How Kipi Works
So you want to know how Kipi works. Well you have come to the right place. KIPI, also known as MyDeposit247 or MyDeposit241, is a pyramid scheme which was started in Russia in 1995. According to many sources, the pyramid scheme then spread around the world to over 80 countries, including Canada and Europe. However, there is no evidence to support this claim.
KIPI MyDeposit247 claims that it is a Financial Social Platform that uses the power of networking to assist anybody to reach their financial goals in life.
Anyone can become a member of KIPI and add a goal. According to the pyramid scheme promotional video, members of KIPI are believers and achievers, and that is why they support the network.
The Kipi Mydeposit247 pyramid scheme was introduced in South Africa in May 2013. KIPI has since improved the financial lives of many poor and middle class people in South Africa. The problem is that the financial lives of these many people were improved at the expense of an even bigger number of poor and average South Africans. The main reason being that the scheme collapsed in January 2016. Of course, many members are still in denial about the fact that their so called 'Stokvel' is no more. Nevertheless, the website is still functional and a few people are still joining the pyramid scheme.
To get started with the system, you need to create an account on the main Kipi Mydeposit241 website and add your dream with the amount of funds you are able to donate.
This donation will earn you daily interest of about 0.6% while helping somebody else to fulfill their goal. So your balance will grow for adding this donation.
Other members will join and also donate, overtime you will see your progress line for your dream increase, till you have enough for others to donate and make your dream come true.
The KIPI financial platform calculates how much money you need in relation to how soon you need it. From time to time, people will transfer funds to you, and you will be required to transfer funds to somebody else in the community to assist them. You will not be asked to donate to anybody for more than what was sent to you.
So in this way, when you donate the money to buy your dream, you do not donate to the organisation, you donate to a community members like you. So this is what was so unique about this pyramid scheme, all the money is kept by community members who have a dream just like you.
But the money kept by community members is always less than their dream. So if they become dishonest and run away with the money, they lose their dream.
Kipi Investment (Donation)
In order to get started with Kipi, you have to invest (donate) a minimum amount of R 200, which will increase to R 4 000 after 16 months when your dream matures. The maximum you can donate is R 120 000, which will increase to R2 400 000 when you withdraw it after 16 months. The Kipi Investment Table below shows the money Kipi participant could expect to make during the hey days of the Kipi Mydeposit241 pyramid scheme.
The Demise of KIPI MyDeposit241
The Kipi promotional videos claim that by supporting KIPI, you are supporting yourself, not the bank, not a scheme, not any company, but the individuals themselves, like you. Of course this is not entirely true as the scheme introduced an annual subscription fee of 0.698 bitcoins in May 2016, payable to the scheme administrators in Russia. The introduction of the subscription fee was the beginning of the demise and the end of Kipi as we people knew it.
This is because the subscription fee was increased to 0.1 bitcoins in October 2015. With the weakening rand and the skyrocketing prices of bitcoins, the subcription amount for Kipi increased from R 300 to R 900 per member per annum. The implications were huge, as we all know, pyramid schemes rely on continuously introducing new members to the system to keep going.
The high subscription fee made it difficult for Kipi participants to recruit new members to the system. To make matters worse, the hacking of Kipi accounts that happened September 2015 resulted in many members of Kipi losing confidence in the pyramid scheme. As a result, many Kipi members who had lost Kipi coins during the hacking started withdrawing their remaining funds en masse.
Moreover, people who lost funds during the hacking refused to release funds to other members who's dreams had matured. Consequently, by the beginning of January 2016 the system had run out of funds and had essentially collapsed.
So if you were a contributor to the funds of KIPI Mydeposit241 and are still in denial about the fact that the scheme is gone, it is about time you accept the painful truth that you have lost your funds. It is virtually impossible for the scheme to be revived as people have lost trust in the system, moreover, there is too many people waiting for their matured dreams to be paid out.
If you're new to Kipi and thinking about joining, well, don't do it, it is too late, the party is over. The reality is that get rich quick schemes don't work for the majority of the people. Remember the old adage: "If it's too good to be true, then it's probably not true."
The fact is that most online investments that promise extremely high returns are pyramid schemes or pure scams. To make good money online, you have to put in a lot of time and effort. If you are computer literate and are willing to do some amount of writing, then you can learn affiliate marketing and create your own online business. There many ways to earn money online, but affiliate marketing is one simplest methods to earn, you just sell other people's products online. One of the best affiliate marketing training platforms is Wealthy Affiliate.
Wealthy Affiliate taught me how to create a website and make money from it. I even wrote a review about it answering the question - "Does Wealthy Affiliate Really Work?". Everything I know about website creation and affiliate marketing I learned from Wealthy Affiliate. And I assure you it will work for you if you're serious and disciplined, and prepared to do the work to generate your own income. Forget about the Get Rich Quick Schemes and generate your own wealth.