The Story of MMM Kenya – Founder Mavrodi’s Death and

Bitcoin's next big scandal? Legendary Russian ponzi mastermind Sergey Mavrodi goes global with new scheme that is defrauding new Bitcoin users in Africa and Asia.

Bitcoin's next big scandal? Legendary Russian ponzi mastermind Sergey Mavrodi goes global with new scheme that is defrauding new Bitcoin users in Africa and Asia. submitted by williamsuk to Bitcoin [link] [comments]

Bitcoin's next big scandal? Legendary Russian ponzi mastermind Sergey Mavrodi goes global with new scheme that is defrauding new Bitcoin users in Africa and Asia.

Bitcoin's next big scandal? Legendary Russian ponzi mastermind Sergey Mavrodi goes global with new scheme that is defrauding new Bitcoin users in Africa and Asia. submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Anyone has the link to the NEW fraudulent MMM Republic of Bitcoin? Now there has come an announcement of the launch of "New Republic of Bitcoin inside MMM structure", "approved by Sergey Mavrodi"

Now there has come an announcement of the launch of "New Republic of Bitcoin inside MMM structure", "approved by Sergey Mavrodi" and so on Warning: THIS is a SCAM! MMM has NOT launched any “new RB” and doesn’t plan to launch any! Be vigilant and keep your money safe.
submitted by lovebitcoin to Mmm [link] [comments]

Bitconnect Ponzi Investigation - Officially linking known ponzi scheme promoters to Bitconnect

Redditor jam-hay put together an impressive list of revealing information which makes it even more plausible that Bitconnect is a ponzi scheme. It links individuals who have promoted ponzi schemes previously with Bitconnect officially. Submitting this as a separate thread for exposure.
"I think I know who's behind Bitconnect...run with me on this:" - jam-hay

Rolando Anosa, Bitconnect event promoter

February 2016
March 8, 2016
March 2016

Bitconnect posts about MMM

January 2017

Jonel Javellana, Bitconnect event promoter

October 2017

MMM

Back in October 2015
April 2016
November 2016
submitted by Yamagemazaki to Bitconnect [link] [comments]

08-12 23:03 - 'The MMM Returns Debts To Its Users.' (self.Bitcoin) by /u/eldoclub798 removed from /r/Bitcoin within 8-18min

'''
[link]3
All the details here. >>> [[link]4
The new era of Quick Chain has begun! Advanced Algorithm of the Mavrodi brothers works even better! + 10% for 2 days and up to 9% bonus referral. The most reliable investment!
The Quick Chain - is an international association of Bitcoins enthusiasts! The growth of the project provides the exclusive Mavrodi Mathematics embedded in the blockchain system. The system is based on voluntary donations.
JOIN NOW >>> [[link]4
'''
The MMM Returns Debts To Its Users.
Go1dfish undelete link
unreddit undelete link
Author: eldoclub798
1: autoru.me*H***q 2: auto*u.me/*Z**q 3: *.redd.***n*rp68bkj3g**.png 4: autoru*me**Z*yq]*^1 5: a*toru.me/H**y*]^*1
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

MMM Sergei Mavrodi behind-the-scenes operations team is carrying heavy projects to make a comeback

According to reliable sources, the MMM Mavro behind-the-scenes operations team brought back heavy projects and they are working on a heavy project. It is said that they announced the news in a high-profile way because they witnessed a terrible digital currency. According to the author, the MMM team has at least 140,000 bitcoins! They will announce the full details of the project in the near future. It is said that this is a digital asset ecosystem, the author of this project is unknown! Is China the first market to enter? We will wait and see! They claimed that MMM founder Sergei Mavrodi did not listen to their suggestions, and MMM did not continue and restarted repeatedly. Thanks to MMM, Sergey Mavrodi has also become a hero to save the poor, but was abandoned by investors around the world due to the collapse of MMM. ! denounce! The specific message author will continue to follow up.
submitted by Abelbelle to u/Abelbelle [link] [comments]

