Bortezomib, Dexamethasone, and Cyclophosphamide in Treating Older Patients With Multiple Myeloma

Inclusion Criteria: * Patients must have a confirmed diagnosis of symptomatic myeloma in accordance with International Myeloma Working group (IMWG) criteria * Bone marrow plasmacytosis with \> 10% plasma cells or sheets of plasma cells or biopsy proven plasmacytoma * Symptomatic disease, i.e., end-organ damage due to multiple myeloma (MM) including at least one of the following: anemia, hypercalcemia, bone disease (lytic bone lesions or pathologic fracture), or renal dysfunction * Absolute neutrophil count (ANC) \>= 1000 cells/mm\^3 (without use of growth factors) * Platelets \>= 50,000 cells/mm\^3 * Direct bilirubin =\< 1.5 X upper limit of normal (ULN); elevated bilirubin is permissible if patient has a known history of elevated bilirubin due to Gilbert's or if elevated bilirubin is due to hemolysis * Alanine aminotransferase (ALT) (serum glutamate pyruvate transaminase \[SGPT\]) =\< 1.5 X ULN * Subjects must have the ability to understand and the willingness to sign a written informed consent document Exclusion Criteria: * Prior treatment with \> 1 cycle of any plasma cell myeloma (PCM) induction regimen (maximum 6 weeks of prior treatment) * Prior radiation therapy is allowed * Prior treatment for other cancers is allowed as long as patient meets criteria for adequate hematopoietic and organ function and is not actively on chemotherapy for another cancer * Grade \>= 2 peripheral neuropathy * Second malignancy currently undergoing chemotherapy or radiotherapy; hormonal therapy for breast or prostate cancer is allowed * Patients may not be receiving any other investigational agents * History of allergic reactions attributed to compounds of similar chemical or biologic composition to bortezomib, cyclophosphamide, dexamethasone or other agents used in this study * Patients with uncontrolled intercurrent illness including, but not limited to ongoing or active infection, symptomatic congestive heart failure, unstable angina pectoris, cardiac arrhythmia, or psychiatric illness/social situations that would limit compliance with study requirements