Okay class, today we learn how and why MMM Nigeria is a fraud based on simple mathematics.

To keep this as simple as possible, I will be using friendly round numbers for this illustration.

Lets Begin!!!



So, alot of Nigerians now are drawn to the possibility of making 30% of their "investment" within 30 days, but where does this 30% come from?

Let's say I "invest" N100 into the scheme. The only possible way for me to get 30% interest on my principal is to have someone else pay me N130 since there is no interest bearing investment made by MMM.

Now person no. 2 comes in and "invests" only N20. If i then request help with only the two of us on the scheme, I would never be able to get my N130 because the total money in the system is only N120 ; my N100 plus the N20 from the new participant.

Since no interest generating investment is made with this total sum of N120, the only way for this sum to go up, so as to pay me my initial principal plus interest, is to have more participants come in.

Now Person no. 3 and 4 come in and each "invest" N100. The total sum of money in the system is now N320.

Out of this N320, I can then be paid my N130 and person no 2 can be paid N26.

N130 + N26 = N156. The system after paying the first two people now only has N320 - N156 = N164, which is not enough to pay back the principle of the next two people that joined in (N200) plus their interest (N60).

To upset this, more members are required. So now, lets say 4 more people join in due the multiplicative nature of these schemes, each contributing N100. it means the total sum in the system is now N164 + N400 = N564. This is enough to pay the last two people, but for these current 4 people to realize any gains, they would need more members to foot their "bills"; N564 - N260 = N304 < N520 (amount due to the 4 new investors).

...and so the cycle continues on and on until new members stop trooping in.

as you can see, NO ACTUAL NEW MONEY IS BEING CREATED/GENERATED


As with any pyramid, the closer you are to the top, the more money you stand to make. What this simply means is that if you are one of the earlier participants in a long lived scheme, you stand to make money off the next set of vulnerable "investors" who came in late.


Do not get caught up in the system when it crashes, being a late comer and vested with huge amounts of money.

The people making money are the so called early comers. If the scheme crashed TODAY, majority of the early comers might not have lost that much if they had regularly cashed out with an unchanged principal. The short changed would be those that have been in it for 2-3 months prior to the crash.

He go do them like film trick

very simple arithmetic but gullible people will always remain gullible. You don't make profit without having a clear cut logical means.

[quote author=kYjelly2 post=51170520]Okay class, today we learn how and why MMM Nigeria is a fraud based on simple mathematics.

To keep this as simple as possible, I will be using friendly round numbers for this illustration.

Lets Begin!!!



So, alot of Nigerians now are drawn to the possibility of making 30% of their "investment" within 30 days, but where does this 30% come from?

Let's say I "invest" N100 into the scheme. The only possible way for me to get 30% interest on my principal is to have someone else pay me N130 since there is no interest bearing investment made by MMM.

Now person no. 2 comes in and "invests" only N20. If i then request help with only the two of us on the scheme, I would never be able to get my N130 because the total money in the system is only N120 ; my N100 plus the N20 from the new participant.

Since no interest generating investment is made with this total sum of N120, the only way for this sum to go up, so as to pay me my initial principal plus interest, is to have more participants come in.

Now Person no. 3 and 4 come in and each "invest" N100. The total sum of money in the system is now N320.

Out of this N320, I can then be paid my N130 and person no 2 can be paid N26.

N130 + N26 = N156. The system after paying the first two people now only has N320 - N156 = N164, which is not enough to pay back the principle of the next two people that joined in (N200) plus their interest (N60).

To upset this, more members are required. So now, lets say 4 more people join in due the multiplicative nature of these schemes, each contributing N100. it means the total sum in the system is now N164 + N400 = N564. This is enough to pay the last two people, but for these current 4 people to realize any gains, they would need more members to foot their "bills"; N564 - N260 = N304 < N520 (amount due to the 4 new investors).

...and so the cycle continues on and on until new members stop trooping in.

as you can see, NO ACTUAL NEW MONEY IS BEING CREATED/GENERATED


As with any pyramid, the closer you are to the top, the more money you stand to make. What this simply means is that if you are one of the earlier participants in a long lived scheme, you stand to make money off the next set of vulnerable "investors" who came in late.


