drsugar:
For those who have been around for long, we would know that MMM is not new. It comes around every 9 to 10 years to make money from newer generations without them being aware of how It happened before.
In 2006/2007 it came around as New freedom/ easy wealth/orion express/wealthgate/xtracool e.t.c.. They were paying regularly just as they are now. CBN was warning us then too. Suddenly, they stopped paying and the Excuse they gave was that EFCC froze their account and it would be resolved soon. It hasn't been resolved until today. Some made a fortune out of it then, especially the agents and those who started early, a lot of people even bought cars. Some also lost their life savings and even ran into huge debt and many problems after it crashed, especially those who were greedy and those who joined late.
For those who are older, you can look back to around 1996/97. Most people were not using banks then except salary earners and some business people. There was a company called Hero company where you put small money in cash to invest and they will be giving you items like gallons of palm oil, bags of rice, fabric materials as so on depending on how much you invest for the rest of your life every month. The star price then was a Daewoo Racer car which nobody ever won. A lot of people benefited until they suddenly disappeared, claiming that their ship was lost in the sea. A lot of people almost died from financial loss after they folded up. Few people who started very early and we're not too greedy gained.

My submission : MMM is not sustainable forever and it will crash without notice as we can see from history. We only don't know when and how soon.

Some will gain big time and some will lose terribly and the end. Be Wise.

rottennaija:


How does MMM work?

feldido:
That's why MMM said, Participate Only with Your Spare Money and Not all The Money You Have.

MMM is not a get rich Scheme, it's just to share what Only the banks and a few Elites have been enjoying all this centuries, So far it's been bridging the gap between the Rich and the Poor, thats why these Elites wants it to crash, the only way MMM can crash in Nigeria is when people fall for these propagandas and stop providing help, that's why they keep intensifying their campaigns.

MMM is not by force just like making money is not by force.

Enough said...

Tellemall:


MMM is about providing help? Laughable.

It's a scam that robs Jack to pay Jill. There's nothing good about it, except for the ones who join first.

Once people grow uninterested in it, or are happy with their returns on donations it will crash. If nobody joins after you do then it fails.

How can people not understand this?

Yes, you're benefiting from it now, but it's built on a shaky foundation of greed. Putting your money in it (or whatever they call it peer to peer payments, whatever) isn't an investment. It's just a way of collecting other people's money with their consent.

When it crashes it will explain itself to its ardent supporters.

drsugar:


Good question.

The managers pay you with the money of other people who are joining.
The secret is that most people usually reinvest making the MMM pool of money to grow.
The business strategy of any ponzi scheme which MMM is a type is to encourage customers to continue re investing and discourage them from cashing their money out. This is the only way they can survive.
MMM JUST LIKE ANY OTHER PONZI SCHEME PAYS YOU WITH THE MONEY OF OTHER PEOPLE JOINING. This is why they have referral program. If the referral program keeps growing and people keep reinvesting without cashing much out, they won't have any problem.

The only problem now is that people will run out of referrals soon and people will also start cashing out soon when they think they've made enough. That is when the MMM will fold up and the managers will disappear abroad with the remaining money.
MMM is a choice. Doing it doesn't mean you are not smart, it only means you are ready to take risk. The information is just to get you prepared for possible events and make decisions. Not doing MMM also doesn't mean you are not smart even though other people are making money. It only means you understand their business model and you are just not interested.

drsugar:


Good question.

The managers pay you with the money of other people who are joining.
The secret is that most people usually reinvest making the MMM pool of money to grow.
The business strategy of any ponzi scheme which MMM is a type is to encourage customers to continue re investing and discourage them from cashing their money out. This is the only way they can survive.
MMM JUST LIKE ANY OTHER PONZI SCHEME PAYS YOU WITH THE MONEY OF OTHER PEOPLE JOINING. This is why they have referral program. If the referral program keeps growing and people keep reinvesting without cashing much out, they won't have any problem.

The only problem now is that people will run out of referrals soon and people will also start cashing out soon when they think they've made enough. That is when the MMM will fold up and the managers will disappear abroad with the remaining money.
MMM is a choice. Doing it doesn't mean you are not smart, it only means you are ready to take risk. The information is just to get you prepared for possible events and make decisions. Not doing MMM also doesn't mean you are not smart even though other people are making money. It only means you understand their business model and you are just not interested.

rottennaija:



Checking the bolded, it's just might be you don't understand how MMM works.

1. People are not discouraged from cashing out. Infact, the opposite is true. Every 30-35 days, all their participants cashes out. (Infact, they are penalties if they don't, because MMM isn't an investment bank where you leave your money.)
2. Each time a participant PHs(reinvest), they become new to the system. So, they are no running out of pool of those that PHs (investing)
3. The manages cannot run with the money, because there is no central account where the money goes. Participants pay each other directly, without intermediary. (they don't pay through manages neither do they pay through some sort of central account)