I
predicted the crash of the MMM scheme in Nigeria a long time before the
scheme crashed in December. Ponzi Schemes do not last and only manage
to succeed in failed states.
Participants of MMM Nigeria celebrating 1st anniversary before the scheme finally crashed
The
alleged owner of the MMM Nigeria site and the number one guider, Chuddy
Ugorji fled to the Philippines after the crash of the scheme in
Nigeria. Many MMM participants probably want to know what lies ahead
for them. I will try to explain this from a web developer's view and
make it as understandable as possible.
A look at MMM Nigeria's home page shows
some adverts powered by Google called Google Adsense. Adsense pays in
two formats - CPC (cost per click) and CPM (cost per mile).
CPC
is the amount of money the site will earn for each visitor that clicks
on the adverts while CPM is the amount of money the site will earn for
every 1000 impressions (impressions are the number of times the site
requests an advert from the ad network). A single visitor may generate
up to 5-10 impressions on a site.
MMM Nigeria
was ranking very high in Nigeria and had millions of visitors daily.
Chuddy probably earned millions of naira daily from the ads running on
the Ponzi site and also from the other cash he got from the scheme.
When
participants were thrown into confusion, the alleged MMM Nigeria site
owner was still earning money at the expense of gullible participants
who anxiously opened the site daily to see if their supposed mavros were
still intact.
What really lies ahead of MMM?
When
someone opens a business and it's successful, a lot of people will
decide to follow suit and try to see if they can make money like the
initial person who started the business. A lot of ponzi schemes are
popping up everywhere and it's really disappointing to see that these
schemes still have participants despite the warnings by the government.
From one angle it shows how people are suffering and are desperate to
get money quickly while on another angle it simply shows how gullible
Nigerians can be.
Participants of these schemes are unaware
of the things that are going on now as MMM has crashed. Many guys have
now started opening ponzi sites so as to gain from their own Ponzi
Schemes and shut it down later.
A webmaster can
design a ponzi scheme and terminate it anytime he wants, he can
generate an error page, he can stop people from being able to log in
(just like the ponzi scheme- ultimate cycler) and he can decide to drop
an upgrade message on the site to leave users locked out.
These
sites are owned and operated by human beings and if you can't verify
the authenticity of the owner of the scheme, do not participate.
Scammers
have seen a way to make Nigerians lose their hard earned money. When
participants complain about losing money, they'll tell them that they
were asked to use their spare money.
Ponzi
schemes have really changed the way most of its participants think,
turning them to moving advertising machines. They can hardly spend a few
days without thinking about the scheme.
It is quite unfortunate that in the quest to get rich, people have decided to join schemes that are simply run with the slogan “get rich or die trying".
It's pitiable that some of these people haven't brought a single soul
to church but they have over 200 souls on MMM and other ponzi schemes.
From
the originator of ponzi schemes, Charles Ponzi to MMM founder Sergey
Mavrodi and the MMM Nigeria founder Chuddy Ugorji, ponzi schemes have
always ended up leaving a lot of participants stranded. There are other
ways to make money online without ponzi schemes. Make your life better
by avoiding ponzi schemes.
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