Do not get caught up in the system when it crashes, being a late comer and vested with huge amounts of money.

The people making money are the so called early comers. If the scheme crashed TODAY, majority of the early comers might not have lost that much if they had regularly cashed out with an unchanged principal. The short changed would be those that have been in it for 2-3 months prior to the crash.





People are still investing heavily on MMM . I believe mmm will continue to pay . No matter how you put the analysis , people will still invest till the very moment it will crash

MMM is scamming Paul to pay Peter. I ask my friends same question about this scheme and I could not get a reasonable answer. The only things they keep saying is there are MMM in some country paying 100%.

IN YOUR ANALYSIS YOU FORGOT TO ACKNOWLEDGE THAT THOSE WHO RECEIVED PAYMENT USUALLY RE-INVEST IF THAT'S THE RIGHT WORD.

SO I SUGGEST YOU EDIT YOUR WRITE UP AND BE MORE LOGICAL.

Well, all I can say is what you've said is true.
But you failed to admonish one basic fact:
That is banks operates on the same principle as this.
They use the deposit of others to offset withdrawal request (Banking 101)
Only in the case of banks, they give you nothing for it.
The money that banks give as loans, do you know it is our money, you and I, why is it that you get nothing in return for it? Truth be told, we are fueling a financial system "banks" that has always robbed Peter to pay Paul.
Have you ever wondered why banks go into distress even after all the legistlation, Deposit insurance etc?
The answer is simple: They are not getting enough deposit as they need to finance their activities, their selfish activities.

I don't want to counter your opinion , but let me tell you, the banks are LEGALIZED FORM OF MMM.

They take your money, give it to another at an interest rate, only this time, they keep all the profit to themselves.
So tell me, which would you rather participate in, a system that gives you what is yours, OR a system that gives you N5 interest and take a bank charge of N215?

Brother be wise.

And to conclude this, I would tell you that there's no financial system in the world that would survive if people stop to bring their money.
Quote me anywhere, if nobody put money in zenith bank and all withdraw their money, Zenith bank would crash.
So your permutations are correct, but the same hold for any other bank there in the financial service industry, people must be there, the deposit must be constant.

Which is why I put it to you that MMM would not crash ina foreseable future, becuase the people are there, the PH is constant, and we keep making 30%, we will keep getting richer, we keep killing banks, until a system that is fair is established.


Long Live MMM

optimusmind:
Well, all I can say is what you've said is true.
But you failed to admonish one basic fact:
That is banks operates on the same principle as this.
They use the deposit of others to offset withdrawal request (Banking 101)
Only in the case of banks, they give you nothing for it.
The money that banks give as loans, do you know it is our money, you and I, why is it that you get nothing in return for it? Truth be told, we are fueling a financial system "banks" that has always robbed Peter to pay Paul.
Have you ever wondered why banks go into distress even after all the legistlation, Deposit insurance etc?
The answer is simple: They are not getting enough deposit as they need to finance their activities, their selfish activities.

I don't want to counter your opinion , but let me tell you, the banks are LEGALIZED FORM OF MMM.

They take your money, give it to another at an interest rate, only this time, they keep all the profit to themselves.
So tell me, which would you rather participate in, a system that gives you what is yours, OR a system that gives you N5 interest and take a bank charge of N215?

Brother be wise.

And to conclude this, I would tell you that there's no financial system in the world that would survive if people stop to bring their money.
Quote me anywhere, if nobody put money in zenith bank and all withdraw their money, Zenith bank would crash.
So your permutations are correct, but the same hold for any bank other there in the financial service industry, people must be there, the deposit must be constant.

Which is why I put it to you that MMM would not crash ina foreseable future, becuase the people are there, the PH is constant, and we keep making 30%, we will keep getting richer, we keep killing banks, until a system that is fair is established.


Long Live MMM

In no way is the banking concept similar to the MMM concept, they are as dissimilar as black and white.

Banking often comes with a government insurance on your deposit up to a specified amount, while MMM comes with no insurance whatsoever should it go belly-up with your deposit still in it.

