MMM United, the global mutual alliance that enables participants from all countries of the world to provide and get help in bitcoins has found itself submerged in deep waters, and from the events of the past few days, it seems it has let in an enormous amount of water into its lungs that survival has become a luxury too expensive to afford for the ponzi scheme.
The Nigerian economic instability brought upon by the incompetency of the present administration has become a catalyst for the massive participation of Nigerians in these schemes. Given the hardship in the land, every Nigerian is eager to embrace any seemingly legitimate avenue for wealth generation, making the most populous black nation on earth a goldmine for any organisation looking to profit from the lionization of the ponzi scheme.
Before the lethargy of MMM Nigeria, the Nigerian banking sector had elucidated signs of uneasiness as evident in the long queues that greeted customers as they thronged to the various ATMs across the country to make withdrawals in preparation for the yuletide season. I refused to believe it was a coincidence. The bank had no money to meet the demand of their customers. People were making more withdrawals than deposition. In order to keep the banks afloat, few ATMs were loaded with cash causing the customers to go through untold hardship trying to make withdrawals. MMM Nigeria on the other hand, saw this coming and quickly placed the system on pause mode. This however did not go down well with millions of Nigerians who had planned to make one final transaction aimed at generating enough fund for the Christmas season. Those due for payments were not paid because those that have been matched to pay refused to pay. In the midst of all these, those trading bitcoins on the rival platform, MMM United, found ways to rejoice over their counterparts on MMM Nigeria but like every good thing that has an end, their joy did not last for too long. The first sign that there was trouble in paradise for the global mutual alliance scheme was when mavros stopped growing. On the 24th of December, 2016, mavros stopped growing amidst growing concerns over the difficulties participants face using the website. From mavros not showing up at all to participants not being able to log into their accounts and so many other issues, all of which are always attributed to an endless system upgrade. Participants who out of the generosity or inefficiency of the MMM United support team, are paid more than they GHed get blocked instantly and are consequently made to wait forever for a non-existing support team to act on their tickets. On the 3rd of January, 2017, the worst happened-the site has become inaccessible! A visit to the website returns “HTTP Error 404. The requested resource is not found.”
How long are participants going to wait for the system to come up? Will it ever come up? What happened to the system in the first place? Those saying it is an issue caused by a system upgrade, from who did they hear it? Too many questions but unfortunately, no answers; not even one. Only time will tell.