I first heard about Loom on Whatsapp. “1k to get 8k”, “2k to get 16k”, “13k to get 104k”. Immediately I texted my friend, “Send me the link”. And his reply was, “that’s the problem, there’s no link”.

Loom Money Nigeria is a peer-to-peer money making venture that is digitally growing on social media especially Whatsapp. More like Mavrodi Mundial Moneybox (MMM) which crashed in Nigeria in December 2016, it is built on the principle of a pyramid scheme. Even though, millions of Naira were undoubtedly lost to the crash. Here comes Loom which promises an amazing returns on investments.

How Does The Loom (Pyramid Scheme) Work?
Firstly, you should bear in mind that just like in pyramid schemes, ponzi schemes or scams;
Commonly found on whatsapp, the Loom Money Nigeria pyramid scheme level is in four places. Represented by colours- Purple, Blue, Orange and Red. Once there you’ll see a picture of a Loom -sort of like a very colourful spiderweb.

Loom Money Nigeria promises a mouth-watering cash reward of N104,000 for paying N13,000 or N16,000 for investing N2,000. Other microfinance Loom groups offer N8,000 for N1000 and N4000 for N500.

Each time 8 people join the group (filling all last 8 spots), the person in the centre (red spot) gets the target amount N16,000 after investing N2,000 , leaves the spot for the next person.
The Loom then splits into two groups. The top half and the bottom half each becomes new groups and every one moves to the next level.

What You Are Not Told
Before I told my friend who first introduced me to Loom Money Nigeria to “Send me the link”. I never knew I had to pay, invite a bunch of people (willing to lose money) and also wait patiently before I could get my reward.

In order for every last 8 member of a Loom group to cash out, 8 other groups has to created. And they have beg/convince 64 other persons have to lose their money. And to this effect, Ifeanyi Philip, a Computer Scientist from the University of Nigeria describes:

Loom as an endless loop of beggars!

Going about asking people to join a group and also convincing/begging them to gamble their sweat? A lot of people can’t do this. And some victims of “N13k to get N104K” aren’t even told this before they pay.

Secondly, for success in the Loom there has to be an unending supply of new investors. So, what happens when investors start to dry up? The pyramid scheme groups will take longer to fill or may never get filled. As a result;

Many People buy in without getting a return on their investment.

In summary, anybody can start any of these pyramid schemes. I can be in the middle circle and put my friends in the inner circle. You and seven other people could end up losing your money. This goes to show that Loom and most pyramid schemes can be based on a lie. The funny thing is that it could still work. But it requires you to find after joining and paying your money, another set of people willing to gamble money. Basically, what goes down here is a trick. For every person that gets paid, 8 people are loosing at the end.

Source: https://wongacity.com/loom-the-untold-story-of-the-pyramid-scheme/

If u do loom and dem doom u, nor cry come my room o, because na broom I go take zoom u

TuborTee143:
If u do loom and dem doom u, nor cry come my room o, because na broom I go take zoom u

lol

If u do loom and dem doom u, nor cry come my room o, because na broom I go take zoom u away!!!

I wan do wedding and I need to be the Groom!!! But it seems trouble is about to loom as there is no money to foot the bill. All of a sudden there was a boom on my phone and as I zoomed, it was 10m credit alert. the first thing on my mind wasn't loom so as not to seal my doom.

TuborTee143:
If u do loom and dem doom u, nor cry come my room o, because na broom I go take zoom u

Exactly my analysis....

Thanks for putting this up

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mimijane:
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jaskybaba:
Invest 2000 and get 16000 in less than 48 hours... Ask me how...msg on whatsapp 09034487661

has all your family member asked you how

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