Since the market is doing nothing though of writing on something which is not related to stocks. But i did hear this from a couple of traders talking about speak asia 🙂
There might be a lot of stuff being written about the possible scam in the scheme of http://www.speakasiaonline.com which is so simple to spot J
> The company model says its basically a company which does marketing research by surveys through direct interaction with peopleJ and that the participants get paid BIG TIME J for their opinions.
- > Such a simple concept J but the people get eligible to give their OPINIONS J only after taking a subscription for 11000 Rs J.
- > Basically the company says 11k ka Prasad chadaoJ . Also you are opinion becomes valuable only after paying 11000 J
- > Now after you become knowledgeable by 11k you have to fill in some surveys every week which will give 2 surveys and around maximum you can make is 300 dollars to 1000 dollars if you are a premium panelist which is maximum but general you get only 2 surveys a week.
Now let us look into some of the simple flaws without going into legalities.
- > It’s a super concept which can rake in millions and the company can afford to advertise on TV ,Banners, IPL advertisements. But still there are no owners J who would like to stake claim to such a genius idea.
- > If it just needs a valued opinion why is it asking for 11000 in the start J and not try to compensate lesser for every surveyJ and also why asking for multi-level marketing to rope in more people who get fooled into it.
- > The company pays 1 dollar as 1 reward point. Now the conversion rate it uses is 1 dollar = 50 rs J. This is super the business is so good that when the world is exchanging it for 45 rs they can give 50 J. Which company would take a 10% bottomline hit when there is absolutely no need or they are so lazy to not count it J on daily basis so taking a round no.
- > Some other illegal irregularities.
The company name is: SpeakAsia Online Pte Ltd.
formerly known as : Haren Technology Pte. Ltd.
formerly known as: PAN Automotives Pte. Ltd.
(Compliance rating for this company is Non Compliant currently)
The company keeps changing it names J may register some more J too but mind you the address matches many other companies.
The company rakes in millions but has not developed its own software for survey but was using a free one till few months back.
The company is based in Singapore but majority of traffic comes from India
See this is a snap I got from Alexa
Speakasiaonline.com has a three-month global Alexa traffic rank of 1,268. The fraction of visits to the site referred by search engines is roughly 11%. While approximately 92% of visitors to this site come from India, where it is ranked #54, it is also popular in Bangladesh, where it is ranked #46. Visitors to Speakasiaonline.com view an average of 16.4 unique pages per day. Relative to the overall population of internet users, the site's users are disproportionately male, and they are disproportionately low-income, childless people under the age of 25 who browse from home and school.
- > All multi-level marketing companies are based on the model of getting more no of people to pay to the parent company and can continue till there is a steady flow so how long SpeakAsia remain functional. Till there are enough fools to pay it 11k J for 3 mths all they do is pay your money back so the buffer is huge.
- > The company may reduce the no of surveys every weekJ there is no minimum survey barrier so the outflow or money will stop trickling into your account.
- > The 11000 taken from you goes towards subscription of magazine or bulletin and till you keep paying 11000 every year you are eligible to take surveys. The price of this can be increased J
- > The receipts they give will be with different company names and addresses but will be on behalf of the franchise.
- > If the company closes how many people will go to Singapore Court to claim 11000 J rupees.
- > Even if you go there the payment is made to a franchise who may have 3 layers to the top peopleJ so there is no trace of who you have paid.
Plain simple the details are given above J you can enjoy how a Ponzi scheme be created and people be fooled into itJ . If you are sane enough and understand it’s a scam stop others from joining it.
Now to finish it there is a simpler way to fool people which is an idea that struck me.
1) - > Create a company in Jhumri Talia ( any city in Nagaland or inaccessible area ).
2) - > Advertise you would be giving any car or product at 30% of the price provided to the availability. For example – A Honda City for 2 lakh rupees after 6 months of booking.
3) - > Put a clause in the agreement subject to availability or full returnJ in cash from the company address.
4) - > Keep the price to be Rs 2000.
Whatever money you collect is all yours J. Those who come to jhumri talia pay them another 1000 and felicitate them for their efforts as hardly anyone would come as travelling to that place will be costlier.
Its simple right no its Not – You should know how to fool people J and make it believable. Remember Home Trade.