MMM GLOBAL WORLD PAYS

MMM GLOBAL WORLD PAYS
Don't lose your chance to get money today!
JOIN US: https://mmmglobal.world/?i=ronald
#NEW #INNOVATIVE #AUTOMATED #FINANCIAL #SYSTEM #MMM #GLOBAL #WORLD #BITCOIN #PAYS #TESTIMONIALS #MAVRONEWS #mmmglobal #mmmofficial #mmm_extra #mavro #Cергей_Mавроди #mmmoffice #Sergey_Mavrodi #Mavrodi
https://preview.redd.it/l65fb6rkawa21.jpg?width=1080&format=pjpg&auto=webp&s=e2615ba4d2b4466c13ace9e8c703d49cdec98c59
submitted by AfriClixFreeAirtime to u/AfriClixFreeAirtime [link] [comments]

[Confidential] Planning for F*-Day

Guys, we should start detailed planning for F*-day.
Below is a very rough draft of the script for the upcoming bit-coin fork, as proposed by the Field Op managers at last week's meeting. Read it carefully and bring any suggestions etc. to the next meeting [Note 0]. Special Agents Neckbeard, SwampThing, NakaTuring, and BitSavior will be receiving additional details through the usual channel (if the backlog clears in time).
All times are UTC of F*-day. You must all have received a Chinese fortune cookie at the Friday brunch with the date; please keep it secret. (Harry, the janitor says that you left yours on the table; please see him ASAP.)
[Note 0] The next Field Ops meeting may be delayed since His Scaliness the Sub-Vice Lizard showed up for a snack and we are now looking for a replacement Secretary. Please keep your cochlear implants tuned for further announcements.
[Note 1] All values and coin amounts in these minutes have been computed with a javascript implementation of the Solidity bistromathics library, with sinking-point arithmetic, in order to confuse any enemy agents who may be reading this forum.
submitted by jstolfi to Buttcoin [link] [comments]

1st Monthly Unitus Community Update! (October/17)

