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Under Chinese law, these types of pyramid schemes are prohibited, although there is very little officials can do about it. Just a few days ago, the Chinese government announced how they are looking into an undisclosed amount of funds funneled from China to a different country through the MMM Global scheme. As is usually the case with online pyramid schemes such as MMM Global, there are a lot of people who fall for these impossible promises.
In fact, all it takes for users to start earning money is to complete one task per day. This does not even require MMM Global users to make a purchase, as they only need to post on social media or various other websites about their experiences with the program, and relevant hashtags. Could you be next big winner?
Keeping in mind how MMM Global operates in countries around the world, it comes as no surprise over million people have invested in this pyramid scheme so far. Some people might be wondering how Bitcoin ties into all of this, and the answer is very simple: MMM Global accepts Bitcoin payments for deposits. Withdrawing funds can be done in Bitcoin as well, although the system makes mention of a bank account or credit card only. Several investor accounts have been frozen throughout December, and all previous withdrawal requests had been canceled without prior warning.
According to the explanation given by the company, the interest rates would be calculated differently from that point forward. Furthermore, Caixin reports how several investors were still not able to log into their accounts as of yesterday, causing quite a bit of panic. While it is clear for anyone to see MMM Global is a Ponzi scheme waiting to collapse any moment now, a lot of people are still looking for ways to get their funds out before that happens.
These types of Ponzi schemes are running rampant in China for many years now, but law enforcement can offer very little help regarding these matters. For example, Bitcoin recently made a significant upgrade to their protocol. In a memo to participants, MMM claimed, The present situation may and undoubtedly will! Therefore, for safety reasons, we recommend safekeeping your bitcoins with MMM rather than at a personal wallet to prevent your money from being stolen.
Users would have no clear path to recourse if their trusted advisors decided to disappear with all of their cash. In this way, MMM wields a powerful combination of feel-good rhetoric and technological mystique in order to lure people into handing over their money. Bitcoin magicians like MMM enchant people with the promise of miraculous returns on their investment, and then disappear into thin air.
It remains unclear how much money has been returned to Republic of Bitcoin users. However, MMM schemes around the African continent struggled to regain traction under increased scrutiny from governments and local media. Later that year, millions of people lost their money after country branches went bust in Nigeria, South Africa and Zimbabwe. Yet miraculously, MMM re-emerged in all of these countries by the beginning of , and is spreading rapidly to other low-income communities around the world.
In place of monetary controls, governments like Kenya have issued public statements, warning people of the risks of engaging with cryptocurrency businesses that operate in a legal grey space, beyond the purview of traditional consumer protection frameworks. These public service announcements are easily lost in the deluge of misinformation and marketing materials produced by large ponzi operations like MMM.
Like many multi-level marketing schemes, MMM rewards participants for promotional work, such as recording testimonial videos and holding recruitment sessions in their homes. In order to effectively reach consumers, governments could learn a thing or two from MMM, by embracing more grassroots channels of communication. That might include hosting information sessions in communities where MMM is really taking off i. In addition to government efforts, prominent humanitarian organizations also have an important role to play in stemming the spread of such schemes, by more clearly differentiating real opportunities from empty sales pitches about cryptocurrency saving the world.
In spite of the fact that most of these technologists have limited experience working with such vulnerable populations, they have been able to access highly influential spheres of power. They are invited to speak at the United Nations and the World Bank. They attend meetings at the World Economic Forum in Davos. Their acceptance in these elite spaces is driven by a mixture of opportunism and fear: there is a lot of optimism around the potential for this technology to make substantial improvements to a wide range of issues: secure supply chain management, universal identification for refugees, or distributed electric grids.
But understanding how cryptocurrencies work requires a fairly sophisticated understanding of a range of technical fields, from cryptography to distributed systems design. Due to technical complexity, business leaders have turned to technical experts to provide them with guidance on how they should use the technology in their organization. Typically, these socially focused technologists have deeper expertise in cryptocurrencies and computer systems than in understanding the complex social problems they are trying to solve.
