CNY - USD spread is completely due to MMM. The Russian Mavrodi is the only one who is evading capital controls via Bitcoin.
Chinese citizens have been duped into this MMM scheme. The Chinese buy Bitcoin on all the Chinese exchanges in order to participate in this 100% returns a month MMM ponzi. The operators of the ponzi are Russian. Him and his friends do not want CNY in a Chinese bank that is useless and stuck there. That is why the scammers move the Bitcoins to an exchange like Bitfinex and BTC-e who do not do proper KYC and sell into USD and withdraw it there. That is why BTC is 10% more expensive in CNY trading at $420 than it is in USD at Bitfinex / BTC-e where it's trading at $380. There is no mass wave of Chinese looking to escape capital controls through Bitcoin at a loss of 10%. Nor is there a ton of Chinese who suddenly wanted to HODL BTC. The only person moving money out of China is this one guy / group who are taking the ponzi profits out and couldn't not care less about losing 10%. The spread between CNY and USD has been increasing from 2% premium to 10% because the ponzi has been growing in China, while at the same time the guy cashing out has become more aggressive in selling on the USD exchanges known for soft KYC with his exit. You can't find these criminals on the Chinese exchanges. There, it's many people buying a little bit of bitcoin. But you can find these disgusting criminals by checking the wires out of the USD exchanges where he and his group are now cashing out. The reason the price rallied was because Chinese people kept buying Bitcoin during the day in order to enter the MMM. The coins went to these operators who HODL'ed. And now the price is collapsing is because these operators are dumping quickly as this scheme hits the media globally. So the whole Chinese people evading capital control thing? No there's nothing there. This is due to one guy who wants to avoid capital controls and because he's foreigner running a ponzi scheme in China and wants to get the money out in USD. The Chinese people probably quite enjoy living in China at 7% GDP growth, and are liking the country's rise in the world.
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.
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.
MMM Kenya, a local affiliate of MMM Global, is in a limbo after the death of its founder Sergey Mavrodi. Mavrodi, who had been operating the dubious money doubling scheme online, reportedly passed away after a heart attack last Sunday, leaving thousands of his victims with worthless “mavros” and hundreds of millions of shillings lost. MMM has its origins in Russia where it was launched in the 1990s by its founder Sergei Mavrodi. When it collapsed, it’s believed investors lost billions of dollars, though the exact amount is ... Similar to the launch of BitCoin. MMM DAPP, or MMM Decentralized Application, is a completely decentralized smart contract system created by MMM Core Technology team and Ethereum and TRON core members. Based on Sergey Mavrodi's theory and practice, combined with the latest blockchain smart contract technology, all data in MMM DAPP, such as providing help, getting help, team funding, team ... Mavrodi’s enterprise is called MMM, which is an acronym for “we can do a lot” in Russian. In its first incarnation in the early 1990s, as many as 10 million Russians participated in it as ... In this paper, we focus on Ponzi schemes that operate on Bitcoin and perform an in-depth analysis of MMM, one of the oldest and most popular Ponzi schemes. Based on 423K transactions involving 16K ...
What is Bitcoin and how to participate in MMM using bitcoins
MMM Mavrodi - It's time to change the World. ----- 50% Growth Income per Month 30% Task I... 00:00 - 2:53 What is Bitcoin. 2:54 - 5:35 MMM Presentation. I'm the manager of MMM Global. At me to you four offers from MMM Global. January 02 , 2018, a lar... MMM Exchange : https://mmmexchange.com/ Mavrodi Office : www.mmmmavrodi.com My new conclusion from MMM Global 2! Bitcoin 1.08 = 1256$ increase in money in the MMM 100%per month - Duration: 3:24. Alexander 亞歷山大 MMM GLOBAL2 BitCoin SERGEY MAVRODI 3,396 views #mavro #mmmglobal #mmm #mavrodi #mavrocoin #bitcoin #ethereum #ether #mavrodicoin Show less Read more Uploads Play all. 4:40. MAVRODI COIN ICO COIN ...