Welcome to the 1st Official Unitus Community Update! The community update will be released during the 1st week of every month from now on.
Intro
What is Unitus?
Unitus is about bringing together smaller crypto-currencies and the communities that support them into a larger group capable of greater change, influence and innovation, whilst allowing each to maintain their own unique identities.
Who is Unitus?
Unitus is compromised of a bunch of passionate individuals who really want it to succeed. It is not one single person or entity. It is whoever is apart of it. The developers, team members, volunteers, investors, community and whoever else. We are all equal here and everybody is treated as such.
What is the direction of Unitus?
The direction is all about improving UIS in any fashion possible. The development, mining, marketing, exchanges, branding, the community and anything/everything else.
Development
Things on the current roadmap have been going smoothly. Core Wallet Update
We are happy to officially announce that the major project for 2017, an update of the codebase of Unitus is complete! Unitus was initially based on bitcoin core 0.9.3 , which is now 3 years old. We've been working hard to rebase Unitus on bitcoin core 0.14.2, which brings some significant updates including:
Some of these changes are immediate, others are network level changes that will be introduced as more people adopt the new client. Key to all of this is compatibility with existing wallets and network nodes, thus major new features that are available in Bitcoin have not yet been enabled. We will evaluate in the future what features to enable, depending on what occurs upstream.
Release of the new wallet, including pre-compiled binary files for Windows, MacOS, Ubuntu, Raspbian are out now!
We're also working on a major re-styling of the wallet, to give us a unique identity.
Paper Wallet Generator
Just released a little while ago, this is now available at https://paper.unitus.online
Electrum Wallet
Preliminary work on an Electrum port for Unitus has started. This will give people a faster and light-weight option instead of the full core wallet.
Other development projects
All of these are included in our current roadmap, work on these is on-going:
A new, updated roadmap will also be published soon with other projects for the future.
Mining
Unitus Mining Pool - http://mine.unitus.online
Always popular with Argon2d miners, the mining pool has been encountering a few growing pains recently, but we're working hard on that to ensure high uptime and maximum rewards!
We are glad to announce that MasterZeus, has just updated and released the UIS Argon2d calculator.
We've also implemented merge mining support, allowing us to mine other coins that share on of our proof-of-work, and then exchange those coins for more UIS. This has proven to be popular for Skein miners, and we're looking to add additional coins across the spectrum of algorithms.
What is merge mining?
Merge mining is what sets Unitus apart from many other cryptocurrencies. It allows us to essentially get free hashrate to secure the network, with no additional workload for miners. The miner does nothing extra. He just works away looking for those good hashes. The brains of the operation is in the pool, but the result is the same work for the miner with higher rewards, coins coming from both wallets, and network security for Unitus at no extra cost. Everyone wins!
Coins you can currently merge mine with Unitus
Adzcoin (ADZ) ArcticCoin (ARC) Artex (ATX) AuroraCoin (AUR) Beach (SAND) Beonpush (BOPS) Bitcoin Planet (BTPL) Bolivar (BOLI) Bows (BSC) CannabisCoin (CANN) Centurion (CNT) Coexist (COXST) Coino (CNO) CopyPasta (CTRLV) Dash (DASH) Digibyte (DGB) Eryllium (ERY) Fal (FAL) GlobalBoost-Y (BSTY) Granite (GRN) Happy (HPC) Influxcoin (INFX) Join (J-x-11) Kash (KASH) Kurrent (KURT) Linked (LXC) Marijuana (MAR) Marx (MARX) Mavrodi (MMM) Mind (MND) Monetary Unit (MUE) Myriad (XMY) Ofw (OFW) OGN (OGN) Ozzie (OZC) PIZZA (PIZZA) Prime-XI (PXI) Seven (SEV) StartCoin (START) Vault (VLTC) Verge (XVG) VertCoin (VTC) VirtaPlus (XVP)
And growing!
Branding
You may have noticed that there are a few different colored UIS logos floating around the internet. Black chains and multi colored chains. Well, we are officially announcing that in a branding effort, the color Grey will be our main color. The official Unitus logo will be Grey on white. We feel that it is clean and neutral look. Grey on black will also be used for other UIS related headers, images and such. Other promotional material that is already out may still be used.
Marketing
Unitus has had solid development for years, but has lacked a bit in the marketing department. Now that we have committed on the branding, we can ramp up the marketing. We have just hired a new member to the team ~6 weeks ago, and he has been doing a good job on twitter getting attention and followers in the mean time prior to the news announcements in this thread.
In a marketing effort, we would like to officially announce the creation of the United Crypto Alliance (UCA)! It will consist of Unitus and other cryptocurrencies that are merge mineable with UIS. The goal of the (UCA) will be to promote each other, therefore creating a synergistic effect that will benefit everybody involved. We would like to formally introduce Myriad (XMY) as the 1st member of the (UCA) besides Unitus! Stay tuned for more information regarding this!
Community
The community has been growing at a very good rate recently. Ever since we picked up our social media activity last month, we have been accruing a good amount of Slack members and Twitter followers. Right now we have over 400 total Slack members and over 1100 twitter followers. The Slack channel has been a lot more active recently as a result. You can get a pretty fast response to a question asked there. We currently have some very intelligent and friendly members. You can currently reach us at these places and we are also currently expanding to other platforms which will be announced.
Website: http://unitus.online/home Twitter: https://twitter.com/UnitusCoin Reddit: https://www.reddit.com/Unitus/ ANN Thread: https://bitcointalk.org/index.php?topic=1121974.0 Slack: http://unitus.herokuapp.com/
submitted by Beechochen to Unitus [link] [comments]

