The scheme show a very high return, so people fall to the trap.

6 hours ago, webfact said:

The survey found the great majority of people -- 95.9 per cent -- invested in Ponzi schemes that involved oil, gold, and foreign currency.

The remaining 4.1% invested in Ponzi schemes that involved som tam and gai yaang.

with any investment, there are only two sentiments, greed and fear so if the latter they would not invest, so that leaves greed. Greed may be good in the words of Gordon Gecko, but not when you are stupid as well. Whether you can sneak stupidity in as a reason is debatable except perhaps to say that would be why you'd choose a Ponzi scheme over a more sensible one. It is just the higher the returns promised the more greed takes over, huMANnatURE...

It could be argued that any investment that pays back less than what the investor puts in is a Ponzi scheme.  Consider the case of Theranos and Elizabeth Holmes

 

Does having people like Henry Kissinger and George Schultz on the board legitimize it?

 

 

They needed a survey to figure that out??!!!

Greed is rather a broad brush to tarnish these folks with. The reasons for wanting to get ahead are many and tied in with the fundamental need for security. Sure there will be people attracted by the touted (and usually ridiculous) rates of return, but the schemes are often cleverly marketed. They catch many people off-guard, sometimes at a vulnerable moment in their lives. 

 

Apart from a wider educational outreach to the population, the con-artists who develop and sell these schemes should be the focus of our ire. Gloating is not a virtue.

Greed main reason for people falling prey to Ponzi schemes

 

crikey, wonder how long it took that merry band of researchers to work that one out... i assume they were suitably rewarded for this ground breaking discovery.

1 hour ago, ThaiFelix said:

They dont teach Buddhism in Thailand, well not the real ethical system that is.  Even the monks havnt a clue.

No, it's been replaced by Bahtism!

Yes, let's blame the dupes. The ponzi artists are just saintly businessmen. That would cone straight from the books at Trump University, before it was shut down by the cops.

43 minutes ago, sushidoona said:

Greed is rather a broad brush to tarnish these folks with. The reasons for wanting to get ahead are many and tied in with the fundamental need for security. Sure there will be people attracted by the touted (and usually ridiculous) rates of return, but the schemes are often cleverly marketed. They catch many people off-guard, sometimes at a vulnerable moment in their lives. 

 

Apart from a wider educational outreach to the population, the con-artists who develop and sell these schemes should be the focus of our ire. Gloating is not a virtue.

Ask your average punter the following.

If you were offered 1,000,000 cash or 1 today 2 the next day 4 the next 8 the next and so on for a month.

See which one they go for.

"Commenting on the factors that led to people falling for pyramid schemes, the survey showed that in 47.7 per cent of cases, it was motivated by greed. Some 28.6 were lured by promises of higher returns than normal and some 10 per cent wanted quick results. "

To me that translates into 100% motivation by the above. The remaining 13% may be excused for being unwitting  funders  for the above.

Not only greed, but also lack of education!

 

Keeping people uninformed, uneducated, unworldly, but indoctrinated, is, IMHO, at least as much to blame as greed. 

7 hours ago, bkk6060 said:

Sorry, kind of a dumb sorry.

Like saying most people eat because they are hungry.

Greed?  Geez, why else?

Being forced by a govt

2 hours ago, kohlenkutscher said:

That's right, that's why I do not invest in real estate

In all fairness, real estate can be good - one rule only: buy cheap. any rental income guarantees or other guarantees are not worth anything unless guaranteed by an large insurance company or a bank.

 

In other news, Bangkok survey published by The Nation found that 95.7% thought rain is wet and that the sky is blue. 

7 hours ago, sunnyboy2018 said:

One reason is that most people are decent and trustworthy so they trust people. Another reason is low interest rates in banks so people look elsewhere for investments.

If there is low interest in the banks, maybe there is/are an/many international  reason(s) ?

In some european countries the interest are negatives !

But to ask someone who wants at all costs to recover enormous interest as pissing in a violin, it will do the same.

