The goldquest scheme is a MLM(binary / MLM.what’s the difference) scheme which has made the early birds richer and the others poorer. But ppl still continue to flock to this scheme.
Why?
- The Psychology:
The psychology of the whole scheme is what makes ppl beleive in it even if they are ’’losers’’. The first recruits are family and close friends. Any Gold quest member . forget it any body in the world with a normal mind will not show himself as a loser in front of his family and friends. If he did, he can lose it all!(His respect. his face, etc unless he compensates) So, he continues to fool himself that it is a working scheme to himself and others. He cannot compensate either since he is not rich enough to do that. If he was, he would not have joined the scheme in the first place. It s a beautiful counteracting effect!
- Legal Cover:
For products without a MRP, there’s no legal preventions from selling the product for an overated value. This is well used by the MLM scheme.
- Just plainly illogical reasoning:
(i) If I had a silver dollar coin, and no one in the world had, and everyone wanted, well I would be a multi billionaire.
(ii) If 100 ppl had the same coin, it would still be worth millions.
(iii) If millions had the same coin, it would be worth thousands.
(iv) But if everybody in the world had it, (ha), it would be worthless. It would not be of interest anymore.
Ppl buying this coin are convinced by the higher one, that they are the unique ones and it is worth more in the long run. My above reasoning can be applied as per the circumstances.
Goldquest is a scheme which makes the sales persons rich and the buyers losers. It makes you lose your respect among families and friends. It may not be immediate but after a couple of years or when the scheme folds in due to non movement.
You still have time. Apologize and try to recoup your losses.
Also other than the sales persons in the scheme, I have never heard of anyone else making money from the gold coin for its over rated value!
But I would definitely recommend you to attend the meeting/s since you see "SALES" persons in real form. If they have you convinces "that is sales." I must admit that most "sales" persons are very good here. I have personally attended about 5 meetings but I am yet to be convinced.
One of my friends found that he was unable to convince me through repeated presentations, since he did not have answers to what I asked him like:
My Q1. If you call this coin being rare, and that this scheme has been in use for over 20 years, can you prove to me or show case any beneficiaries of this scheme.
His Answer: Yes, there have been cases but give me time.(After 1 month, he again approached me to attend a presentation. He said the answers will be provided in the presentation. My question was not answered at all.)
My Q2: This scheme is a MLM and seems to get maximum money to the promoters and very less to you. You get less than 10% per intro, why don’t you start something that will fetch you more with a lesser cost.
His Answer: This scheme has been all over the world and many people have benefited. It is a proper one and it is not fraud. There are also other costs.( I reasoned with him that a big business like our company does not have that kind of costing, but why is this company having so much. This time he was convinced and did not disturb me for another 3 months, after which he asked me to attend one more of the presentation since they will explain why. They never did!)
My Q3: Why should I pay more(double) for a gold coin which I can get at half the rate at the market?
His Answer: Numismatic studies prove the coin being rare will command a higher price in the market. He also mentioned that people have been able to sell 50% higher after 1 year. No bank will give me 50% interest on my deposit and blah blah blah.
My Q 4: If it is rare, why are you selling it to everybody. It will not be rare any more. Also what makes this unique? I did not find this associated with any rarity when I searched it on the web.
His Answer: It is rare…that is the reason more people are buying it. They will keep it for a few years after which the rate of the coin will more than quadruple. You should also buy it now so that you will not get it later.(Utter weasel language! Dilbertians.you will understand! I told him at this point that only a moron can be confounded by such illogical reasoning. I refused to be part of this brilliant scheme since I will not buy something that does not convince me & neither will sell to others what I do not believe in. Just because you are cheated does not mean that you cheat everybody else.)
On that day, he took me personally through the presentation twice. I was stuck with him for over 6 hours. But I still did not buy, since he did not convince me on any of the questions.
It is your hard earned money. You slog in the office from 9-12 hours a day, pay tax, pay for other necessities and try to save some money. Put the money in a a good investment scheme. PPF, if you are risk averse or MFs if you are averse to the stock market but would still like to make more money or the stock market if you like risks or futures if you really love taking risks but never invest in Goldquest since there is no ROI in this deal anywhere. Not only do you lose money, you make others lose money too.