Bitcoin Price Is ‘Like MMM Ponzi Scheme’: Russian Economic Minister

The head of Russia’s Ministry of Economic Development has compared Bitcoin to the infamous Ponzi scheme MMM.
Speaking at the Federation Council, Maksim Oreshkin repeated the theme of “unqualified investors” buying into cryptocurrency being “dangerous.”
“Because if you look at the dynamics of the Bitcoin price, they’re very like the price of MMM,” he said quoted by local news outlet RIA Novosti.
MMM originated in Russia in the late 1980s as the product of serial fraudster Sergey Mavrodi. Law enforcement shut the scheme down and arrested Mavrodi in 2003, but in 2011 MMM resurfaced and is now aggressively targeting consumers in Africa.
“There are very high risks here for those who are interested [in Bitcoin],” Oreshkin continued.
“It’s clear the state cannot protect these people; their actions come entirely at their own risk. I’m simply calling for everyone to be very careful with this issue.”
The minister’s comments continue the increasingly contradictory position Russian authorities have taken on Bitcoin.
A similar offer to restrict Bitcoin to “qualified investors” came from the country’s deputy finance minister Alexey Moiseev earlier this month, while central bank head Elvira Nabiullina said she was “categorically against” allowing it on the Moscow Stock Exchange.
At the same time, state-sponsored efforts to involve Russia in mining continue to gather speed as China’s supremacy seemingly becomes cause for envy.
submitted by ctmediagroup to Bitcoin [link] [comments]

The South African Revenue Service (SARS) Announces New Cryptocurrency Tax Laws

This is the best tl;dr I could make, original reduced by 74%. (I'm a bot)
Although the MMM pyramid scheme had already crumbled in countries such as Nigeria and South Africa, MMM Kenya continued its operations enticing thousands of people to pay money to strangers they interacted with online.
After his release in 2011, the MMM Ponzi scheme resurfaced only that now Mavrodi's target market became the African continent.
In 2015, MMM South Africa was established, promising participants a 30 percent return on their investment and bitcoin became the payment option of choice for the scheme.
The Ponzi scheme would later in 2016 spread to other African countries such as Kenya, Ghana, Nigeria and Zimbabwe.
The new recruits would then be asked to donate money to the "Needy" - the older members - and, in turn, they would earn points in MMM's digital currency.
In the scheme, the more a person gave or the more an old member convinced new members to join, the more points - known as mavros - they earned which they could end up withdrawing as money.
Summary Source | FAQ | Feedback | Top keywords: MMM#1 scheme#2 Kenya#3 Mavrodi#4 money#5
Post found in /Bitcoin, /BitcoinAll, /Crypto_Currency_News and /southafrica.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

