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RE: This is What A Real Ponzi Scheme Looks Like

in #mmm8 years ago

Thanks for the warning. There was a real Ponzi scheme called MMM that ran in Russia in the mid-1990s, making promises ominously similar to the ones made by MMM Nigeria.

МММ was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s.[1][2] By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.

MMM Ponzi Scheme Company.

More:

MMM created its successful Ponzi scheme in 1994. The company started attracting money from private investors, promising annual returns of up to one thousand percent. It is unclear whether a Ponzi scheme was Mavrodi's initial intention, inasmuch as such extravagant returns might have been possible during the Russian hyperinflation in such commerce as import-export.[citation needed]

MMM grew rapidly. In February 1994, the company reported dividends of 1,000%, and started an aggressive TV ad campaign. Since the shares were not quoted on any stock exchange and the company itself determined the share price, it maintained a steady price growth of thousands of percent annually, leading the public to believe its shares were a safe and profitable investment.[citation needed]

An important factor in the scheme's success was word of mouth, but most of the company's success came from its extremely aggressive ad campaign, which appealed to the general public by using "ordinary" characters that viewers could identify with. The most famous of them, a "folk hero" of early 1994, was Lyonya Golubkov. Another notable marketing effort was a giveaway of free Metro trips to all Moscow citizens on a particular day. MMM also was one of the first well-known companies in Russia with a logotype and slogans ("Flying from shadow to the light" and others).[citation needed]

FYI, Nigeria is the home of those notorious 419 scams.

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Closing with that FYI is so low and I dont see how Nigerian 419ers connect with a ponzi that you say was founded by a Russian.
Pu-leez!
With a population of over 200 million, bad eggs are guaranteed but permit me to ask, the HYIPs that suck the bitcoin out of people - those are run by Nigerians too? Or the Silk Road was a Nigerian invention too?

I am a Nigerian steemer and I do tell people about the risk. So does the MMM websites - yes plural for websites. There are MMM platforms for over 10 countries. All using Bitcoin!

I am just grateful for all this interest in bitcoin. More and more Nigerians are asking about other uses of crypto-currency. Be prepared...we are coming for Steem, the trading exchanges like poloniex, etc.
That's when the world will feel the might of 200 million HONEST, creative minds......and a few 419ers.

Indeed it is run by the same guy, Sergei Mavrodi.

It is?? Oh crap...

I sure hope there's a Nigerian Steemer her who can pass the word along!

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