How The Current MMM Will Likely End - As a Scam - Business (9)

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How The Current MMM Will Likely End - As a Scam - Business (9) - Nairaland

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Re: How The Current MMM Will Likely End - As a Scam by MadCow1: 10:32am On Sep 02, 2016

Everything in life carries a risk...

My very first business dealing ended up costing me some extra money outside of my investment.

I advice people against putting their monies into MMM despite me having invested 500'k in the matter.. grin

I checked around with the people I know who have made a healthy profit off of the scheme and decided that 500'K was an acceptable gamble for this program.

I will never preach this scheme to anybody.. I wouldnt because even I myself am not comfortably with it.

I also have an exit plan in hand.. Hopefully I don't lose my money before I can bail out.

The OP has actually shown me how this scheme can be a fraud (which is something I have been cracking my head for a while now about)..

Hopefully before it goes bust, my cash would be back in my account safely. But if it goes, well, I gambled and I lost..

#KeepItMoving.

2 Likes

Re: How The Current MMM Will Likely End - As a Scam by progress69: 10:33am On Sep 02, 2016

tempest01:

Given me a rethink. With time, the tune taken for people to receive help will start taking longer because their agents have been receiving help without paying in...before you know, the whole thing will stall as a lot of people will be waiting to receive help, but the sender's are few. Then theyll put " the month of reckoning into play and gather all the remaining "send help" amounts into the agents accounts before closing down.

Asides that if Government decide to shut the whole thing down. Nothing can happen. People will only looose money. Trust me, that will soon happen. They only used SEC to sound warning first so it won't look like people were not warned

Re: How The Current MMM Will Likely End - As a Scam by Nobody: 10:34am On Sep 02, 2016

I was a doubting Thomas like you till I joined MMM. Now I have tasted it and confirmed it. If u ll like to join MMM, call or WhatsApp me on 08063656955. I will put you through

Re: How The Current MMM Will Likely End - As a Scam by Lemon1(m): 10:36am On Sep 02, 2016

Google mmm and read all the threads...see what happened in south Africa..... Their maverick coins became valueless ....

Re: How The Current MMM Will Likely End - As a Scam by Nobody: 10:40am On Sep 02, 2016

this mmm tingy thrives on paying people at random. if they pay all those that register at the same time, they will fold up. the 30 pcnt they promise u is gotten from the contribution of other people. an endless continuum comes into existence so far more people keep registering. scenerios where people will lose money are:
a) if d nigerian govt bans mmm from operating in nigeria, members wil be unable to cash out.
b) negative word of mouth which makes people to b scared of joining mmm.
when this happens, only few people will get their 30pcnt bonus.

Re: How The Current MMM Will Likely End - As a Scam by Jethrolite(m): 10:44am On Sep 02, 2016

tempest01:

That then gives another perspective. The admins keep getting help without paying in when they have finally wrecked the system, and there is no one to fill the void they created, they shut down.

Yes, but there will always be people not someone to fill the void. It is just a matter of knowing how much is pledged, how much has actually been given out. It will take a colossal amount of greed to collapse the system. The admin needs to continue taking people's money for a very long time and still will hardly crash the program because people are recruited through networking. I really do not see this program failing but we should wait and see, meanwhile I strongly support it.

Re: How The Current MMM Will Likely End - As a Scam by Nobody: 10:47am On Sep 02, 2016

MadCow1:
Everything in life carries a risk...

My very first business dealing ended up costing me some extra money outside of my investment.

I advice people against putting their monies into MMM despite me having invested 500'k in the matter.. I checked around with the people I know who have made a healthy profit off of the scheme and decided that 500'K was an acceptable gamble for this program.

I will never preach this scheme to anybody.. I wouldnt because even I myself am not comfortably with it.

I also have an exit plan in hand.. Hopefully I don't lose my money before I can bail out.

The OP has actually shown me how this scheme can be a fraud (which is something I have been cracking my head for a while now about)..

Hopefully before it goes bust, my cash would be back in my account safely. But if it goes, well, I gambled and I lost..

