Popular Ponzi scheme,MMM Nigeria, has introduced bitcoin, the world’s best performing currency, as part of its mode of payment in its comeback plans.
The Ponzi scheme, which froze accounts of participants on December 13, 2016, is preparing to return, and it is throwing up a number of plans to get its community active again.
Bitcoin, the increasingly popular cryptocurrency or digital currency, was the best performing currency in 2016, appreciating by more than 100 percent in 2016, from about $400 per bitcoin to over $1,000 per bitcoin.
Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira. However, the new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.
In a statement to participants, MMM said “due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system”.
“So far, we have only had Mavro-Naira in the System. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Nigerian Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO,” the statement read.
“It was the naira amount that grew. In other words you received 30% a month specifically in the naira (not in Bitcoins, although you originally provided help using Bitcoins).
“Now, you have a chance to have 30% growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30% monthly growth rate. In a month not only 30% will be added to your initial amount, but it can increase itself due to Bitcoin price growth.
“And what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again). This option is available in PO. You can convert both confirmed and unconfirmed Mavro.
“We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable!”