Is the runup being driven by the MMM Global Ponzi? - page 2.

HI-TEC99

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Quote from: NorrisK on November 01, 2015, 03:45:59 PM

I doubt this alone has created the price rise.

A lot has probably to do with other people entering as they have FOMO.

look at litecoin ponzi. Price went from 1.5 to 8 USD before settling at 3 USD, which means that it has doubled as effect of the ponzi that caused others to enter. Not too bad right?

Wasn't Litecoin at 1.5 dollars when Bitcoin had crashed to $150, then settled in the low $200s? All the alts are priced in Bitcoin, and when it goes up so do they. The Ponzi may have helped Litecoin, but it's not more than doubled in price solely because of it. I hope we don't get a Bitcoin crash like the Litecoin crash after its Ponzi collapsed.

NorrisK

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I doubt this alone has created the price rise.

A lot has probably to do with other people entering as they have FOMO.

look at litecoin ponzi. Price went from 1.5 to 8 USD before settling at 3 USD, which means that it has doubled as effect of the ponzi that caused others to enter. Not too bad right?

ssmc2

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That guy looks like a serial killer/pedo.

Nagle

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Quote from: HI-TEC99 on November 01, 2015, 02:47:10 PM

There's an old thread from 2012 advertising an MMM ponzi scheme by the same guy.

Yes, same guy. The new version is called MMM-2014, and combines a Ponzi schme, multi-level marketing, payday loans, and Bitcoin. Bitcoin is not essential; they also support Perfect Money and bank transfers, but it's recommended in their many video tutorials.

tmfp

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"Common rogue from Russia with a bare ass."

Quote from: Nagle on November 01, 2015, 02:08:51 PM

The runup is definitely coming from China; look at the exchange volumes.

Are Chinese exchange volumes a reliable indicator of anything, given their zero fees and meaningless (in a wider sense) HFT activity?

Quote from: HI-TEC99 on November 01, 2015, 02:47:10 PM

There's an old thread from 2012 advertising an MMM ponzi scheme by the same guy. He was trying to get this thing started on bitcointalk three years ago but Bitcoin wasn't worth as much then. Over half the posts in the thread are by the OP, and not many users fell for it. An earlier Ponzi had collapsed, then someone tried to restart it in 2012. How many times can it collapse before people stop falling for it?

The problem with these global ponzis and pyramids, often with MLM structures, now turning their attention to Bitcoin, is that the ~~mugs~~ investors are not Crypto literate.
They are just buying into the sales pitch, which is a combination of anti banking industry/establishment hyperbole and get-rich-quick off this new marvellous invention.

That said, the main MMM scheme doesn't require Bitcoin at all, it takes local fiat currency deposits.
It's currently very hot in South Africa, the Phillipines, Bangladesh and Peru? apparently, being presented as a "social bank" to the unsophisticated.
In order to participate in the give/receive game, the players have to convert their fiat into 'Mavros', a centralised worthless shit coin named after our crazy Russian friend.
Once they have done that, they're basically fucked.

HI-TEC99

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There's an old thread from 2012 advertising an MMM ponzi scheme by the same guy. He was trying to get this thing started on bitcointalk three years ago but Bitcoin wasn't worth as much then. Over half the posts in the thread are by the OP, and not many users fell for it. An earlier Ponzi had collapsed, then someone tried to restart it in 2012. How many times can it collapse before people stop falling for it?

https://bitcointalksearch.org/topic/mmm-2011-hugest-ponzi-scheme-bitcoins-accepted-77276

Quote from: pent on June 03, 2012, 08:03:09 AM

Quote from: GoWest on June 01, 2012, 11:09:07 PM

This just collapsed.

'Fool me twice, shame on me: Russians fall once again for notorious Ponzi scheme'

http://www.rt.com/news/mmm-mavrodi-ponzi-scheme-715/

This just restarted as MMM-2012.

Polish cell is in progress moving deposits of MMM-2011 to MMM-2012.

r0ach

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Translation: You're mad that you went full fiat and the price went up while you have 0 Bitcoins and you really hope it goes down so you can buy so you'll try to think up any excuse possible for it to go down even though some BS ponzi that's been open since 2012 or something has nothing to do with the price.

Nagle

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The runup is definitely coming from China; look at the exchange volumes.

The MMM Global Ponzi scheme may be driving this. They claim "100% per month" returns. That never ends well.

If you're not familiar with the MMM Ponzi, see the Wikipedia article.. The guy behind this did it in the 1990s, it collapsed like all Ponzi schemes, he went to jail, did his time, got out, and now he's back. Using the same MMM name and logo, no less. But this time, it uses Bitcoin.

Sergey Mavrodi, the guy behind it.

Topic: Is the runup being driven by the MMM Global Ponzi? - page 2. (Read 3041 times)