BitClub Network Review: Zeek Ponzi veterans at it again…
There is no information on the BitClub Network website indicating who owns or runs the company.
The BitClub Network website domain (“bitclubnetwork.com”) was registered on the 22nd of July 2014, however the domain registration is set to private.
The BitClub Network website itself is being hosted out of the Netherlands, without more information however it’s not clear whether this is also where the owner(s) of the company are based out of.
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 BitClub Network Product Line
BitClub Network has no retailable products or services.
Affiliates market membership to the company itself ($99) and then invest and encourage others to invest in three “mining pools”.
The BitClub Network Compensation Plan
The BitClub Network compensation plan revolves around affiliates investing in three “mining pools”, each of which pays out a daily ROI for 1000 days.
- Mine #1 costs $500 a share and pays out a daily ROI for 1000 days, subject to 50% mandatory re-investment
- Mine #2 costs $1000 a share and pays out a daily ROI for 1000 days, subject to 40% mandatory re-investment
- Mine #3 costs $2000 a share and pays out a daily ROI for 1000 days, subject to 30% mandatory re-investment
Binary Referral Commissions
Referral commissions on investments made by recruited affiliates are paid out through a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, with two positions directly under them:
In turn, these two positions branch out into another two positions and so on and so forth down a theoretical infinite number of levels.
In BitClub network, each filled binary position represents an investment made by an affiliate’s down or upline.
Commissions in the binary are paid out according to the pairing of investments on either side of the binary using a 1:1 ratio:
- a pairing of $500 investments equals 1 point
- a pairing of $1000 investments equals 2 points
- a pairing of $2000 investments equals 4 points
Each time an affiliate generates 20 points from their binary a $500 commission is paid out.
To qualify for binary commissions, an affiliate must personally recruit two affiliates. Also note that binary commissions are capped at $500 daily (one commission payout).
Pass-up Referral Commissions
In addition to binary referral commissions, there’s also a pass-up element to the BitClub Network compensation plan.
An affiliate’s first two recruits pay a straight 15% referral commission on any investments they make. Any commissions generated by affiliates recruited by these two affiliates are passed to the recruiting affiliate’s upline (the affiliate who recruited them).
An affiliate’s 3rd to 5th recruited affiliates pay 20% referral commission on any investments made. A 5% referral commission is also earnt on investments made by the first two affiliates they recruit, the first two affiliates those affiliates recruit and so on and so forth.
An affiliate’s 6th to 8th recruited affiliates pay a 25% referral commission on any investments made. A 10% referral commission is also earnt on investments made by the first two affiliates they recruit and 5% on the third, fourth and fifth affiliates recruited.
As with the referral commission paid out on the 3rd to 5th recruited affiliates, these referral commissions extend down a theoretical infinite depth.
The 9th affiliate recruited pays out a 27.5% direct referral commission on any investments made. Subsequently a 12.5% referral commission is paid on investments made by the first two affiliates they recruit. 7.5% is paid on the 3rd to 5th recruited affiliates and 2.5% on the 6th to 8th.
Once again, these referral commission extend down and are passed up by any recruited affiliates in the 9th recruited affiliate’s downline.
When a recruited affiliate recruits nine affiliates, the affiliate who recruited them is paid an additional 2.5% referral commission on investments made by any affiliates the 9th recruited affiliate recruits.
Once again, this bonus is paid out on investments made by any affiliates in this particular downline who also reach the nine affiliates recruited qualification criteria.
Joining BitClub Network
Affiliate membership to BitClub Network is $99.
In order to earn a commission an investment in one of the “mining pools” is also required, adding an additional minimum cost of $500 to $2000 to BitClub Network affiliate membership.
Set to continue the notorious reputation the Bitcoin MLM niche has carved out for itself is BitClub Network.
Affiliates join for $99 and then invest in “shares” for between $500 to $2000 a pop. Investments are made on the expectation of a 1000 day >100% ROI, which is paid out of new investor funds.
Whether the funds are converted to Bitcoin or otherwise is irrelevant, with BitClub Network preserving the Ponzi requirement of new affiliate funds being used to pay off existing investors.
Affiliate funds are funds regardless of the currency used. And of course nothing is being marketed or sold to retail customers.
At the very least, it’s a certainty that BitClub Network are accepting investments from affiliates on the expectation of a >100% ROI. Whether or not the scheme has registered itself with the SEC is unclear. Given the offshore domain registration with a Panama-based provider, I’d say it’s unlikely.
BitClub Network is an offshore scheme seeking to fleece investors under the guise of “let us explain Bitcoin mining to you”, with the mining itself (if any actually exists) having little to nothing to do with the flow of funds within the scheme.
