MMM Set To Bounce Back, Introduces Bitcoin
Ahead of its January 14 comeback, Nigeria’s most popular Ponzi scheme, Mavrodi Mundial Movement, MMM, has introduced the use of bitcoin as part of its payment options.
MMM Nigeria, on December 13th last year, froze the accounts of its participants and has for the past few days been informing participants of a couple of plans for its awaited return this weekend.
Bitcoin is a cryptocurrency and a payment system, invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. From a user perspective, Bitcoin is pretty much like cash for the Internet.
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The digital currency, was the best performing currency in 2016, appreciating by more than 100 percent, from about $400 per bitcoin to over $1,000 per bitcoin.
Prior to the freeze, MMM participants were allowed to provide help in bitcoin, but they were paid back in naira. However, the new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.
“Due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system,” MMM said in a statement to participants.
“So far, we have only had Mavro-Naira in the System. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Nigerian Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.
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“It was the naira amount that grew. In other words you received 30% a month specifically in the naira (not in Bitcoins, although you originally provided help using Bitcoins).
“Now, you have a chance to have 30% growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30% monthly growth rate. In a month not only 30% will be added to your initial amount, but it can increase itself due to Bitcoin price growth.
“And what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again). This option is available in PO. You can convert both confirmed and unconfirmed Mavro.
“We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable!”
