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People Have Started MMM On Whatsapp Groups In Zimbabwe, Will It Work In Nigeria? - Business - Nairaland

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People Have Started MMM On Whatsapp Groups In Zimbabwe, Will It Work In Nigeria? by wontiboje: 9:00am On Sep 24, 2016
While MMM Zimbabwe was collapsing, some 'smart' Zimbabweans who are still interested of making money from Ponzi Schemes have started WhatsApp Ponzi Schemes, perhaps to fill the vacuum created by MMM.

Since MMM froze Mavros (Ponzi currency used in the network by members to determine the value of donations and interests), many former members who have learnt through the ropes have taken it upon themselves to float various WhatsApp groups that operate like a 'pseudo-MMM'.

A typical WhatsApp Ponzi Scheme is operated by an admin who controls just about everything on the group. All members are required to pay the admin about USD3 per week to remain in the group. Just like MMM, there are no guarantees or promise of payback by any member who receives help in the group.

To forestall immediate collapse of a typical WhatsApp Ponzi Scheme, the admin typically regulates the admission rate in the group to ensure the number of deposits and withdrawals are regulated.

Source: https://pageone.ng/2016/09/24/zimbabweans-whatsapp-ponzi-schemes/

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