What is exactly goin on with that MMM pyramid?

[zby]

There are some theories that it was MMM that pushed the BTC price in the recent months - so if MMM gets into trouble - this might mean a BTC correction.

There are some strange announcements: https://m.facebook.com/story.php?story_fbid=972278662821447&id=100001179666580

Anyone has better sources about this?

[zby]

Another piece that I found: https://www.reddit.com/r/Bitcoin/comments/3zctni/for_those_wondering_how_much_of_an_effect_that/

No source.

I wish I knew Chinese.

[richardsNY]

We have already seen the price fall back quite heavily after reaching $500. I think at this point there is not much to worry about. It might have been the reason why we went up quite significantly in a very short time, but it also may be the block halving demand.

[indiemax]

Considering how ponzi schemes work, MMM  can't be turning over the coins it would like to let us believe

else the price would be skyrocketing or dumped to hell 

[~Bitcoin~]

There are some theories that it was MMM that pushed the BTC price in the recent months - so if MMM gets into trouble - this might mean a BTC correction.

There are some strange announcements: https://m.facebook.com/story.php?story_fbid=972278662821447&id=100001179666580

Anyone has better sources about this?

Never heard this type of connection between bitcoin and MMM. Don't think it is true.

[n2004al]

There are some theories that it was MMM that pushed the BTC price in the recent months - so if MMM gets into trouble - this might mean a BTC correction.

There are some strange announcements: https://m.facebook.com/story.php?story_fbid=972278662821447&id=100001179666580

Anyone has better sources about this?

Cannot believe that MMM has such power regarding bitcoin. Being MMM China or MMM world. I don't know both and is the first time I hear about those. If these are so important the news which to do with bitcoin maybe would have some time news from those. Anyhow think that don't exist some organization which can have such power at bitcoin. Its decentralization make difficult the concentration of such power able to manipulate it in this way. Was MtGox but there were concentrated about 80% of all the trade and change of bitcoin. And the first thing that a newbie learned about the world of bitcoin after the known of it was exactly MtGox. The same would be if MMM have the power that pretend. But no one know MMM. Or very few.

[zby]

There are some theories that it was MMM that pushed the BTC price in the recent months - so if MMM gets into trouble - this might mean a BTC correction.

There are some strange announcements: https://m.facebook.com/story.php?story_fbid=972278662821447&id=100001179666580

Anyone has better sources about this?

Never heard this type of connection between bitcoin and MMM. Don't think it is true.

https://letstalkbitcoin.com/blog/post/mmm-global-republic-of-bitcoin-cryptos-next-scandal

MMM Global uses bitcoins primarily - that generates demand for BTC. The hard part is to estimate how big it is. But the first MMM pyramid was estimated to about $ 1 billion - so this might be significant.

When it crashes there will be three negative effects on bitcoin price - one is the reduced demand, two is the damage in image, three is that in a quick time many people will try to cash out their earned BTC.

https://www.google.pl/search?q=bitcoin+mmm

[maokoto]

I have read something about MMM being responsible for BTC movements these past weeks, but there were just mentions on posts just like this one, with not real proofs or cues.

I do not think it may have such a high influence.

[zby]

I have read something about MMM being responsible for BTC movements these past weeks, but there were just mentions on posts just like this one, with not real proofs or cues.

I do not think it may have such a high influence.

It is pretty big: http://www.alexa.com/siteinfo/http%3A%2F%2Fmmmglobal.org (in comparison: http://www.alexa.com/siteinfo/http%3A%2F%2Fbitcointalk.org). It it looks like it started gaining popularity in August (see also: https://www.google.com/trends/explore#q=mmmglobal&date=today%2012-m&cmpt=q&tz=Etc%2FGMT-1).

And it works primarily in bitcoins (because of the easy transfers probably). I think it is a very good explanation of why BTC broke 300 in October and then shoot to 500 - this required some new interest in bitcoin and MMM is a very good explanation for that. Also the correction on Christmas is very well correlated with the alleged collapse of the MMM-China scheme (this is from the link in my original post - I would like to see some confirmation of that).

[crairezx20]

MMM here in my country scam many people so i dont believe on MMM it a ponzi scheme
They are many website that we didnt know whose the real but the same scammers thousands of people scam by this program in my country..
And now i saw this site spreading in the internet.. Beware..

[kwukduck]

Bitcoin thrives on illegal activity.
Once the criminals running these activities get caught the bitcoin scheme will completely collapse.

[onemorexmr]

Bitcoin thrives on illegal activity.
Once the criminals running these activities get caught the bitcoin scheme will completely collapse.

wow there are many wrong assumptions here...

1) bitcoin does not thrive on illegal activity (eg i didnt do anything illegal with it)
2) not all criminals get caught
3) there will always be new criminals - so it is impossible to catch all
4) bitcoin is not a scheme
5) bitcoin will not collapse

did i miss one?

[thms]

I have read something about MMM being responsible for BTC movements these past weeks, but there were just mentions on posts just like this one, with not real proofs or cues.

I do not think it may have such a high influence.

It is pretty big: http://www.alexa.com/siteinfo/http%3A%2F%2Fmmmglobal.org (in comparison: http://www.alexa.com/siteinfo/http%3A%2F%2Fbitcointalk.org). It it looks like it started gaining popularity in August (see also: https://www.google.com/trends/explore#q=mmmglobal&date=today%2012-m&cmpt=q&tz=Etc%2FGMT-1).

And it works primarily in bitcoins (because of the easy transfers probably). I think it is a very good explanation of why BTC broke 300 in October and then shoot to 500 - this required some new interest in bitcoin and MMM is a very good explanation for that. Also the correction on Christmas is very well correlated with the alleged collapse of the MMM-China scheme (this is from the link in my original post - I would like to see some confirmation of that).

I don't think that this MMM stuff is a good explanation for BTC rising from 300 to 500. If that was true, it would continuously grow until it crashes. BTC went from 300 to 500 then crashed back to 400 and now is 430. This erratic behavior is not compatible with MMM being the cause of it.

[zby]

...

I don't think that this MMM stuff is a good explanation for BTC rising from 300 to 500. If that was true, it would continuously grow until it crashes. BTC went from 300 to 500 then crashed back to 400 and now is 430. This erratic behavior is not compatible with MMM being the cause of it.

There are multiple feedback loops - both positive and negative - this is why a constant demand pressure can result in an oscillating price behaviour.

Look at the run up to 500 - it was very smooth with no pullbacks - exactly what I would imagine to happen when there was a constant up pressure that would eat the pullbacks. But it was super-exponential (it looks crazy even on logarithmic scale) if it was to be continued it would quickly grow past $1 million (or any other big number) - it had to stop at some point. And because there were no natural support levels when it stopped and eventually a pullback was initiated it went very deep. Then it started again. All of this is not very verifiable - it is just a story - but for lack of data this is how I interpret it for now.

[nydiacaskey01]

MMM members uses Bitcoin just for the sake of the earning opportunity offered by MMM system. Once they receive back thier investment, they will dump it and exchange to fiat. Their network is growing and unfortunately a lot are being scammed with 30% to 50% interest of what they invested. But nowadays MMM members are lucky if they can get their investments back as promised.