#KeepItMoving.

lol ur 500k has bn used to pay other people in form of d 30pcnt bonus. they are basically stealing from peter to pay paul.

2 Likes

Re: How The Current MMM Will Likely End - As a Scam by MadCow1: 10:48am On Sep 02, 2016

prettyboi1989:

lol ur 500k has bn used to pay other people in form of d 30pcnt bonus. they are basically stealing from peter to pay paul

The money still dey my account so I don't know what you are talking about..

I just joined.. I am even yet to be paired sef.

1 Like

Re: How The Current MMM Will Likely End - As a Scam by MadCow1: 10:49am On Sep 02, 2016

Lemon1:
Google mmm and read all the threads...see what happened in south Africa..... Their maverick coins became valueless ....

But this isnt Bitcoins though.

1 Like

Re: How The Current MMM Will Likely End - As a Scam by Ugogabriel(m): 10:49am On Sep 02, 2016

please if you are interested in joining MMM do pm me. use only your spare money. if are afraid of taking risk then u ar forever poor

Re: How The Current MMM Will Likely End - As a Scam by TaiwoLapi: 10:51am On Sep 02, 2016

Dething:

Thank your God.

My younger brother did just last week with 100k. Now he is being consoled! we are hoping that he will get his pay before the stuff finally crashes.

But I warned him!

They just succeeded in debarring your progress, dont stay here in Nairaland, all the fools writing here are paid to do so, they are called "online canvassers" in digital media, if you want to get sincere opinions go to this http://punchng.com/online-fraudsters-hit-capital-market-sec-warns/

Re: How The Current MMM Will Likely End - As a Scam by tempest01(m): 11:00am On Sep 02, 2016

Jethrolite:
Yes, but there will always be people not someone to fill the void. It is just a matter of knowing how much is pledged, how much has actually been given out. It will take a colossal amount of greed to collapse the system. The admin needs to continue taking people's money for a very long time and still will hardly crash the program because people are recruited through networking. I really do not see this program failing but we should wait and see, meanwhile I strongly support it.

I would support it if there's credibility to the people operating it. I have said somewhere that we have developers in nigeria and here on nairaland....why can't we come together get reputable people and build the model?

It is similar to what the banks are doing.

But the problem there is the need to remain anonymous as government will be against such because of their revenue drive. Wl

We can make an anonymous open source group that Nigerians themselves volunteer and make the model work. Only then will I support.

Re: How The Current MMM Will Likely End - As a Scam by tempest01(m): 11:05am On Sep 02, 2016

Mmm

LadyBeee:
I was a doubting Thomas like you till I joined MMM. Now I have tasted it and confirmed it. If u ll like to join MMM, call or WhatsApp me on 08063656955. I will put you through

I'm not doubting....I'm telling you the inevitable. They will pay now, but they will fold up one day. And you will loose the balance between what ever you have sent and what you have withdrawn.

1 Like

Re: How The Current MMM Will Likely End - As a Scam by Alhajipablo(m): 11:07am On Sep 02, 2016

Kings2rule:
Are you serious I provided help of 100k but at a point I just went back to the site and deleted it because I thought about the MMM thing but didn't make sense out of it.

same here

Re: How The Current MMM Will Likely End - As a Scam by Impactever(m): 11:11am On Sep 02, 2016

