Disclaimer: This post isn't in any way, promoting or discouraging participants of MMM.



This post is as a result of a little bit of research on the scheme and controversies surrounding it, through cross-reference and pragmatic assessment of the popular ponzi scheme and its affiliates, I've put forth this piece to tell us how I see it.


It isn't an investment

Calling a ponzi scheme an investment, is an insult to business and morality. However, it isn't void of the principles of investment in many ways.


It did not CRASH

To say that the ponzi scheme crashed, is an egregious use of hyperbole. According to the message from the scheme's convener, the scheme was paused for the sake of its longevity, over the course of a month. No one was allowed to put in money, neither was anyone allowed to withdraw from their moneybox or something. Furthermore, all unconfirmed "mavros" (a term participants use for their money lodged in the system) were frozen over the course of that month. This meaning that, technically, no one was scammed.


The real Killers and slayers of MMM

To the best of my knowledge, the folks who have a bulk of their finances, stuck in the system, do not have any hope of getting their money back.

Why?

I did type earlier that no one was scammed, so why is it difficult for people to get back their money??

The system works for a participant, when he/she puts in money. That means, if you don't put money, you will not get paid, which means, if someone else doesn't put in money just as you have put, you will not get paid too.

Now, you've put in money, but not getting paid, because other people like you who ought to put in money aren't doing so. That's the summary of the mechanics of a ponzi or pyramid scheme.

Who are the real killers of the scheme??


1.It's people who cursed and called foolish, whoever put their money into the scheme. It's a ponzi scheme afterall, the sustainability depends on participation. Maybe they didn't have the money to participate or didn't trust the system enough with their money.


2. It's the people who may have thought they were saved in the nick of time, when they were about to put in money, and it "crashed". Unlike other mushroom ponzi scheme sites that completely blow up when things go south, MMM_Nigeria site was very much up and running during that period, more programs on the site were launched too, to give participants a glimmer of hope that their money wasn't completely lost in the wind. This set of people join the first set of killers, to compound the woes of already aggrieved participants.


3. It's the media houses, blogs, newspapers, forums like Nairaland with large followership, looking for the next big story to generate traffic and make money the parasitic way, feeding off the "misfortune" of others. I watch as Nairaland administrators, tirelessly taunt participants. It's funny when you look at It.


4. It's the typical Nigerians who do not follow rules and the greedy populace. No special treatment should be given to the stubborn sect of people who used money meant for more important things to put into MMM, people who didn't use their "spare money", greedy ones who opened 5 to 10 accounts for the sake of referral bonus, the nefarious ones who upload fake proof of payment, the greedy guiders who withdraw millions of naira daily without putting money back into the system, and a host of other despicable Nigerians who seek very possible means out of anything at all, to rip off their fellow countrymen.


I think I'm done, and although I have always criticised participants, they didn't commit the greater sin.

Ok

decent writeup