedIn, Quora and overstacks showed Real estate is a compound investment that is capable of paying up to 10% ROI after years of compounding, this dated me back to what the CEO of this knight in a shining armour platform said about investing money of its members in real estate and still capable of paying up to 55% ROI in 30days.
It waved off as a shocker, could it be a lie?, could it be that the founder was just desperate for attention? Wasn’t this the same platform he told us he was investing into Real estate then how come his declaration totally different from what Quora and overstack surveys has?. That was the point, I got more curious about the platform, we explored it’s second source of investment it claimed which was Forex trading, Am a crypto trader by the way but I needed to see how well this Racksterli stuffs fits into what he is saying Ineeded to synchronize it all.
Surveying an average of 35 forex traders showed forex is not a get quick rich scheme and there are no guarantees for your wins and losses. That dated me back to how this Miggster claimed to invest money of people into an investment that involves win and losses which in most cases losses are far greater than the wins and still be able to keep up with the proclaim 55% ROI, Hmmn we got a little bit furious, this must not be so, he must have something up his sleeves he isn’t spilling, researched continued this was when Team Genix first proposed Anti Ponzi clock that helps you monitor how long a platform lasts to help safe guard your money as Peculiar to how a trader would set up his chart for a high probability success trading percentage.
From the calculations we got we knew it was risky to push this shadow like platform for anything later than January. When we calculated the date up until that point using Stability index and Transparency score it was around January 16th. That was the proposed date we had in mind to stop pushing this so called wonderful platform that claimed to be heaven sent and would change the world in a short time. As time approaches the proposed deadline date we started to see many other symptoms showing off and other stuff playing out.
Which I would highlight:
1. The Platform became desperate for new members by all means. To the extent that he even put up a $ reward for anybody able to meet up with 25 referrals target for its short time of investing.
2. Started sweet talking most of it’s members about how the platform makes about 200% ROI daily from an invincible business no one knew about, But people never seemed to notice so we just kept going, it was so amazing and quite discouraging how Nigerians could fall for those cheap lies, even claimed to have developed its coin and building an office whose address was not revealed. Wait a minute, is it that people were so dumb, at times I would sit to ask myself, at times during the rambling of my thoughts would get a call from David saying Hello MUYIWA, another updates just dropped
from Black gold and look at what it’s saying.
Lies upon lies we knew all along but wanted to see how far he would take them, Twas amazing how some of the people I clearly admire even fell for a lie as cheap as the one being cooked up by the founder…
3. Customer service started fermenting real bad and was getting worse day by day, we would start seeing cases of delayed payment and how frustrated members of the platform were slowly becoming, when they invest in a platform that claimed to be making 200% ROI daily from its invisible business would be having troubles paying its members whose cash out were
due for just 55%. Sad and frustrating, but he kept up with the lies as the rule of Ponzi states that the CEO would keep staging more lies just to protect the first lie.
Its a game of dogs eat dogs as we would see… it kept on deteriorating and going really bad then I knew, this Ponzi of a scheme would have a disastrous end cause as Per the Culture of Team Genix, random investor brings website to our custody to help verify before they melt into it hoping for a little bit of stability so their financial goals can be met, as we
would survey other platforms and help expose the truths behind them, we knew quite well exactly what this one was tryna do, very soon we heard of an interesting update, the one which actually blew up our minds, saying popular CEO of This platform had gone to solicit for the assistance of famous celebrity musician for a collaboration, I wowed when I saw it but deep down knew it was a cat and rat game as Ponzi states that if the number of people joining a platform daily basis becomes far lesser than the number of payouts then the platform slowly melt away into thin air , I knew this was Mr CEO was trying really hard to avoid but it was a death he knew clearly he couldn’t run from forever, after involving famous celebrity musician, a little glimmer of hope struck it’s members cause this would be like the first Ponzi in recent times
to get a celebrity as a brand ambassador, while the joyous call was ongoing I kept my team Alerted of the deadline day we proposed, so it was close to year ending and this platform has gained a serious surge in number of it’s overall members which in actuality was also tampered with there’s a language that we call moving display talk signs as programmers, called
Those are actually a written code of instructions so they meant nothing and could have been manipulated. Even with under the current reign of this Celebrity figure. So it kept on going and going. It has saved this platform from untimely crash but the owner knew quite well it can’t hold on for long this way so he started looking for ways to introduce new strategies that would keep its Ponzi ongoing while filling the heads of young Nigerians with lies, He once proposed to organized a referral contests that whoesover is able to bring in up to 500 persons would be gifted an iPhone.
This was already helping us define what an absolutely Ponzi scheme would look like in reality. But despite the little cues Nigerians supposed to take note, they were jubilating, opening their mouth far and wide it got me annoyed the more but
the date we were to cash out and back gradually wax closer, it was January 14th we were supposed to cash out about 300K+ but could not because the so called website who claimed to be making 200% ROI daily has gradually started staggering to pay its members. We went through series of rigorous delay but cashed out January Ending after much stress and frustration it was then we officially declared a Stop and backing out of the platform, our voice to the masses was like a drop of oil in an ocean since they have been too carried away listening to fairy tale stories as told by Mr CEO, How then
would such people bear to hear the truths even when it’s bitter, so we decided to stop pushing ourselves, even when lots of people would come to me asking for my referral link so they could join we never again tried it as our Anti Ponzi clock does not lie, so after we successfully cashed out the platform has detoriated real bad that people still had no choice but to keep up as the words of Mr CEO was so sweet and enticing to believe. It was at this point I remembered the famous saying that goes like this All that glitters is not gold, so we kept watching as the drama unfolds while carrying out our normal daily activities and moving on with life, we would see people cashing out and shouting-bragging how they can actually die for the platform or do it forever because Mr CEO fed them with misleading details of 100% Assurance.
