Bitcoin Forum

MMM is a declared Ponzi run by a guy named Sergei Mavrodi. In 1990 he made a disruption in Russian economy. According to Wikipedia (https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)) from 5 to 40 million people lost up to $10 billion. Then he was jailed, but after coming out he made two more Ponzi MMM-2011 & MMM-2012 (https://www.rt.com/news/312782-mmm-mavrodi-financial-pyramid/). Both have failed. Currently he is running MMM Global which is spread across South Africa, India, Indonesia and many other developing countries.

I recently came across MMM Global Republic of Bitcoin (https://www.facebook.com/MMMGlobalRB) through a reddit post (https://www.reddit.com/r/Bitcoin/comments/3p4kuf/mmm_global_republic_of_bitcoin/). It seems many people are buying into bitcoin across the globe just to be part of this Ponzi. BTCC CEO Bobby Lee said the same to CoinDesk (http://www.coindesk.com/bitcoin-price-breaks-260-to-hit-two-month-high/).

When this MMM Global Republic of Bitcoin will collapse, the effect will be catastrophic. Please do not confuse it as other petty Ponzis that run on Bitcointalk. It'll not only drown those who invested in the Ponzi, but may also take down the bitcoin price at ground zero. Please note that Mavrodi's Russian Ponzi was many times bigger than bitcoin's total market cap.

Hence, as theymos controls bitcoin.org, bitcointalk.org & /r/bitcoin, I'd request him to pin an awareness notification in all these sites.

Is that with his magic wand of bullshit or his crown of rofl?

I think, your question is how the price will drop after the Ponzi crash?

The answer is, it'll work similar to Mt. Gox. It is not only those who lost fund there, but the price was also crashed due to the fear factor in the market. The only difference is in case of MMM Global Republic of Bitcoin, the amount locked will probably be far bigger than Mt. Gox.

This MMM is also popular in my country. I believe there is really a need to notify people that this is some kind of pozi because as I can see it, people who joins MMM doesn't even have knowledge in bitcoins. It's just a tool they use to earn profit. They claim it to be a mutual fund sharing and thus people are enganged to join.  :-\

I've been reporting posts about MMM in this site. They are posting referral links which are not allowed. I think there's already a thread about this in Bitcoin discussion. They are using Bitcoin for the purpose of MMM only and nothing else. Most of them complaints about the miners fee and delayed transaction which shows they are not really that into the education and development of Bitcoin.

Why would he? That would mean moderating scams and whatnot which the forum is not doing at the moment. I've never heard of this before, nor do I care about it. Theymos is a very busy man and he does not have time for nonsense like this 'MMM'. Whoever gets scammed by a 'get rich quick' scheme deserved it for being greedy. One would think that people would eventually know better? (apparently no)

I doubt this.

Probably.

Don't see why. This forum has a sub dedicated to ponzis (https://bitcointalk.org/index.php?board=207.0).

I don't think theymos has any interest in spending his time identifying and warning about scams.

Even if it is a scam, theymos won't put any warning about it, just like he does with any other scam. Theymos, the moderators, and the forum in general DOES NOT moderate scams. If you think something is a scam, open a scam accusation and if you are right, people will neg trust the account running the scam.

Theymos won't intervene, the MMM shills have been around BCT for a long time and usually get a kicking, which is better than censored silence
e.g. https://bitcointalk.org/index.php?topic=1026379.0

Mavrodi may be a mad crook, but he's not stupid, he realised the potential of BTC for his scam, but I'm not as worried about him dumping and the price crashing as some people are.
Bitcoin's as good a medium as any for MMM to keep their loot in, I'd guess that they have been converting it back to fiat bit by bit  ;) along the way.

It would be quite the achievement forum rules tend to give power to users to be aware of scams and the sort.
Can't find the original message but that one that says buy at your own risk or caveat emperor.

For the record it has run a few times
https://bitcointalk.org/index.php?topic=77276.0
http://bitcoinmagazine.net/ponzi-schemes-the-danger-of-high-interest-savings-funds/

That said he-he sometimes you just move money from one scam to another he-he lol


(Those were the days when It could have qualified as a listing on GLBSE)
Basically an asset that offers 40% return people can buy shares in then gamble on when it would collapse.
Time machines can be fun

There would have to be ten Theymos clones if scams were moderated. I find it pretty stunning that anyone would fall for MMM, especially on here as people are so quick to call scumbags out. Posters themselves are good at drawing attention to anything nefarious.