OPEN LETTER TO SECURITIES AND EXCHANGE COMMISSION (SEC). MMM Nigeria is no scam. MMM Nigeria is not a ponzi scheme as you claim it is. MMM does not have a central account to store up peoples' money. MMM does not receive money from participants. If MMM is actually using peoples' money to pay the other,then ; have you ever thought of how the creator of the platform benefits ? because this money is being paid directly into participants local accounts by other participants so, who is scamming who ? In another instance, you used the word lure. I want you to understand that there are terms and conditions and that every participant is able to read and write as the system is completely internet based. I put it to you that participants are required to read and agree with this before signing up so nobody is controlling anybody's mind up here. We are no fools, we seek financial liberation. The (SEC) says MMM does not have a tangible business model and its not registered with them. "CLASSIC" I see where all this blackmail is coming from. MMM ended up threatening your financial houses with a superb package so you want a share of the dough, that is what all the noise about not being legitimate is for. I hear you're up and about (SEC) going viral on the state of MMM. Advising investors to distance themselves from MMM or bear the risk(s). Thank you o! we already know that and as a matter of fact, risk bearing has become a household name in this never do well country. Now lemme school you a little bit, our country is in a sorry state. If you must advice anybody or do something, please look elsewhere. There are quite a lot out there to fix in other to change or remedy the situation of our useless economy. MMM is not the cause of the crumbling Nigerian economy, it is rather people like you who continually feed fat on public funds and tax payers money. To cap it, the SEC might want to go f**k themselves but MMM is here to stay. # gotsomebrain # Allinvestmentisrisk # MMMpays #alexdonphilip #mmmparticipant

2 Likes

Re: How The Current MMM Will Likely End - As a Scam by yomz1e(m): 11:12am On Sep 02, 2016

This issue was covered in many threads on NL, but right now people won't listen because of the 30% interest e.g read the comment above me, another die hard fan of MM. I know someone who has invested over 2m left her fashion retail business due to high Forex and she has open several accounts doing this and will even help you run your own account and open false account to maximize profit which I think its against the MM rules, so already people are exploiting the loop holes. Also heard someone was suppose to pay her and that person defaulted so another warning sign. However we Nigerians love getting something for nothing and loathe hardwork! its in our genes. Best way I'd say is invest your money when you have enough equity , take it out and use the 30% you gained to trade, so if it shuts down, you know its not your money.

Soon FG and EFCC will take note because its a form of money laundering

I visited their site just now, and decided to role play, the image showed when i introduce myself as a British reporter and doing a research i was kept on hold for almost 40mins. Telling me that all operators are busy. cheesy

Re: How The Current MMM Will Likely End - As a Scam by Jethrolite(m): 11:14am On Sep 02, 2016

tempest01:

I would support it if there's credibility to the people operating it. I have said somewhere that we have developers in nigeria and here on nairaland....why can't we come together get reputable people and build the model?

It is similar to what the banks are doing.

But the problem there is the need to remain anonymous as government will be against such because of their revenue drive. Wl

We can make an anonymous open source group that Nigerians themselves volunteer and make the model work. Only then will I support.

Yeah bro I like how you think but your model won't work. Nobody will agree to do anything for free, even a volunteer would resign when he sees the amount of money passing through. The truth of the matter is the system needs central anonymous control. I'm already in the process of building a team to start my own service and partner with a programer who already has a similar system with over 200 users.

Re: How The Current MMM Will Likely End - As a Scam by engrshakespeare: 11:16am On Sep 02, 2016

Some people need people to chop their money. Leave them to learn from experience.

Re: How The Current MMM Will Likely End - As a Scam by aminho(m): 11:20am On Sep 02, 2016

Brightgem:
kikikikikkki! Who is hopeless, calm down jor! I no beg u for money na. ur allowance... cnt buy the fresh juice I take everyday. haahahaaaha so funny. why will u go and sink 500k inside, they said use ya spare money. money u wnt hav to come online an b vexing abt.

500k for a fruit drink?you just lost your credibility and thats a fraction of my spare money you can multiply 250k by 12 thats my spare money every month minus salary and allowance so i ain't vexing i just warning people to be cautious

Re: How The Current MMM Will Likely End - As a Scam by tempest01(m): 11:28am On Sep 02, 2016

Jethrolite:
Yeah bro I like how you think but your model won't work. Nobody will agree to do anything for free, even a volunteer would resign when he sees the amount of money passing through. The truth of the matter is the system needs central anonymous control. I'm already in the process of building a team to start my own service and partner with a programer who already has a similar system with over 200 users.

There's a need for a central anonymous control...
And the potential for government interference calls for a discreet and clandestine operation which brings more requirement to the integrity of the anonymous guys in control.

The current site has some flaws in the sense that there's no credibility which I will point out.

