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1,503,993 Views • Mar 10, 2023 • Click to toggle off description
How is it possible for an entire country to be scammed into collapse. In this episode we'll see how Albania was scammed by a series of pyramid schemes that led to a civil war.
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Producer: Dagogo Altraide
Views : 1,503,993
Genre: Science & Technology
Date of upload: Mar 10, 2023 ^^
Rating : 4.931 (753/43,132 LTDR)
RYD date created : 2024-05-17T12:55:00.166913Z
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YouTube Comments - 2,665 Comments
Top Comments of this video!! :3
It's always so awkward when a family member or friend comes to you with a "business plan" and it turns out to be a pyramid scheme and you gotta explain to them that they have essentially been scammed. Even worse when they don't want to believe you.
1K |
I'm from Croatia and one of these scams also wrecked havoc in my country, fortunately my mother worked in a bank and knew what a pyramid scheme is.
Unfortunately my father didn't know and he wanted to "invest" all of family money in one of these scams but he needed my mothers signature.
He would try to "convince" her how this is great opportunity but she would not budge.
Then he beat her in front of me and my brother but she still would not budge. In the end that money was used for me and my brother to finish college and we are successfully business owners now. The irony was that my father before he died borrowed money from me that I would not have if he "invested" it into one of these scams.
1.5K |
I remember, I was 9 years old at that time and asked my father where would these firms get the money to give us and others the promised interest. He said that since there are many people who invested on these firms, the money will be generated by other investors who don't want their profit right away. Even at 9 years old I struggled to find the logic in long-term, so I asked again, how would then the profit of these investors generated? Doesn't make sense...He answered after thinking a little bit: "At this point ( he already had invested all our savings ) I don't care what others do. I'm confident I'll get my part of the profit.... Needless to say we lost everything at that time
446 |
This happened in Romania after the fall of communism as well. It was called CARITAS here. It was said that at one point, a third of the country monetary supply was ran through the pyramid scheme. Pretty wild
1.3K |
Regarding your sponsor Aura, I am not judging Aura's technical quality per se, but, from a cyber security protection point of view, it is a really bad idea to trust one single company with so much of your sensitive data and, on top of that, use the same company for all your cybersecurity defences. It comes down to this, one product that claims to do everything never is the best in class in every single department and, in (cyber)security you never put all your eggs in a single basket.
2.6K |
I am from Albania. Sadly this socio-economic trauma is deeply rooted into the population perception on money. The general distrusts over economic institutions make us still rely on cash, online payments and such are still seen with skepticism. Cousins and relatives are still better resources to borrow money, loans are secondary, and corruption gets you anywhere. On the other hand tho, it is fascinating to see how fast things are moving, the shift in the economy is very visible these last 10 - 15 years. Tourism is booming and exports are seeing new fronts, as it goes with every population, hard work pays off, mistakes make you learn.
Been a fan of this channel since early days, so much so it inspired me to create my own, seeing my countries name on a thumbnail sure did give me a goose bump or two! Keep the great work up!
418 |
As someone who is from Greece and grew up in the 2000's i have to say that many of my classmates were recent immigrants from Albania. In the beginning they faced a lot of racism. And i am ashamed that i didn't know about what happened in Albania until now. And i wanted to cry. These people that i have met, have had so much hardship, just to get a low paying job and all that in a neighbouring country.
Its very sad. Sending love to all the Albanian sisters and brothers and to our greek-albanian friends that we grew up with in Greece.
67 |
I tried to warn my aunt and uncle of the obvious scam they are trying to join.
They are trying to join a business group but in exchange they'll need to invest roughly 500$ then they'll get a gift and if they invite another member they'll get a commission. I told them that it was an obvious pyramid scheme but they don't believe it and they got into a similar situation twice.
They don't believe me since I'm just a teen
351 |
There should be more harsh punishments for these pyramid schemes.
