Wow Digit Review: Wow eCoin (WowCoin) Ponzi points
Wow Digital Development (Wow Digit) operate in the MLM cryptocurrency niche and are purportedly based out of Hong Kong.
The company claims on its website (“wowdigit.com”) to be a subsidiary of Gideon Holding Inc. Third-party verifiable information on Gideon Holding Inc. (not to be confused with Gideon Holdings Inc.), appears to be non-existent.
Hu Chuan Chen (right) is cited as Founder, CEO and Chairman of Gideon Holding Inc. This presumably places him also in charge of Wow Digit.
On the Wow Digit website, Chen is also credited as ‘Director of World Mobile International and Miktam Technologies (USA)‘.
As far as I can tell, Chen doesn’t appear to have an MLM history.
Read on for a full review of the Wow Digit MLM opportunity.
The Wow Digit Product Line
Wow Digit has no retailable products or services, with affiliates only able to market Wow Digit affiliate membership itself.
Once signed up, Wow Digit affiliates can invest in Wow eCoins (also known as WowCoins) and participate in the attached MLM opportunity.
The Wow Digit Compensation Plan
The Wow Digit compensation plan sees affiliates invest up to $50,000 in Wow eCoin points.
- $500 investment =400 Wow points
- $1000 investment = 850 Wow points
- $3000 investment = 2600 Wow points
- $5000 investment = 4500 Wow points
- $9999 investment = 9500 Wow points
- $30,000 investment = 29,000 Wow points
- $50,000 investment = 50,000 Wow points
In addition to a Wow eCoin ROI, commissions are paid when Wow Digit affiliates recruit others who do the same.
Wow eCoin ROIs
When an affiliate invests in Wow points they use these points to acquire Wow eCoins.
Wow Digit assign an arbitrary value to Wow eCoins, which the company claims “can never go down”.
To earn a ROI, Wow Digit affiliates exchange Wow eCoins into real cash at the current rate.
Wow Digit do not publish the current value of Wow eCoins on their website. The company also charges a 10% fee on all Wow eCoin withdrawal requests.
Recruitment Commissions
When a Wow Digit affiliate recruits a new affiliate who invests, they receive a percentage of funds invested.
How much of a percentage is determined by how much the recruiting Wow Digit affiliate initially invested themselves:
- invest $500 = 6% referral commission
- invest $1000 = 7% referral commission
- invest $3000 = 8% referral commission
- invest $5000 = 9% referral commission
- invest $9999 = 10% referral commission
- invest $30,000 = 11% referral commission
- invest $50,000 = 12% referral commission
Residual Recruitment Commissions (unilevel)
Residual unilevel recruitment commissions allow a Wow Digit affiliate to earn on funds invested by their downline.
Wow Digit pay residual unilevel recruitment commissions via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
Wow Digit cap payable unilevel levels at seven, with affiliates paid according to how much they initially invested:
- invest $500 and earn 3% on level 1 (personally recruited affiliates)
- invest $1000 and earn 3% on levels 1 and 2
- invest $3000 and earn 3% on levels 1 to 3
- invest $5000 and earn 3% on levels 1 to 4
- invest $9999 and earn 3% on levels 1 to 5
- invest $30,000 and earn 3% on levels 1 to 6
- invest $50,000 and earn 3% on levels 1 to 7
Residual Recruitment Commissions (binary)
Residual binary recruitment commissions allow a Wow Digit affiliate to earn on funds invested by their downline.
Wow Digit pay residual binary recruitment commissions via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The second level of the binary team is generated by splitting each of the first two positions into another two positions each (4 positions).
The third and subsequent levels of the binary are generated in the same manner, with each new level housing twice as many positions as the previous level.
Positions in a binary team are filled via direct and indirect recruitment of new Wow Digit affiliates, with new binary levels generated as required.
Each day Wow Digit tally up investment volume on both sides of the binary team, with a commission paid out as a percentage of funds invested in the weaker side.
How much of a percentage is paid out is determined by how much a Wow Digit affiliate initially invested:
- invest $500 = 6% binary commission
- invest $1000 = 7% binary commission
- invest $3000 = 8% binary commission
- invest $5000 = 9% binary commission
- invest $10,000 or more = 10% binary commission
Binary commissions are capped daily, also based on how much a Wow Digit affiliate initially invested:
- invest $500 = $500 daily cap
- invest $1000 = $1000 daily cap
- invest $3000 = $3000 daily cap
- invest $5000 = $5000 daily cap
- invest $9999 = $7000 daily cap
- invest $30,000 = $8500 daily cap
- invest $50,000 = $10,000 daily cap
Global Pool Sharing
Wow Digit’s Global Pools appear to be made up of 1% of company-wide investment.
There are four pools in total, corresponding with a $5000, $9999, $30,000 or $50,000 investment.
The Wow Digit compensation document is vague but seems to suggest affiliates who have invested these amounts receive one share in the corresponding Global Pool.
Mandatory Reinvestment
30% of all commissions paid out by Wow Digit must be reinvested back into new Wow eCoins.
Joining Wow Digit
Wow Digit affiliate membership is tied to a $500 to $50,000 investment.
The primary difference between how much a new Wow Digit affiliate invests is income potential through the Wow Digit compensation plan.
Conclusion
Wow Digit is what you’d expect from yet another Asia-based company pushing an MLM cryptocurrency.
You’ve got a bunch of shell companies and feigned partnerships with legitimate-looking companies, gala events held to promote the scheme, claims that Wow eCoin will be the next bitcoin and suckers primarily from China and India eating it up.
