We Share Abundance bans new investors from cashing out
We Share Abundance has announced newly invested in WESA tokens will be locked for six months.
The new policy effectively prohibits new investors from cashing out for half a year.
WSA owner Graham Frame’s last attempt to prevent WESA token withdrawals saw him limit withdrawals to recruiters.
The reason behind this was no new recruits = no new invested funds for WSA to pay withdrawal requests with.
Existing WSA affiliates revolted, having been sold on the idea of passive returns. Consequently Frame reversed his decision within twenty-fours.
This new arrangement lets existing WSA affiliate investors cash out, at the direct expense of new investors.
Existing WSA affiliates who invest new money will also have their new tokens locked. Given everyone seems to be trying to withdraw though, I don’t think this is an issue.
To encourage new affiliate investors to hand over money, Frame (right) is flogging WESA tokens ‘at a tiny fraction of their value’.
The current internal WESA token price is $110 for ten tokens. The internal WESA token withdrawal rate is not made public.
Frame arbitrarily sets the internal WESA token withdrawal rate, allowing existing affiliate investors to cash out.
Alexa traffic rankings for We Share Abundance’s website shows a flatline throughout November. December has thus far seen traffic go into decline.
For a Ponzi scheme like We Share Abundance, either scenario prolonged long enough will lead to a collapse.