MMM Global - pyramid scheme

ice_cubes said:
Got a shock today here at work when I mentioned mmm scheme.
Seems like alot of people are members in secret...but when in public they are very vocal against it
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yes because the scheme works on preying on the new/innocent ones. if they advertise it it would grow too big too quickly and collapse.
 
Necro alert

I friend of mine visited earlier and we ended up talking about this after he mentioned 30% return per month. I immediately got suspicious and asked him to explain it to me.

Apparently you register and announce the willingness to assist somebody with R100. The system then matches your willingness to someone who needs R100 and the person sends you his/her banking details. You then deposit R100 into this bank account and the system gives you 100 points.

These points then grow at a rate of 30% per month, so at the end of the month you have 130 points.

You now have the ability to request assistance of R130 and the system assigns someone to assist you and a short while later the money appears in your account.

I have taken aback when I asked him if he ever actually tried to request assistance and received it. His response: "Yes, of course. Almost every month".

If this is truly how it works (and I doubt it is) then I'm struggling to see how it's a Ponzi-scheme since the money is sent directly from one person to another. MMM merely provides the platform, but like I say, there must be something more to it.

Anybody want to take one for the team and test this out? :whistle:
 
YingYang said:
Necro alert

I friend of mine visited earlier and we ended up talking about this after he mentioned 30% return per month. I immediately got suspicious and asked him to explain it to me.

Apparently you register and announce the willingness to assist somebody with R100. The system then matches your willingness to someone who needs R100 and the person sends you his/her banking details. You then deposit R100 into this bank account and the system gives you 100 points.

These points then grow at a rate of 30% per month, so at the end of the month you have 130 points.

You now have the ability to request assistance of R130 and the system assigns someone to assist you and a short while later the money appears in your account.

I have taken aback when I asked him if he ever actually tried to request assistance and received it. His response: "Yes, of course. Almost every month".

If this is truly how it works (and I doubt it is) then I'm struggling to see how it's a Ponzi-scheme since the money is sent directly from one person to another. MMM merely provides the platform, but like I say, there must be something more to it.

Anybody want to take one for the team and test this out? :whistle:
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I recently started a Blog/website and after numerous requests, I am tempted to review MMM. I still need to raise money that I am wiling to use and lose.

I will keep you posted.
 
YingYang said:
If this is truly how it works (and I doubt it is) then I'm struggling to see how it's a Ponzi-scheme since the money is sent directly from one person to another. MMM merely provides the platform, but like I say, there must be something more to it.
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Hint - the creator of this ran a ginormous ponzi scheme in Russia...

But I'll give you the most likely scenario: this "system assigned" person is quite likely the owner himself, so he gets everyones money. Now while the going is good he will of course pay back some money, that way you can attract more and more people and increase your gains. So until he see's that he is paying out more than what he is getting in, he'll keep doing payouts. Just like every ponzi scheme ever.

And if SARS decides to come knocking you hurt big time, somehow they give you a double whammy.

edit: They are trying to hide their tracks now by asking people to start using bitcoins instead. So many alarm bells on this one
 
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Theres a massive uptake of MMM at my workplace. Almost half the guys are putting in money in every month. And they are making 30% every month since September last year.

I don't know what going to happen once it all falls apart. But they are coining it at the moment.

They also tried something called "Rich society" It promised 30% in 1 week lol. It worked for a month or 2, but now the website is offline nad stayed offline. lol
 
Rich Society & Kipi have officially died.

I'm on MMM (hides) and yes it does pay. But I dont recruit ppl to join because I know oneday its going to die like KIPI & Rich Society.
 
YingYang said:
Necro alert

I friend of mine visited earlier and we ended up talking about this after he mentioned 30% return per month. I immediately got suspicious and asked him to explain it to me.

Apparently you register and announce the willingness to assist somebody with R100. The system then matches your willingness to someone who needs R100 and the person sends you his/her banking details. You then deposit R100 into this bank account and the system gives you 100 points.

These points then grow at a rate of 30% per month, so at the end of the month you have 130 points.

You now have the ability to request assistance of R130 and the system assigns someone to assist you and a short while later the money appears in your account.

I have taken aback when I asked him if he ever actually tried to request assistance and received it. His response: "Yes, of course. Almost every month".

If this is truly how it works (and I doubt it is) then I'm struggling to see how it's a Ponzi-scheme since the money is sent directly from one person to another. MMM merely provides the platform, but like I say, there must be something more to it.

Anybody want to take one for the team and test this out? :whistle:
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Yes, thats exactly how it works. There's no central bank account...money just moves around from one person to the next.
The only two big risks I see for MMM.
1 - the system crashing for good & there being no way of getting allocated a donor.
2 - someone refusing to pay when its his turn (in this case, the person gets banned & you get given a new person to pay you).

