online scam... What is it called?

Question

I few years back there were websites that allowed you to buy a possition on a virtual latter for some type of item (a computer, money, ect) and every time a new person joined it would move you up the latter... once you got to the top of the latter you would get that item (computer, money, ect).. does anyone remember what that was called?

Thanks

I agree it was like a pyramid scam but they had a special name for it. you would buy in for like $50 to get $500 when you reached the top.

Answer 1

I THINK YOU MEAN A PONZI SCHEME

Answer 2

The Pyramid scam