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|Bitcoin’s Rise In African Markets Is Driven By An Old Russian Ponzi Scheme by Nobody: 3:27pm On Oct 20, 2017|
“Welcome to the System! Together we will change the world!”
These are the words I found scrawled at the bottom of a web page, right next to a picture of Sergei Mavrodi, a convicted Russian fraudster infamous for operating Mavrodi Mundial Moneybox (or MMM), one of the world’s largest ponzi schemes.
Two decades after MMM was shut down, the organization reemerged under new branding, as a technology-driven “financial mutual-aid network” that uses Bitcoin to provide its members up to 100% returns on their contributions. If MMM’s participation numbers are to be believed—they claim to have over 200 million participants—they may be one of the biggest drivers of Bitcoin adoption in the world today, especially in low-income areas.
Bitcoin may not be an unalloyed good for the developing world. Cryptocurrency experts have touted the potential for their tech to transform the lives of some of the world’s most vulnerable populations: refugees, the unbanked, those living on less than a dollar a day. Yet the story of Bitcoin’s social impact is more complicated than the headlines portray. Examples like MMM suggest that Bitcoin may not be an unalloyed good for the developing world, and that we need to reexamine the idea that new technologies will singularly lead to decreases in human suffering.
I first heard of MMM on a hot afternoon in Kenya in 2016, when a friend’s parents sat me down on their living room couch to ask me whether or not they should join a bitcoin charity at church. A friend from their congregation had invited them to contribute funds, promising that their donations would not only help others, but would also give them access to more financial support in the future.
They didn’t know exactly how it would work, but it had something to do with investing in Bitcoin. 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.
|Re: Bitcoin’s Rise In African Markets Is Driven By An Old Russian Ponzi Scheme by Big4bross(m): 5:14pm On Oct 20, 2017|
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|Re: Bitcoin’s Rise In African Markets Is Driven By An Old Russian Ponzi Scheme by afroxyz: 5:30pm On Oct 20, 2017|
People would just write articles without verifying facts. I know a lot of crypto dealers that see Ponzi as a taboo. If the author of this article did not know about crypto currencies before MMM, then he should not generalise. Besides which mmm are you talking about? The one that is dead?
|Re: Bitcoin’s Rise In African Markets Is Driven By An Old Russian Ponzi Scheme by rodeo0070(m): 6:42am On Oct 21, 2017|
|Re: Bitcoin’s Rise In African Markets Is Driven By An Old Russian Ponzi Scheme by froz(m): 7:12am On Oct 21, 2017|
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