Controversial social financial network MMM Global announced last week that it was closing its Republic of Bitcoin (RB) scheme, which reportedly offered 100% returns per month. Image: Blogspot.
South Africa – Thousands of MMM Global participants across the country are anxious about losing their investments following the network’s announcement last week that it was shutting down one of its schemes, known as the Republic of Bitcoin (RB).
MMM Global, which describes itself as a social financial network, announced on its Facebook page on Saturday that the RB, which offered monthly returns of 100%, was an experiment and it failed. “We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed. We turned out not to able to pay 100% per month,” MMM wrote.
Following this announcement, several news outlets reported that the MMM Global Ponzi scheme had collapsed, giving the impression that all its programmes had closed. However, it appears that this is not the case. Apparently, only the RB was closed. The other programme, which pays 30% monthly, is still being offered. A number of South Africans participating in it said it was business as usual for them.
However, the shutdown of the Republic of Bitcoin may be a harbinger of the collapse of the MMM network in its entirety in the near future. According to financial experts, MMM’s business model resembles that of a classic Ponzi scheme, and Ponzi schemes always collapse at some point.
According to the Consumer Protection Act, it is against the law to participate in a Ponzi scheme, which is described as any investment scheme that promises returns at least 20% above the repo rate (7%). Despite this, MMM members continue to defend and vouch for the scheme, saying it is not illegal.
The South African branch of MMM is currently being investigated by the Hawks.
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People say MMM is legal just because there is no central account that accepts funds. They forget that it is possible for undercover MMM staff to have their own bank accounts which get paid more often than those of other participants.
if I invest the money in any bank I get 7.5% per annum but if I apply for a loan I pay more than 25%... pls let this scheme help us to have our economic freedom than the government failed to give us.
Why is it a problem when people investing their own monies willingly? Some creat jobs for jobless people which our government fail to offer. Let the people decide for themselves
Good day mavrodians; iam very happy about our community. Iam stress free there is no such a thing of collapsing; my money is growing well.our government want us to be indebted through loan shake and banks, leave us alone with our monies; because were are doing it voluntarily.thank u!!!
How can the banks freezes any transaction corncening regarding mmm; its useless because the transactions is been made between two parties. I help someone and after I get help.let's understand mmm global it is not a scam or neither a ponzi scheme.those who against sergey mavrodi they have money for living.please let's leave the master mind alone with those who love his ideas.
Media,government and banks are 3 sick organisations who will stop at nothing to make the community poor, we gona burn them shud they continue the nonsense they are doing mmm must form a political party and once we win this country heeeee i feel pity for the investigaters and banks and the bloody media bcos we shall govern they must leave mmm alone its our money we helping the nation bahlohla ezabo andithi bona.
Hi everyone, we have no jobs, no shelters, we are not financial stable. government is unable to provide us with any, but because of MMM we have all those. may the government and other institutions allow MMM to change our lives. we are extremely happy about MMM.
yaz kunzima without mmm bafethu asiqhubekeni no mmm
I Timothy 6:10 For the love of money is the root of all evil, which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.