few days ago while searching for news around Africa i came across a website called qz.com and they claim as follows

"As the former head of social innovation for MIT’s Digital Currency Initiative, I was the person they sought out to advise them on whether or not this Bitcoin thing was a good idea. It wasn’t. MMM’s pitch had followed a familiar script, one that promised easy riches with the help of magical new technology.
Over the last two years, MMM has expanded rapidly around the globe, mostly to countries in the global South (i.e. Kenya, India, Colombia, Philippines). The scheme associates itself closely with Bitcoin in its marketing materials, explaining that “MMM and Bitcoin have similar ideologies: they strive to defeat the social inequalities, to free people from banks, and to make the world fairer.”
Echoing the anarchist-tinged rhetoric so frequently found in cryptocurrency chat forums, MMM claims,
The current financial system is merely destructing (sic) us…We will destroy the existing financial system and build new — fair and honest! We have no other choice. We are not slaves. We are people. And we choose freedom!
While this rhetoric may feel like a scam to some, it resonates with millions of individuals around the globe who carry out their business in the informal economy. Research has found that such individuals often express low levels of trust in formal financial institutions, preferring to invest in assets (i.e. cows, a car, etc) as a store of value, rather than keep their money in a bank account. Schemes like MMM take advantage of these low levels of institutional trust in order to pitch their products to unsuspecting users, emphasizing repeatedly that Bitcoin can’t be controlled by banks or governments."

"Bitcoin magicians like MMM enchant people with the promise of miraculous returns on their investment, and then disappear into thin air. That’s precisely what happened in 2016, when MMM abruptly shut down their first Bitcoin-based ponzi scheme (dubbed the “Republic of Bitcoin”). In a memo, the organization informed users that their “experiment” had failed. In lieu of payment, users were transferred over to their country’s local MMM site, where their Republic of Bitcoin balances would show up as “old” balances that may or may not be repaid."

the full article was found here https://qz.com/1100886/bitcoin-in-africa-is-driven-by-mmm-mavrodi-ponzi-scheme/

HOW TRUE IS THIS ?

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