The desperation of MMM Nigeria has taken another dimension as the scheme launches MAVRO-BTC, another Ponzi currency.
Prior to this period, investment of MMM Nigeria investors were calculated in Mavro-Naira even when they provide help in Bitcoin.
Owners of the scheme claimed that the move was necessitated by the sharp fluctuations in price of Bitcoin. However, Ponzi Scheme analyst said this is not plausible as the value of Bitcoin has always been fluctuating.
The addition of Mavro-Bitcoin is suspicious at a period when MMM Nigeria investor were locked out of getting their funds since December of last year.
See the explanation sent to its members below:
Due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the System.
What is this and why is it necessary?
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. 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! :-))
Critics of MMM Nigeria and MMM Global claimed that the move is a sinister plan by owners of the scheme to get large amount of money room the system before they finally shut it down in Nigeria.
They alleged that the naivety of MMM Nigeria members with Bitcoin and many other cryptocurrencies will make many of them fall for it.
Bitcoin.org, the official website of Bitcoin warned that no one should keep or use Bitcoin as a currency of investment because of its volatile nature. Apart from the fact that Bitcoin payments are irreversible, the currency is still very young and unstable for such use.
Because it is new to many MMM Nigeria members , analysts project that many people will jump on it but will all soon realize that the move is a recipe for disaster.