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Author Topic: [2015-11-10] MMM Global leader Mavrodi takes credit for btc's price increase  (Read 539 times)
themerkle
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November 10, 2015, 09:39:59 AM
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Sergey Mavrodi, the leader and creator of MMM global – currently the hottest ponzi scheme around – took credit for Bitcoin’s recent price surge in a Financial Times interview:

Given the confusion about the Bitcoin use, can I ask when did MMM Global begin and when did it start using bitcoins, or has it done so from the beginning?
MMM Global had started earlier, but only after the launch of China it had a qualitative leap. As millions of Chinese have become involved both in MMM-China and MMM Global. (In MMM Global the growth rate may be higher if you do the tasks. And all members perform them indeed quite willingly.) Accordingly, it has created a huge demand for Bitcoin and abruptly increased its price. But that’s just a side effect. I have never made it a special aim to manipulate the Bitcoin price.

Earlier this week, we discussed possible causes for the spike in bitcoin price, one of them included the rapid growth of MMM Global.

Read More: http://themerkle.com/news/mmm-global-leader-mavrodi-takes-credit-for-bitcoins-recent-price-surge/
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November 10, 2015, 09:46:07 AM
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The price has dropped from $500 to $350. Does it also mean there is no demand from MMM. Does it indicate MMM lost momentum?
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November 10, 2015, 09:56:40 AM
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it may have dropped in the short term but if you look at a chart from september the price has grown steadily and is still up. That was shortly after MMM China's launch.
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November 10, 2015, 10:11:07 AM
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it may have dropped in the short term but if you look at a chart from september the price has grown steadily and is still up. That was shortly after MMM China's launch.

Every price above $300 is a great achievement for now. I don't know what the real impact of MMM on the Bitcoin price was during the rally, but the last part of the rally to $500 was purely greed driven. It showed as there was a sharp dump bringing the price to below $400 and above $400 several times. There was simply not enough buy support to hold $400. That might indicate that the $400-$500 was purely the greed of people hoping to make some quick profits.

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November 10, 2015, 09:37:43 PM
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It looks like it's big in plenty of countries where it would be really hard to get money onto the main exchanges other than China. How would a South African or Filipino person get on somewhere like Bitstamp or Bitfinex without it costing a fortune and taking forever?

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November 11, 2015, 12:08:45 AM
 #6

typical Russian hubris. Admits he's a crook, but wants everyone to thank him for being such a great help to the community.

arent there any anti-ponzi laws in russia?

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November 11, 2015, 06:40:57 AM
 #7

typical Russian hubris. Admits he's a crook, but wants everyone to thank him for being such a great help to the community.

arent there any anti-ponzi laws in russia?

In 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million)

On April 28, 2007, a Moscow court sentenced him to four and a half years in a penal colony. The court also fined him 10,000 rubles ($390)

In January 2011, Mavrodi launched another pyramid scheme called MMM-2011. Mavrodi said that his goal with MMM-2011 is to destroy the current financial system, which he considers unfair, which would allow something new to take its place. MMM-2011 was able to function openly as Ponzi schemes and financial pyramids are not illegal under Russian law.

There you have it, a short summary of his history with Ponzi schemes. The authorities are well aware of this and have reacted on this before. Lately countries like China & India and South Africa have been targeted by this too. 

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