“MMM is a community of people providing each other financial help on the principle of gratuitousness, reciprocity and benevolence,” the firm says of itself, adding that bitcoin underpins its transactions.
“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,” MMM incredibly writes in its “Warning!” section.
Quartz wrote an in-depth look at MMM and its founder’s criminal history in 2013.
The Financial Times’ Alphaville blog wrote Wednesday that MMM’s increasing popularity in China is behind the digital currency’s sharp rise (which, as CNBC noted earlier this week, is on the back of high Chinese exchange volumes).
MMM did not immediately respond to a request for comment from CNBC.
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One theory behind blaming MMM for the price jump is that its increasing popularity requires it to demand more bitcoins for transactions, which is boosting exchange rates in the relatively illiquid market.