MMM BTC Review: MMM Nigeria Ponzi clone
There is no information on the MMM BTC website indicating who owns or runs the business.
The MMM BTC website domain (“mmmbtc.online”) was privately registered on November 27th, 2016.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
The MMM BTC Product Line
MMM BTC has no retailable products or services, with affiliates only able to market MMM BTC affiliate membership itself.
The MMM BTC Compensation Plan
MMM BTC sees affiliates invest funds on the promise of a 15 day 100% ROI. This works out to a 200% month ROI.
A 5% referral commission is paid out on deposits by personally recruited affiliates.
An additional 5% is available on downline commissions (multi-level), however specific qualification criteria is not provided on the MMM BTC website.
The MMM BTC compensation plan also mentions a 5% “fast pay bonus”. In MMM Global styled opportunities, this is typically a bonus paid when an affiliate deposits money within a specific timeframe.
Joining MMM BTC
MMM BTC affiliate membership is free, however affiliates must invest $10 to $10,000 in order to participate in the attached MLM opportunity.
From the MMM BTC website;
We are no other than a team, voluntarily helping each other connected as one Family Bound by ONE IDEOLOGY, THE MMM IDEOLOGY.
ALL THANKS TO our inspirer MR SERGEY MAVRODI, for coming up with a wonderful and brilliant idea to Drive away poverty from peoples lives forever we will everly remain greatful to HIM.
MMM BTC is yet another entry in the long-running MMM Global Ponzi saga.
Using the same “provide help, get help” rhetoric, MMM BTC affiliates invest funds on the promise of a 200% monthly ROI.
That ROI is funded via subsequently invested funds, making MMM BTC a Ponzi scheme.
The original MMM Global launched in 2014 and collapsed earlier this year in April. Various clones of the scam have also recently collapsed in South Africa, Zimbabwe and Nigeria.
The recent collapse of MMM Nigeria is perhaps most pertinent, as Alexa estimate that 73% of traffic to MMM BTC originates out of Nigeria.
MMM BTC appears to have been set up in competition with MMM Nigeria and primarily targets Nigerian investors. In all likelihood MMM BTC is also run by one or more Nigerians.
MMM Global, like any other Ponzi scheme, is unsustainable in the long-term. Offering a 200% a month ROI, MMM BTC isn’t even temporarily viable in the short-term.
As with MMM Nigeria, eventually MMM BTC will collapse and leave most investors out of pocket.
Those in Nigeria who fell for the MMM Global Ponzi scheme the first time have learnt that lesson this past week. Don’t make the same mistake again in MMM BTC.
Brains is not a mandatory requirement in a ponzi scheme. Especially one that uses a decentralised currency with no hope of ever recovering any of the investment.
Ponzis with fiat currency is bad enough but at least you have the security of recovering your investment when things go bad. You have absolutely no chance of ever recovering your cryptocurrency.
With that said you have to ask yourself “If these owners have absolutely no obligation to pay anything back will i ever see any of that money again?”
Ponzi through crypto just gives the owners even more incentive not to pay out and keep the lot for themselves. After all what are you going to do about it?
Wasn’t that the point! No one has the control over it!
Exactly Terrence and people still buy into it!
MMM seems to have gone viral (in the literal meaning of the word) in Africa.
Another reason why people put money into these schemes apart from just naked greed is a total lack of faith in their national financial systems (see the Russian origin).
In Africa MMM seems to resonate with people as a “refinement” of the SA type stockvels, local mutual societies, that they are familiar with and can relate to.
A good MMM piece by a “Popular Nigerian pastor, Sunday Adelaja”.
Will they listen?
I saw an article today, some dude comparing MMM scammers to pastors (gifting == collection plate).
Man, they’re salty AF down in Nigeria.
They certainly are lol.
Happy holidays Oz, I’m detoxing from the Net on an Eastern beach for a few weeks (Bitcoin financed). Have fun.
A familiar name… He had his own religious movement in Ukraine, Embassy of God.
He was under investigation by Ukrainian authorities for financial fraud, but his fault was not proved (or shall we say – he had strong links with the government, so his case was closed).
Recently he has left Ukraine, saying that he has done everything he could there. It seems that he returned to Nigeria, but decided to stay away from religion and fraud.
Cheers. Take it easy tmfp (and anyone else having a break).