Whilst the owner(s) of BitClub Network are for now are sticking to the shadows, there’s evidence that factions of the Zeek Rewards Ponzi scheme might be behind it.
Under the YouTube account “BitClub Network Pro”, old hand T. LeMont Silver is marketing himself as the “top leader” in the scheme:
Another Zeek Ponzi pimp, Dirson E. Jimenez (aliases “strosdegoz”, “Alan Santana” and “manolo”), is also on board as an early adopter:
T. LeMont Silver is currently being sued by the Zeek Rewards Receivership for his part in the stealing of funds from victims of the scheme. Silver is listed as one of the top net-winner investors of the scheme, with both his and his wife’s name appearing on a list of Zeek Rewards net-winners based out of the US.
Upon learning the Receivership would be going after Zeek Rewards top affiliates, Silver fled to the Dominican Republic. After lying low after the collapse of JubiMax, I suppose BitClub Network is supposed to be his return to the MLM Ponzi arena.
Jimenez doesn’t appear to be a US citizen, so as of yet hasn’t appeared on any lists compiled by the Zeek Rewards Receivership. He did pretty well for himself in the scheme though and, if he hasn’t already settled with the Receivership, will likely be a target in future litigation once the Receivership initiates proceedings against Zeek’s non-US affiliates.
Some might write off Jimenez and Silver’s early involvement in BitClub Network as a co-incidence, but I’d be willing to bet the names of those running the scheme are a part of the same collective.
Even with the prospect of having to pay back the funds these Ponzi pimps have built their respective fortunes on, it seems the nature of the beast remains the same.
BitClub Network’s marketing videos are targeted at people who might be wondering what Bitcoin and Bitcoin mining are about. Unfortunately, other than acting as a front for new affiliate funds to be transferred over to T. LeMont Silver’s and Dirson Jimenez’s bank accounts however, neither have anything to do with the scheme.
Bitcoin mining on its own is perfectly legitimate, but not when it’s used as a cover for what is otherwise just another run-of-the-mill Ponzi/pyramid hybrid.
We will see. This sounds like a legit deal to me because the bitcoin mining can keep it going.
If profits are made from the mining then it is a real rev share. I think it is going to be huge.
Where are the thousands of dollars in affiliate funds going?
Don’t give me BS about mining operations. You and I both know they’re just drip feeding new funds back out to existing affiliates over a 1000 day timetable (the longest I’ve seen yet).
There is no proof that there’s any actual mining going on. Which pool are they on? What hardware do they use? How many pooled THs do they have? Do you even know what I am talking about?
If you don’t, you have NO idea how bitcoin mining works, and thus, your claim is pure speculation and wishful thinking.
Last scheme to attempt this bitCoin disguise, PayMony, already collapsed.
I did see a marketing video blabbing on about “affiliation” with three (third-party?) mining companies on three continents.
Begs the question that if any such affiliations are in place, the hell do they need thousands of dollars of affiliate funds for. Not to mention the flawed premise of Bitcoin somethingsomething magic = consistent 1000 day 100%+ ROIs.
You’re my favorite ponzi pimp! You ran cyclers that collapsed and then talked about how they were “reasonably successful programs.” You giving your approval of a program is like a fox telling a farmer that a hole in the side of the chicken coop is a good thing.
In the wake of the collapse of every single alleged rev share program, in what universe could this possibly not be a scam?
WHY would they offer unregistered securities and have people invest in their mining operation when they could just sell bitcoins to punters who don’t know any better? And then use the money to buy better equipment and do more bitcoin mining?
We’re not stupid, and you definitely aren’t either. You know it’s a ponzi and you’re gonna ride that rodeo horse until it’s legs fall off while raising both your middle fingers to anyone who gets in after you.
Chang makes the point that I first thought of when I read this. Without knowing any details of the mining operation itself, there is no way to know it’s potential value. Even if one did, the highly volatile value of Bitcoins make it an insane risk.
In fact, I would get the impression from the lack of any useful information about the mining operations that like the penny auctions in Zeek, a cover and the real money is robbed from Peter to pay Paul.
Unregistered Securities, Bitcoin and being not upfront about who runs it makes for something any serious investor or lawyer would tell you to run away from.
For some reference to reality: You can BUY machines that will “mine” Bitcoins for $500, 1000, or 2000. You can buy pretty darn good ones for $3500.
However, the advance of BC mining rigs have progressed to the point where people are barely earning back the cost in electricity. And you can join a REAL mining pool FOREVER if you bought the hardware.
Heck, your existing PC can join a mining pool and costs nothing more (than whatever electricity you use).
