Hypertension awaits you when Ponzi scheme crashes—Antagonist You’ll grow old waiting for it to crash — Supporter A SPECIAL report by Sunday Vanguard on the popularity of famous money-doubling scheme, Mavrodi Mundial Moneybox,MMM, among Nigerians, sparked a social media fight, thereby heating up the debate over the subject.
It was a situation that saw those sympathetic to the scheme and antagonists locked in a war of words.
Interestingly, the hot verbal interface, which took place on Nigeria’s premier news website, www.vanguardngr.com, saw Nigerians speaking about MMM from intellectual, conventional, mundane and even ignorant standpoints.
Indeed, there were so many profound lessons to be drawn from the interaction which saw commentators unusually deviating from tribal positions that define such conversations on the social media.
Of all the issues raised, Sunday Vanguard observed some kind of unanimity on the widely held belief to the effect that the hardship in Nigeria added to the growing popularity of the scheme despite the stark disadvantages of participating in it.
The conversation also offered more insight into the facts, the myths and the fallacies surrounding what serves as succour for Nigerians at this period of economic crisis, when many think government is not providing the appropriate response. Now, deal with select no-holds-barred comments as gathered from Sunday Vanguard online community. ‘Robbing Peter, paying Paul’ A commentator, who identified himself as Yankee, said: “If what is written here is how the so-called MMM works then Nigerians are playing with fire. This is simply robbing Peter, paying Paul and at last Paul will not see who to rob. I thought the scheme had directors and management staff who invest the money collected from participants.
A person in his right senses will ask himself this question before participating: Where do the returns on `investment come from? They take from Okonkwo give Okafor, when there is no person to give Okafor,Okafor will start crying and nobody to complain to and case closed.” ‘Who will pay the deficit?’ Iroko said: “But you refused to ask yourself, where did the interest of 30 percent given to you come from? The 30 percent interest given to you is the main capital of Okafor and the deficit keep piling up in billions.
Who will pay the deficit? A question you will not want to answer.” Similarly, The OneNigeria added: ‘’Even the greatest crime or business, whichever are drug and prostitution do not pay 40 percent returns. It is all fraud . Nigerians will cry in three months time mark my words .
“No, you don’t understand how it works. I advise you to go read Ponzi scheme. He robs Paul, Peter, and John. He pays Peter with Paul’s money then keeps John’s 20 percent knowing there are more Paul and Peter who want to be like the original Peter and Paul. Later he pays John his complete money plus interest using the new Peter and Paul. Later he runs with Peter , Paul and John’s money and this time he is hiding his hands so you don’t even know who to blame.” Lending a voice, The President, said: “I read through your comment and saw that you need some financial enlightenment.
First, banks make the money you save with them work to gain value. They are into real estate, car mortgage, currency trading(Forex trading) they also loan out the money to those who do business in a bid to pay interest from their profit. ‘Helps to destroy the economy’ ‘’Through these, the banks create jobs for those they employ, help the economy by adding value to depositors money.
MMM helps to destroy the value of our currency through illegal circulation of the currency among individuals of which 90 percent of those who get the money through MMM do not have a clear business or financial plan for the money. Hence, they spend the money to buy cars, phones laptops clothes etc. Which are more of a liability than asset thereby exerting more pressure on our naira bringing about inflation? Because of MMM, what you will buy for N100 is now N150 because a lot of money now get to those who do not understand the actual value of certain goods and services.
The normal cash regulatory policy has a way of keeping excess money from such people which MMM has not done.” ‘Trusting god of fraud’ mmm Dropping a bombshell, Blame Your Nigeria queried: ‘’Are you trusting god of fraud? That is not real God. The Bible says “Who does not work should not eat” MMM is not a job but fraudulent Ponzi scheme. Learn from Zimbabwe and South Africa.
You would have a stroke if MMM crashes.” Another commentator, who goes by the name, Adaku, asked: ‘’But come, what is the government saying about this. This cannot happen in an organised country. The government should know the original source and know if the citizens are at risk, also the interests given to people, are they paying tax on it? I guess not. What a stupid lazy government.” Still on the perplexities surrounding the money-doubling scheme, Osegun also queried: “Which sane financial system would tolerate a Ponzi scheme? Wonder banks are not new to Nigeria.
But that it would still sell among us again, makes the heart sick. Why are we so gullible? But you should blame the regulators for having done nothing about it.
Cry, my beloved country!” By the same token, Ikenna Adikwu observed: ‘’All the banks that have collapsed are not real ventures. You are too dull for my liking.
Yes, I do have a degree in Global Finance with knowledge on how the global financial system works which indeed is a pyramid scheme with the Federal Reserve Bank being at the top of that pyramid. Stop being a dullard and reason differently for once in your life.” Continuing, Ifetrac, added: ‘’If the Money Making Machine (MMM)is real then the Federal Government does not need to worry about borrowing 30 billion dollars.
All it needs to do is to invest some billions and in one month Nigeria will become a super-rich country.