Banking isn't about robbing Peter to pay Paul. Sound banking institutions are supposed to make sound investment decisions with customers deposits. Yes, they do use your money to make money, but that is what they are in business for and in return they give you, among other things:

-Money Security : keeping money under your mattress is just an invitation for doom as a lot can go wrong, from rats and mold, to theft and fires. You could withdraw your money though and be your own bank if you so desire, but you would have to own up to these risks.

-Interest : You may not be satisfied with the interest accruing on your deposit, but it still accrues non-the-less.

As said above, you may not be satisfied with the interest rate accruing on your bank account, but they are under no obligation to pay you a higher interest rate. There exist, other sound and insured financial vehicles that can get you to your destination of a higher interest rate, like Treasury Bills, CDs and so on.

--------


You said no financial system in the world would exist if people stop participating in it and I agree!!!!

Without participants on nairaland, comments, handles, etc, nairaland would cease to exist.

Without participants in a school like Unilag, it would cease to exist.

...

We can play this game forever.

The important question to ask is, how sustainable is it? Does it have value? Does it add value?...

For instance, even if a bank makes no investment with my deposit, hence giving me no interest whatsoever and charging me maintenance fees to keep my money, I would still go ahead paying that maintenance fee knowing that i am paying for the risk of something going wrong, if I stored my money myself at home. So in essence, I see value in the system and as long as I keep paying my fees, it becomes sustainable.

Juxtapose that with me, perhaps, being a participant in MMM. I may get paid a couple times, but down the line, according to the glaring mathematics, the implosion would get to me one way or the other. Even if I made money off of it, the fact that it would have imploded, hence become non-fuctional, makes it as a matter of fact NON-SUSTAINABLE!

kYjelly2:



In no way is the banking concept similar to the MMM concept, they are as dissimilar as black and white.

Banking often comes with a government insurance on your deposit up to a specified amount, while MMM comes with no insurance whatsoever should it go belly-up with your deposit still in it.

Banking isn't about robbing Peter to pay Paul. Sound banking institutions are supposed to make sound investment decisions with customers deposits. Yes, they do use your money to make money, but that is what they are in business for and in return they give you, among other things:

-Money Security : keeping money under your mattress is just an invitation for doom as a lot can go wrong, from rats and mold, to theft and fires. You could withdraw your money though and be your own bank if you so desire, but you would have to own up to these risks.

-Interest : You may not be satisfied with the interest accruing on your deposit, but it still accrues non-the-less.

As said above, you may not be satisfied with the interest rate accruing on your bank account, but they are under no obligation to pay you a higher interest rate. There exist, other sound and insured financial vehicles that can get you to your destination of a higher interest rate, like Treasury Bills, CDs and so on.

--------


You said no financial system in the world would exist if people stop participating in it and I agree!!!!

Without participants on nairaland, comments, handles, etc, nairaland would cease to exist.

Without participants in a school like Unilag, it would cease to exist.

...

We can play this game forever.

The important question to ask is, how sustainable is it? Does it have value? Does it add value?...

For instance, even if a bank makes no investment with my deposit, hence giving me no interest whatsoever and charging me maintenance fees to keep my money, I would still go ahead paying that maintenance fee knowing that i am paying for the risk of something going wrong, if I stored my money myself at home. So in essence, I see value in the system and as long as I keep paying my fees, it becomes sustainable.

Juxtapose that with me, perhaps, being a participant in MMM. I may get paid a couple times, but down the line, according to the glaring mathematics, the implosion would get to me one way or the other. Even if I made money off of it, the fact that it would have imploded, hence become non-fuctional, makes it as a matter of fact NON-SUSTAINABLE!

Clearly, you didn't read my own write up before you posted this.
You talked about security,
Despite all this insurance with NDIC, do you know banks still go into distress? PFAs still don't pay up?
What is the security there if they still fold up eventually.

You talk about banks investing, clearly you don't know your BOFIA, banks are limited in their ability to invest in most things such that the investment they do, cannot finance their activities.

You talked about poor interest rate, do you know they can pay you higher but they refuse?


Now the final point, banks use your money for 100% of their activities, is it fair that a bank would make 6billion from depositors money(your money) would not even give you 0.00001% of it in a year. Brother, look up, you can't keep giving your money to a system that is only enriching itself.

