The Cash App Wheel message or Cash App Pyramid scheme below, which claims you should add $100 to the wheel and you will get $800 when you reach the middle, is a pyramid scheme scam. People at the bottom pay the people at the top. Eventually, there are no more naive people to recruit or join the bottom and the whole thing falls apart. Once this happens, the scammers who started the scheme and who would have placed themselves at the top of the pyramid would benefit the most, and the new members lose their money.
Basically you CashApp the person in the middle of the wheel $100 and get added to the wheel. When 8 people fill up the outer ring of the wheel, that person in the middle gets $800 because 8 people sent them $100. Then the wheel splits up and a new person gets to the middle and the cycle continues until you get to the middle and your’re getting $800. It takes you 3 circles to the middle but you only pay $100 once.
Don’t think you wont get your money because the people under you already put money in so they are going to make sure they get to the middle also. Everyone gets paid because everyone want to get to the middle and everyone will as long as we keep getting people to sign up. Not a scam, just an easy way for people to get some extra money. *** It’s not a pyramid scheme , once you’re in the middle and get your $800 you’re out and have to pay $100 again to re-enter.***
Fraudsters frequently promote pyramid schemes through social media, Internet advertising, company websites, group presentations, conference calls, YouTube videos, and other means. Pyramid scheme promoters may go to great lengths to make the program look like a business. But the fraudsters use money paid by new recruits to pay off earlier stage recruits. At some point, the schemes get too big, the promoter cannot raise enough money from new investors to pay earlier investors, and people lose their money.