Often, they approach problems with ambitious technical solutions but without a clear, defensible theory of change. This makes it challenging to critically evaluate the potential of new projects that enter this hype-driven space.
Bitcoin and other Cryptos are attractive for that reason and that why people spread this misinformation about it to sway people from backing it. There valuation of pretty much everything but Bitcoin and Ethereum is unjustifiable. But, is a stock index worth a CAPE ratio of near 30, meaning it would take 30 years to earn back your initial investment, not counting any loss from inflation?
And its back to TED 1, views. Thus, they are not useful, and produce nothing useful. Governments have no choice. Good points. A similar dynamic is at play with stocks: Use the blockchain to store the state of running programs when ethereum dominates crypto undervalued crypto currencies you can create publicly verifiable and trustworthy because they require none as they operate publicly and transparently applications that can interact with money. Educate yourself on Lightning Network or layer 2 protocols of Bitcoin.
No guarantees that if bitcoin drops that it will ever come. This is exactly what happened in the s: Siacoin news today gpu mining nitro January 9, Update from late — Mike ended up being wayyyy wrong. Bitcoin aka CancerPills has become an investment bubble, with the complementary forces of Human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying it.
China is also a leader in renewables neo crypto review russia and china create crypto currency. Your entire new medium of exchange is part of the black market. Gold bullion has several thousand years of history. Do not give up. The web. Fiat currency fluctuates too, but its swings are smaller as a percentage of its total market cap.
We here at https: I am of the opinion all of Fiat will get wiped out in a decade or two! MMM eludes to the crux of the issue surrounding the long term sustainability of the current generation of cryptocurrencies when he discusses the fact they are heavily unregulated and difficult to track for governments. Think about how many leaps needed to be made for someone in to believe such a thing was possible. Missing the forest for the trees kind of thing. If you had invested a hundred dollars a few years back instead of showing your polite smile, you would be a millionaire today!
Contributors Klizzy for translations and multiple currencies. I would say that I am above it all, but I have to admit, there are days when I get caught up and am tempted to get in the game if only to short it! Jacob January 3, , May 7, Travis January 4, , It just means that some price levels are reasonable, and some are not. You can specify pixel values, em values or keywords.
MMM has clearly thought about this more than most, however I think people would need to read more than this post to completely dismiss that a current crypto will have long term value. The sooner we debunk the myth and come to our senses, the richer our world will be. Why does bitcoin have to be the winner? If that money is a key component to your wealth and retirement plan, you may want to consider something with a little less volatility.
Platform set to launch its own cryptocurrency You could just hold a fraction and still see it grow with time, much faster than most other investment avenues available today. Bitcoin is the longest existing algorithm and has proven to be safe and capable of remaining decentralized arguable.
A MagicMirror module for crypto currencies value. First commit. Tony Ivanovviews. Regular money has nothing behind it. It is the main currency by which you can obtain other cryptocurrencies. They may settle to much less, or get close to zero, or they may grow more, no one can really predict. Bitcoin magicians like MMM enchant people with the promise of miraculous returns on their how to mine ethereum with asic do you get taxed on bitcoin gains, and then disappear into thin air.
Justin C January 3,8: Thank you. Dan C January 18,3: Most MMM readers recognize that there is a serious flaw within the system which is why most of us just reject it. LennStar January 3, , I doubt you really believe this is going to overthrow all of our current financial system. As a result, changes in perceived value result in big price swings. It is speculating, many cryptocurrencies will go to zero and bubbles will burst along the way.
But yes, I would not invest in crypto currency. Email this to a friend. He is skeptical of anything that has a tinge of a get rich quick scheme. Typically, these socially focused technologists have deeper expertise in cryptocurrencies and computer systems than in understanding the complex social problems they are trying to solve.
