Dumb Ideas In The Industry - Get Money Magnet
Posted on March 8th, 2008 by Jason under Daily RamblingSometimes I just come across ideas that make me feel like my fellow internet marketers are a bunch of idiots… not the creators, even though it’s their fault for putting it out there, but those that buy into it. First off, even if you have a stupid idea, you can make money with it… it depends how many fools buy into your idea.
I came across this the other day after reading about it on a couple blogs - it seemed like a stupid idea of the first order when I first took a look at it, and 48 hours or so later, that hasn’t changed much. What surprises me that it seems like pretty smart people have bought into it (at least they seemed smart enough when I’ve spoken to them and in previous blog posts, but maybe there’s some epidemic going around or something
) and all it is doing is making the company money.
First off, let me talk about the website, and its idea - the website is Get Money Magnet (I’m using Jug’s referral link as you can’t access the page without one :rolleyes: ) and the idea is that you make money by joining what will become the biggest pyramid scheme in Internet history.
Basically, you pay $x amount to purchase a ‘money magnet’ - the value ranges from $10 all the way up to $100 (although the $10/$20 ones are sold out now) and this money magnet helps you make money. How? It helps you make money in the way that if you purchase one, you now have ‘the right’ to join its affiliate program and make a cut of all sales you make to poor unsuspecting newbies. Basically, you are buying the right to sell. Now fair enough - some digital product affiliate programs only allow you to become an affiliate after buying the product, which is bang on as you’re not going to be able to properly review a product unless you’ve seen it - in this case, you can see the product without having to purchase it, and it’s a worthless product.
If someone told me about such an idea before it launched, I would have laughed in their faces and told them that there’s no way people would be so stupid to buy into it - that statement looks a tad bit foolish now as network earnings (which matches earnings for the company) is now at around $73,000. What people fail to comprehend is that every time you sell a widget, the company takes half - as said by Caren on a blog post about this, the company that created this will be laughing all the way to the bank - it’s a one level pyramid scheme with them always at the very top.
A couple of the bloggers who run websites I read regularly have bought this - I cannot see why, but there we go. In the world of internet marketing, everyone knows that the only people that make decent money is those at the top - in a pyramid as smart as this one, the top will be banking quite a bit. Yes, you may make some money from it, but I can guarantee most people won’t make more than their initial investment back, and even if you do it’s at the expense of you hyping up something that is utterly useless to people that will join the pyramid scheme.
I could not save the above two users, but I honestly hope that anyone that’s read this blog will not join the madness - if you do, I will personally send you a virtual slap, delivered with TUK love of course
What do you think?
I mentioned this in the contest post yesterday, but I’ll state it here as a lot of you may read the comments (it’s approaching 100
) - If you guys are linking, please do to the contest post so I can see the pingbacks ![]()
I’m not accepting anymore prizes for the main contest, however there will be ‘on the spot’ prizes throughout, which will get you a mention in a post and a short review - if interested in sponsoring one of those, send me an email.
As for the feed footer, it fails to work so I’ll probably be inputting sponsors of prizes worth $100+ manually into posts - gaah! There will also be a review that was purchased for a website I think you guys will find pretty cool, either tomorrow or the day after.
I’m really sorry, didn’t respond to emails or instant messages yesterday and will not do so till tomorrow - there’s a rock festival in Dubai which I’m attending so have been away from home. Atmosphere is kick ass, if interested in reading about it here’s the official website. Gotta run for it today, so laters!
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Man Jason, you too???
I just read about this in about 4 blogs within a day, and now you too join the train!
Chetan’s last blog post..How to promote a blog contest
Jason, please send a virtual slap in my direction. I deserve it:P Hehe.
VikingBlogger’s last blog post..Just Random Ramble
I’ve seen these money magnet show up on a few sites as well. It doesn’t provide value to anyone and therefore is nearly the definition of a pyramid scheme.
Ty Brown’s last blog post..Your dog doesn’t know that he did something wrong!
Yeah I saw that posted on VikingBlogger’s blog as well.
The one thing you need to realize though, Jason, is that pyramid schemes work. The reasoning behind them is flawed, but as long as you aren’t the one stuck on the bottom, you will more than likely be making a profit. I would probably be advocating the system right now before it gets too bloated and the user base drops out. It is a very stupid concept, but I still think that there are a lot of stupid people to go along with it
Jim’s last blog post..WordPress Plugins: Monetize Your Blog With The Best Plugins Around
Yeah, I clicked on one of those ads and my first thought was “who in the world would EVER buy one of these?” My second thought was “Dang, I wish I would have thought of it first!”
I am glad to see others think the way I do.
Dustin’s last blog post..How to Create a Blog from Scratch - Day Two
Just read your lengthy post. What rubbish!. A pyramid scheme has many levels with the members higher up earning from all the members below them level on level. Money Magnet is not a pyramid scheme by any means. MLM programs are more like pyramid schemes.