My post was removed from /r/bitcoinmarkets

I'll repost it here.
It's always important to comprehend that most Bitcoins are not in circulation and may have simply been lost. As a result, the true market cap of Bitcoin is smaller than we imagine it to be. It's estimated that 20% of bitcoins have been lost. This means the true market capitalization of Bitcoin is closer to 147 billion dollar, than to 184 billion dollar.
Of the 147 billion dollar worth of Bitcoin, most have been gobbled up by a small minority of early adopters. Estimates are that 4.8 million bitcoin are held by 1000 individuals. The rest of the population competes over ownership of a fraction of the total supply. As a result, comparatively minor changes in demand for Bitcoins, lead to tremendous explosions in price.
If you take the above facts into consideration, you will understand that the various scams that operate in this market can execute tremendous influences on the price of a bitcoin. If you think carefully, you'll also understand that this will prevent genuine widespread adoption. Eventually you run out of people who want to participate in a project where their perpetual subservience to a small minority of early adopters is guaranteed from the start.
A number of Ponzi schemes are based on Bitcoin, or have migrated to Bitcoin to escape regulatory hurdles. Consider Bitconnect. A significant number of people who buy Bitcoins, buy Bitcoins to buy Bitconnect coins with them. If your Ponzi scheme doesn't depend on banks willing to work with you, the Ponzi scheme is less vulnerable to being shut down. A few months ago, the market capitalization of Bitconnect was estimated at 2 billion.
Now consider the market in Africa. People in Africa buy Bitcoins, because multilevel marketing schemes in Africa have migrated to using Bitcoin. This is an enormous market, that largely escapes our Western eye. Most of us don't understand how people end up stepping into Bitconnect either, it seems absurd to us. Your Google searches however are based on your search history and as a result, you effectively find yourself thinking and functioning in a different world from the rest of the population.
In addition to these Ponzi schemes, we have a number of exchanges that hold Tethers, which they imagine to be somehow backed by US dollars. There is no evidence whatsoever that any of these dollar reserves actually exist. Tethers have the mysterious habit of being issued whenever the price of Bitcoin is at risk of going down. If you believe this market behaves irrational, consider the possibility that it is simply being manipulated through schemes like these.
It's worth considering that most of the exchanges end up functioning as fractional exchange reserves. Hackers steal from the hot wallet, your software is bugged and accidentally sends out too many bitcoins, the exchange operators can't keep their fingers from the honey pot, etcetera. What do you do when you find you don't have your customer's bitcoins? You inflate the value of Bitcoin, to keep your operations going. That's what Mt. Gox did in 2013, to keep their fractional reserve exchange functioning. This works fine, as long as the value of Bitcoin can keep rising.
Bitfinex, an exchange that has been hacked multiple times and has been shut off from the banking system, came up with Tether to solve their problems. Through use of Tether, you can continually increase the value of Bitcoin. According to Bitfinex employees, Tethers are created when people convert other cryptocurrencies into Tether. In other words, Tethers come into existence because people buy cryptocurrencies, then the Tethers are used to buy more cryptocurrencies with leverage. This can last for a while, but it can't last forever, because eventually it becomes clear the Tethers are not backed by anything.
This whole scheme can't be sustained in the long term, but in the past few months the market has started to behave irrational. Whenever the system is about to fail, new Tethers are issued and the price crash comes to an end. It's clear however that this can't be sustained forever. There are a number of problems you run into. Bitcoin's 1 MB block limit leads to an eventual limit to the number of people who can move their currencies, which ensures transaction fees will keep rising. When Tether fails, the exchanges that are using Tether fail too as a consequence. Other Bitcoin merchants in turn depend on these exchanges, to buy and sell bitcoins. You would be a fool to try to short-sell Bitcoin, because you fail to understand the simple fact that the exchanges will cease to function when the value of Bitcoin starts to go down. It's best to take profit, get out while you still can and watch the building burn down from a safe distance.
submitted by moresourdough to btc [link] [comments]

Of Wolves and Weasels - Day 745 - Weekly Wrapup #100!

Hey all, GoodShibe here!
This was your week in Dogecoin:
(Note: We now have a Weekly Wrapup Time Capsule that collects all 100+ Weekly Wrapups!)
This Week’s oWaWs
Top Images/Memes of the Week
Announcements
HELP WANTED
ACTIVE BOUNTIES
Community Chest: Seeking Community Feedback
Other Dogecoin Communities
Dogecoin Attractions – Neat or interesting things to check out/ Take part in this Week
Other Interesting Stuff
Did I miss anything? Do you have a Dogecoin community you want featured? Let me know!
It’s 8:45AM EST and Sunday is FunDay, right? Right? Our Global Hashrate is holding at ~1430 Gigahashes per second and our Difficulty is holding at ~16674.
As always, I appreciate your
submitted by GoodShibe to dogecoin [link] [comments]

Sergei Mavrodi of MMM fame is using bitcoin in his latest Ponzi scheme.

