MMM might still survive tho
The Now Now Now mentality of Nigerians need be formatted.
Am young enough to have witnessed 4 cycles of Ponzi schemes like MMM, they come every 8 years
2016: MMM and co
2008: Wealth Solution, Wealth Gate, Wealth Creation, Nospecto etc
2000: They will give you certificates to sell and you move up the ladder based on the number you sell
1992: They will give you something like tracks, It was Called Bond then.
Our people will not learn, let them be prepared 2024 another scheme will arrive our shores.
2 Likes
The comments though. I weep for Nigerians.
Google Trends for MMM. On Tuesday, over a 100,000 searches. https://www.google.com.ng/trends/explore?date=now%207-d&geo=NG&q=MMM
As usual, take this with a pinch of salt.
1 Like
Whether MMM has crashed or is on maternity leave in Kenya, me I want to research this thing. http://www.mmmtracker.com.ng is what I want to use to find patterns and see if I can rebuild the system and then determine two things:
Those people who have been getting help without giving and the likely colapse date of the scheme.
But I need everyone to pitch in. So guys, please tell everyone u know. There is more than one rogue in the system.
Bro… I’m speechless. Why do you still believe this MMM thing? Have you ever asked yourself where your 30% (+ other bonuses) extra comes from? The company makes no investments, sells nothing… How do they generate their revenue? Not to mention the founder who is a confirmed fraudster, criminal, and ex-convict, and who was responsible for at least 50 suicides in Russia and other countries. MMM will crash, be assured about that. It will crash when the men at the top have made enough, or when people begin to pull out at an increased rate. Let’s forget this get-rich-quick idea and go do some real work.
6 Likes
I knew someone would say this.
If it is because of what you saw on the website that u said what u said, then rest assured it’s just a sales pitch.
I don’t and have never believed in any Ponzi scheme whatsoever. I have however been involved in making software for one after their customer base exceeded what paper could handle. My interest is to find out the people who benefitted from people’s losses on a large scale. I have an algorithm that can find that out.
The reason I am interested in MMM is because it is by far the biggest one and I don’t think any body (EFCC) would be able to make any arrests like was done in Madoff’s case cause this one was basically online based.
MMM has another effect. I have got two phone calls from two different people asking me if I can build another MMM and I gave them outrageous bills which didn’t even scare them. So MMM has done more than scam people.
The analysis below reveals the imminent monumental crisis to be caused by MMM and should give all of us some chill.
Let’s workout the MMM concept.
Assuming 5 friends Mr. A, B, C, D,and E resolve to render help worth 100,000 each on MMM with 30% return on investment (roi).
Total money in the pool will be 500,000.
Since the fund in not invested anywhere, the dormant total remains 500,000
On request of assistance
A collects, 130,000 from the pool leaving a balance of 370,000
B collects 130,000, leaving a balance of 240,000
C collects 130,000 leaving a balance of 110,000
With the balance of 110,000, it means that the fourth person D can only get his initial capital and 10% roi.
What happens to the fifth person, Mr E?
An economic hole is dug.
For every 5 persons, one person loses his invested capital.
One will ask why is the scheme surviving today?
The simple answer is that the pledged and requested help are not happening simultaneously but for every help, a hole is created.
That means for 500 people, 100 investors will lose their money.
For 1million people, we will have 200,000 destitutes and hole becomes wider and wider daily (you can use your imagination here, with 3million subscribers in Nigeria, 600,000 holes have been dugged).
Some folks will want to somehow continue to believe that the scheme will truly be back by January 2017, but that’s a lie. I’ll tell you why. Everyone will want to get their money out, whose going to provide this “help”?
The crash is unavoidable. It will happen. My fear is how people who will lose their capital and interests will take the loss.
Quote from: From: https://www.facebook.com/ndianabasi.udonkang/posts/10209470391449806.
5 Likes
So, online is now a fortress that can’t be penetrated to unearth the perpetrators. I laugh in Spanish.
For the pyramid to gain confidence and motion the con artist has to take losses at the beginning. Those losses are eventually transferred over to New registrants. Then the plug is pulled when mass euphoria sets in. When mmm hit the mainstream Nigerian media that was the time to pull out.
The mmm owners probably are Nigerian because they also figured out that many Nigerians were planning to pull out the awoof money for Xmas celebrations and new year expenses.
For those that believe mmm will reopen in January just think about the consequences for the promoters now that fear has set in. Mass withdrawals.
1 Like
Those expecting the EFCC to come to their rescue are the biggest jokers of the millennium. The government has basically distanced herself from anything concerning MMM. Afterall, the citizens asked the government to mind her business and let MMM be. The government’s outlook was resonated by EFCC’s mocking tweets two weeks ago.
1 Like
Ponzi schemes are ipso facto not illegal, so there’s next to nothing the government can do about it.
EFCC & CBN did the most they could, which is to sing songs of warning (which only offended the MMM envangelists).
Exactly.
You can’t eat throw away your cake and have it.
Many folks are going to be wearing black instead of red this Christmas. :joy:
Sorry, you missed the point of my response. I was correcting a misconception.
Meanwhile,
I had mentioned this thread in this post.
http://www.techcityng.com/the-gamification-of-mmm/
Update:
2 Likes
I will just wait till 14th to see how things pan out…
…and they’re back!
2 Likes
Watching let see what happened