Becareful, MMM is betting on Bitcoin to re-launch in Nigeria
Some weeks after it suspension in Nigeria, MMM is plotting to come back to Nigeria in an entirely different form. MMM argued it had to briefly close operations due to the heavy traffic on its web platform.
To allay the fear of its Nigerian participants who are having troubled minds of losing their money, MMM promised operation resumption with new participation clause for its members. In a letter to its participants, MMM says it will now be receiving and paying money in Bitcoin – the new digital currency.
MMM is already plotting its comeback. While MMM members will be providing help (PH) through bitcoins, they will be getting help (GH) in Naira, the Nigerian currency. MMM says bitcoin’s steady growth in value is the reason for participants to adopt the currency.
Before the closing of MMM operation, the Central Bank of Nigeria warned Nigerians against committing their money to scammers. But despite the government’s advice, Nigerians embraced MMM the more and the Russian Ponzi Scheme grew popular and boomed with over 2 million participants in Nigeria.The Russian program has, like other pyramid scheme, “collapsed” and thousands of Nigerians are in serious dream of getting their money back. They are hoping one day the dream will become reality!
MMM is an abbreviation of Mavrodi Mondial Moneybox, a Russian Ponzi scheme. Ponzi scheme is a pyramid investment swindle in which supposed profits are paid to early investors from money actually invested by later participants.
What is Bitcoin?
Bitcoin is a decentralized digital currency. This means there is no person or institution behind it, either backing it or controlling it. Neither is it backed by physical goods, such as precious metals. This might seem counter-intuitive at first glance: how could it exist if no one controls it? Who created it then? How did the creator lose control over it?
Watch out for our comprehensive posts on bitcoin!