₦airaland Forum

wizkidblogger:
Yes, you can provide help

cosade:
[s]Investing in economic activities cannot compared with gambling. Even if you incur a loss, you would have learnt something, so it's not likely you'll repeat the same mistake again.

However, gambling is not an economic activity. It is a game of chance with extremely low probability of success. In case of success, rate of return is very high as against the low rate of returns in economic activities. Games of chance are licensed by governments.

Pyramid schemes, such MMM are scams thus fraudulent operations. It is a combination of stupidity and greed that drive it. Only the promoters and early starters would benefit. It cannot stand the test of time unlike gambling and economic activities. After MMM another pyramid scheme would resurrect and gullible Nigerians will embrace it. No government in the world would license a pyramid scheme because it is not sustainable.

It is instructive to note that post does not, in anyway endorses gambling. [/s]

We are still here, or you thought we would have committed suicide? sorry that your prayer will not be answered.

You know what amazes me about the whole mmm episode is the way every useless and utterly hopeless Ade, Musa and Ifeanyi turned moral crusader whose sole mission to rescue the "gullible Nigerians from MMM". Shockingly nauseating to see even bloggers, naija betters (!!!) joining the pull MMM down fray.

Some used it to drive traffic to sites, solicit for subscriptions in youtube, even establish new blogs!! Yet in a baffling twisted way of thinking, they felt morally superior believing "they are still better than those marviodians"

With the plethora of issues bedeviling the country, they felt mmm was the most serious issue that threatened our corporate existence, hence the unrelenting, demonic campaign against it, by OP and his ilk.

They waited with baited breath when the inevitable time would come, so that, like the truly wicked souls they are, they could grin with sadistic glee harping "I no tell una? Ntorr!"

One wonders the impact if the energy channeled against mmm was also used against corruption, bad governance, useless AGIP politicians, etc which are actually the main problems with the country.

mmm may or may not have crashed, but it largely served it purpose. It touched many lives on more ways imaginable.

Needless to add, if another such program comes along, I would gladly join

Oliveronline:
Are u sure?

kcspeaks:
Lolzzzzz...
Pls where are those who blasted me when I created this thread?

gemale:
[s]because gambling doesn't promise dt evry1 wld win. If u r able 2 predict correctly, u win. D odds of winning is actually skewed against d player. He is caught btw winning little by playing low risk games dt r lykly 2 b correct or playing higher risk games wt greater returns. He understands d terms & risk involved & is sufficiently educated. Meanwhile mmm lies abt d risks involved. It doesn't tell u dt it can pack up suddenly & dt ultimately, it is d latter participants dt wld bear d brunt whether dey lyk it or nt.[/s]

kokobongo:
[s]The founder of alleged ponzi scheme MMM, Sergey Mavrodi has written to the Nigerian Government in what critics see as a desperate item to save the scheme from an imminent collapse. In an unprecedented move for the scheme in Nigeria, the letter attempts to warn the government of the “dire consequences” of a collapse of the scheme considering the hike in rhetoric from the National Assembly against the scheme.

We read through the letter and observed the following red flags. Our comments follows;

1.”What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer?”

Comment:This was the very first sentence of the letter. Here he confirms that the scheme is facing an imminent collapse if the scheme continues to come under “constant attack”. It’s a confirmation that the risk of not getting your money back when you contribute is very high.

2.“What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.”

Comment: In the second red flag, he basically admits MMM is highly risky and that it is by no means an investment. If the scheme is not an investment then it means there is no profit being created and thus a 30% interest being paid to contributors is purely built on nothing. It simple means that participants of the scheme are robbing Peter to pay Paul and will continue to do so so far there are more Peters to rob.Once Peter’s stop showing up then the Paul’s lose all their money.

3. “You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?”

Again, he buttresses the point that critics of MMM have been saying. This scheme produces nothing and creates no value. This surely means it adds nothing to the GDP, cannot be taxed and is not sustainable in the medium to longterm. He also confirms that the scheme takes from the rich and pays the poor. It’s ironic that the rich who contributes money to the scheme still gets their money out at a 30% thus an even higher quantum of Naira upon withdrawal.

4. “As for your statement that “everything will collapse soon”. The system has been working in for a year, and according to your estimates, the total number of members now is about 3 million people. In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon”?”

