They all sound the same to me!
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Ponzi scheme: There is no real activity of any kind. People “invest” with the central scammer, who provides investment “returns” on paper and sending other victims money to any victim who asks for a withdrawal.
Pyramid scheme: Each layer has a financial stake in recruiting the next layer, who pay them for participation, and collect fees from the next layer. Still no real business model, revenue from operations, etc.
MLM: A pyramid scheme with an actual retail business, distinguished from more legitimate businesses by the emphasis on sellers recruiting other sellers.
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