Sometimes 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 :razz: ) 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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