MMM Nigeria returns …
13th of December 2016 will forever remain a date to remember for MMM participants in Nigeria. News broke that the popular money doubling scheme Mavrodi Mundial Moneybox (MMM) had crashed in Nigeria, freezing the accounts of all its members across the country. This news left the almost 3.3 million Nigerian beneficiaries of the scheme distraught.
The participants were assured that the scheme would be up and running from the January 14, 2017 but many of them though expressing their faith in this assurance still had their doubts.
MMM participants on January 6, 2017 were asked its members to perform a “Promo Tasks: A New Tool for MMM Community Development”. They were urged to perform both online and offline tasks to promote the scheme in anticipation of its return on January 14. Days later, MMM Nigeria announced the introduction of Bitcoins as a mode of payment as they set to resume their operations.
Earlier today, January 13th, a day before the expected MMM Nigeria returns, the scheme posted a tweet through their official twitter handle announcing that the scheme is back.
Here is my opinion,
Will MMM participants take the risk to Provide Help ? To sustain the cycle, participants will have to take the risk and provide help to those who are due to Get help, but will they ?
MMM operates on a model that is only sustainable with greater inflow than outflow of money. Once inflow is lower than outflow, MMM is bound to crash again.
Also, since there are no products sold or service rendered to sustain the 30% ROI and numerous other rewards. Hence, there’s no denying the high probability of MMM crashing again as it has already piled up deficits from fraudulent withdrawals from guilders or participants who upload fake deposit slip.
Regardless of that, a simple fact about MMM is: it is a pyramid scheme. Guilders will continue to enrich themselves without providing help hence increasing deficit.
Even if MMM Nigeria returns, it will crash again, in a bigger way. Be rest assured, if (or is it when?) it is going to crash, there will be winners and losers. Be wise.
Kindly share your thoughts on MMM Nigeria returns