‘Blessing Loom’: Is It Really A Pyramid Scheme Or Cooperative Economics?
It’s funny how money change a situation. Lauryn Hill told no lies when she rapped that on “Lost Ones,” and according to my Facebook timeline, folks are losing friends and patience over the latest money-taking craze, the ‘Blessing Loom’.
Also called a “Snowflake Blessing,” “Christmas Wheel,” or “Infinity Loom,” people invest $100 to join a Blessing Loom and get back $800 in as quick as 24 hours if they work their Loom right. Sounds easy enough, but according to experts, it’s a classic scam.
How Does A Blessing Loom Work?
It’s starts with a passive-aggressive invite, in this case a Facebook post, letting people know that the Blessing Loom really works and if you’re serious about ‘cashing out’ just like them, direct message them for details.
To join their Loom, you must send a one-time payment of $100 via PayPal. Your name takes a space on the outside of the loom. To get to the center of the loom, where you’ll collect your $800, you must recruit two other people to invest $100 who also recruit two more people.
If you and your loom can recruit people quickly enough, you potentially can collect your $800 in a few hours, at least that’s how it claims to work. Unfortunately, many people buy in without ever getting a return on their investment.
No matter what name it goes by, according to Mississippi Attorney General Jim Hood, the Blessing Loom is nothing but a pyramid scheme.
“These so-called gifting circles that are all over social media right now are nothing more than illegal Ponzi schemes,” Attorney General Hood said in a statement.
“The only reason they keep circulating online is because…