BITCOINS IN MMM

MMM new form of payment: Bitcoin price rises to $1,600 in Nigeria

 MMM, Nigeria's most popular Ponzi scheme's adoption of bitcoin as a form of payment has led to a huge increase in the value of the bitcoin in Nigeria.

MMM new form of payment

With the large number of participants in the scheme, Nigeria is has a large demand for bitcoin right now.

NairaEx, one of the leading cryptocurrency exchanges in the country, is trading BTC at nearly US$1,600 each. This is especially alarming, because the market average for bitcoin is just above US$1,10 right now.

It is common to see certain regions of the world trade bitcoin at slightly higher prices. For example, in China, a 5% premium for bitcoin for a long time.

What Nigeria is experiencing as per bitcoin prices has been experienced in Indian exchanges when the demand for bitcoin was met with low liquidity.

READ ALSO: Confusion as MMM admin deletes and blocks people

However, JP Buntinx a bitcoin expert, says Nigeria seems to be doing things very different from those countries, as their bitcoin premium price is way higher than expected.

Converting to Naira, trading bitcoin at NairaEx will currently cost traders 494,755 Naira. This shows us that the value is equal to nearly US$1,600 at current rates.

That means Nigerian traders are – willingly – paying a near US$600 premium per bitcoin right now.

READ ALSO: 9 points raised in the most recent MMM guiders' meeting

Although this is a great move for cryptocurrency valuation in general, many wonder what is driving this sudden demand.

One very clear reason is the adoption of bitcoin as a form of payment by MMM, which has millions of participants in Nigeria.

According to Buntinx, a few days ago, it was clear the weekly bitcoin trading volume in Nigeria was on the rise.

Just last week, over US$1.3m worth of bitcoin was traded in Nigeria – according to Trail Blazers Nigeria – which is quite enormous.

Watch a video on how bitcoin works:

 

MMM NIGERIA

Mr. Chuddy Ugorji, the initiator of the Nigerian faction of the mavrodi mondial moneybox ponzi scheme (MMM) has fled the country with his wife, Amaka.
Report says the MMM Number one Guider has absconded and relocated to Philippines.
He fled the country when many investors were awaiting anxiously to be paid back their money with the agreed interest.
Chuddy’s relocation came barely 24 hours after he released condition for the payment of some three million Nigerian investors.
He had given the impression that the Ponzi scheme has started paying outstanding mavro (money) to Mavrodians, the participants of the scheme. But the payment is just symbolic.
A participant, Kolade Ogunwande, who manages a number of accounts, that N17,000 was paid into one of the accounts he handles for a friend.
“One of the accounts I manage for a friend finally got paid. She invested N20,000 on November 10, 2016, and her money has appreciated to N35,000,” he said.
“When MMM resumed last week, she said I should withdraw all the money for her, which I requested for immediately. She was paired the day after.
“The two people she was paired with had to pay N17,000 and N18,000 to make up the N35,000, but only one person has paid.”

he guidelines are:
1.As a necessary measure, we decided to set limit to withdrawal this week thus the N31000 maximum withdrawal on your PO.
2.We are still committed to prioritise paying smaller amounts first and gradually increase the amount to higher ones.
3.The system does the calculations and knows how to calculate everyone’s mavros.
4.Between Friday that we opened and today, hundreds of thousands of GH orders have been matched.
5.More and more GH orders will be matched as time goes on. If you see error notification when trying to GH, just keep trying.
6.PH to GH is still a suggestion to be tabled before Sergey Mavrodi for consideration. Disregard any info suggesting that you must PH to GH till further announcement in your PO.
7.Freezing of bonuses for now is another suggestion to be tabled before Sergey Mavrodi for his consideration. Which means if approved, you will only be able to GH your personal contributions for now until the system recovers and stabilizes.
8.Another suggestion for consideration is whether Mavro growth should stop on the 30th day or continue till you GH your confirmed PH.
9.How early the system recovers depend on our positivity. If we work to make it recover, it will recover in a very short time. Don’t spread panic.
10.Let’s do more promo tasks to create further awareness that MMM Nigeria is open, working and paying.
11.We will keep you informed of any updates as soon as possible.