Steve Chiang has rebooted his World Sponsorship Community Ponzi scheme for the third time in a 12 months.
World Sponsorship Community, or GSN as its generally identified, first collapsed in April 2021.
Chiang rebooted the Ponzi scheme as “GSN 2.0”, solely to have it collapse once more a month later.
In a video asserting “GSN 3.0” in late Could, Chiang explains
we had the launch (of) 2.0, and um we um had some points as a result of, y’know there’s rumors of folks that, y’know they aren’t transferring ahead with GSN, y’know from completely different teams.
So we had a cease, now we have a short lived halt.
So after one weeks of adjustment, um at this time we gonna share with all people how we will address the brand new GSN transferring ahead.
The “new GSN” is the third reboot of the Ponzi scheme.
As reviewed right here on BehindMLM final October, GSN’s unique enterprise mannequin noticed associates spend money on GST and GDP Ponzi factors.
This was carried out on the promise of returns of as much as 30%, paid in GDP.
Connected to the Ponzi scheme was a conventional MLM compensation plan, paying on recruitment of recent affiliate traders.
GSN 3.0 scraps all of that for a easy smart-contract Ponzi scheme.
You join, spend money on GST, pump that GST into GSN’s smart-contract, get a 5% return and money out. Reinvestment is then required to proceed incomes.
GDP isn’t talked about in GSN 3.0 advertising materials and seems to have been deserted.
GSN 3.0 is modeled on the previous “give assist, get assist” ruse, pioneered by Sergey Mavrodi’s MMM World Ponzi.
As a substitute of the “GH/PH” abbreviations, GSN makes use of “PS/GS”:
The meanings behind the phrases nonetheless are the identical: Make investments to have your cash stolen (PS), then steal different individuals’s cash who make investments after you (GS).
GSN’s smart-contract runs on the ethereum blockchain.
This is able to counsel GST is an ERC-20 shit token. ERC-20 tokens may be arrange in a couple of minutes at little to no value.
To encourage affiliate investor recruitment, GSN 3.0 has a weekly bonus pool.
To qualify for the bonus pool, a GSN affiliate has to rack up 60 PS factors per week.
PS is generated every time an affiliate and their downline invests within the smart-contract.
The weekly bonus pool is the same as 50% of GST invested in for the week. That quantity is split amongst qualifying associates, pro-rata primarily based on their PS level manufacturing that week.
PS factors are calculated over the week and reset every qualifying week.
GSN is run by Steve Chiang.
Chiang made a reputation for himself as one of many homeowners of the collapsed ShareNode/Nasgo Ponzi scheme.
By way of ShareNode and Nasgo, Chiang is believed to have stolen thousands and thousands of {dollars} from victims.
Chiang is believed to be hiding out in south-east Asia.
To this point GSN’s third reboot doesn’t seem to going too nicely. Visitors to GSN’s web site is simply too low for Alexa to hassle rating.
Replace 18th September 2021 – Steve Chiang has pulled his GSN 3.0 video from YouTube.
I did have a hyperlink to the video within the article however in consequence I’ve eliminated it.