Slowly the platform started drawing nearer towards it’s grave. It was about time but Mr CEO seemed relentless about it and gradually turning puppy dogs of celebrities. Running from one tent to the other just so he can get more validation from the eyes of the public, while that was slowly working, but was not meeting up with the Vast amount of payouts to be conducted daily basis, He knew he had to come up with a different strategy if that one wasn’t working, which was using delay of payouts to prolong the burial of his little running investment but as he tried the delay mechanism it got worse as the initial amount of people to receive their funds were just piling up like a heap trips of sand. When he knew the number joining has become far lesser than the number to be paid out. He knew he had no choice but to keep proclaiming good about his platform while slowly waiting for the death day of his little company which he had already structured out, the lies
to say and how to do it.
How he was able to deceive more than 100K investor up until this point is still a shock to me as Nigerians have become so fucking lazy depending solely on ponzi schemes which are highly volatile for wealth but without Stability no true wealth can be built. Anything that does not clearly state that you could lose all or part of your investment is a red flag. And if it promises returns in excess of the stock market index, it must also explicitly state the increased risk your money is exposed to.
The iron law of investing is that risk is directly proportional to reward. A Ponzi scheme is best explained through an example. Say person A joined this Ponzi, which promises 10% in one month. He put in 100. In one month he expect to get $110 out. Ponzi now has $100. A week later A tells B, and B decided he also wants to put in money. B puts in 100. Ponzi now has $200. A month had gone by. A takes out his money $110, Ponzi now has $90. Clearly he cannot pay B the $110 he had promised.
So Ponzi has to have someone else join the scheme, i.e. Person C, so he has now $190, so he can pay B $110. The game will continue as long as there is money left in the Ponzi, and people are adding money into the Ponzi faster than its being taken out. It stops when it runs out of money, or when authorities realize this is a scam and somebody will lose money at the end, because the late joiners (the last ones to put in money) will lose their money.
There is no money left to pay them. Could all these be the reason why Mr CEO was so desperate for new members that he involved all form of schemes, come to think of it properly, Any platform that can’t show to you it’s trading records, let you know the risk involved he/she is investing your money into, Hiding its office beyond the reach of its customer by providing vague office address, turning lap dog of celebrities just to get more validation, claiming to be building a multi million mansion office whose address wasn’t revealed and BG coins whose white papers was not seen would be quite interesting.
So it kept on unfolding, The normal life span of a stable Ponzi should dance around 4months – 6months and if you wanna know why Mr CEO was able to sustain this running investment for somewhat that range was because in actuality 60% of it’s
members weren’t really cashing out but all just a scheme, and this is why a Ponzi scheme works so damn well.
At times you don’t even need the whole thing about new investors and all that if you do it well. All you have to do is to convince people to reinvest their earnings with you. Say the words “compound interest” and you are halfway there.
The way it works goes like this: I manage to convince you to invest a billion dollars with me, and I’ll get you say 60% returns, monthly. 60%!!!! It’s amazing, you won’t get that anywhere else, so, you give me the billion dollars.
Now, at the end of the month, I tell you that you now have a billion and 600 million USD. I convince you to leave your money with me via complex means of sweet talks, that the next month it will grow even faster to 1.2billion USD, 120%! You leave all 1.6billion USD with me.
The next month, I tell you you now have 2.2billion USD. Then 3billions, then 4billions, then 4.5 billions, then 5.5, then 6 billions, etc. I’m just making numbers up, and sending them to you. Since you never actually try to withdraw the money and take it out of the platform, you don’t notice that actually, there is nothing there at all, I just withdrew everything and used it for myself. It’s really capitalism at its finest.
The investor wants to see numbers grow consistently, there is demand for that. And he gets the most consistently growing numbers he ever saw! The schemer wants to actually use money to buy things, and gets to do so by supplying a valuable service.
So as of Today it has gotten to it’s climax and would tell you that your favourite Ponzi Scheme known as Racksterli is Dead and gone. The thing you all saw regarding website going off and on several occasions was due to the fact that he longer had enough money to Pay out old investors so he knew the best strategy was not to run away as he would lose all he had labour to build which was Networks and reputation.
So he had to switch off the server of his website and find a scape goat to blame for something he is supposed to own up to openly avoid disgrace, He claimed to be fighting off Virus and Bug or sometimes we would here Bandwidth size, I’m glad to say to you that Facebook as it is today has over 5billion members and billions tripping in and out daily basis and still sustaining then a platform whose members weren’t even up to 200K ranting about traffic and bandwidth then virus
If you have fallen for the lies up until this point it’s high time you opened your eyes to the realities of Life, Racksterli is obviously coming back but not as Racksterli again as a brand new website with a new interface in few months from now (THE START OF A BRAND NEW PONZI).
As he previously did when he ran Bgfundz.. If you doubting you can go check up his Official Twitter Handle and scroll up. Social media does not lie there you would see his past records in the game of Ponzi. He doesn’t run away but just wait for a short time for the roaring storm to go out then slowly bring out a new one. It has worked for him in the past and would still keep working for him because Nigerians have been reduced to a thin line of stupidity – foolishness. This was just to open your eyes to the realities of what’s going on behind the scenes with Black Gold.