Coindesk post: Bobby Lee, CEO of Chinese exchange BTCC, told CoinDesk his platform has seen a significant volume increase, though he dismissed much of his competitors' volume as "artificial".
Those behind the volume, he said, are not traders but consumers sucked into a Russian ponzi scheme, MMM.
"We have posted warnings on our site and on our social media to warn users to be careful, but they have been coming to our exchange and buying out like crazy," he said, adding:
"This time it's not speculative trading but based on them getting sucked into this ecosystem."
MMM mastermind: https://en.wikipedia.org/wiki/Sergei_Mavrodi
News mentioning MMM and bitcoin: http://mg.co.za/article/2015-09-10-rich-pickings-for-russian-con-artist
Ponzi site: http://rsa-mmm.net/
MMM rules: "There are no rules. In principle! The only rule is no rules. At all! Even if you follow all of the instructions, you still may "lose". "Win" might not be paid. Without any reasons or explanations. And in general, you can lose all your money. Always remember about this and participate only with spare money. Or do not participate at all! Amen. :-))"
Facebook: https://www.facebook.com/MMMGlobal.SouthAfrica
Additional proof he is using BTC to fund his Ponzi: http://i.imgur.com/g47OEq4.png and http://i.imgur.com/CgI6mMa.png
MMM's user finance page with BTC conversions: https://www.youtube.com/watch?v=jVJuSGNykBM
submitted by jron to Bitcoin [link] [comments]

03-29 03:03 - 'The founder of the MMM financial fraud, Sergei Mavrodi, left 140 thousand bitcoins.' (self.Bitcoin) by /u/JoelYang removed from /r/Bitcoin within 989-999min

'''
It is said that Sergei Mavrodi has left about 140 thousand bitcoins to his descendants. Once these bitcoins enter the market, they will strike a new round of attack on the currently falling market. [link]1
'''
The founder of the MMM financial fraud, Sergei Mavrodi, left 140 thousand bitcoins.
Go1dfish undelete link
unreddit undelete link
Author: JoelYang
1: t*s*.*o*/socie*y/9961*7
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Bitcoin in Africa is driven by MMM Mavrodi ponzi scheme

This is the best tl;dr I could make, original reduced by 87%. (I'm a bot)
The scheme associates itself closely with Bitcoin in its marketing materials, explaining that "MMM and Bitcoin have similar ideologies: they strive to defeat the social inequalities, to free people from banks, and to make the world fairer."
After countries like South Africa and Nigeria attempted to shut them down in 2016, MMM paused their operations, only to return at the beginning of 2017 with a new marketing focus: Bitcoin.
For those who might find it daunting to set-up a Bitcoin wallet, MMM provides step-by-step documentation, suggesting that "You can start using Bitcoins even if you don't know all the technical details." In many ways, MMM has provided one of the most consumer-friendly support services for new users of the cryptocurrency.
That's precisely what happened in 2016, when MMM abruptly shut down their first Bitcoin-based ponzi scheme.
While accounts were frozen, MMM encouraged users to participate in "Promo tasks" to enlist new people to their local MMM branch, promising that if their country developed a big enough network they would eventually get their money back.
These public service announcements are easily lost in the deluge of misinformation and marketing materials produced by large ponzi operations like MMM. Like many multi-level marketing schemes, MMM rewards participants for promotional work, such as recording testimonial videos and holding recruitment sessions in their homes.
Summary Source | FAQ | Feedback | Top keywords: MMM#1 Bitcoin#2 world#3 Cryptocurrency#4 new#5
Post found in /Buttcoin, /Economics, /Bitcoin, /economy, /BitcoinAll and /Bitcoincash.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

[uncensored-r/BitcoinMarkets] Bitcoin's price rise is caused by Ponzi schemes, inflated expectations and money created out of t...

