Ponzi scheme: Nigerians panic as MMM freezes all due accounts
Members of the famous money-doubling scheme, Mavrodi Mundial Moneybox, MMM have been thrown into panic and great confusion, Tuesday, following the message from the ponzi scheme freezing all confirmed Mavros, otherwise known as money due for withdrawal for one month.
This means, all the accounts of members who are due to be paid after having 'provided help' (PH) to another person since the last month have been frozen and hence, have no access to request for payment, known as 'Get Help' (GH) until after one month.
All members woke up with the shock message displayed on the screen as soon as they logged into their accounts.
Giving reasons for freezing the Mavros, the scheme said it is experiencing heavy workload and want to deal with the attacks coming from the country's mass media. It also said it wants to prevent hitches in the coming new year hence, the freezing of the access to requesting for payments even when such person is due for payment.
MMM freezing notice
The message read thus:
'One-Month Freezing of Confirmed Mavros'
'As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.'
'The things are still going well; the participants feel calm; everyone gets paid - as you can see, there haven't been any payment delays or other problems yet - but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)'
'Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.'
'The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))'
'We hope for your understanding,
Panic quarters and Lamentations:
In a whatsapp group, MMM Nexus Solution, members of the ponzi scheme, many who are Guilders, have launched their displeasure over the new development. Many have lamented that they don't know how to communicate the development to their downliners (Those they persuaded to stake their money in the ponzi scheme).
They also argued that this decision of the scheme's management will trigger the downfall of the scheme. They said most people will hence, be skeptical in staking their money while a good number of them said such decision is selfish and would have been better if it was conveyed to members before now.
One of the members with the name, Rosy, said thus: ' This rule is obnoxious, unscrupulous, provocative, insensitive….they did not advise them well, evil prophesy coming to pass.'
Another, Samroyal said: 'it shouldn't have been now when both the media and govt are predicting that it will soon collapse thereby trying to discourage pple from it.'
Another member lamented thus; ' One of my down lines was supposed to pay 50k today and he has just called me to tell me he isn't paying again till this is sorted out. Exactly my point. If millions GH in January, how will the system manage that, bearing in mind that this act of suspension of GH this period will discourage many people from joining; who will pay the January GH?'
And yet another member lamented thus: 'I am a member of NBA Abuja branch, tomorrow, we have a seminar on lottery, gaming, casino, MMM etc hosted by Nat lottery Comm. I have been a strong MMM advocate amongst Abuja lawyers, what do i tell them tomorrow?'
Another member said: 'I have been an advocate of MMM since I joined in September but this act of shifting the goalpost in the middle of the match is a very useless and stupid one by MMM. I have 3 new down lines whose 50 dollars bonus is supposed to mature on thursday, what do I tell them? I tried so hard to convince them to join mmm. What they could have done is to make all new PH to stay for one month.'
However, this member seemed to be very courageous despite the message. He wrote thus:
'I was drinking Hollandia yoghurt when someone called me to say that MMM has been frozen. Oboy, the Hollandia started tasting like Alomo. But no shaking….. I dey kanpe.'
Recall that a similar ponzi scheme, Ultimate Cycler, crashed last two weeks and up until now, the site is yet to be alive. Although a message displayed on the site said it is undergoing maintenance, a routine it said would only last for about 6 to 12 hours, yet, for two weeks now, the site is still unaccessible.
When accessed, the site initially displayed an error line of code, before displaying 'Error 500' in bold letters, then it proceeded to display another message: 'Be right back. We are currently updating the site to give you a more pleasurable experience and will be back online shortly. Our update estimation is to be complete over the next 6 - 12 hours. Thank you, Peter Wolfing.
Also read: Fear grips Nigerians in MMM, others as ponzi website, Ultimate Cycler, crashes
With the current freezing message from MMM, the fear is that it could tour the line of the crashed Ultimate Cycler. This tends to further give grounds to another school of thought who have it that all ponzi schemes do not last more than one year.
In defence of MMM:
However, the following is a response message to members by the first Nigerian Guider, Chuddy.
'Hi Mavrodians, As we all must have seen in our PO of the news on Mavro frozen for a month.'
'This isn't the first of its kind. It happens when their are excess PANIC in the system It was placed on Zimbabwe and after the duration it was lifted.'
'This idea is brought forward to Calm the members down on intending Threat the FG and Mass media has planned on the system. It doesn't mean that their is no more money in the system because in my PO now as a guider, I have about 2million+ PH orders. And I know it would be like that in most Guiders PO too. So you see!!! Money to pay out the orders wouldn't be a problem.'
'But the Admins needed to apply measures to sustain the growth of the system. In order to fight issues that may arose as a result of Massive PH already this xmas. Issues like
* Uploading of Fake POP
*non confirmation of orders and the rest.'
'So this is the best strategy to put FG to shame. We all need not panic as our money is in safe hands. Check out your Mavros and you see your money is intact both for 30% bonuses and 20% accrued bonuses.'
'You can keep PHing if you have the money, though you will definitely not be matched until Mavros are unfrozen. But that will really go a long way for you as your PH made this December will surely be giving you extra 20% after paying out next year.
No cause for Alarm. We live to expect a stronger MMM by January 14th, 2017.'
And yet, another member wrote thus in defense of MMM: '
'MMM HAS OVER ten(10) SAFTY NETS WHICH WILL NEVER MAKE IT CRASH AND U NEVER NOTICE BUT I WILL MENTION TEN(10) OUT OF THEM.
1, Pause mode
2, 14 days defrost
3, Extension of the getting help hours
4, Seeking help from neighboring country
5, No central account attached
7, Peer to peer system
8, Guider's efforts
9 PH match hours extension
10, Website upgrades and security'
'1, Pause mode
This process is applied when the numbers of the people getting help is greater than the people help. The system will pause the GH transactions and allow more PH to come into the system for the duration of 2 and half months, WHICH IN OUR CASE IS JUST ONE (1) MONTH (30 DAYS) then the system will now restart and work perfectly
PH means provide help and the GH means get help'
'2, 14 days defrost
The participants will not be able to withdraw their money until after 14 days when the payments have been confirmed. During this process, more PH would have come into the system therefore there would be pool of cash to pay the old participants.
'3, Extension of GH hours
this occur when there is a public holidays when the banks are not working therefore, there won't be transaction and it may cause the problem to the system. The system will now extend the hours of the people who are getting help at that period to allow more People providing help into the system.'
'4, Help seeking from neighbouring country
When there are more GH than PH in a country, MMM will look into the other countries which are doing well and match them together, pending the time that the affected country will be OK.'
'6, No central account attached
MMM does not have a certain account that we are sending to. MMM doesn't collect your money.'
'7, Peer to peer system
Participants pay directly to the bank account of the other participants seeking help.'
'8, Guider's efforts
Guiders are the heartbeat of MMM, guiders make sure each and everyone in MMM understand the Ideology of MMM and how it works.'
'9, PH match hours extension.
When the system finds out that there are more GH than PH, the system will extend the hour of old PH so that to hold down their order matches duration and during this period, the system will allow more new PH to come into the system to get it balanced.'
'10, Website upgrades and security
MMM spends million of dollars in taking care of their website to cub online fraud in MMM, such as scam and other threats. Goodmorning Mavroidians.' – Vanguard.