If the price of bitcoin should fall, though, participants have been informed that they can convert back to naira at any time.
The message states:
Being an MMM member implies not only opportunities, but also a responsibility for the state and development of the MMM Community.
MMM Nigeria has announced that it will introduce bitcoin as a form of payment when it reopens customers’ accounts on January 14.
In December, participants in the MMM Ponzi scheme were informed that all confirmed subscriber accounts would be frozen for a month. It was reported that this was to help prevent any problems over the festive period.
Since the announcement that MMM Nigeria would be freezing subscriber accounts, it has affected nearly three million Nigerians who have invested into it.
Earlier last year, MMM Global announced that it was closing its Republic of Bitcoin, a website that had promised up to 100 percent returns on donations; however, in a blog it stated that the Republic of Bitcoin was an experiment that had failed.
In a report from The Sun, a Nigeria-based news website, promoters of MMM Nigeria have issued instructions to participants’ accounts that have been frozen.
In a statement, MMM said:
Now, however, it’s reported that when MMM Nigeria re-opens next week participants will be able to receive payment in bitcoin too.
What is the scam here, if all the members are warned in advance about all the risks, the possible and impossible ones?
Featured image from Shutterstock.
And yet, while it may provide financial help for many Nigerians who are struggling with day-to-day live, the fact remains that there are many people in the background who are profiting from subscribers who are putting their trust in a scheme that can just as easily go bust.
In a bid to drive traffic and participation, a message to subscribers asks them to perform tasks, both online and offline, to endorse the scheme.
Due to the recent sharp price fluctuations of Bitcoin, MARVO-BTC is being introduced in the system.
Prior to MMM Nigeria freezing subscribers’ accounts, those who had invested could give bitcoins to help those in the scheme, but were paid back in naira, the currency of Nigeria.
While many have stated that MMM Global is a Ponzi scheme putting people’s finances at risk, Sergey Mavrodi, MMM head, wrote an open letter to the Nigerian authorities asking what basis they had for attacking the scheme.
It adds that invested individuals now have the chance to have a 30 percent monthly growth of the bitcoin amount, not the naira amount. “In a month not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth,” the statement added.
Here's why one investor is way more comfortable with marijuana than bitcoin
Cryptocurrency ETFs proved too risky for ETF Managers Group Founder and CEO Sam Masucci, but he threw caution to the wind with his latest marijuana ETF â and it's paying off. "The business is
bitFlyer Launches in Europe and Becomes the World's First Bitcoin Exchange to Be Regulated in Japan, the US and … – Business Wire (press release)
Japan bitcoin bourse group stages Europe expansion Financial TimesWorldÂ´s biggest Bitcoin exchange wins backing for European launch Daily MailBloomberg all 4 news articlesÂ Â»
SEC 'Looking Closely' at Public Company Blockchain Pivots, Says Chairman
The head of the U.S. Securities and Exchange Commission said today that the securities market regulator is "looking closely" at the trend of public companies that have announced new focuses on blockch
Bitcoin Slides More Than 10 Percent to Near $10,000 Level
The price of bitcoin is down more than 10% today, according to CoinDesk's Bitcoin Price Index (BPI).
At press time, the cryptocurrency's price is trading around $10,237.25, a decline of roughly 11.
US Senators Blast Venezuela's Oil-Backed Cryptocurrency Plan
U.S. Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) have denounced Venezuela's planned cryptocurrency in a new letter.
In an open letter addressed to U.S. Treasury Secretary Steven Mnuchi
Coinbase Taps Twitter Vet to Bolster Customer Support Team
Cryptocurrency startup Coinbase has hired a former Twitter executive in an effort to shore up its customer support teams.
Tina Bhatnagar will serve as vice president of operations and technology, a
IMF Calls for International Cooperation on Crypto
The International Monetary Fund (IMF), an organization that aims to foster global monetary cooperation and financial stability, has called for global coordination on cryptocurrencies, warning of the r
Commodity Merchant Louis Dreyfus Trials Blockchain for Soybean Trade
Louis Dreyfus, a major commodities trading company, has announced that it has piloted a blockchain-based transaction system developed by a group of financial institutions including ING.