1. A list of people that need help should be made with their names starred out. And the user should be able to select who he wants to help. The admins shouldn't do the pairing, the user chooses who he wants to.

2. A global chat room or forum should be made available which users who experienced issues can post and this solved. This increases the perception of genuineness.

This won't stop the issue of super admins asking for help without inputting anything, but there's no way they can channel their request to majority of those that want to send help since they are in control. As you choose who you want to help.

Re: How The Current MMM Will Likely End - As a Scam by dewayne(m): 11:34am On Sep 02, 2016

Good morning my dear MMM compatriots....

This is to deny and disclaim and clarify all lies, wrong notions and erroneous impressions planned, planted, waged and been spread by so called Sec (security and exchange commission ) that mmm is an internet scam.
If I'm not mistaken, 90% of us here are more educated even than some of d sec staffs. So.... Lets read and understand d real meaning of mmm in rain and sun so dat we won't be a fool to d core and quit d pathway to our financial floor and freedom.

In the first place mmm did not hide anything for us.
The warning/cautioned from that we are at our own risk does not mean that we will lost our money but to scared us from loan to participate so that we won't regret the interest upon the loan either from bank or cooperative society.

Let's us tell sec mmm is never a business nor investment. We are participating voluntarily and not compulsively. We have 100% right in participating so let's not be panic.

To start wit;
1. In all ramifications, a citizen of a nation is vested with the constitutional right to pursue his/her business, investment or anything that can benefits him legitimately either by taking risk or dependence.
(We are justified)

2. The position of law in any country stipulated that, "HE WHO ASSERT MUST PROVE". i . e whoever or which body alleged MMM to be an internet scam must give details, proof, facts and witness of the particulars of the fraud.
NOTE: in such details, proof facts and witness, an evidence of ur culpability must be provided
(we are not guilty but justified)

3. Any allegation on internet frauds or scam is always based on;
1. Hearsay
2. Mere speculation
3. Flat or weak fact
4. Ingenuity
5. Unconvincing.
None of these can ever hold water even in world court.

4. If MMM should be declines it means all banks in Nigeria will be closed on the same reason.
Because in everything transactions u makes, bank must benefit from it. Hence, we can't operate MMM without banking system. It means mmm is contributing to the developments of dis Nation. Even more than our leaders.

My question for Sec are:

1. Does donations to orphanages and or Al majirs in the north required legal backup neither registration.?

2. Does political aspirants in Nigeria do legal backup bfr spending money for campaigning?

3. Is Nigeria herself as a nation not a real scam in all ways.?

a- petroleum sector scam.
b- Educational sector scam
c- health sector scam.
d- aviation scam.
e- internal/external affairs scam.
f- military/paramilitary/securities scam.
g- banks scam
h- plenary/Parliament (NASS ) scam. And so on.

4. Where were sec when oritsejafor, Jonathan, and some others scammed us abt arms purchasing in 2013/2014
At least they made an exchange basically bfr they transferred d money.

I urges we stand on our feat with no shaking and be free financially than to live poor forever.

My pple pls don't lets be panic unnecessarily abt mmm declines.
MMM is getting strong the more.
They will help us create spreading awareness more than we expected.
They soon stick to our motto.
TOGETHER WE CHANGE THE WORLD.

Cmeo:
Some people will not hear word no matter what.

Nigeria govt or any country govt where MMM is operated can just wake up today and cease the MMM website and that will be the end of MMM for life.

If you doubt me, where is Liberty Reserves today?
Where are the deposits money today?

1 Like

Re: How The Current MMM Will Likely End - As a Scam by Brightgem(f): 11:34am On Sep 02, 2016

An0nimus:

What if 500k is his spare money? abi person no fit get 500k spare? going by your comment you agree it can crash someday. Besides no money is too small to lose without you not feeling a pinch. Even, a billionaire won't be happy if his smallest company folds. When MMM crashes I hope you lose some money and not feel any pinch about it.

and u are who again? Any reason ur important and quoting me? Abeg move. My money my business, who even tell u say I dey MMM. The whole thing is about the angle each side sees it from.

