Kingdom777 not a Ponzi, just “misused words”
Despite claiming that new “rules and regulations” governing Kingdom777 compliance and an “approved code of ethics” would be published on January 31st, the deadline came and went without anything surfacing.
A bit late, owner Ming Xu now appears to have delivered… but it’s probably not what you were expecting. Or given the nature of Kingdom777, maybe it was.
After previously blaming affiliate investors for turning his Ponzi scheme into a… well, Ponzi scheme, Xu released some guidelines for his investors to follow.
Citing “frequently misused words”, the directive instructs affiliates with the correct terminology Xu wishes them to use when describing or talking about Kingdom777.
“Investments” in Kingdom777 are to be referred to as purchases – despite the fact that Kingdom777 guarantees a weekly ROI on all “purchases” made within the company.
Investors who make aforementioned investments are to as members. They still obviously invest, but apparently calling them “members” doesn’t look as dodgy (provided nobody looks into your business any further than the terminology you use to describe it).
A “dividend” is now a “bonus”… cuz well, a bonus could be anything… including an investment “return”, which is now also just a “bonus”.
The Kingdom Trade Exchange is now simply “Kingdom Trade”. Sure, run a virtual stock market exchange you claim is going to be “registered with the SEC” and permits affiliates to engage in “points trading”, just don’t call it an exchange.
Kingdom Trade, wanna buy a lamp? Or maybe some soap… nothing suss here – all we do is trade.
And my personal favourite, an “original bond” is now
objects that can exchange to registered stock after company bonds registered stock after company bonds.
Riiiiiiiight. Whatever that means…
Accompanying Xu’s “we are not a Ponzi scheme if we just use different words” announcement, is mention of Kindom777’s Kingdom Trade stock exchange:
All company bonuses are points, once transferred to kingdom trade, they will become 777 points.
Whereas previously Kingdom777’s model went like this:
Kingdom777 affiliate makes new investment –> Praise be to Jesus –> Xu uses new funds to pay out existing investors –> New affiliate makes investment –> Magic wand waving –> Xu uses new funds to pay out existing investors –> wash, rinse with holy water and repeat.
Now it appears to go something like this:
Kingdom777 affiliate makes new investment –> somethingsomething religious Twitter spam somethingsomething –> New affiliate investment converted into 777 points –> somethingsomething Jesus sword somethingsomething –> Xu uses new funds to pay out existing investors –> wash, rinse with holy water and repeat.
See? Xu’s new business model is totally different.
“Members” make “purchases” into Kingdom777’s “Kingdom Trade” platform, with Xu using funds from new “purchases” to issue “objects that can exchange to registered stock after company bonds registered stock after company bonds” “bonuses” to existing “members”, based on how much “purchases” they have previously “purchased”.
As such Kingdom777 is obviously no longer a Ponzi scheme.
Party at Ming Xu’s house to celebrate! Address: City on a hill, RSVP at your nearest church.
SEC not welcome.