The following post by moresourdough is being replicated because the post has been silently removed and some comments within it have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ BitcoinMarkets/comments/7h2gtt
The original post's content was as follows:
It's always important to comprehend that most Bitcoins are not in circulation and may have simply been lost. As a result, the true market cap of Bitcoin is smaller than we imagine it to be. It's estimated that 20% of bitcoins have been lost. This means the true market capitalization of Bitcoin is closer to 147 billion dollar, than to 184 billion dollar.
Of the 147 billion dollar worth of Bitcoin, most have been gobbled up by a small minority of early adopters. Estimates are that 4.8 million bitcoin are held by 1000 individuals. The rest of the population competes over ownership of a fraction of the total supply. As a result, comparatively minor changes in demand for Bitcoins, lead to tremendous explosions in price.
If you take the above facts into consideration, you will understand that the various scams that operate in this market can execute tremendous influences on the price of a bitcoin. If you think carefully, you'll also understand that this will prevent genuine widespread adoption. Eventually you run out of people who want to participate in a project where their perpetual subservience to a small minority of early adopters is guaranteed from the start.
A number of Ponzi schemes are based on Bitcoin, or have migrated to Bitcoin to escape regulatory hurdles. Consider Bitconnect. A significant number of people who buy Bitcoins, buy Bitcoins to buy Bitconnect coins with them. If your Ponzi scheme doesn't depend on banks willing to work with you, the Ponzi scheme is less vulnerable to being shut down. A few months ago, the market capitalization of Bitconnect was estimated at 2 billion.
Now consider the market in Africa. People in Africa buy Bitcoins, because multilevel marketing schemes in Africa have migrated to using Bitcoin. This is an enormous market, that largely escapes our Western eye. Most of us don't understand how people end up stepping into Bitconnect either, it seems absurd to us. Your Google searches however are based on your search history and as a result, you effectively find yourself thinking and functioning in a different world from the rest of the population.
In addition to these Ponzi schemes, we have a number of exchanges that hold Tethers, which they imagine to be somehow backed by US dollars. There is no evidence whatsoever that any of these dollar reserves actually exist. Tethers have the mysterious habit of being issued whenever the price of Bitcoin is at risk of going down. If you believe this market behaves irrational, consider the possibility that it is simply being manipulated through schemes like these.
It's worth considering that most of the exchanges end up functioning as fractional exchange reserves. Hackers steal from the hot wallet, your software is bugged and accidentally sends out too many bitcoins, the exchange operators can't keep their fingers from the honey pot, etcetera. What do you do when you find you don't have your customer's bitcoins? You inflate the value of Bitcoin, to keep your operations going. That's what Mt. Gox did in 2013, to keep their fractional reserve exchange functioning. This works fine, as long as the value of Bitcoin can keep rising.
Bitfinex, an exchange that has been hacked multiple times and has been shut off from the banking system, came up with Tether to solve their problems. Through use of Tether, you can continually increase the value of Bitcoin. According to Bitfinex employees, Tethers are created when people convert other cryptocurrencies into Tether. In other words, Tethers come into existence because people buy cryptocurrencies, then the Tethers are used to buy more cryptocurrencies with leverage. This can last for a while, but it can't last forever, because eventually it becomes clear the Tethers are not backed by anything.
This whole scheme can't be sustained in the long term, but in the past few months the market has started to behave irrational. Whenever the system is about to fail, new Tethers are issued and the price crash comes to an end. It's clear however that this can't be sustained forever. There are a number of problems you run into. Bitcoin's 1 MB block limit leads to an eventual limit to the number of people who can move their currencies, which ensures transaction fees will keep rising. When Tether fails, the exchanges that are using Tether fail too as a consequence. Other Bitcoin merchants in turn depend on these exchanges, to buy and sell bitcoins. You would be a fool to try to short-sell Bitcoin, because you fail to understand the simple fact that the exchanges will cease to function when the value of Bitcoin starts to go down. It's best to take profit, get out while you still can and watch the building burn down from a safe distance.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Bitcoin’s rise in African markets is driven by an old Russian ponzi scheme

