A while back I was pitched for a "be your own bank" MLM. After looking into it, it was the essential definition of a ponzi scheme - the entire company would eventually fold when it stopped enrolling new representatives.
Many years ago I looked at the Infinite Banking Concept which also promotes itself as "be your own bank". The problem is that "your" money isn't your money, it's never immediately available because it's held with a mutual life insurance company, and unless you're funding it faster than inflation, you're losing value regardless of the made up projections.
Unless you actually own a bank, THE ONLY WAY to be your own bank is to hold your own assets like precious metals and Bitcoin in self custody, and validate your own transactions.
Anything else is quite simply a scam.
IsaacGrover
npub16y…5fcyn
2024-08-02 11:21:58
Author Public Key
npub16ymma0qun8t30gk5avfne39d9c5w5dua3z0kzu797jd338w7ewysj5fcynPublished at
2024-08-02 11:21:58Event JSON
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"content": "A while back I was pitched for a \"be your own bank\" MLM. After looking into it, it was the essential definition of a ponzi scheme - the entire company would eventually fold when it stopped enrolling new representatives. \n\nMany years ago I looked at the Infinite Banking Concept which also promotes itself as \"be your own bank\". The problem is that \"your\" money isn't your money, it's never immediately available because it's held with a mutual life insurance company, and unless you're funding it faster than inflation, you're losing value regardless of the made up projections. \n\nUnless you actually own a bank, THE ONLY WAY to be your own bank is to hold your own assets like precious metals and Bitcoin in self custody, and validate your own transactions.\n\nAnything else is quite simply a scam.",
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