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Forsage and Herbalife—How Multi-Level Marketing, Pyramid Schemes, and Ponzi Schemes Differ

2022/8/3

Money For the Rest of Us

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David Stein

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我观察到大多数参与多层次营销的人并没有获得成功，尽管这类公司确实存在。Herbalife案例说明了多层次营销公司的争议性，Bill Ackman的做空以及监管机构的调查都突显了这种争议。联邦贸易委员会（FTC）将金字塔计划定义为骗局，其与合法多层次营销公司的主要区别在于，金字塔计划更注重招募新成员而非销售产品。金字塔计划的收入主要来自招募新成员的佣金，而非产品销售，并且通常会夸大其词地承诺收入。尽管FTC会打击金字塔计划，但许多公司，例如Herbalife，仍然在运营。FTC对Herbalife的调查显示，绝大多数经销商的收入远低于最低工资标准，因为产品销售主要集中在内部网络。只有极少数人获得高额收入。 FTC还关闭了AdvoCare、My Online Business Education和Financial Education Services等公司，因为这些公司更注重招募新成员而非销售产品或提供实际服务。这些公司夸大了参与者的收入潜力，并鼓励他们销售会员资格而非产品。多层次营销业务非常困难，大部分参与者最终都会放弃。Truth in Advertising的研究发现，绝大多数多层次营销公司做出了不典型或未经证实的收入声明，许多销售营养补充剂的公司还做出了关于其产品治疗疾病能力的虚假声明。庞氏骗局是指利用新投资者的资金向现有投资者支付所谓的回报的投资骗局。Forsage案例是一个典型的加密货币金字塔和庞氏骗局，它没有销售任何实际产品，其盈利模式主要依赖于招募新成员。Forsage的智能合约不会存储参与者的资金，资金会自动转移到推荐人的钱包。由于Forsage是基于区块链的智能合约，因此监管机构难以将其关闭。比特币并非庞氏骗局，因为其回报不依赖于招募其他人。与庞氏骗局和金字塔计划不同，合法的多层次营销公司应该注重产品销售，而非仅仅招募新成员。应该在产品销售和招募新成员之间取得平衡。区分多层次营销和金字塔计划的界限模糊，市场上可能存在许多未被取缔的金字塔计划。参与多层次营销计划的大多数人都不会成功，并且这些计划通常会利用人们的经济困境。在进行任何投资之前，务必了解其盈利模式、风险和投资对象。如果投资回报看起来好得令人难以置信，那它可能就是骗局。

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Shownotes Transcript

Why it is challenging to distinguish a legitimate multi-level marketing company from a pyramid scheme as hedge fund billionaire Bill Ackman found out in his losing campaign against Herbalife. How Forsage has taken pyramid and Ponzi schemes to a whole new level, and why the regulators can't shut it down.

Topics covered include:

What are multi-level marketing companies and how most MLM distributors are unsuccessful
What is the difference between a pyramid scheme and a Ponzi scheme and what are some examples
How hedge fund Pershing Square Capital Management took on Herbalife and despite FTC and SEC actions, Herbalife continues to thrive.
Why Forsage, a pyramid and Ponzi scheme on the blockchain, continues, despite SEC regulatory actions
Why Bitcoin isn't a Ponzi scheme

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Show Notes

Herbalife Settlement With F.T.C. Ends Billionaires’ Battle by Matthew Goldstein and Alexandra Stevenson—The New York Times)

Multi-Level Marketing Businesses and Pyramid Schemes—Federal Trade Commission)

Herbalife International Settlement Complaint)

Herbalife Settles With S.E.C., but Too Late for Hedge Fund Investor by Matthew Goldstein—The New York Times)

Consistency is Key! Make Money Podcasting by Elsie Escobar—Libsyn)

November Stats From Rob Walch—Podcast Business Journal)

Federal Trade Commission Returns More Than $149 Million To Consumers Harmed by AdvoCare Pyramid Scheme—Federal Trade Commission)