I have read with keen interest the postulations, analysis and arguments surrounding the pause mode of MMM. Of particular interest to me are the opinions of those against the scheme. They seem to operate like a clique on Nairaland. One of them would open an inglorious thread filled with mis-information about MMM and his/her partners will flood the comment box with praises for the OP and debasements for MMM participants. The next day it will be the turn of another person and their partners will rally around the person. Like that they keep donating attention to each other and the Mods keep pushing it to front page, because like MMM, Nairaland needs the active participation of the citizens to survive.

Even when it's being pointed out to them that MMM operates like a standard bank with an added advantage of gaining 30% percent increase on your deposit, they refuse to listen because it's difficult to snap out of the illusion created by these banks.

I happen to have first hand knowledge of both financial systems so I feel I'm qualified to lend a voice to this simmering topic. I will attempt to do these by exposing the similarities between the two systems and leaving you guys to judge for yourselves.

Both system guarantees no safety to your money: To me, banks are the greatest illutionists to have ever existed. Their illusions are so strong that the average depositor actually feels their money is safe with them. It never occured to them that that fireproof box in their dungeon guarantees more safety than the banks. Why? Because only about 30% of your money is issured with NDIC. What this means is that if you have 100k with your bank and later the bank folds, you will only get 30k back.
This measure was even introduced less than 15yrs ago. But the banks would never want you to know this. It's bad business for them if you do. You would think with the way these institutions claim to have your best interest in mind, the NDIC would have embarked on a public campaign to let depositors know about it. Or at least pass an injuction to the banks to disclose it to their customers?

But on the page of MMM website is a warning written in red for all participants to see. Also, when you place a PH order the same message pops up and asks you to consent before you are allowed to place the order. So, between the two systems, which of them is more ethical in their dealings?

Both systems basically circulate money around: There's an unwritten saying in the bank: your deposit is another person's withdrawal. It's more noticeable when a particular bank is going through liquidity crises. Of course, they give out your money to borrowers at roughly 30% interest, the same amount MMM promises its participants. But where does the 30% go to since you barely notice an increase in deposits. It's being used to cover overhead costs which somehow eventually ends back into the system. MMM can afford to promise the participants 30% because they have less overhead when compared to the banks. If half of Nigeria's population become involved with MMM that 30% will simply be revolving within the system and it would be as much sustenable as the banks. Of course banks trade with your money too, which poses more risk for you because you get next to nothing as returns.

Both systems are being saved by the regulators Just as MMM has the CROs to thank for preventing the system from crashing, depositors have CBN for that. CBN conducts periodic tests on banks to determine when such bank is about to have liquidity issues. They have measures in place, which they will set into motion immediately they get a less desirable result from one of their tests. This is what happened with Skye Bank and may eventually happen to two other banks that I know of. For Skye, CBN replaced the top management of the bank and lent the bank billions of naira to shore up their liquidity. For MMM, there measure was the pause mode. Ever wonder why banks promise outrageous amount of money for every deposit you make during the festive period. I know Fidelity is currently promising a chance to win 5million for 100thousand naira deposit. It's the same system with MMM. Infact, for banks they close their books in November. There's literally no business in December.

The top guys earn big in both system I have read complain that MMM guiders take so much money from the system. But do you know how much MDs and EDs of a bank take home as annual salaries, yet you get next to nothing for depositing money in their banks. Guiders are doing a lot of work for system just like the MDs and EDs of banks do, so it's only fair that they reap the fruit of their labour.

I think I'll stop here. The post have grown too long. Ever wonder why bankers are the easiest people to sell MMM to?

MMM is simply what it is: an alternative to the traditional financial system. If you live long enought to witness it, it might become a major competitor.

Yes u nailed it!bt on the issue of,guilders,i disagree.they contribute nothing different frm what an ordinary participant contributes,what is their contribution?i dnt knw who my guilder is except my referrer and so it is to millions of other ordinary participants,yet he earns frm my donation reaping whr he didn't sow.mutual aid can survive without guilders,yes,i belong to so many other mutual aid communities that are equally doing wel more than mmm yet without guilders.the money each guilder is earning should be within the system to service everyone,bt that is what one person takes and yet contributes next to nothing because there is nothing they do diferent frm ordinary referrers to justify such bogus pay they take.
As for me,if u want mmm to keep running without pause modes,guilders should be scrapped.

Wow!

Tiri gbosa for you: gbosa gbosa gbosa

God bless your brain Op

Pierocash:
Yes u nailed it!bt on the issue of,guilders,i disagree.they contribute nothing different frm what an ordinary participant contributes,what is their contribution?i dnt knw who my guilder is except my referrer and so it is to millions of other ordinary participants,yet he earns frm my donation reaping whr he didn't sow.mutual aid can survive without guilders,yes,i belong to so many other mutual aid communities that are equally doing wel more than mmm yet without guilders.the money each guilder is earning should be within the system to service everyone,bt that is what one person takes and yet contributes next to nothing because there is nothing they do diferent frm ordinary referrers to justify such bogus pay they take.
As for me,if u want mmm to keep running without pause modes,guilders should be scrapped.

You spoke my mine.

If it's my "Personal Office" why the need for guiders?

To me referrer bonus should be enough.

OP, nice write up, though we prefer holding on to the old ways than embrace the changes as it unfolds in the world.

Pierocash:
Yes u nailed it!bt on the issue of,guilders,i disagree.they contribute nothing different frm what an ordinary participant contributes,what is their contribution?i dnt knw who my guilder is except my referrer and so it is to millions of other ordinary participants,yet he earns frm my donation reaping whr he didn't sow.mutual aid can survive without guilders,yes,i belong to so many other mutual aid communities that are equally doing wel more than mmm yet without guilders.the money each guilder is earning should be within the system to service everyone,bt that is what one person takes and yet contributes next to nothing because there is nothing they do diferent frm ordinary referrers to justify such bogus pay they take.
As for me,if u want mmm to keep running without pause modes,guilders should be scrapped.

I get your point. But before MMM can stablize next year, the system needs fresh participants and the guiders are the ones to do the convincing right now. That's why they are important. The only problem with it, is that some of them are nonchalant, which MMM is trying to fix by including the option of changing guiders. With that they will be able to sit up

Every reasonable person can see the truth in this post. What we are witnessing is a revolution in the financial system of the world.

MMM isn't about the money for mavrodi, it's simply a creation of history. The world is just against it because it's a reasonable alternative to our traditional finance system.

One day All of us will embrace it.

It's about changing the world

Pele o op

YourCoffin:


I get your point. But before MMM can stablize next year, the system needs fresh participants and the guiders are the ones to do the convincing right now. That's why they are important. The only problem with it, is that some of them are nonchalant, which MMM is trying to fix by including the option of changing guiders. With that they will be able to sit up

guilders are doing nothing different from what everyone of us is doing,to start with,they dried up the system.
we are all recruiting not only guilders yet they will still earn from the donations of my referrals.

Oya anti-mmmite come outta your shells and tackle the points stated Na. And Oga Seun I hope we will see this on front page.

Together we shall change the world!

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