I for one feel MMM subsequently after whatever happens to it (good or bad) will affect the average Nigerian internet consumer. If bad, I feel it will engender a culture of caution and distrust towards majorly, e-commerce, B2C and C2C platforms. This is particularly important when these platforms are still struggling to convince consumers to part with their cash online. I think this can be dangerous for the tech ecosystem brewing up, who does too?
The distrust of anything online did not start now. It started when the only things we heard about Nigerians online was Yahoo Yahoo.
Anybody that goes to a cyber cafe often was labeled a Yahoo boy, that mentality still persists till now.
As for MMM, apart from the lost funds, there is no effect on the trust of things online because 90% of the participants knew it was a SCAM.
It was glaring. So they cannot project that on other businesses. Except the business is another Ponzi scheme
There are loads of internet naivete that MMM brought online for the first time.[quote=“StephenAfamO, post:3, topic:9787”]
Anybody that goes to a cyber cafe often was labeled a Yahoo boy, that mentality still persists till now.
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The effect of this stereotype is still by and large around.
I see an effect on P2P lending. It’s a proof that people can lend money to strangers once there is a system they can trust.
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Not really.
People only took that risk because of the reward. So, the p2p lending system has to guarantee a decent return on investment for it to work.
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Guarantee=Trust
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People didn’t trust, people took a risk hoping it will pay. 30% is huge.
The guarantee here will come from the owners of the p2p lending platform, the difference between that and MMM will be that there is someone responsible.
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The success of such schemes, and also the betting craze indicates to me that people are looking for viable ways to invest their small savings. The legal, moral opportunity is for someone to come up with a lucrative, easy to access investment scheme that doesn’t require much capital.
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You, my friend, thinks like an entrepreneur!
Not true.
Real investment is hard work, and it requires risk.
The success of the schemes does not say that people are willing to invest, but that people are greedy.
Deep down, they know that there is nothing that can guarantee 30% returns every month.
People that spend all day in NairaBet stores will be hoping to make 100k with N500 when they could be hustling.
Ask them to put this money in an actual investment where there is risk and they will refuse.
In a series I used to watch named “Hustle”, it’s about con artists.
The first rule of the con according to them was,
You can’t con an honest man
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I beg to differ, so many people think that MMM makes more than 30% of the money from people’s “megabytes”!
I legit had a 30 second argument with someone about this, till gave up.
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Yh. I was gobsmacked to hear this also. I just kept kwayet. Aint gonna be stressing my throat unnecessarily.
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LMAO…
I heard this once and couldn’t understand head or tails of it
I’m shocked and saddened
It’s just the same way most Nigerians think Google and Facebook make money from people’s “megabytes” or from traffic (not ads). I’ll admit, I once thought like that… 
Exactly. I’ve spoken with people doing all these get-rich-quick schemes, and the simple truth is that it’s not investment, it’s GREED!
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