That's probably why MMM hasn't appeared here on the forum yet. Within 10 minutes of the thread being posted, all of the credibility of it would plummet to a fat zero. However, people in the real world can be amazingly stupid and don't pause to think about anything.

I'm not so sure. There have been obvious ponzis advertised on the forum before (while claiming to not be such), and despite constant warnings by level-headed forum members, people still threw their money at them. Remember pirateat40?

I really hope people are a little wiser than they were back then. There were certainly enough folks burnt by it to not want the same thing to happen to others. Having said people that are ravaged by the same old shit every day on here, but perhaps not quite to that scale.

Well it's because people will never give upxsuch easy money  They are blinded with all the promises and thus they cannot see the risk anymore into what they can get from joining a ponzim They are also people, some uneducated enough though, but let's face it, if there is a given opportunity where you get a high interest profit from your money then probably, it'll be grabbed by anyone.

As ever, Bitcoin remains neutral. It's the scum who are attracted to it who are the problem. This'll never go away so eventually people will have to figure this out for themselves.

They are earning money for now so most likely they will not listen to us but will treat us as not so open minded individual or just spreading false accusations to their business. But when that system collapsed, that's the time they will realize that they should have listened.

What about those who puts MMM on their signature space and Personal Message? Isn't it like promoting that ponzi scheme already and deserves a negative feedback?

There's plenty of other dodgy things in signatures. Once they get started with nuking one then it's a slippery slope. I can see why they take a hands off approach even if some don't like it.

Holy fuckin' shit! I need to get out more. Thanks for the link.

Ah Gleb sometimes I can't tell if your being sarcastic or didn't notice that we had investor-based games as a new section of the board for months now :p
Anyways ha-ha there are a lot of ponzis there MMM would be one of those.

You don't understand. MMM is not another ponzi. It is a tsunami that is real and present danger to Bitcoin existence. Millions of people will lose money, and dozens will commit suicide. There will be a severe regulatory backlash and governments will not make a distinction between Bitcoin and the ponzi.

http://i.ytimg.com/vi/8NicUkASBBk/maxresdefault.jpg

Yes, you are definitely right. It is theymoses duty to fight and defend you from every single ponzi that exists and that is going to exist in the future.  ::) There is no visible proof that MMM has a lot of money, so how about you stop posting nonsense unless you can back it up with evidence? If you want to go after him that either: a) Sue him; b) Find him in person. This ponzi scheme does not present a danger to Bitcoin.

if the MMM bitcoin users(investor in bitcoin just with MMM) is more than normal one, the people who are safe from collapse would surely destroy bitcoin, why? MMM is PTP ponzi, not centralized anymore, they gain profit by PTP transactions rather than central fund so they would be able to run out without even a trace to figure out, at all.
scam isn't moderated, so we should keep our bitcoiners out from falling into MMM scams.
anyway, how MMM NOT crashing bitcoin if MMM is now based on bitcoin?! traditional bank transfer could still have ability to track it, this is bitcoin, no chargeback is possible.
idk, just post my one.

If that's the case then surely governments will have to ban youtube and facebook because they're the platforms that are truly spreading it. I think they're just about bright enough to realise that a tool and its end usage are slightly different things.

MMM is very big and very dangerous without doubt, but attempting to actually gauge how much truth there is in a linkage between the Bitcoin price rise and MMM is very difficult.
Like on most things, everyone's got an opinion but precious few facts.

If any of our Chinese (or Bangladeshi or Filipino or South African) members reliably know someone invested in this shit, could they please share the actual payment protocol with us, on this thread I set up for the purpose.
Thanks.
https://bitcointalk.org/index.php?topic=1238326.0

It seems to be getting serious now, i think theymos needs to spread the news or bitcoin's view from the outside will be worse

yahoo just wrote an article about the price and mmm
https://finance.yahoo.com/news/why-the-price-of-bitcoin-is-skyrocketing-again-153559170.html#

Why do you think that someone who you believe insane would be suitable to "spread the news", whatever that means?

There are plenty of MSM stories linking the two right now, in a week they'll have moved on to something else. 

He controls the larger part of the bitcoin community
/r/bitcoin   redit
bitcointalk.org    biggest bitcoin/crypto forum on the internet
bitcoin.org
bitcoin.it

You may be right, in a week they may move to something else, with probably hundreds of thousands of dollars worth of bitcoins while leaving a bad reputation for the currency which will affect the growth of the currency in the long run

edit: someone just posted a thread about mmm with a ref link, mods took it down in secconds