Bitcoin is looking more like a pyramid scheme, and central banks must act - South China Morning Post
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Bitcoin is looking more like a pyramid scheme, and central banks must act South China Morning PostThat 'sou-sou' or 'blessing loom' is an illegal pyramid scheme - The Washington Post
Eliza Briscoe was told that all she had to do was put up $500 and bring in two additional people who would each contribute the same amount of money. In a little more than four weeks, she would get $4,000 in return. Like so many others being recruited for a "sou-sou," Briscoe was nearly duped into a pyramid scheme. It's hard not to be sold on the altruistic and cultural backstory of the sou-sou, also known as "Susu," "blessing loom" or "gifting circle." Promoters pitch the sou-sou as a common practice among Caribbean and African immigrants as a way to help their businesses grow. Briscoe was told she would be helping other Black folks, some of whom may have lost their jobs because of the coronavirus. "It seemed like it was legal," said the Maryland resident, who reached out to me as part of her due diligence research. "I didn't want to bring anybody in unless I knew for sure, because I didn't want anybody to lose their mo...
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