Re: How The Current MMM Will Likely End - As a Scam by dewayne(m): 11:37am On Sep 02, 2016

MadCow1:
Everything in life carries a risk...

My very first business dealing ended up costing me some extra money outside of my investment.

I advice people against putting their monies into MMM despite me having invested 500'k in the matter.. I checked around with the people I know who have made a healthy profit off of the scheme and decided that 500'K was an acceptable gamble for this program.

I will never preach this scheme to anybody.. I wouldnt because even I myself am not comfortably with it.

I also have an exit plan in hand.. Hopefully I don't lose my money before I can bail out.

The OP has actually shown me how this scheme can be a fraud (which is something I have been cracking my head for a while now about)..

Hopefully before it goes bust, my cash would be back in my account safely. But if it goes, well, I gambled and I lost..

#KeepItMoving.

Re: How The Current MMM Will Likely End - As a Scam by dewayne(m): 11:38am On Sep 02, 2016

you are probably blinded by the same thing that has made nigeria the way it is...

Alhajipablo:
same here

Re: How The Current MMM Will Likely End - As a Scam by An0nimus: 11:47am On Sep 02, 2016

Brightgem:
and u are who again? Any reason ur important and quoting me? Abeg move. My money my business, who even tell u say I dey MMM. The whole thing is about the angle each side sees it from.

Re: How The Current MMM Will Likely End - As a Scam by An0nimus: 11:52am On Sep 02, 2016

MadCow1:
Everything in life carries a risk...

My very first business dealing ended up costing me some extra money outside of my investment.

I advice people against putting their monies into MMM despite me having invested 500'k in the matter.. I checked around with the people I know who have made a healthy profit off of the scheme and decided that 500'K was an acceptable gamble for this program.

I will never preach this scheme to anybody.. I wouldnt because even I myself am not comfortably with it.

I also have an exit plan in hand.. Hopefully I don't lose my money before I can bail out.

The OP has actually shown me how this scheme can be a fraud (which is something I have been cracking my head for a while now about)..

Hopefully before it goes bust, my cash would be back in my account safely. But if it goes, well, I gambled and I lost..

#KeepItMoving.

I prefer this stance. Not all these ninjas defending MMM like Leonidas.

Re: How The Current MMM Will Likely End - As a Scam by Wolfbrother(m): 11:52am On Sep 02, 2016

eleojo23:

"goodwill"
A word is enough for the wise.

Goodwill abi greed and laziness..you wan to make money without putting in any effort

1 Like

Re: How The Current MMM Will Likely End - As a Scam by ponti93(m): 11:54am On Sep 02, 2016

guys please how do i get help from mmm

Re: How The Current MMM Will Likely End - As a Scam by pabu(m): 11:57am On Sep 02, 2016

for explicit information and registration. ...call 07067196280. ..

Re: How The Current MMM Will Likely End - As a Scam by Elxandre(m): 12:05pm On Sep 02, 2016

Jethrolite:
MMM is fail proof. I also did your risk analysis and was amazed by what I saw. I'll educate you based on the deep understanding of the system you already have. Permit me to blow your mind sir, there will be no day of reckoning because the activities that constitute that day in my own opinion are already happening. Common sense dictates it is better to keep the gold egg laying goose alive than to kill it. What I believe is already happening is the admin through its agents already have the privilege to Get Help whenever they want without having to Provide Help first. And as long as old and new members keep Providing Help, that sink hole will be filled up almost as soon as it is created.

It is also possible for your scenario to happen but I doubt it ever will. The people alone in my small town participating in this program definitely have more than N20m in the system, you be the judge of how much lagosians will have in the system and Easterners too.

We all know what happened to the stock market despite all the regulations and everything and how Nigerian bank CEOs turned depositors funds to their personal allowance.

Life is all about risk.

But how do you explain it's failure in a much richer Russia, China etc?
It also looked foolproof then, don't be deceived.

I just hope no one uses his lifeline for this.

Still looks tempting tho tongue

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