Money magnets are no different than a money making ebook or even CPA advertising. It allows you to monetize your content. that’s it!.
Perhaps you are pissed because you haven’t sold any magnets and others have. Maybe it’s because you have a $30 magnet, i don’t know. (by the way if anyone wants a $10 or $20) they’re not “sold out”, you need to buy them through a $10 magnet.
Pyramid Schemes are funny. I had a meeting with one company rep. and 4 people one day and the guy was sitting explaining this new way of making money.
In the middle of the presentation I got up and he was like why are you leaving? I was like this has pyramid scheme written all over it. 5 minutes later after he explained to me that it wasn’t a pyramid scheme he made it more clear that it in fact WAS a pyramid scheme (he even drew a little pyramid type figure on a piece of paper to show it wasn’t).
Hilarious.
Sammy Ashouri’s last blog post..Stolen Domains Sold On DNForum - WOW. Scam Of The Year…?
Hmm, I’m glad I ran into your post, I was actually thinking of going to “try” it out, since i’ve seen it on a few large websites lately, but now you have explained how it works with the piramid scheme and all, I think I should look for something more convenient!
Great article btw!
Cheers,
Sebastiano
Sebastiano Bellinzis’s last blog post..The Ultimate Blog Contest @ theuniversitykid.com
@ Soren - see the post again, someone mentioned it was like a one level pyramid scheme and I’d have to say I agree with them. People NEED to buy to keep it going and the owners of the website take a cut every single time.
Just because something ‘can’ make you money, doesn’t mean it’s useful. Money Magnet is no where near an eBook in terms of usefulness (WTF does it do?) and I feel sorry for the people that bought into it, especially those that have purchased $100 ones. People ‘may’ have made money (although by looking at the live updates on their website, I can’t see anyone that’s made more than $20) but the only people that make serious bank are the owners.
As for the $10/$20 widgets being not on sale, my mistake - through Jug’s link I saw that it wasn’t available, so I assumed otherwise.
I’m not at all pissed that I haven’t sold any, because I have better things to waste my money on. Like domains, hosting and Adwords…
As they a s*cker is born every minute. My only question is when will
the company cut and run and leave everybody high and dry?
Wish I had thought about the idea though
lol

I won’t be joining a pyramid soon cause they want money which I don’t got.
If anyone wants to give me money to join a pyramid then I will do it .
haha. I know such kind of a thing. My sister joined one, used my paypal to pay $10. Then she made $10 from it, got payment and left it. lol
Mayank Rocks’s last blog post..Giving Too Much Importance To Having A Unique Forum Design?
I almost fell for it until I thought again on what the real value is. I bought into something like this a long, long time ago, but even then the customer received some value in return for their money. In my eyes, there is no real value besides having this flashing thing on the sidebar of my blog. I wouldn’t be surprised if the people that started this website land their butts in jail before long.
I have better things to spend my money on and I can still sleep at night.
B Carter’s last blog post..Money Magnet Widget - Save your hard earned money
it’s a stupid idea. wish i thought of it first
bloggernoob’s last blog post..If you’re going to kiss ass
Completely useless magnet which does nothing except attempt to scam people out of greed. How can people fall for this.
ForexTrader’s last blog post..Trading Foreign Currency Online
I’m not interested in buying the widget., But I do feel the looks great and I don’t know why..
Anyway I don’t bother about pyramid scheme or MLM. As long as they don’t take my personal info..
@ Bloggernoob, aye… wouldn’t mind an extra 85k at all
These types of schemes have been around for years, and have made some people lots of money. Why I don’t know! I would have real trouble buying into and marketing something where there is no product. Thanks for pointing out just one more to avoid.
egk’s last blog post..Under the Hood :: 1994 E320 - Turn signals, hazards, and rear defrost
I always hated those pyramid schemes. There is no way I’m going to be a part of that scam scheme
Aleks’s last blog post..Hello world!
This isn’t even anything new! I wonder when people will learn…
Tom Ross’s last blog post..Blog Promotion - Commenting
Since, most of you are joining in the fun, i guess i will too… Never try, Never Knows
Derek’s last blog post..New look on Derek-ang.com and updates ( new version)
Exactly! I too think this one is going to be just another quick fetch sceme. Drop me a PM if anyone becomes rich of it other than the company itself!
Tj @ BareFly.com’s last blog post..Why Affiliate Marketing Is The Best Online Business?
Yea, I would be glad if someone get rich, but instead he’ll die trying
Aleks’s last blog post..Duffy - Mercy - Official Music Video
Sound interesting but looks to be same style as other people offer.
David Chew’s last blog post..The New Proton Gen 2
Ok this has nothing to do with this post but YOU NEED TO GET AN ARCHIVE.
I am trying to read through all your previous posts and it is so difficult. Please set up an archives page
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