Those who continue to invest in this fraud will have no one to complain to after ignoring all these warnings.” However, the comments below, represent the view of the supporters of the scheme, who spared nothing as they defended what was termed as the correctness of MMM in times like these. ‘Liar Mohammed, media stay away from MMM’ Lucky Nwaosibe said: ‘’Liar Mohammed and the media, please stay away from MMM and its benefits and misfortune no one seeks for your advice.
All the while that hardship has been there you have never helped anyone, so, why pretending to care when you people are naturally cruel.” Similarly, King David, argued: “Are you aware of how mark Zuckerberg makes through Facebook? You are posting on this forum; are you aware that Vanguard is becoming a millionaire through you and me? How do you think ordinary bloggers get rich? Sergie Mavrodi is a mathematician and software developer running one of the finest monetised website systems in the world.
Mind you, it is not even about the 30 percent. It’s about financial revolution, breaching the financial gap between the rich and the poor. You have been Facebooking for years and never benefited financially from it but Facebook benefits financially from you.
MMM is based on 2 Corinthians 8:13-14 – Of course, I don’t mean your giving should make life easy for others and hard for yourselves. I only mean that there should be some equality. Right now you have plenty and can help those who are in need.
Later, they will have plenty and can share with you when you need it. In this way, things will be equal.” Also raising critical questions, Iroko said: ‘’Did the Russian receive anybody’s money? Dullard can’t you understand that the system is a revolving system, so long as every member will not withdraw their money the same day and new members keep joining, the system will not collapse.
Which bank or insurance company can survive if all depositors want their money on the same day and no new funds deposited? These guys have created a system which banks can somehow copy from and enhance liquidity instead of being envious.” ‘I am expecting N390,000 before Xmas’ Expatiating, Ikenna Adikwu maintained: “MMM has no owners for god’s sake.
MMM is a computer system which certainly is controlled by people qualified to do that, but they do not have any access to participants’ funds which stay in their bank accounts. Jesus Christ! Go and learn about MMM by typing peer2peer Lending in Google.” Also, Trust only God, submitted thus: ‘’I had the same mindset until last month. I invested N200,000 and was paid almost N284,000. I added M16,000 to make it N300,000 and reinvested. I am expecting N390,000 before Xmas.
Take a risk and be a millionaire. If it crashes so be it. It is just a game. N 214,000 means nothing to me by the grace of God. I have passed that level long ago.
I am investing N2 million in January and will cash out 2.6m.” ‘I waited 10 months for it to crash’ In addition, King David said: ‘’My brother I waited 10 months for it to crash since I started hearing about it, but it didn’t. I accepted the d truth and participated.
I am two months in it now and I have recorded financial growth and I have been able to grow my business. The harsh policies of the federal government aren’t much of a pressure on me anymore. You’ll grow old waiting for it to crash and it won’t.
So I advise you and Nigeria to participate.” MaryHilll further added: ‘’The most foolish thing on earth is one trying to explain what he does not know. These fools still don’t understand the principle behind MMM. Nobody gives you any bonus. Your money earns what you take. Let this fools mind their business. We like MMM, we quite understand the risk. We are taking the risk.
Nobody is holding your money in MMM. You freely give it to receive back. Let the fools wallow in ignorance. This man that designed the scheme deserves to be respected; instead they are calling him names. Foolish pride! He has shown the world a new way money can work. It is a power. I started MMM when I personally discovered the secret behind MMM. Nobody gives you a bonus. It is an innovative form of creating wealth. MMM is power. The only thing that can crash MMM is the choice made by the participants. That’s when they chose to stop. And that is what these fools want to achieve.
They want to deceive the weak-minded into quitting the scheme. For people like us, MMM is power.
I have never been in involved in pool, gambling or betting, but I love MMM because I understand the principle behind it. It works based on the trust of the participants and motivated by the reward. With MMM, wicked employers will crash, not MMM. Demonic politicians will not get senseless boys to kill and rig elections for them.” ‘Wicked employers will crash’ Reginals Dandeson said: ‘’Why don’t you just leave Jonathan and politics out of this? Am not an MMM subscriber, but it sounds unreasonable to link everything going on in Nigeria to Jonathan.
There have been far worse Nigerian leaders than Jonathan and they are still alive. It is disappointing that Nigeria’s current situation that has been watered over the decades is not being linked to those rulers and political leaders.
It is just too unfortunate.” Corroborating the aforesaid, Ezekben said: ‘’There is no way MMM can crash in as much as people continue to patronize it and those that are giving negative thoughts about it stop especially the media. Provided there is life MMM will remain.
My advice to all members is they should not quit so that they can give direction to new entrants.” Sustaining the slant, Mary Hill declared: ‘’You can control excess money by making the real sector to be productive. Let the policy makers do their job.
But if I may ask: why pick on MMM? I am hearing of other schemes like Icharity and others. Why is MMM singled out for persecution? Let the CBN go to work to manage the consequences of the recession. The cash the thieving politicians have in their farms and GP tanks do not cause inflation, it is the poor guys In MMM that’s now your problem.”
END
Be the first to comment