2 ms·

Is it a system for remittances to the third world?' Even more so, I feel like the third world is becoming more of a dumpster for first world crypto experiments

by marban 4y ago

Is it a system for remittances to the third world?' Even more so, I feel like the third world is becoming more of a dumpster for first world crypto experiments where the number of greater fools is declining.

mjburgess 4y ago
Incidentally, much like the Tabaco industry. No doubt, as western nations increasingly ban this stuff or regulate it out of existence, the scam will move across the ocean.
orangepurple 4y ago
You should check out MMM Global https://behindmlm.com/companies/mmm-global/ https://behindmlm.com/companies/mmm-global/ It appears the main guy behind it died recently, but its still an active movement in Africa. https://behindmlm.com/companies/mmm-global/mmm-globals-sergey-mavrodi-dead-of-a-heart-attack-at-62/ https://behindmlm.com/companies/mmm-global/mmm-globals-serge... The number of people caught up in these scams is just insane: 3 million Nigerians lose $57 million in MMM Nigeria collapse https://behindmlm.com/companies/mmm-global/3-million-nigerians-lose-57-million-in-mmm-nigeria-collapse/ https://behindmlm.com/companies/mmm-global/3-million-nigeria...
piva00 4y ago
Anecdotally, I hadn't visited Brazil in almost 4 years. Went there some months ago and was definitely surprised (and shocked) by how much chatter about cryptocurrencies was going around. Uber drivers, waiters, bartenders, cashiers, I had experience with them and many other people trying to tell me how they were into crypto, showing me graphs of their earnings (or losses), etc. It was really alarming to see how many vulnerable people had bought into this mania in a poor country. The moment this bubble pops and crashes it will bring down a lot of non-cryptobros that are being shilled, either by influencers or other "hodlers" friends or family (that may actually think it's a good "investment"). It's looking pretty ugly for the next recession.

by marban 4y ago

mjburgess 4y ago

Incidentally, much like the Tabaco industry. No doubt, as western nations increasingly ban this stuff or regulate it out of existence, the scam will move across the ocean.

orangepurple 4y ago

You should check out MMM Global https://behindmlm.com/companies/mmm-global/ https://behindmlm.com/companies/mmm-global/ It appears the main guy behind it died recently, but its still an active movement in Africa. https://behindmlm.com/companies/mmm-global/mmm-globals-sergey-mavrodi-dead-of-a-heart-attack-at-62/ https://behindmlm.com/companies/mmm-global/mmm-globals-serge... The number of people caught up in these scams is just insane: 3 million Nigerians lose $57 million in MMM Nigeria collapse https://behindmlm.com/companies/mmm-global/3-million-nigerians-lose-57-million-in-mmm-nigeria-collapse/ https://behindmlm.com/companies/mmm-global/3-million-nigeria...

piva00 4y ago

Anecdotally, I hadn't visited Brazil in almost 4 years. Went there some months ago and was definitely surprised (and shocked) by how much chatter about cryptocurrencies was going around. Uber drivers, waiters, bartenders, cashiers, I had experience with them and many other people trying to tell me how they were into crypto, showing me graphs of their earnings (or losses), etc. It was really alarming to see how many vulnerable people had bought into this mania in a poor country. The moment this bubble pops and crashes it will bring down a lot of non-cryptobros that are being shilled, either by influencers or other "hodlers" friends or family (that may actually think it's a good "investment"). It's looking pretty ugly for the next recession.