1. MMM Nigeria (a Ponzi Scheme) left Bad Impression on Bitcoin / Cryptocurrecncy:
We are all aware of the most recent ponzi scheme – MMM, that swept Nigeria on a national scale. How they rose and fell and still trying to come back. It was the rave of the news. MMM used Bitcoin to facilitate Transactions (MMM dumped Naira To Use Bitcoins), and once became the most visited site in Nigeria at this period.

However, you must understand that MMM is a “scheme”

What is a scheme?
A large-scale systematic plan or arrangement for attaining some particular object or putting a particular idea into effect.

So what is a Ponzi Scheme?
A form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

Read more on this Understanding a Ponzi Scheme and how it works.

Because of the relatively negative image MMM left in the minds of people (coupled with point number 2) left a bad impression on an innovative technology – Bitcoin. So our parents (in a very aggravated way) be like “Ehn, Ma ba won se oh“, literally meaning “Don’t ever try to do it with them“…

So MMM dumped using naira for the following reasons:

High safety level – Understanding that no one can block a Bitcoin wallet. MMM Nigeria wanted to operate anonymously i.e. avoid control or influence from the Central Bank of Nigeria and the Government

Cheap and fast transactions – Transfer fees do not depend on the amount or location. They make up less than US$1 (regardless of the amount). You can transfer money to anyone from anywhere in the world almost instantly. No waiting period, no middle man, no hidden charges,

Other reasons are Convenience, Instant transfers and Protection against inflation

2. The Media Never Educated The Public. They only conveyed News.
Our media did not educate the people sufficiently on the concept and benefits of Bitcoin. Rather, they reproved Bitcoin along with MMM. Part of the role of the media in every society is to educate and enlighten the people. The media did not put in place frameworks that could have easily separated Bitcoin from MMM.

Read more at http://forum.bcosystem.com/t/why-nigerians-are-afraid-of-bitcoin-shocking-truth/36/1

Princephelar:
1. MMM Nigeria (a Ponzi Scheme) left Bad Impression on Bitcoin / Cryptocurrecncy:
We are all aware of the most recent ponzi scheme – MMM, that swept Nigeria on a national scale. How they rose and fell and still trying to come back. It was the rave of the news. MMM used Bitcoin to facilitate Transactions (MMM dumped Naira To Use Bitcoins), and once became the most visited site in Nigeria at this period.

However, you must understand that MMM is a “scheme”

What is a scheme?
A large-scale systematic plan or arrangement for attaining some particular object or putting a particular idea into effect.

So what is a Ponzi Scheme?
A form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

Read more on this Understanding a Ponzi Scheme and how it works.

Because of the relatively negative image MMM left in the minds of people (coupled with point number 2) left a bad impression on an innovative technology – Bitcoin. So our parents (in a very aggravated way) be like “Ehn, Ma ba won se oh“, literally meaning “Don’t ever try to do it with them“…

So MMM dumped using naira for the following reasons:

High safety level – Understanding that no one can block a Bitcoin wallet. MMM Nigeria wanted to operate anonymously i.e. avoid control or influence from the Central Bank of Nigeria and the Government

Cheap and fast transactions – Transfer fees do not depend on the amount or location. They make up less than US$1 (regardless of the amount). You can transfer money to anyone from anywhere in the world almost instantly. No waiting period, no middle man, no hidden charges,

Other reasons are Convenience, Instant transfers and Protection against inflation

2. The Media Never Educated The Public. They only conveyed News.
Our media did not educate the people sufficiently on the concept and benefits of Bitcoin. Rather, they reproved Bitcoin along with MMM. Part of the role of the media in every society is to educate and enlighten the people. The media did not put in place frameworks that could have easily separated Bitcoin from MMM.

3. Mass Digital Illiteracy
I stand to be corrected but I read that the total number of Nigerians that participated in MMM were 3 Million. Now if you recall our population (180 million +), and juxtapose that figure aside a figure of 3 million participants. That is 1.6 % of the total population.

The level of digital illiteracy is alarming. You might be in Lagos, living among the digitally adept indigents, but do not be deceived based on the impression you may be having that everybody in Nigeria lives like that. According to statistics, a larger percentage of the population
are in darkness.

If you have more reasons, kindly tell us. Cheers

Source: http://forum.bcosystem.com/?mobile_view=0

Funny you should speak of illiteracy and probably, you should educate yourself as you have advocated for those you try to prove to know more than.


1. MMM had a set back in Nigeria just like in other countries like South Africa. MMM is back and stronger, a fact acknowledge by even haters of MMM and most have joined discreetly.

2. MMM never dump naira to use bitcoin. Try to educate yourself. Therefore, the reasons you gave are useless.

3. MMM didn't use bitcoin to facilitate transactions. MMM participants uses either bitcoin and naira to provide mutual aid to fellow participants.

4. True, according to statistics, a larger percentage of the population are in darker. Among them, is you, the op. You simply have not idea of what is happening, I even doubt you research.

We are afraid because

Bitcoin have not been accepted by any central bank in the world.

Bitcoin will legalized money laundring. Instead of putting the money in farms, convert them to crypto currency.

It is a frude from the Asian world that will automatically make them supper powers.

The liquidity ratio is low. Recharge card sells faster than Bitcoin

rottennaija:


Funny you should speak of illiteracy and probably, you should educate yourself as you have advocated for those you try to prove to know more than.


1. MMM had a set back in Nigeria just like in other countries like South Africa. MMM is back and stronger, a fact acknowledge by even haters of MMM and most have joined discreetly.

2. MMM never dump naira to use bitcoin. Try to educate yourself. Therefore, the reasons you gave are useless.

3. MMM didn't use bitcoin to facilitate transactions. MMM participants uses either bitcoin and naira to provide mutual aid to fellow participants.

4. True, according to statistics, a larger percentage of the population are in darker. Among them, is you, the op. You simply have not idea of what is happening, I even doubt you research.

You don't have to insult him to make your point.

pafra:


You don't have to insult him to make your point.

Hard fact and truth told to ones face should not be insult. Besides, he insulted many people's intelligence with his post.

This is dogshiiit