The reality is Wow Digit’s Wow eCoin is worthless outside of the opportunity.
Wow eCoin are only traded through the Wow eTrade website (“wowetrade.com”). They are otherwise not publicly traded and serve no practical use, other than for Wow eCoin and their affiliates to use to extract funds from newly recruited affiliates.
Wow Digit assign a value to the coins and investors putting in withdrawal requests hope there’s enough new investment to cover their withdrawal.
The use of newly invested funds to pay off existing affiliates makes Wow Digit a Ponzi scheme.
The rest of the Wow Digit compensation plan is focused on recruitment incentives, as without a constant stream of newly invested funds, Wow Digit will collapse.
Pay to play is also prominent in Wow Digit’s compensation plan, with how much an affiliate invests determining how much they earn.
The 30% mandatory reinvestment will serve to keep Wow Digit alive for some time, but ultimately the ever-increasing value of Wow eCoin will see withdrawals eclipse newly invested funds.
Initially Wow Digit will continue to operate at a loss, in the hope recruitment will pick up. If it doesn’t, the scheme will collapse.
As is mathematically guaranteed in such schemes, the majority of Wow Digit affiliates will lose money. Referral commissions eat up a significant percentage of newly invested funds, with the rest withdrawn by early investors who have large enough Wow eCoin balances to sustain regular withdrawals.
The rest of the Wow Digit affiliate-base is promised riches but when the time comes to withdraw, will inevitably find out there’s nothing left.
We’ve seen this play out already in uFun Club and USFIA, both of which were marketed and operated in much the same manner Wow Digit is.
Indians weren’t a large presence in either uFun Club or USFIA. Now, through Wow eCoin, evidently it’s their turn to lose money.
I was solicited JUST YESTERDAY (first time I heard of it) by a Michael Angelo Adigue on someone else’s FB Page who posted this and offered to “send more information about this amazing opportunity:”
hahaha, sounds “familiar,” but they’re selling for 2nd pace, apparently, to appear more realistic??
He sent me this video which was pretty much all I needed to know before cutting off all communications. Is there an original bone in these people’s bodies!?!
youtu.be/IlusfLfjnrs
Yep. This is definitely going to be a terrible new trend in pseudo-crypto-ponzi-schemes 🙁
wow, the MLM underbelly is puking fake cryptocurrency all over the place.
this latest ‘fashion trend’ is getting stale now, every MLM ponzi scammer and his uncle is ‘creating’ the next bitcoin!!
boring! c’mon scammers be creative and think up some new ‘model’ now.
After a long research i came to a conclusion that this coin is nothing but a scam.
First of all, the website wowetrade.com does not even have a link to register. We need to first send the money to respected bank accounts (Account numbers will be communicated orally only) and the login would be created for us by them.
As of 7th Sep 2016, the price of wowecoin is 0.365000 USD (dcexe.com). But wowetrade.com say it is above 1.4 USD.
Even Though technically speaking, there is no clear picture of where the tokens are used in computing. What applications are built on them. There is no clear picture about the security they have. Literally nothing.
We Indians are easily tempted by high returns in short terms. I am very sure that one day the investors will lose all their money. If you guys want to invest, please do in top 10, Even XRP is lesser than WEC.
Dear Sir,
Is Wow coin a registered company in HongKong and is it recognized Govt. Is this a ponzi scheme.
Share offered in companies is it legitimate or is it a eyewash.
I have bought about Rm50000/- and i am getting a bit jittery. I wish to withdraw the whole initial capital and how do I go about without losing much.
@Jason
Registering as a local corporation != government recognition. AFAIK there is no government regulator anywhere in the world that offers corporate approval.
This late in the game you’re probably not going to avoid losses. Tried asking whoever recruited you?
Are we screwed & no authority can help us?
I have a sour experience recently ..
I am reproducing here, few queries raised by me and the response I got from the support team of the company, as it is, for information, and as a ready reference:
Can we help anybody before they fall into a seemingly unavoidable trouble or loss ?
Once they’ve got your money it’s over. You’re not supposed to ask any questions, enjoy your worthless altcoin.
Dear Sir/Madamme
I wonder how/when I can withdraw my money. I put all of money that I work the whole life.
I would be appreciated if you help me. In return I can give you some % of the money withdrawal.
Phasina
You can’t withdraw your money. You’ve invested in a Ponzi scheme and now your money is gone.
Sorry for your loss.
Why it is lost. Because when your representative insisted me to invest. He guaranteed I will get all of my money, my money will not be lost.
Your company cheated me?
It’s lost because Ponzi math is a zero sum game.
And sorry what? My representative? My company? I think you’re mistaken.
Your company used to invite us to join in meeting in HK. Mr. Hu guarantee that money will be invested in many joint companies.
Those companies showed up. Thus we put more money in Wowecoin.
Are you a lie company to cheat people? No I never think you would do that.
I trust you Mr. Hu Chuan Chen. Please return some of my money, please.
Like I said, sorry for your loss. You sound like a particularly gullible individual.
I’m not holding that against you. I’m merely pointing out “these aren’t the droids your looking for”.
I take it Chen has done a runner on you, otherwise you wouldn’t be here.
God will never forgive you. You cheated and betray the honesty customers. You all will go to hell.
God will curse all of you. Go to Hell forever.
Because god honestly doesn’t give two shits about your Ponzi losses, I’ll say it: Sorry for your loss.
No really. Hopefully you’ve learnt from the experience and aren’t still chasing Ponzi riches.
I have never cheated anybody in my life. All of my money is from my hard work all of my life.
I have never play this kind of the terrible games. Now I am too old to continue working.