Re: Speculating on Crypto currency.
Originally Posted by
Donkeyman
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Do you remember the milk culture scam in SA a few years back
Minx ??
Donkeyman! 👎👎
Yes, it was known as the Kubus scheme - the notorious rotten milk pyramid scheme that took South Africa by storm in the early 1980s.
Back in the 1980s, Nieuwoudt raised millions of rands through his "milk culture" project and thousands of South Africans fell for it, furiously buying the mixture of cheese and milk culture from Nieuwoudt, "growing" it in glasses and then drying it into a powder to re-sell to Nieuwoudt and recruiting others to do the same, in a classic pyramid scheme.
At the time Nieuwoudt claimed that he needed vast quantities of the dried powder to develop a skin cream product. However, there never was such a product and investigators found that the milk culture was simply a cover for a pyramid scheme. Tons of dried milk-culture were found rotting in a shed.
He was sentenced to 9 years in jail but only served one year.