You are only saying this becuase all you do is keep your money there as deposits . Ask business owners and loan takers. They'd tell you how high they are charged as interest, and the interest is compounding with all the hidden charges.
Yet, it is Your money they use, and keep using yet you can't get it as loan.

So all I can say in conclusion, is MMM may crash, but the banking system Isn't fair, it never was, it never will.. Don't come and support a system you know nothing about, a system that can create money, but instead of circulating keep it to enrich only it self.

Open your eyes, banks and MMM operate on somilar principles , and MMM is giving them a run with their money. MMM is showing them that we don't need them to increase our wealth, we don't need them to multiple our money.
Do you know banks can do exactly what MMM does? Butthey refuse, the system would be too fair for them, and then, they wouldn't have collateral to sell of as auction.

Long Live MMM
Be wiss

Now i see that you have no idea of how the banking or any other financial system works.. The banks make use of their depositors money to fo business and finance their operation and most important enrich themselves without you being factored into the mix.MMM makes use of this same Croud funding principle just like the banks or any other financial institution that do business with peoples money and they will crash if the people decide to take away their money just like MMM.
The only difference is that in MMM the money is directly in the hands of its participant and they decide when they want to give it out(Deposit) and when they want to take it(withdraw).But the banks store their depositors money in a central account but in the real sense the money is not physically present in the banks vaults but its value is represented as a printed(computer) figure such that if there is a panic in the polity the banks cannot afford to pay all its depositors just like MMM...

NDIC assurance to the public that their investment is safe is to continue to make sure that they discharge statutory responsibility one of which is to restore confidence in the depositors that their money is safe with the banks or any other regulated financial institution(Which we know in the real sense that our money is not safe). We saw that in the recent case of Skye Bank. My brother what is the case of the late Savanna bank.. are you saying that they are not regulated by our financial regulatory body and are you saying that the depositors as of then got back their money?

Even as am writing this now,the case of skye bank has opened the eyes of Nigerians and they have started calling on the CBN to conduct stress test on all the rest banks...
My brother alot of things are happening than you and i are quite aware of so stop saying things you are half-informed on.
Like the maths that you did clearly shows you know nothing about how this system works. Can i tell you that MMM does does not need the money of new participants to continue to service old participant..As long as there is a continuous desire of old participant to continue to earn(PH and GH) - The system will continue to function and it is the only financial system that can operate on this structure.. I put myself forward to be challenged on this so that i can prove so many of you Haters wrong on this so that you dont continue to spew out ill-informed ideas about MMM with the intention of just deceiving people(especially the new or intending participant) .

kYjelly2:
Okay class, today we learn how and why MMM Nigeria is a fraud based on simple mathematics.

To keep this as simple as possible, I will be using friendly round numbers for this illustration.

Lets Begin!!!




So, alot of Nigerians now are drawn to the possibility of making 30% of their "investment" within 30 days, but where does this 30% come from?

Let's say I "invest" N100 into the scheme. The only possible way for me to get 30% interest on my principal is to have someone else pay me N130 since there is no interest bearing investment made by MMM.

Now person no. 2 comes in and "invests" only N20. If i then request help with only the two of us on the scheme, I would never be able to get my N130 because the total money in the system is only N120 ; my N100 plus the N20 from the new participant.

Since no interest generating investment is made with this total sum of N120, the only way for this sum to go up, so as to pay me my initial principal plus interest, is to have more participants come in.

Now Person no. 3 and 4 come in and each "invest" N100. The total sum of money in the system is now N320.

Out of this N320, I can then be paid my N130 and person no 2 can be paid N26.

N130 + N26 = N156. The system after paying the first two people now only has N320 - N156 = N164, which is not enough to pay back the principle of the next two people that joined in (N200) plus their interest (N60).

To upset this, more members are required. So now, lets say 4 more people join in due the multiplicative nature of these schemes, each contributing N100. it means the total sum in the system is now N164 + N400 = N564. This is enough to pay the last two people, but for these current 4 people to realize any gains, they would need more members to foot their "bills"; N564 - N260 = N304 < N520 (amount due to the 4 new investors).