 

I have some "cure all " snake oil to sell only limited supplies left

This survey would have probably very similar results in most countries not only Thailand. ????

4 hours ago, ThaiFelix said:

They dont teach Buddhism in Thailand, well not the real ethical system that is.  Even the monks havnt a clue.

I like the Thai version as you get the mysticism, temples AND pork chops.

 

All that pure Buddha stuff I leave to the devoted.

12 hours ago, webfact said:

Greed main reason for people falling prey to Ponzi schemes: survey

The only reason!

If it sounds to good to be true, then it's not true. simples

13 hours ago, PatOngo said:

Hardly what Buddha taught, is it!

What is the point of crass comments? Is it to attack Thais or attack Buddhism? Or are you suggesting other beliefs have nobody who strays from the path. Greed is one of 7 deadly sins recognised by Christians yet some Christians are greedy. Do you make the same comments about Christians,  Jews, Hindus, Muslims, atheists etc or do you just criticize thais and Thailand?

3 hours ago, hotchilli said:

The only reason!

No. Gullible people are cheated by professional con artists.

1 minute ago, sunnyboy2018 said:

No. Gullible people are cheated by professional con artists.

Greedy gullible people want to make a fast buck and profesional con artists cheat them. 

Actually from what I know of ponzi schemes there is more than just greed involved. There is also an indifference to the losses of others as long as you make your money. I know people who knowingly get into ponzi schemes as long as they can get in at the beginning, make their money & get out before the house of cards collapses. And these are people who have no problem inviting others into the scheme, promising them riches, and knowing full well--or just not giving a damn--that when the scheme collapses, they themselves will make money while the people they invited in will lose their shirts. So it's more than just greed.

Me: That's a scam.  A Ponzi Scheme.

 

Dumb victim: I don't care if it's a scam, as long as I make money on it.

 

Me: ¯\_(ツ)_/¯

19 hours ago, Thainesss said:

I would say that deceptive liars trying to scam money out of people are the main reason for people falling prey so ponzi schemes.

"deceptive liars"......

 

and this is in contrast to what? Honest liars?

3 hours ago, sirineou said:

Greedy gullible people want to make a fast buck and profesional con artists cheat them. 

Hello everyone. I hate Ponzi schemes but I wanted to let all of you know my passport, visa, clothes and all my money was just stolen. If you would be so kind as to send me 5,000 baht each then I'll be very grateful and always remember your generosity. It would be easier if you could just hand me the cash so be on the lookout for a guy in khaki shorts with a t-shirt and a ballcap. That will be me. When you hand me the cash use the code word "ponzi" so I'll know to pray for many blessing on you.

39 minutes ago, HuskerDo said:

Hello everyone. I hate Ponzi schemes but I wanted to let all of you know my passport, visa, clothes and all my money was just stolen. If you would be so kind as to send me 5,000 baht each then I'll be very grateful and always remember your generosity. It would be easier if you could just hand me the cash so be on the lookout for a guy in khaki shorts with a t-shirt and a ballcap. That will be me. When you hand me the cash use the code word "ponzi" so I'll know to pray for many blessing on you.

 

I'd be more than happy to help a friend in need!  I just need 1000 baht to fix my motorbike since I live way out in the country and it's my only means of transportation (and it's not running right now).  You can either Paypal it to me or I can take a credit card number from you and I'll fix my bike and have your money for you in a flash! 

4 hours ago, sunnyboy2018 said:

What is the point of crass comments? Is it to attack Thais or attack Buddhism? Or are you suggesting other beliefs have nobody who strays from the path. Greed is one of 7 deadly sins recognised by Christians yet some Christians are greedy. Do you make the same comments about Christians,  Jews, Hindus, Muslims, atheists etc or do you just criticize thais and Thailand?

QUOTE: Do you make the same comments about Christians,  Jews, Hindus, Muslims, atheists etc or do you just criticize thais and Thailand?

 

Personally, yes.

I make the same comments about Christians,  Jews, Hindus, Muslims, atheists etc.

And no, I do not criticize only Thais and Thailand.