MMM Nigeria: Notorious “Ponzi Scheme” Enables Bitcoin for Payments
MMM Nigeria - a prominent multi-marketing Ponzi scheme - has recently announced that it is making a comeback enabling Bitcoin as a form of payment. MMM was founded by Sergei Mavrodi in Russia in the 1990s, the original scheme has collapsed resulting in participants losing billions of dollars. However, it has blossomed again with one simple model: participants committed to sending money to other participants and after a month, they got their ‘investments’ back plus 30 percent interest from other participants of the pyramid. There is a high risk that this lending money chain will eventually....
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Basecamp Co-Founder and creator of Ruby on Rails David Heinemeier Hansson (DHH) is known for his position on Bitcoin and cryptocurrencies. In 2018, the Danish programmer gave an interview in which he made the case that Bitcoin is a “Ponzi Scheme”, a common argument amongst BTC critics. Related Reading | Canada Chokes Crypto Supply, Freezes […]
However, this news may indicate the Central Bank of Nigeria wants to mimic what Bitcoin brings to the table. The idea of using cryptocurrency in Africa has a lot of merit. With lower transaction fees and global availability, Bitcoin makes for a strong candidate. In Nigeria, the idea has gained a valuable supporter, as the Central Bank of Nigeria shows an interest in cryptocurrency. An exciting future looms for cryptocurrency in the country, albeit specific details are hard to come by. For the time being, it remains somewhat vague as to what the Central Bank of Nigeria aims to achieve. It....
Consumers are also investing in Bitcoin as a way to hedge against future Naira depreciation. Bitcoin remains a popular cryptocurrency, despite its value dropping like a brick over the past 48 hours. In Nigeria, Bitcoin continues to be embraced by consumers and enterprises. Most people still see it as an investment vehicle, but it also a valuable tool to bypass expensive remittance solutions. The future of Bitcoin looks bright in Nigeria, and things continue to improve. Similarly to most African nations, Nigeria heavily relies on affordable money transfer services. Bitcoin provides the....
Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are in talks tto create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. Binance In Talks With Nigeria According to a press release, Nigeria intends to use the Nigeria Export Processing Zones Authority (NEPZA) to establish the […]
Fans of late rap icon The Notorious BIG can look forward to another opportunity to acquire a collectible tied to his legacy. On the 25th anniversary of Christopher Wallace’s death in Brooklyn, New York, his estate has revealed an exclusive collaboration with the Quincy Jones-backed NFT platform OneOf to release the first-ever official The Notorious […]