...and so the cycle continues on and on until new members stop trooping in.

as you can see, NO ACTUAL NEW MONEY IS BEING CREATED/GENERATED


As with any pyramid, the closer you are to the top, the more money you stand to make. What this simply means is that if you are one of the earlier participants in a long lived scheme, you stand to make money off the next set of vulnerable "investors" who came in late.


Do not get caught up in the system when it crashes, being a late comer and vested with huge amounts of money.

The people making money are the so called early comers. If the scheme crashed TODAY, majority of the early comers might not have lost that much if they had regularly cashed out with an unchanged principal. The short changed would be those that have been in it for 2-3 months prior to the crash.

stainlink:
very simple arithmetic but gullible people will always remain gullible.
You don't make profit without having a clear cut logical means.

You are the one that is gullible because you were easily deceived by the simple maths because you simply know nothing about how the system works.. 2.2million nigerians cannot all be gullible at the same time.
#watch your word#

kYjelly2:
Okay class, today we learn how and why MMM Nigeria is a fraud based on simple mathematics.

To keep this as simple as possible, I will be using friendly round numbers for this illustration.

Lets Begin!!!



So, alot of Nigerians now are drawn to the possibility of making 30% of their "investment" within 30 days, but where does this 30% come from?

Let's say I "invest" N100 into the scheme. The only possible way for me to get 30% interest on my principal is to have someone else pay me N130 since there is no interest bearing investment made by MMM.

Now person no. 2 comes in and "invests" only N20. If i then request help with only the two of us on the scheme, I would never be able to get my N130 because the total money in the system is only N120 ; my N100 plus the N20 from the new participant.

Since no interest generating investment is made with this total sum of N120, the only way for this sum to go up, so as to pay me my initial principal plus interest, is to have more participants come in.

Now Person no. 3 and 4 come in and each "invest" N100. The total sum of money in the system is now N320.

Out of this N320, I can then be paid my N130 and person no 2 can be paid N26.

N130 + N26 = N156. The system after paying the first two people now only has N320 - N156 = N164, which is not enough to pay back the principle of the next two people that joined in (N200) plus their interest (N60).

To upset this, more members are required. So now, lets say 4 more people join in due the multiplicative nature of these schemes, each contributing N100. it means the total sum in the system is now N164 + N400 = N564. This is enough to pay the last two people, but for these current 4 people to realize any gains, they would need more members to foot their "bills"; N564 - N260 = N304 < N520 (amount due to the 4 new investors).

...and so the cycle continues on and on until new members stop trooping in.

as you can see, NO ACTUAL NEW MONEY IS BEING CREATED/GENERATED


As with any pyramid, the closer you are to the top, the more money you stand to make. What this simply means is that if you are one of the earlier participants in a long lived scheme, you stand to make money off the next set of vulnerable "investors" who came in late.


Do not get caught up in the system when it crashes, being a late comer and vested with huge amounts of money.

The people making money are the so called early comers. If the scheme crashed TODAY, majority of the early comers might not have lost that much if they had regularly cashed out with an unchanged principal. The short changed would be those that have been in it for 2-3 months prior to the crash.

Teacher please don't teach me nonsense.
Your students must have been very confused.
It's obvious you don't know how mmm system works.
Please read up!

Mathematician, continue with your Jargons as guys smile to bank evry every week.MMM will crash has been their preoccupation while somebody like me keeping upgrading mysef financiaLly vide MMM.mumu

I dont knw wat ur problem ȋs !f Ƴöΰ dont ve d heart of an investor stay clear frm MMM, stop all these unneccessary post, go and make analysis on binary option and cryptocurrency.leave us and MMM alone. am getting 100k frm MMM every 30 days am ok wit it. Dont ever put mouth in other pple affair.tks

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kYjelly2:
Okay class, today we learn how and why MMM Nigeria is a fraud based on simple mathematics.

To keep this as simple as possible, I will be using friendly round numbers for this illustration.

Lets Begin!!!



So, alot of Nigerians now are drawn to the possibility of making 30% of their "investment" within 30 days, but where does this 30% come from?

