The same day MMM (global ponzi scheme using bitcoin) announces it is pausing operations, the bitcoin price drops $20 in a minute. This is totally coincidental and the recent $100 spike was caused purely by fundamentals and adoption
Putin sponsors legislation to criminalize ponzi schemes in Russia. That probably explains MMM's Republic of Bitcoin's sudden demise. Could it be the reason why trade volume at Huobi and OKCoin dropped like a stone on 2016-03-31?
Bitcoin in Africa is driven by MMM Mavrodi ponzi scheme
This is the best tl;dr I could make, original reduced by 87%. (I'm a bot)
The scheme associates itself closely with Bitcoin in its marketing materials, explaining that "MMM and Bitcoin have similar ideologies: they strive to defeat the social inequalities, to free people from banks, and to make the world fairer." After countries like South Africa and Nigeria attempted to shut them down in 2016, MMM paused their operations, only to return at the beginning of 2017 with a new marketing focus: Bitcoin. For those who might find it daunting to set-up a Bitcoin wallet, MMM provides step-by-step documentation, suggesting that "You can start using Bitcoins even if you don't know all the technical details." In many ways, MMM has provided one of the most consumer-friendly support services for new users of the cryptocurrency. That's precisely what happened in 2016, when MMM abruptly shut down their first Bitcoin-based ponzi scheme. While accounts were frozen, MMM encouraged users to participate in "Promo tasks" to enlist new people to their local MMM branch, promising that if their country developed a big enough network they would eventually get their money back. These public service announcements are easily lost in the deluge of misinformation and marketing materials produced by large ponzi operations like MMM. Like many multi-level marketing schemes, MMM rewards participants for promotional work, such as recording testimonial videos and holding recruitment sessions in their homes.
Bitcoin Price Is ‘Like MMM Ponzi Scheme’: Russian Economic Minister
The head of Russia’s Ministry of Economic Development has compared Bitcoin to the infamous Ponzi scheme MMM. Speaking at the Federation Council, Maksim Oreshkin repeated the theme of “unqualified investors” buying into cryptocurrency being “dangerous.” “Because if you look at the dynamics of the Bitcoin price, they’re very like the price of MMM,” he said quoted by local news outlet RIA Novosti. MMM originated in Russia in the late 1980s as the product of serial fraudster Sergey Mavrodi. Law enforcement shut the scheme down and arrested Mavrodi in 2003, but in 2011 MMM resurfaced and is now aggressively targeting consumers in Africa. “There are very high risks here for those who are interested [in Bitcoin],” Oreshkin continued. “It’s clear the state cannot protect these people; their actions come entirely at their own risk. I’m simply calling for everyone to be very careful with this issue.” The minister’s comments continue the increasingly contradictory position Russian authorities have taken on Bitcoin. A similar offer to restrict Bitcoin to “qualified investors” came from the country’s deputy finance minister Alexey Moiseev earlier this month, while central bank head Elvira Nabiullina said she was “categorically against” allowing it on the Moscow Stock Exchange. At the same time, state-sponsored efforts to involve Russia in mining continue to gather speed as China’s supremacy seemingly becomes cause for envy.
The police department soon determined that MMM was a Ponzi scheme and five people were arrested. Mavrodi’s various program,” and adds that “he wants to beat Bitcoin and make MMM Coin the MMM Global has announced that it is closing its Republic of Bitcoin, a website promising up to 100% returns on donations. The company, called a “Ponzi” scheme by many, stated in a blog that the Republic of Bitcoin was an experiment that has failed.. The post said the Republic of Bitcoin is closing because it could not pay 100% per month. Investigating MMM Ponzi scheme on Bitcoin Technical Report, December, 2019 Figure 2: BitcoinTalk user profile showing a link to MMM. we used it as a source to collect Bitcoin addresses that are associated with MMM members. We crawled 2.5M BitcoinTalk user profiles by downloading each profile page using a URL which is indexed by a user “MMM does not make any promises and do not claim to generate any return as Ponzi schemes do. On the MMM website, it is written with capital letters that there are no promises or guarantees. "After MMM members donate money, they may be rewarded with Mavro (the bitcoin currency)," the person said. “Usually Mavro grows 30% a month. MMM participants have to purchase bitcoins, and transfer bitcoin to each other. this has upped the value of the bitcoin. if the price of bitcoin can rise on the back of a ponzi scheme, this is very bad news for the cryptocurrency market, and raises doubts about the viability of such anonymous currencies.
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