Live auction is a peer to peer buying of shares system where investors get paid through Mpesa after two days, either 30 % for new bidders and 50 % old bidders.
Initially payment was done after 4, 8 or 12 days, with a 30, 60, 95% interest respectively.
More than 100k users have joined and made money through this system.
How does it work?
So, one chooses the Mpesa Auction, type the figure you would want to bid( the term used frequently by LA users). The system then allocates you a seller to whom you send the money to.
After your days are over, your shares mature to the percentage you selected and so the system allocates you a buyer/s to buy your shares.
The idea of a peer to peer online auction system started in South Africa. There are many peer to peer sustems in SA, some existing, while others closed down abruptly leaving thousands of South Africans crying foul.
Before Live Auction Ke, such a system did not exist in Kenya but many other peer to peer systems have since come up, some surviving only weeks.
Some of these platforms are:
- Blesser Online Auction
- Elites Online Globally
- Infinity Signal
- Golden Shares
- Gift tenders
- Flashbidders Auction
- Genius Bidders
- Pathfinder Auction
- Mega Solution Auction
- Money Trust Auction
- True Coin Investor
- Giant Coins Auction
- Tots Investment Forum
- Unicorn Trading Company
To name just a few.
Now why the sudden mass creation of these platforms?
LA created a get-rich quick scheme that was an idea giver to many who saw it as an opportunity to make money too. Many of these sites were created after the first fall of LA in a bid to recover the lost money.
Others have designed the sites to steal from Kenyans. This is because a number of these platforms have manipulated the system to pair the innocent buyers to only a selected few and when the time matures for the investor to sell the shares, they don’t get anything.
Back to L.A
LA collapsed a few weeks ago (it has only ressurected a few days ago) with millions of Kenyans’ money. Some who had bidded as much as a million shillings.
The ironic part is, the money was not in the system but amongst the investors ready to buy from each other.
What was in the system is just a figure of the money one had bidded. The figures are what the investors call shares. When the system collapsed, the record of all the figures disappeared with the fall.
It’s hard to understand this. I had to risk some cash too with crossed fingers of course to understand this algorithm.
The administrator, allegedly a South African announced LA’s comeback with new changes(I mentioned some of them above)
For those whose shares were lost during the fall, they should be getting 20% percent of whatever they bid again. The administrators argue that slowly by slowly everyone will get their money back.
LA is home! Is it really?
This is a famous slogan used by LA investors. But it wasn’t anything close to home when they clicked on that tab and they were met with a Http Error 500!
Students had bidded their school fees, parents their rent, wedding treasurers bidded the pledges entrusted to them. Salaries, wages , pocket money were all lost.
Marriages were broken, people arrested for not paying debts which they had so assured to pay in time with interest, people went hungry and some became homeless.
Unfortunately, just a few missed the pains above because they were bidding profits but a majority suffered.
Now that LA is back, will investors bid again? They are already bidding!
They want their money back!
Money that sits untouched in a corner labelled ‘My Wallet’ described as an old donation.
Let’s give credit where it is due. Unlike the other team of administrators, these crew is really communicating having used Telegram, a big channel that by 28th Dec has an approximate of 11,000 members.
To LA administrators? Why close the Telegram group. How will investors air their complaints or suggestions in bettering the system?
And this timer that appears from nowhere? Why? Is someone bidding while the timer is on? If they are, could they be just pairing sellers to themselves without even having bought?
These unexplained random blocks of investors’ accounts is wrong! But why?
And if I may ask? Could you be the same administrators with different numbers and pseudonyms?
Someone even made a jest about this guy, labda he is just a Kamau or Njoroge using a name from Ramaphosa’s land!
To LA investors/potential investors
LA is a get-rich quick scheme. They are using the term kuomoka na LA. Try to show any negativity and you will receive the harsh end of diehard LA investors who only want a short sermon of hope and positivity.
As you bid dear investor, ask yourself the following questions? You don’t want it to end in premium tears.
Why did LA collapse the last time?
Do such platforms last forever?
Is it not possible to lose 100 while chasing 1000 and lose all?
What does the Kenyan law state about such platforms?
Is it wise to take a debt in order to invest it in LA?
What will I do if/when I recover my lost money? Will I bid it again?
If you got answers to every question above ,dear investor, ignore the sarcasm in the next piece of advice I will give you, Omoka na LA!