Let's say I "invest" N100 into the scheme. The only possible way for me to get 30% interest on my principal is to have someone else pay me N130 since there is no interest bearing investment made by MMM.

Now person no. 2 comes in and "invests" only N20. If i then request help with only the two of us on the scheme, I would never be able to get my N130 because the total money in the system is only N120 ; my N100 plus the N20 from the new participant.

Since no interest generating investment is made with this total sum of N120, the only way for this sum to go up, so as to pay me my initial principal plus interest, is to have more participants come in.

Now Person no. 3 and 4 come in and each "invest" N100. The total sum of money in the system is now N320.

Out of this N320, I can then be paid my N130 and person no 2 can be paid N26.

N130 + N26 = N156. The system after paying the first two people now only has N320 - N156 = N164, which is not enough to pay back the principle of the next two people that joined in (N200) plus their interest (N60).

To upset this, more members are required. So now, lets say 4 more people join in due the multiplicative nature of these schemes, each contributing N100. it means the total sum in the system is now N164 + N400 = N564. This is enough to pay the last two people, but for these current 4 people to realize any gains, they would need more members to foot their "bills"; N564 - N260 = N304 < N520 (amount due to the 4 new investors).

...and so the cycle continues on and on until new members stop trooping in.

as you can see, NO ACTUAL NEW MONEY IS BEING CREATED/GENERATED


As with any pyramid, the closer you are to the top, the more money you stand to make. What this simply means is that if you are one of the earlier participants in a long lived scheme, you stand to make money off the next set of vulnerable "investors" who came in late.


Do not get caught up in the system when it crashes, being a late comer and vested with huge amounts of money.

The people making money are the so called early comers. If the scheme crashed TODAY, majority of the early comers might not have lost that much if they had regularly cashed out with an unchanged principal. The short changed would be those that have been in it for 2-3 months prior to the crash.

Guy sit down there, while i make 150k in profit per month. Tell me where the bank get the millions they pay their staff, and the ones they pay themselves on retirement or lay off, yet they cant give me 6% on fixed deposit. I will be getting mega alert very soon, while you will be looking for money to buy mb.

Nawa ooo imagine the long epistle if you were my brother Op I will disown you. This means you are jobless. tufiakwa

that is why you must diversify now and join the info n signature below

.
.
.
.
.


OP

BY NOW YOU SHOULD BE WRITING YOUR LETTER OF HAPPINESS
.
..
.
.
.

Like majority of the subscribers are saying it is not the business of none subscribers. Ordinarily it should not hurt the economy if only the participants know themselves and are very sure somebody somewhere is not repatriating this monies somehow to another economy. It means the money will still be in the system.


That said, it is not similar to banks. We should not in a bid to convince people try to twist truth. Banks invest in businesses and services...I.e
They loan customers money and get interests,
They fund business ideas and share profits,
They invest in treasury bills and bonds of the FGN and even that of other countries,
They engage directly in businesses like Vending recharge cards, Paid TV subscription, Electricity and water bill collection, NECO and WAEC registration card vending etc.,
Banks also finance buying and selling of houses and cars between their customers etc and a host of other things.

In all these, they make profits and generate interest though the profit may not all be distributed for customers whose monies are ivestrd but the money is put into something we can relate with. That's how they make money.

What does MMM do to generate the interest it gives people? How does it make its extra funds?

Banks though operate websites but also have physical presence/addresses. They have operational offices around us. In most cases the people that work there are the people we know that leave around us. We know them and they know us..Some time if the banks is in distress at least we get hints from our account officers and marketers or staff of the banks.

where is the office of MMM even if It is just an Office? who are their staff?.. its not just enough to have people hiding behind their keyboards pushing information through social media without a known address. All the people I hear about are the investors or participants in the scheme who are their workers? who are their directors..? At leads people know Mr Akingbola and Mrs Cecilia Ibru as the CEOs of Intercontinental and Oceanic Bank. who is to be held responsible if something happens with MMM?

My cousin was telling me about her friend that invested 1million naira and got 1.3 or 1.39 million Naira. Instead of her to at least remove the capital or even the reward as the faithfuls call it. She reinvested all. To her, this is her route to riches. she is busy gathering the money there. should anything happen she will be on her own.
Liberty Reserve don open my own eyes oooo.


