Pyramid Scheme

A pyramid scheme is a fraudulent investment based on recruiting an ever-increasing number of "investors" or greater fools into the scheme. The initial promoters recruit investors, who in turn recruit more investors, and so on.

See multilevel marketing scheme.


  1. *‘Bitcoin Pyramid Schemes Wreak Havoc on Brazil’s “New Egypt”’. 2022. AP NEWS. 22 January 2022.
  2. Jarvis, Christopher J. 2000. ‘The Rise and Fall of Albania’s Pyramid Schemes’. Finance & Development 37 (001).
  3. Papillouda, Christian, and Aldo Haeslerb. 2014. ‘The Veil of Economy: Electronic Money and the Pyramidal Structure of Societies’. Distinktion 15 (1): 54–68.
  4. Stivers, A. 2019. ‘The Alchemy of a Pyramid: Transmutating Business Opportunity Into a Negative Sum Wealth Transfer’.
  5. Wigglesworth, Robin. 2021. ‘Albanian Lessons for Regulators Nervously Eyeing the Crypto World’. Financial Times, 5 July 2021.
  6. Pyramid Scheme