That could be securely moving value around, but could be many other things. Number of currencies to download, according to CoinMarketCap ranking. MissSaraBee January 3, , 4: Tell your friends. Have you done this due diligence for all Fiat Currencies printed and circulated every where? Bitcoin is a good tool for online transactions around the world. Please let it go. Jay Holden January 3, , 7: Oct 20, Currency is by far the most obvious application.
YouTube Premium Mark states he has done this study with no references to any data as to how he arrived at such a conclusion. Zamboni January 5, , 7: Well said, Bill. Jack January 4, , 8: You signed in with another tab or window. Loading more suggestions People will release new ones all the time and people invest in them, not because they will ever be useful but because they expect the price to skyrocket.
Thanks, MMM! Many African countries have central banks. No, I am more inclined to trust economic models where the rules are clearly defined and cannot be changed, by anyone, ever. Bitcoin may not be an unalloyed good for the developing world.
So we need more credible people to speak out against it. Fiat, at least from most major industrialised nations, is less volatile for one thing. On the other hand, some items such as historical art, with no intrinsic value other than emotional attachment, can be worth millions.
And just as a warning, I am always going to tell you that bitcoin price ticker how to safeguard my ethereum speculation is a bad way to spend your life. Do you really see that happening? With cryptocurrencies, you are literally betting that world governments, the G20, amd opteron hashrate amd radeon hd mining major banks, The United Nations, financial institutions, exchanges, Elon Musk, Warren Buffett, and all existing fiat currencies will change as radically as retail shopping has in the past 25 years.
TED 1, views. MM get paid by bitcoin on etsy. You signed out in another tab or window. Mark January 4, The supply of Bitcoin is known perfectly, whereas nobody knows how fast your fingernails grow. This feature is not available right. Due to this, Bitcoin has become the world's first decentralized means of payment.
Money transfers are made on the peer-to-peer principle — without intermediaries between the sender and the recipient. Bitcoin advantages: 1. High safety level No one can block a Bitcoin wallet. Bitcoin does not depend on central banks, local and international laws, religion and other things. Banks and the government do not control your bitcoins — they are only available to you. The wallet is created anonymously. Cryptocurrency cannot be faked, and payments cannot be cancelled.
Cheap transactions anywhere in the world Transfer fees do not depend on the amount or location.
Bitcoin advantages: 1. High safety level No one can block a Bitcoin wallet. Bitcoin does not depend on central banks, local and international laws, religion and other things. Banks and the government do not control your bitcoins — they are only available to you. The wallet is created anonymously.
Cryptocurrency cannot be faked, and payments cannot be cancelled. Cheap transactions anywhere in the world Transfer fees do not depend on the amount or location. You can transfer money to anyone from anywhere in the world. You can decide independently when to transfer money. Instant transfers Bank transfers take 3—5 working days on average. The speed of transfers via Bitcoin is a few seconds, or, when you are dealing with large amounts of money, — 10—60 minutes.
Bitcoin is backed by a limited number of units 21 million and protected against inflation. Bitcoin is not owned by any state, companies or individuals. Due to this, Bitcoin has become the world's first decentralized means of payment.
Money transfers are made on the peer-to-peer principle — without intermediaries between the sender and the recipient. Bitcoin advantages: 1. High safety level No one can block a Bitcoin wallet. Bitcoin does not depend on central banks, local and international laws, religion and other things.
Banks and the government do not control your bitcoins — they are only available to you. The wallet is created anonymously. Cryptocurrency cannot be faked, and payments cannot be cancelled.
What is Bitcoin and how to participate in MMM using bitcoins? Nixon just took away the last vestiges of the gold standard. In all fairness, cash USD is also used for illegal activities. You . Bitcoin is not owned by any state, companies or individuals. Due to this, Bitcoin has become the world's first decentralized means of payment. Money transfers are made on the peer-to-peer . In one of my earlier articles, I show you how to use Bitcoin in Nigeria including how to make money through Bitcoin. If you are an MMM Nigeria Participant; today, I will show how to .