This is the best tl;dr I could make, original reduced by 87%. (I'm a bot)
The scheme associates itself closely with Bitcoin in its marketing materials, explaining that "MMM and Bitcoin have similar ideologies: they strive to defeat the social inequalities, to free people from banks, and to make the world fairer."
After countries like South Africa and Nigeria attempted to shut them down in 2016, MMM paused their operations, only to return at the beginning of 2017 with a new marketing focus: Bitcoin.
For those who might find it daunting to set-up a Bitcoin wallet, MMM provides step-by-step documentation, suggesting that "You can start using Bitcoins even if you don't know all the technical details." In many ways, MMM has provided one of the most consumer-friendly support services for new users of the cryptocurrency.
That's precisely what happened in 2016, when MMM abruptly shut down their first Bitcoin-based ponzi scheme.
While accounts were frozen, MMM encouraged users to participate in "Promo tasks" to enlist new people to their local MMM branch, promising that if their country developed a big enough network they would eventually get their money back.
These public service announcements are easily lost in the deluge of misinformation and marketing materials produced by large ponzi operations like MMM. Like many multi-level marketing schemes, MMM rewards participants for promotional work, such as recording testimonial videos and holding recruitment sessions in their homes.
Summary Source | FAQ | Feedback | Top keywords: MMM#1 Bitcoin#2 world#3 Cryptocurrency#4 new#5
Post found in /Bitcoin, /Economics, /economy, /BitcoinAll and /Bitcoincash.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

MASSIVE BITCOIN NEWS!!!!!!! PRESIDENT BULLISH ON BITCOIN!!!?? HUUGE BREAKOUT IMMINENT!!! MAVRODI COIN - YouTube MMM Global, weekly news from Sergey Mavrodi (2015.08.26) Weekly video message of April 26, 2019 #MMM #Mavrodi MMM Mavrodi - It's Real MMM

Join us on Telegram to get the most recent rip-off alerts and different updates in bitcoin house.. The submit The Story of MMM Kenya – Founder Mavrodi’s Death and Collapse Of Platform appeared first on BlockNewsAfrica.. Post supply: The Story of MMM Kenya – Founder Mavrodi’s Death and Collapse Of Platform More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com The Bitcoin rhetoric may feel like a scam to some, it resonates with millions around the globe who carry out their business in the informal economy. Bitcoin in Africa is driven by MMM Mavrodi Sergei Mavrodi’s massive, The website was eventually updated to accept bitcoin payments and recommended using it instead of fiat currency. British news producer Peter Pomerantsev wrote Mavrodi claimed in a 2015 interview with FT Alphaville: “If I refuse using Bitcoin tomorrow, it will fall down.” This may not have been far from the truth, back in the day. The Financial Times reported in November 2015 on a Bitcoin price spike apparently caused by a rush of Chinese people buying bitcoins to join an MMM scheme. Weekly News Roundup: Akoin City Secures New Partnerships, Blockchain Startups Join Kenya’s Regulatory Sandbox. In Bitcoin Africa’s Weekly News Roundup, we look at the most trending blockchain and cryptocurrency stories from Africa this week.

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MASSIVE BITCOIN NEWS!!!!!!! PRESIDENT BULLISH ON BITCOIN!!!?? HUUGE BREAKOUT IMMINENT!!!

The BTC news & analysis can be inspiration for your own Bitcoin trading or investing, but is NOT financial advice. On this channel, The Moon, I make 1 video every single day about crypto news ... Well, the news is excellent as usual, we are close to reach thirty thousand participants for now. Nowadays everyone discussing the recent rise of Bitcoin. In fact, there is nothing to discuss ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Hello, here is the news. Everything is wonderful in the Republic of Bitcoin. The dynamics is very high. You can see it. Everybody is paid, so the participants are happy and satisfied as it should ... CRYPTO USSR MMM GLOBAL 3.0 Welcome! Free bonus 5 MWR for all! TODAY THE BIRTH OF THE GREAT SYSTEM AND SOCIETY! In this system, you can receive hundreds and thousands of percent per month!