The “live chart” at BitCoinX shows that the most recent stats and it’s telling: if you have roughly 1 GH of processing power, and run it for 24 hours, you’ll earn roughly… 0.01 USD via mining. That’s right: 1 penny.
There is no profit in mining to pay out this sort of money, and the mandatory “reinvestment” is the real clue: this is an illegal investment contract waiting to be slapped by SEC or equivalent in other countries.
Was just going to see what this was all about, sounds like not much or not a lot to go on – great additional comments too, thanks!
Did their website just went kaput?
Hosting provider might have pulled the plug.
Maybe Norway isn’t as forgiving of Ponzi schemes as they’d have hoped.
The diagnostic page implies it might just be a misconfiguration though so we’ll have to wait and see. Why they’d be changing DNS etc. and incorrectly configuring the move however is beyond me.
The site has not even launched yet….
@ K. Chang. I actually know a lot about bitcoins and mining them, more than you probably know.
I already own a lot of bitcoins. Everyone here being negative have nothing to say until the program actually launches.
They really are going to mine and the comp plan is genius in my book. Lets all wait and see… =) This is a new thing and it can not be compared to past programs.
Unless the comp plan changes, whether they’ve launched or not is irrelevant.
There is nothing new here, several scams have already tried the bitcoin mining facade as a front.
Bitcoin mining is not an MLM product. Even if carried out, it’s still just the exchange of currency, with the mechanic of new affiliate funds being used to pay out existing investors remaining intact.
Anybody who has computer knowledge knows that bitcoin mining is no longer profitable. It was designed to make mining progressively difficult. And with more people getting into bitcoin mining, it became impossible to make any money from mining at all.
So whatever brilliant plan you saw, it is irrelevant.
Sure it can. It’s an obvious offering fraud in the same way Profitable Sunrise, WCM777, TelexFree, Zeek, AdSurfDaily and AdViewGlobal were obvious offering frauds.
It hopes to gain a head of steam through willfully blind “Founders” and promoters — and it’s already using wires that run through the United States to do it.
What is is, precisely, is just another radioactive and dangerous example of La-La Land Whack-A-Mole.
It’s already being promoted in a language spoken in Southeastern European that is associated with a region known for ethnic cleansing. (See “Bosnian Genocide.”)
Are you sure you want to “wait and see?”
If the fact that the Zeek ponzi pimps are behind this is not enough to get you running the opposite direction then you sir a fool. Let alone the fact that bitcoin mining is not profitable enough to pay out as they are promising.
I doubt very much they have a single machine or intend on having anything to do with BTC, straight up ponzi IMHO.
Nope, just that you have no ears to listen.
And here’s a guy, who knows INFINITELY more about Bitcoins than you, saying most mining pools are Ponzi schemes:
Oz you were right on top of this one sir, Kudos, lets see if the powers that be are looking at this informative site and nip it in the bud before it takes peoples money.
Really sick how these people are committing wire fraud before they even launch, the entertainment never ends in this ponzi niche.
With Silver and Jimenez in the DR after the Telex debacle the DR will not tolerate ponzi pimps working Dominicans, US has strong ties with DR not to mention an extradition treaty. Hirsch is in the Philippines, so for the people reading this site doing DD wake up:
The Big pimps are working from outside the US.
This is a telltale sign that scheme will take peoples money, promise coins that will never come, pay off old investors with new investor funds and inevitably collapse.
I believe sites like BehindMLM may possibly wake people up, wake the authorities up and stave off growth before momentum.
Shout out to K Chang for the Gavin Andresen article about cloud mining companies being nothing but ponzi’s.
I guess Todd Hirsch knows more about bit coin than Gavin Andresen, lol.
Hope you had a good time off, thanks again to you and your contributors!
“This is a new thing and it can not be compared to past programs.”
And this reminds me of being told by a friend…
“Penny Auctions are a new thing, you just can’t compare this to other MLMs.”
Perhaps Solomon said it best, “There is no new thing under the Sun.”
Yes Todd Hirsch owned and operated under RCC Worldwide Inc. San Pedro Belize.
The RCC corporate office is located in Davao City, Philippines. The RCCv2 programmers and support team work from Mumbai India, Sønderborg Denmark, and from different parts the USA.
Check this out people: https://behindmlm.com/companies/rocket-cash-cycler-v2-review-hirsch-reboots-rcc/
I wouldn’t take advice from Todd Hirsch or Billy Funk on anything. Go to that link and read about RCC and RCC2. I’m sure you’ll agree he’s the wrong person to recommend any MLM or business of any kind.
As if owning them makes you an expert. I must be a cold expert since I caught so many. Hahahahaha.