I took a huge risk because I needed cash for UNISA :(
Managed to pay my fees and those bloody expensive textbooks *sigh*

There's also the global one where you get 100% growth per month. The catch? You must login everyday and post one picture/video per day on your facebook profile. And they only take bitcoins...hence the crazy spike in bitcoins prices over the past 12 months or so
 
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ice_cubes said:
Yes, thats exactly how it works. There's no central bank account...money just moves around from one person to the next.
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How sure are you that the convicted ponzi scheme creator Sergei Mavrodi has not created several bank accounts and simply shows you a new one each time you "donate?" Or, he could literally fudge the numbers, give himself a billion points across 1000 accounts and therefore would be "entitled" to donations from a bunch of people. It is really SOOOO easy for him to game the system.

The ponzi will keep going until he see's he is losing money, at which point he'll cash out and laugh.
 
Archer said:
How sure are you that the convicted ponzi scheme creator Sergei Mavrodi has not created several bank accounts and simply shows you a new one each time you "donate?" Or, he could literally fudge the numbers, give himself a billion points across 1000 accounts and therefore would be "entitled" to donations from a bunch of people. It is really SOOOO easy for him to game the system.

The ponzi will keep going until he see's he is losing money, at which point he'll cash out and laugh.
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TBH, I'm not too bothered about the *Mavro conspiracy theories* As long as my UNISA bill is reducing every month.

Hence the reason why I dont actively recruit ppl to join me. WHEN this goes down, I dont want ppl pointing fingers at me saying I sold them rotten potatoes
 
ice_cubes said:
TBH, I'm not too bothered about the *Mavro conspiracy theories* As long as my UNISA bill is reducing every month.

Hence the reason why I dont actively recruit ppl to join me. WHEN this goes down, I dont want ppl pointing fingers at me saying I sold them rotten potatoes
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How much are you putting in each month?
 
halfmoonforever said:
How much are you putting in each month?
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I put 1k to get around R1 900 (incl referral bonuses) if I leave it for longer than a month then I get aound R3-R4k
Then there's wealth24*7 where I put R1k (once off) and got R10.8k (once off) after 4 months. So its working for me.

The day they both crash, I will at least have a degree :)
 
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ice_cubes said:
I put 1k to get around R1 900 (incl referral bonuses) if I leave it for longer than a month then I get aound R3-R4k
Then there's wealth24*7 where I put R1k (once off) and got R10.8k (once off) after 4 months. So its working for me.

The day they both crash, I will at least have a degree :)
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With past schemes, at collapse I heard authorities were clawing back money from those who had benefitted. For example if I joined today and it collapses my money must be claimed back from those who benefitted during the good days.
 
shoo so much uncertainty around this system its crazy, to those making money on MMM good for you, its far from a ponzi and there is no central bank account where the money goes, hence the reason it works! but thats just my 2c worth
 
ice_cubes said:
I put 1k to get around R1 900 (incl referral bonuses) if I leave it for longer than a month then I get aound R3-R4k
Then there's wealth24*7 where I put R1k (once off) and got R10.8k (once off) after 4 months. So its working for me.

The day they both crash, I will at least have a degree :)
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Correct me if I'm wrong but you are basically defrauding some unfortunate person to get those "returns"?
Excalibur said:
With past schemes, at collapse I heard authorities were clawing back money from those who had benefitted. For example if I joined today and it collapses my money must be claimed back from those who benefitted during the good days.
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Yip that's what they do, anyone engaging in this better hope they aren't using a bank account and user info that leads back to them because the asset forfeiture guys will come knocking sooner or later
 
Excalibur said:
With past schemes, at collapse I heard authorities were clawing back money from those who had benefitted. For example if I joined today and it collapses my money must be claimed back from those who benefitted during the good days.
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I think you are referring to the ones that has several *central accounts* where there was also directors & registered offices etc. They went after the scheme *inventors*, not the participants.
 
ice_cubes said:
I put 1k to get around R1 900 (incl referral bonuses) if I leave it for longer than a month then I get aound R3-R4k
Then there's wealth24*7 where I put R1k (once off) and got R10.8k (once off) after 4 months. So its working for me.

The day they both crash, I will at least have a degree :)
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And a HUGE tax bill !!!!
 
ice_cubes said:
I think you are referring to the ones that has several *central accounts* where there was also directors & registered offices etc. They went after the scheme *inventors*, not the participants.
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With defence x they went after the participants as well as the owners. I know people who had their accounts frozen and never saw a cent of the money they had in there to this day.

Of course if you spend it then they may have nothing to freeze.
 
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