Like a lot of the subscribers are arguing the website is not even hosted in Nigeria. In the event that it eventually shot down what will happen?


The government is warning against it because should in case the promoters are repatriating the monies in any form, it will hurt the economy of Nigeria.

Also in case of any eventualities, it is usually the first to be blamed. So in order to avoid it citizen from a potential large scale scam. It has the responsibilities to create awareness among its citizens.

guy they there they analyze watin u no no when your mates are making millions. Let me cLear you up. Is very true that mmm pays its participants from other participants money, but there is nothing like old participants: every participant is new to its donation the reason been that every participant that hav actually collected his capital +0.3(capital) would like to re-donate into the system to earn more.the cycle continues. the system will never crash provided that people are not running away from it , trust me my brother we nigerians will never run away from it. have you ever ask your self how does bank survive;have you ever wondered why sometimes u go to bank in the morning to make withdrawal they will tell you there is no service for withdrawal but you can make deposit. The reason is simple, they want to collect enough from deposit before paying those that want to withdrawal isnt that what you call a ponzi scheme?. if every individual that has bank account decides one day that they want to take there money from the bank system, trust me banking would be a thing of the past. THERE IS NO DIFFERENCE BETWEEN MMM OPERATING SYSTEM AND THAT OF BANKING

you better join us now and stop disturbing employer for job.

THOSE STUPID TELLERS AND CUSTOMER SERVICE AT THE BANK DON'T RESPECT THE FACT THAT YOUR MONEY PUTS FOOD ON THEIR TABLE.

THE TRUTH IS THE BANKS ARE GARBAGE

kYjelly2:



In no way is the banking concept similar to the MMM concept, they are as dissimilar as black and white.

Banking often comes with a government insurance on your deposit up to a specified amount, while MMM comes with no insurance whatsoever should it go belly-up with your deposit still in it.

Banking isn't about robbing Peter to pay Paul. Sound banking institutions are supposed to make sound investment decisions with customers deposits. Yes, they do use your money to make money, but that is what they are in business for and in return they give you, among other things:

-Money Security : keeping money under your mattress is just an invitation for doom as a lot can go wrong, from rats and mold, to theft and fires. You could withdraw your money though and be your own bank if you so desire, but you would have to own up to these risks.

-Interest : You may not be satisfied with the interest accruing on your deposit, but it still accrues non-the-less.

As said above, you may not be satisfied with the interest rate accruing on your bank account, but they are under no obligation to pay you a higher interest rate. There exist, other sound and insured financial vehicles that can get you to your destination of a higher interest rate, like Treasury Bills, CDs and so on.

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You said no financial system in the world would exist if people stop participating in it and I agree!!!!

Without participants on nairaland, comments, handles, etc, nairaland would cease to exist.

Without participants in a school like Unilag, it would cease to exist.

...

We can play this game forever.

The important question to ask is, how sustainable is it? Does it have value? Does it add value?...

For instance, even if a bank makes no investment with my deposit, hence giving me no interest whatsoever and charging me maintenance fees to keep my money, I would still go ahead paying that maintenance fee knowing that i am paying for the risk of something going wrong, if I stored my money myself at home. So in essence, I see value in the system and as long as I keep paying my fees, it becomes sustainable.

Juxtapose that with me, perhaps, being a participant in MMM. I may get paid a couple times, but down the line, according to the glaring mathematics, the implosion would get to me one way or the other. Even if I made money off of it, the fact that it would have imploded, hence become non-fuctional, makes it as a matter of fact NON-SUSTAINABLE!

taking about banks and insurance, when savana bank shut down,did refund depositors there money?
because my dad wasnt refunded.Or were they not insured?.

Mr OP just wants to embarrass himself

wetin u no know na im go kill you

would you make a little reference to the guilder in mmm you met to enlighten you on this

Because I cand be doing a research on God and never meet a pastor or imam or any other forms of worship for information

Whatever nonsense you are claiming its for your pocket

If you are not interested in joining the system just chill let your greed overtake you... You'll come by and testify soon