goingape1:
who is this man!


Charles ponzi was release on bay and he pay those guy back the money and restart the business all over again with improvement.

Charles Ponzi was arrested on August 12, 1920, and charged with 86 counts of mail fraud. Owing an estimated $7 million, he pleaded guilty to mail fraud, and subsequently spent 14 years in prison. Rose divorced him in 1937, and Ponzi died penniless in Rio de Janeiro, Brazil, on January 18, 1949.(Charles Ponzi page, Biography website)

The news brought down five other banks in addition to Hanover Trust. His investors were practically wiped out, receiving less than 30 cents to the dollar. His investors lost about $20 million in 1920 dollars ($225 million in 2011 dollars): Charles Ponzi completely annihilated their finances. As a comparison, Bernard Madoff's similar scheme that collapsed in 2008 cost his investors about $18 billion, 53 times the losses of Ponzi's scheme without taking into account conversion from 1920 dollars to 2008 dollars.(Wikipedia)

Ponzi spent the last years of his life in poverty, working occasionally as a translator. His health suffered. A heart attack in 1941 left him considerably weakened. His eyesight began failing, and by 1948, he was almost completely blind. A brain hemorrhage paralyzed his right leg and arm. He died in a charity hospital in Rio de Janeiro, the Hospital São Francisco de Assis of Federal University of Rio de Janeiro on January 15, 1949

RUDEBOYY:
All I know is that it's only those that are not participants in the mmm scheme that is making all this noise abt mmm crashing.... Come January I will still invest even more in mmm.
Mmm is here to stay the only time it will crash is only when we stop participating. #istandwithmmmnigeria!

giggy63:
mmm still paid some people yesterday in my area here in Ikorodu.. so people should stop creating fear..after all buhari lead govt has done worst..

greenpasture:

While I don't favor get rich quick schemes your statement above is not correct. Unlike a typical Ponzi scheme MMM does not require users to load the base in order to get their benefits. As such the interest comes from repeat business. Yes the system does seek to attract new business but large regular repeats are it's mainstay.

As regards crashing which of course it may ultimately do do for reasons which I have not yet read anywhere on social media , at 3 million users out of a population of 180 million, the space for its growth is quite obvious.

MMM to my mind, or at least the version used in Nigeria is a social experiment that showed that people would trust an do business with perfect strangers if a) the rules were clear b) the platform was easy to use an c) the gains minimized the cost of long term participation i.e you can generate your investment capital and recycle it. To this end MMM has more features in common with the sharing economy business model than with a Ponzi scheme. Airbnb and ubber for instance do not own the assets they use to generate business. They merely provide a platform for asset owner's to participate.

Something happened here that entrepreneurs and financial experts need to understand if they are to build viral self replicating businesses. Sadly many of MMM critics have not taken time to understand the business model nor to see its potential in other lines of business.

It is always easier of course to attack things than to analyze them.

almustopha82:
U ARE A LIAR MMM IS NOT PAYING ANYBODY AT IKORODU. AM LIVING IN IKORODU

kYjelly2:


@the bold, what do you mean

we have told you guys time and time again that it will definitely crash, but you guys believe the 30% is sent down from heaven or something.

why are Nigerians like this

RUDEBOYY:
All I know is that it's only those that are not participants in the mmm scheme that is making all this noise abt mmm crashing.... Come January I will still invest even more in mmm.
Mmm is here to stay the only time it will crash is only when we stop participating. #istandwithmmmnigeria!

doctorregular1:
save ur casket as well b4 the end of 2016. Animal in the form of an e-rat

wollexie1106:
They have pair ur husband with everybody, u use their money for wedding now u are saying they should wait. If u were in their shoes will you wait?. Why can't you announce the freeze one month before the freeze happened. Thunder that will strike you and ur husband is on press up

Corrinthians:
She's making a very good point. I keep wondering myself; why do some people desire to see mmm crash? Does it hurt them seeing people rise out of poverty? What joy is there seeing people's lives ruined from huge loses? Would the validation of their suspecion that something would go wrong with the scheme raise their standard of living in any way?

Confidence has been ruined and it might be difficullt getting it back. But come what may, mmm changed a whole lot of lives for the better.

kYjelly2:


@the bold, what do you mean

we have told you guys time and time again that it will definitely crash, but you guys believe the 30% is sent down from heaven or something.

why are Nigerians like this

futurerex:
I foresee MMM going the way of Ultimate Cycler.