1.5K |
Albanian here, i was 6 yo and living in my grandma’s place near the center of Tirana (the capital). You can see the building behind the protesters at 11:01
Sali Berisha was the president (amongst others, who endorsed the pyramid schemes) he also sent the troops to quell the rebellion and ordered 2 fighter jets (only ones the country had) to fire on rebelling civilians. The pilot’s took off and sought asylum in other countries.
I don’t remember much but i do remember seeing looting everywhere from the balcony of my grandma’s place. In different neighborhoods dads would form groups with any weapon they had to patrol and protect the neighborhood.
This one time 2 masked guys with ak47 with black taped magazines (2 together on opposite ends) were stationed right underneath our balcony. My grandpa dropped water with a rope for them from the balcony (3rd floor). They were thanking us and saying they’d keep the building safe. Never knew who they were. In the distance you could see people just running across towards the central avenue with boxes and different looted items.
There were stories of someone in a nearby neighborhood commandeering a tank but i never saw it.
You could find shells everywhere on the ground and sometimes the shooting would start and never fully stop for an hour or so. You never knew where they were shooting from or to and lots of people had stories of stray bullets getting inside of apartments, we all ducked inside my grandma’s apartment when you could hear the shooting. I remember the word ricochet being used a lot.
There were gangs blocking streets, emptying every car passing and stealing anything they could.
Sali Berisha was reelected as prime minister this time in 2005 and stayed in power through 2013. The same guy who had vouched for the safety of the pyramid schemes was reelected somehow…
Today he’s the leader of the opposition holding control over the Democratic Party. Survived an expulsion and managed to vote out the DP leader and took over the position. He’s still attempting to come back to power and people’s willingness to blindly follow him is so weird.
9 |
Never thought I would see a (sad) piece of my country's history appear in an episode of one of my favorite youtube channels. Thank you!
774 |
It often feels like it’s easy to wipe out a country’s economy but painstakingly hard to grow it back. Similar to a single person gaining or losing weight.
1.7K |
I'm an Italian born in the 90s and my best friend is Albanian, he come to Italy as kid and I've been there plenty of times (Mostly up to Shkodra). I consider Albania my second home and seeing what this was it's pure pain for me.
Now Albania is economically growing up very fast, hopefully making normal people a bit more rich rather than a small elite.
I always hope the best for our brothers!
29 |
I am from Albania and I want to say thank you. I love your book New Thinking. You are a great intellectual and content creator. Thank you.
16 |
I'm from Albania 🇦🇱 thank you so much for the amazing detailed video Cold Fusion TV, big fan of your channel ❤️. This was a devastating event for Albania. I was 8 years old and my sister was 11 when the civil war happened. You could hear every 10 minutes an ak-47 unloading his magazine, seeing tracing bullets up in the sky. I remembered how we hide every day behind the walls of the house not to get killed by random bullets flying everywhere, even peaking on the windows was dangerous for months isolated. Hopefully, the whole world understands the pain and devastation we faced as a country and why persists even to this day.
263 |
The sad thing is that the bastards that let this happen ,they are still free living the life .
792 |
Thanks again for another great video Dagogo!
Being scammed can happen so quickly if you're not aware of it...
After I left uni, I have been approached by a tutor/mentor that I held in high esteem.
I just started my career and as every self-employed person knows, money/cash flow is a big stress factor at the beginning. I suppose he thought I might fall victim to the pyramid scheme he was involved in, in order to be able to stay afloat financially. Fortunately, I had already been exposed to this subject through your videos among others and I shut him down immediately. It still affects me to this day as I now struggle to fully trust people.
All of that to say, be mindful of "too good to be true" propositions, even (and I would argue, especially!) made by people close to you, that you implicitly trust.
3 |
I was in the US Peace Corps in Albania right as these scams were starting. I warned several students off them. I hope they listened. One of my former colleagues got caught up in them, though.
9 |
Seeing those men and women crying over their loses is heartbreaking.
624 |
@FlyWithMe_666
1 year ago
I fell victim to a scam before and learned my lesson! Now I met this nice Nigerian prince online who’ll help me out, so everything will be fine.
7.1K |