Scams, Ponzis and Pyramids

Before we get started, let’s first define these terms in the title. According to the Merriam-Webster dictionary, a scam is ‘a fraudulent or deceptive act or operation’. A Ponzi scheme is defined as ‘an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks’, while a pyramid scheme is, and I quote, ‘a usually illegal operation in which participants pay to join and profit mainly...

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