Ukeachu1:
In all this madness. I have learnt that greed blinds ppl and can make even educated people very foolish. It's a pity

ChifysWorld:
Why MMM was meant to CRASH

The money-box scheme called MMM that started in Russia was introduced to Nigerians via MMM Nigeria when the country was said to be at the peak of what many described as the worst recession in the Nigeria's economic history. The economic hardship and the urge to get rich quick made a lot of Nigerians to rush into it and welcome MMM as their only way to carter for themselves in a time where the exchange rates were hitting the roofs; hence most people failed to ask themselves some very important questions.

Has anybody ever "Received Help" or money except they first "Provided Help" or paid some money? If you have to give help to get help then,
Question 1: To WHO did the first set of MMM subscribers provide help to?
Question 2: Where does the 30% Return on Investment come from?
Question 3: What will happen when the requested help outweighs the available help?
Question 4: What is the history of MMM and has it failed before?
Question 5: Is MMM being regulated by any financial regulatory board, body, or institution?

Read More at http://chifysworld..com.ng/2016/12/mmm-on-mannequin-challenge.html

Corrinthians:
She's making a very good point. I keep wondering myself; why do some people desire to see mmm crash? Does it hurt them seeing people rise out of poverty? What joy is there seeing people's lives ruined from huge loses? Would the validation of their suspecion that something would go wrong with the scheme raise their standard of living in any way?

Confidence has been ruined and it might be difficullt getting it back. But come what may, mmm changed a whole lot of lives for the better.

slivertongue:
i no dey shout and i no fit shout.

once beaten, twice shy.

for those who know schemes like this, this is how they start till they liquidate. they may come back raise funds pay certain catgories of participants win more converts get bigger and richer then boom ie postponing dooms day or like some die and die never to comeback. This was the story of COVENANT FADAMA and co, and no matter how long this scheme stays it will travel the same road.


It is good to WAIT but comparing this scheme to waiting for salaries, certificates withouts jobs, postponed weddings, rescheduled payment for debts owned is playing to the gallery. Of the truth there is poverty in the land but this scheme like others will only rob peter to pay paul. There are no tangibles in this scheme to compare it with the above mentioned. I wish the participants well and i dont want it to crash cos it will affect the economy

FlirtyKaren:
Chiamaka Chuddy Ugorji wedded her husband Chuddy Ugorji in a lavish wedding that went viral on Saturday, November 12, 2016.

MMM froze users' accounts yesterday and she has reached out to participants in an open letter.


https://www.facebook.com/chiamakachuddy/posts/844414519031607


https://www.facebook.com/chiamakachuddy/posts/844208855718840

Amaka's husband Chuddy is yet to make a public statement about the freeze on his Facebook page.

Chiamaka & Chuddy's wedding which took place at Elshadai Covenant Church, 7 social club road, Abulegba Lagos, witnessed large turnout of well-wishers and MMM guiders and participants. Also, reports have it that, Chuddy is the man who brought MMM to Nigeria and he currently has lots of Participants registered under him.

http://www.lailasblog.com/2016/12/mmm-top-guider-chuddy-ugorji-wife-open-letter-mmm-crash.html

Disclaimer: Amaka's messages have been severely edited by nairaland management. visit facebook to view the full messages

Mujtahida:

I enjoyed your analysis. Not many have examined it from these standpoints.[b] Not many are looking at the fact that trust is the main currency being exchanged here [/b]in spite of the fact that Nigerians are corrupt. Whenever I read someone shouting ponzi scheme, Ponzi scheme, it tells me that few really think deeply. Some shout and say 30%? It is unworkable, it is unsustainable, it is impossible. Well everything is possible and nothing is impossible in this life. Almost all the scientific inventions were derided as impossible but today we are enjoying the benefit. Who knows what men in their irrepressible ability to create and innovate can come up with.

kYjelly2:


have you provided help to the helpless yet this christmas period

but you want to provide "HELP" so that you can get 30% back on your "HELP", chai

Na now I understand why naija no dey get hero like Superman or The Flash, cause their help go cost

RealityShot:
How exactly will it affect the economy?

doctorregular1:
When I see a coward, I know thru native intelligence. I officially declare u as a coward of the 21st century.

Omonoba1:
Can't believe a friend of mine still went ahead to provide help of over 100k yesterday amidst this hullabaloo.. People strongly believe this thing will come back..na wa o

Corrinthians:
... mmm changed a whole lot of lives for the better.