MM is good for growing mangroves, algae, and sea grasses. If these are the types of life forms trying to be kept, then MM would be great. 80% of MM is composed of the rot and filth that accumulates at the bottom of the ocean. This makes it great fertilizer for these types of systems. This is the opposite of the environment that stony corals prosper in. Stony corals thrive in very nutrient poor water.

Their own site for one. http://www.ecosystemaquarium.com/products/miracle-mudr.htmlWhat is your source of data concerning the composition of Miracle Mud?
1) By analysis, it is impossible that miracle mud is 80% rot and filth that has accumulated on the bottom of the ocean.
it is nothing more than silica sand.
I'm not sure I'd call it "snake oil", but I would call it overpriced. It's just a fine-grained substrate, with some questionable additives in it. It'll work well for seagrasses and mangroves, but it can be messy and it's particularly useful for macroalgae that we grow for nutrient export, IMO.
What is your source of data concerning the composition of Miracle Mud?
For one, by analysis, MM is 26 - 30% silicon, other major constituents: Aluminum, 5-7%, calcium 2 - 4%, iron 3 - 4%, magnesium 1 - 2%, and sodium .6 - 1%. Tested by Northern Analytical Laboratories (New Hampshire) using Glow Discharge Mass Spectometry and an independent analyisis by Lars Sebralla, (Germany) using X-ray Fluorescence Spectometry.
1) By analysis, it is impossible that miracle mud is 80% rot and filth that has accumulated on the bottom of the ocean.
2) If all the silicon in MM is in the form of SiO2 (silicon dioxide), then MM is > 63% quartz. (Source: Randy Holmes-Farley)
In short: MM is not composed of 80% rot and filth from the bottom of the ocean, it is nothing more than silica sand. And as someone already pointed out: Snake oil.
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MM is probably good stuff. Many have used it with great success. I just think it's way over priced.