# Pyramid Scheme
A pyramid scheme is a fraudulent investment based on recruiting an ever-increasing number of "investors" or [greater fools](greater-fool-theory.md) into the scheme. The initial promoters recruit investors, who in turn recruit more investors, and so on. 

See [multilevel marketing scheme](mlm.md).

## References
1. *‘Bitcoin Pyramid Schemes Wreak Havoc on Brazil’s “New Egypt”’. 2022. AP NEWS. 22 January 2022. https://apnews.com/article/cryptocurrency-technology-business-brazil-bitcoin-2dc801e5e3aa477ce7983d84dc8a64bb.
1. Jarvis, Christopher J. 2000. ‘The Rise and Fall of Albania’s Pyramid Schemes’. Finance & Development 37 (001).
1. Papillouda, Christian, and Aldo Haeslerb. 2014. ‘The Veil of Economy: Electronic Money and the Pyramidal Structure of Societies’. Distinktion 15 (1): 54–68. https://doi.org/10.1080/1600910X.2014.882853.
1. Stivers, A. 2019. ‘The Alchemy of a Pyramid: Transmutating Business Opportunity Into a Negative Sum Wealth Transfer’. http://ssrn.com/paper=3497682.
1. Wigglesworth, Robin. 2021. ‘Albanian Lessons for Regulators Nervously Eyeing the Crypto World’. Financial Times, 5 July 2021. https://www.ft.com/content/810367e5-e0b1-4221-b303-f3012a177437.
1. [Invesator.gov Pyramid Scheme](https://www.investor.gov/protect-your-investments/fraud/types-fraud/pyramid-schemes)