Starting your business is stressful and quite demanding, however, there…
By Abdulkabir Olatunji
Nigerians and people from around the world that know about MMM are sharply divided by it -while one group are irritated by the idea and easily identify it as a Ponzi scheme, subscribers and supporters are adamant that it is one of the best things that has happened to them in terms of making money. Arguments for both sides can be read in this article and here.
The following are my questions to the subscribers to MMM popularly called Mavrodians.
1. Where do you think the money you are collecting through MMM is coming from?
MMM claims not to be a business and not an investment, so where do you think the 30% return which excites you so much is coming from?
2. Do you know what a Ponzi scheme is?
I have to ask this question because of those who defend MMM with the claim that they have made money from it. To be the clear, a minority will make money from Ponzi schemes being the early adopters that help to create the exponential growth. However, the latter subscribers are the ones that lose greatly. If you understand this, you will not present this argument as evidence for MMM not being a fraud.
3. Where did you get the money you invested in MMM from?
You could not use that money in any legitimate business?
I ask this question because many MMM subscribers behave as if they were incapable of earning money before MMM came.
4. Is it that you don’t understand that governments across the world are duty-bound not to allow a Ponzi scheme started by an ex-convict that has scammed people across the world operate freely within their countries?
This one is self-explanatory, Sergey Mavrodi the main brain behind MMM is an ex-convict. He got convicted for scamming Russians with a precursor scheme to MMM.
5. Explain how MMM is a revolutionary idea that commercial banking should be afraid of?
MMM subcribers are quick to tag banks as stealing from their customers while MMM is the solution for the masses. Curiously enough, they pay into each other’s bank accounts; curious to say the least.
6. Do you understand that wealth is created based on the value you create not through this system operated by a few people to rob people of their money while leaving them in the lurch?
Let us say all of us joined MMM, where would productive output come from?
7. Did you anticipate that your ‘investment’ (sorry, your ‘Mavros’) could be frozen without you having any say on what happens next?
I am sure many ‘Mavrodians’ did not expect this December debacle, but we are here.
8. Do you agree that as a promoter of the scheme, you are quite dubious because you are seeking to reap bountifully at the expense of others when the scheme crashes?
Note I wrote ‘when’ not ‘if’
9. Do you not worry that you could have a hand in the death or grievous harm happening to people who could lose money from MMM and become suicidal?
We already have reports of some people taking poison because their money got frozen this December.
10. Do you understand that you are effectively using time that you could use for productive activity to promote a questionable scheme at best?
If you understand that time lost is irrecoverable, why waste it?
Your answers and feedback are quite welcome.
Abdulkabir Olatunji is the Head of Strategy at Jarus & JAN Internet Group and an Associate Member of the Nigerian Institute of Management (AMNIM). His interests include writing, blogging, all-things-tech and analysis of current affairs and sports. You can follow him on LinkedIn and on Twitter @maclatunji