In this final parting shot, he boasts that the scheme has about 3 million people currently participating in it and has potential to grow as Nigeria has a population of about 195 million people. He sure has a point there considering how gullible and greedy some Nigerians can be. However, what he forgets to add is whether this number is still growing as it was 3-6 months ago? Certainly not every one of them still contributes! Also, the scheme doesn’t just rely on numbers it also depends a lot on the amount each participant is contributing. If the pool of the so-called “rich people”(,who are likely getting discouraged due to the negative press being created by the scheme) reduces in numbers then this endangers the scheme even more.

Finally, the letter from Sergey Mavrodi is a hand writing on the wall for those who have money currently stuck in MMM and those who plan to put money in it. This is a desperate attempt to allay the concerns of desperate operators of the scheme. This move might back fire as this is now a clear indication to the government that their role of protecting its citizens is being usurped by a force that is within their grasp. It is unlikely that any reasonable government will see this letter and stay mute. If authorities were looking for any reason to investigate this scheme, the this letter provides one. At least, the EFCC, SSS and other agencies cannot now claim that no one has complained. The founder himself just did!!

http://nairametrics.com/analysis-of-mmm-founder-sergey-mavrodi-letter-to-fg/[/s]

Toks2008:
Seun biko tell your mods to stop creating panic.

MMM has not crashed but the system is presently halted cos the demand for help will be more at this time of the year.

By January ending we will know the real situation.

AS I WROTE BEFORE,I have never put a dime in it cos I know it's not sustainable but at this time we can't conclude yet.

Enough of this panic threads.

haywire07:
Nairaland has created more panic on the MMM issue than any other source .

It is very unfair and immature ,

Besides, MMM hasn't crashed , but why are the mods quick to push anything related to "Mmm crash" to FP . why create unnecessary panic among averagely 60% of nairalanders who are active participants of MMM .
I pray u will be quick to push MMM topics to FP when it comes back by January
Please be wise

“This is a party on whose platform he has been the state Chairman for four years, a party on whose platform he was the deputy governor for four years and now, governor hopefully for eight years.

christlyke:
Let's take this as an example.
This is what MMM-NIGERIA is truly about.
I PH 1 million naira, I get 1.3million naira, I repeat it for 4months that would have made me gain 1.2m + my startup money 1 million = 2.2million naira.

I then decide the startup a poultry and fish farm, I buy 5plots of land for 100k each. Now the person I paid that money to is also an MMM-NIGERIA participant, he provides help with that 500k, he is helping someone attain the level I just attained which is the 5plots I bought.

Again, I decide to fence my land, and fix up the farm, buy chicks and fingerlings tanks, feed, set a borehole, etc.
All of the money I paid the workers, luckily these workers are in MMM-NIGERIA, and they PH also.

They are also on their way to becoming their own boss, unknown to us all food will become cheaper because we will have more farmers and also, we will start thinking export.

I will still keep on mg PH because I will be seeing the need of looking into preservation and storage techniques or good marketing techniques and packaging that will take my products across border.

Hmm, I could go on, but it pains me that some people do not know the beautiful advantage of this system and what it can do for young entrepreneurs.

Lets take care of our MMM-NIGERIA community.
Together we change the world, together we fight poverty, together we boss up, together we become truly the giant of Africa.

Peace ✌.

meezynetwork:
The accident was caused by a bullion van. The bullion van had a burst tyre, instead of the police and drivers to clear off the road, they used one of their vehicle to block the whole road knowing fully well, that there is very sloppy and descending to a river. They blocked the road without putting any sign ahead of them. They just wanted to divert traffic just like that in other to repair the tyre. A trailer that was descending the sloop at top speed didn't see their cars on time and held a forceful break which made other motors following the trailer to hit the trailer at the back and this ignited the fire involving two hummer buses, two small car and a motorcycle that was carrying blackmarket petrol. The trailer didn't hit the bullion van or any of their motorcades and the police didn't even do anything as all this was happening apart from standing guild to the bullion van. Safeguarding money over more than 50 human lives. They repaired or change the tyre later and left after wasting precious lives.

greenmonk:
[s]mmn is worse than bokoharam. By the time it is through with Nigerian economy and destruction of our psychic on dignity of labor we would have lost more than 26 trillion from our economy to God knows where that marvorodi may be hibernating. All those part taking in mmm are more like drug peddler and fake drug manufacturer, who don't care whose ox is gored as long as their pocket is lined[/s].