Contrary to expectations, MMM reopened earlier than advertised schedule. The scheme was expected to get back January 14, but came January 13, 2017. According to the information released on their platform, “The decision was carried out after considering the uneasy situation of participants so as to have them reassured and cheered up.”
However, certain procedures have been put in place, such as gradual paybacks would be made by setting internal output limits. This means only a certain amount would be generated per day till the system of operation returns to normal.
Paybacks would be made available to the economically disadvantaged (members with small PH amounts), before attending to those with higher PH.
The scheme called on the mass media and authorities to avoid interference and have mercy on people.
What you need to know about Bit coins
Bit coins is a crypto currency (invisible or hidden currency) and payment system.
It was invented by an unidentified programmer under the name Satashi Nakamoto.
It was introduced on October 31, 2008 and became an open-source software in 2009.
The system is peer-to-peer and the transactions take place between users directly, without an intermediary.
The system works without a central administration (decentralized).
Bit coins is illegal in Bangladesh, Bolivia and Ecuador
It has a very high volatility (could appreciate or depreciate easily).
The risks associated with bit coins include unauthorized spending, forging of bit coins and double spending.