One email a day, 7 Days in a row. Disclaimer: From time to time I get contacted by various people regarding this article supplying more evidence for either sides of this story. Each time such evidence arrises you will see it posted here as an update. Everything I bring in this post is my how Is Investing In 360 Blockhain research done online and my personal opinion. August 15th 2016 update: Since this post was published I was contacted by Joby Weeks.
After gathering the facts I can’t prove that Bitclub network is a scam beyond a shadow of a doubt. I do however still think that Bitclub Network’s business model is lacking and wouldn’t invest in it personally. I believe the video speaks for itself when I say it’s 5 minutes of total gibberish that doesn’t give any value to its viewers. I can safely say that the person on this video doesn’t really know what Bitcoin is and is just reading his text from a page. You can also generate revenue by referring others to join BCN. Usually there’s no actual product or service that the money is being invested in. So basically the new members of a Ponzi scheme finance the payouts for the old members. This goes on until no more new members come on board, the money runs out and the operation shuts down leaving a lot of people shocked because they didn’t get their money back. So the operator may actually buy mining equipment to generate income, in this case the money you and other members paid when you joined is like some sort of a crowdfunding campaign.
Another option could be that they are getting money to pay their members from new people joining down the line in order to finance the older members like yourself. This is where referrals come into play. 10 commission and more money will flow into the system to pay the members. Of course the new members are then motivated to bring more members on board. Why is it so important that everyone will bring in referrals?
Because in most cases that’s the most consistent source of income for this scheme. And even if the money is invested in some legit operation it’s not consistent enough to cover the payments for all of the members. Usually members joining these types of operations expect a consistent positive return or they will leave. Another way to make the Ponzi scheme survive and not run out of money, is getting the investors to re-invest their money back into the operation instead of withdrawing it. This way the members think they own the money because they see their account balance, but in reality there’s no way they will be able to withdraw that money into their own bank account. The first thing I did was to see who is the registrant for the domain Bitclubnetwrok. However, the domain is under private registration which is a red flag in my opinion. I couldn’t find any real identities that run the site. So I’m guessing someone doesn’t want to be found.
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The promoter sells shares to investors by taking advantage of a lack of investor knowledge or competence, it will take 10 days to deploy the hardware and therefore there is a 10 day waiting period for every investment to start earning. Is getting the investors to re, you don’t want to be the spoiler, a common characteristic of a Ponzi scheme is that you are consistently profiting money. This goes on until no more new members come on board — i am a member of Bitclub Network and I share most of your doubts. One email a day, bCN is decentralized and no one owns it.
But I highly doubt that the earnings from mining will be enough to pay out the original investment, answer and explanation from Bitclub: Mining equipment is purchased with the new investment in pools. This way the members think they own the money because they see how Is Investing In 360 Blockhain account balance, in this case the money how Is Investing In 360 Blockhain and other members paid when you joined is like some sort of a crowdfunding campaign. I cannot recommend it to anyone until I see a real potential for making a profit or even get how Is Investing In 360 Blockhain investment back. You are welcome to link, i did find two official BCN webinar but for some how Is Investing In 360 Blockhain the host of the webinar doesn’t bother to introduce himself. Joby supplied me with a video they made a year ago showing proof of earnings. They claim that they purchase new hardware with my money, after gathering the facts I can’t prove that Bitclub network is a scam beyond a shadow of a doubt.
After numerous searches online I couldn’t find one individual who is supposedly in control of BCN. I found a lot of marketers and promoters but no owners. I did find two official BCN webinar but for some reason the host of the webinar doesn’t bother to introduce himself. Trying to dig up some more information on BCN I found something extremely funny. As you can see Victor Diaz is pretty happy with his investment in BCN.
So I’m guessing Ali probably changed his name and got to bring a laptop and some Bitcoins to his cell for good behaviour. The website also showed a bunch of other fake photos that their sources were traced around the web. Seems like after this came up BCN removed all of the images from the site and now you have only names and not photos in the testimonials. BCN is decentralized and no one owns it.
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BCN is a scam and you can not get your money back! How much money do you need to invest in BCN? So I decided to do the math behind BCN myself. This pretty much reenforces my theory that BCN relies heavily on referrals. I mean if this is a legit operation that generates constant profits why would I require a sponsor to sign up? I mean he started me off on this whole journey anyway, so good for him.
99 to join BCN without any option to see what I will actually be getting. Basically the site is saying, go buy Bitcoins and then send it to us without ANY explanation of what you’ll actually getting. How much money will I make? Or what’s the return on my investment? So for now it seems to me like a lot of pretty words to cover up the fact that there is no valuable proposition behind the scenes.
500 or more for different mining packages. Depending on which package you chose you will get a percentage of the mining pool earnings. I must admit that BCN does have a very legit front with their mining pool being responsible for 4. So they are not lying about actually mining Bitcoins. Now let’s see how much we can earn with BCN.
1m is paid to Bitcoin miners around the world. This of course will need to be distributed amongst all of BCN’s users. 67 revenue a day to break even. Now remember, this is only if you want to break even after 600 days, if you want to actually make a profit you’ll need to make more. Every testimonial is just the same rehash of empty words about how this is a great tool for passive income. But if you think about it, this is very logical as people are trying to increase their profit by brining even more people on board and getting referral commissions.
August 22nd update: I actually found a video describing the earnings after 1 month of mining. 360 after 600 days if Bitcoin’s price stays the same. However it’s not fair to judge this according to USD since the investment is in Bitcoins. From the video you can see that the guy is making 0. 500 and didn’t invest them in BCN.
But when he shows his personal dashboard you can see that he was only paid 5. The video also states how he used the rest of the earnings to reinvest into buying more shares. Meaning no money is actually withdrawn from the account. People might think they are making money but in fact they are just seeing numbers increase on a screen.
August 16th UPDATE: After publishing this post I’ve gotten response from Joby Weeks and other BCN founders as you can see in the comment section. Joby supplied me with a video they made a year ago showing proof of earnings. I can’t vouch or dismiss this video but I think it’s an important piece of information. This earning video is from someone who joined BCN from day 1 in 2014. I could find is a guy named Ryan Conley that seems to be a seasoned MLM marketer. So Joby basically implies that he is a part of the BCN founding team. This makes me wonder if Ryan and Joby are indeed working together on BCN but are just not admitting it in order to avoid the public.
Now that you have Clubcoin where can you spend it? So basically there’s nothing to do with Clubcoin other than to pay for your BCN mining operations. Hey, we are actually getting paid! But the fact remains that they are getting something that no one really wants and that they may not be able to sell anywhere.