Bam Paid Review: XSharePro based Ponzi scheme
There is no information on the Bam Paid website indicating who owns or runs the business.
The domain ‘bampaid.com’ was registered on the 9th May, 2012 however the domain registration information is set to private.
As always, if a MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
The Bam Paid Product Line
Bam Paid has no retailable products or services. Instead members join the company for free and then make investments with the company.
Bundled with each investment are advertising credits, which can be used to place advertisements on the Bam Paid website.
The Bam Paid Compensation Plan
Bam Paid members join the company and then make investments into the scheme. These investments in turn attract a daily ROI, paid out at a rate of 6% a day.
Investments are made in $29 lots, capped at $10,000 per account.
Bam Paid investment returns are capped at 345% (just under 60 days). The website also mentions a “120 day cycle”, but no further information meaning it’s unclear which takes precedence, the 345% ROI cap or 120 day investment maturity period.
Bam Paid also pay out referral commissions on all investments made by members you recruit into the company. Any investments made by members you personally recruit (your level 1) attract an 8% commission on the amount invested. Investments made by members your level 1 recruit attract a 2% commission and 5% on level 3.
Joining Bam Paid
Membership to Bam Paid is free, however members must invest if they wish to earn any money:
After you get a Free account log in to members area and click on the Members link then ADD FUNDS.
Free members who don’t add funds are able to generate commissions by recruiting new members and convincing them to invest, but if they want to withdraw anything they need to first invest money themselves.
BAMPAID.com is an advertising program which generates traffic for your sites and also rewards you for advertising. We are NOT an investment site we are an AD agency.
Despite the above claims, it is not possible to actually purchase advertising from Bam Paid without being a member. Furthermore, the company also states:
Its (sic) so easy just join and place an ad for anything you want then get paid on that AD and a % of ALL other ads placed.
Yet stresses multiple times all over their website that
you do not need to place an ad or have a program to make money just join, click on the Members link then ADD FUNDS to become active for payouts.
Next you can just watch your funds grow.
“Add funds” of course just being another way to say “make an investment”.
With no other revenue sources other than member investments and a daily ROI paid out of this same money, all Bam Paid are doing is using new investment money and re-invested money to pay out returns on owed investments.
Or in other words, it’s a text-book Ponzi scheme.
This is confirmed in the company’s refund policy, which states:
You are purchasing the text and banner advertising. ALL SALES ARE FINAL. NO REFUNDS.
If advertising was indeed being purchased by members, should they not use this advertising then they’d be wholly entitled to a refund. Of course when you’re paying out returns with money invested by new and existing members as happens in a Ponzi scheme, that’s not possible.
When new members stop joining and investing and existing members stop re-investing their returns, the entire thing collapses with nary a product sold by members to a retail customer.
Bam Paid runs on ‘XSharePro’ (image right), who credit their $200 backend script as being an ‘advanced revenue sharing script’. “Revenue sharing” of course being code for Ponzi returns, seeing as 100% of the revenue and returns paid out in Bam Paid comes from member investments.
Amusingly enough, XSharePro openly refer to member payments as investments on their website (‘xsharepro.com’), and also claim that
blasting ads all over the web is not always profitable; in fact, most people who advertise online are losing money.
The only way to generate a sizable ROI and potentially make a small fortune online is to sell advertising to others.
A bit of an overly general explanation of what happens in a Ponzi scheme but honestly accurate nonetheless. Well, perhaps except referring to the admins of Ponzi schemes as “gurus”.