Look who is getting a lot of press. I wish to be as big as I am described in this post.
Let’s hope it all goes well and this company turn out to be a long lasting one.
Just for grins… I decided to run some numbers.
With the most cost and energy efficient rig on the market available, if you buy about $2000 worth of miners you’ll make about $33 a day, but spent about $8-15 in electricity per day (depending on your local rates, of course).
And the payout will decrease over time, but even given that, you should make back your $2000 in 90 days (or less), and from there on it’s pure profit. If you use lesser equipment, profit will be less.
So why would you want to take the risk and give your $2000 to unknown people for their PROMISE that they will put the $$$ toward mining equipment and share with you profits, when you can do it yourself?
I threw some cash on the Black Jack table last night at an Indian Casino (lost of course). If I know I am taking a risk, what is the problem?
It’s my money and if I am willing to throw the dice where is the harm?
If the SEC says it is a Ponzi scheme then I will stop investing. But until they do there is nothing illegal about this.
I would prefer to put my money into this kind of enterprise then I would at a casino. I’m a big boy and I am willing to play.
You found that a $2000 investment in equipment will pay back about $8,000 the first year?
Are you sure?
In a casino? Nothing. Casinos aren’t Ponzi schemes.
The playing dumb schtick won’t get you very far here. Attempting to equate Ponzi schemes with some other niche is chapter 2 or 3 of scamming 101.
Ponzi schemes are illegal and unsustainable whether or not the SEC get involved.
Just like killing people willy nilly is still a crime regardless of whether the police actually catch someone.
By all means do so, just don’t expect anyone to swallow your attempt to compare apples and oranges.
a shameless Ponzi pimp. Spare everyone the excuses and just own it son.
Ruhroh… BitClub Network launch delayed a few days. No explanation why.
I am relying on “best case” scenarios, of course. Cheap electricity, most efficient miners (technically, that model isn’t out yet), no admin costs, no bandwidth costs, etc.
You can see the long math on my blog, but here’s a quick math:
2000 will get you roughly 3150 Gigahashes / s if you go for the 7 x AntMiner 3 (out in September 2014) which promises 450 GH/s while consuming less than 360 Watts.
3150 GHps at 1 penny per GHps per 24 hours is about 33 dollars a day, minus $10 or so for electricity (again, per 24 hours). Assuming no downtime, no admin cost, no cooling cost, and no other overhead (like location rent and so on).
23 per day comes out to a little over 8K a year. And that’s with a bit of fudge factor here and there (to REDUCE profitability).
If I got my math wrong, feel free to correct me.
It also assumes you’d find a consistent market of punters to offload the bitcoins on to. There’s a lot of horror stories of people trying to offload chunks of around 200 and getting strings of scam offers (I’ll write you a check. It won’t bounce. I promise.) or having to deal with murky exchanges that just keep their bitcoins.
So you’d potentially be sitting on coins you can’t turn into cash while the bills to maintain all the mining gear keep coming in.
Either way, I’d bet absolutely anything that Bitclub Network is a scam that’s just going to run with the money. It’s not “being negative” to point out the obvious flaws of offering unregistered securities on an investment in a highly unstable crypto currency.
I really hope we’re not looking at the next Telexfree here.
wow, what an entertaining thread. I guess who ever said you can’t fix stupid was spot on.
I don’t mean to be be so harsh but after watching some of thee pimps promote such blatant illegal programs over the years which create millions of net losers, these people need harsh.
Todd Hirsch: Moron and thief! anyone joining any of his businesses are either new and naive, a pimp thinking he or she can reap early rewards from future victims before the scheme stalls crashes or gets shut down, or are just flat out stupid.
Todd plays himself off as a business man, he is a scammer, any money he has made is from scamming with his schemes and if you study all of his comments you can tell he has a low IQ.
Island Nut: you are another ignoramus! Your attitude leads me to believe that you dont care who you screw with illegal program. You are disingenuous and have no compassion for your fellow human being, hooray for me and F@#% you.
Dirson Jimenez: Who are you kidding, you might not have made as much as this forum believes but lets not act naive in public, you can add, you know better, you only pimp ponzis and flash in the pan programs, you clearly know better but don’t care who get hurt for you attempt at a financial gain, another, lets get in firs and get out before the s@#$ hits the fan and go to the next
Oz and contributors, please keep kicking ponzis and pyramids in the A$$ as you know of them and as they happen, thank you!
K Chang, lets not forget that when the “new equipment” comes out the coins become harder to mine so you may never come ahead, saying ahead of technology is the trick and this market is just to difficult as the developers of these coins are quite clever in their respective niche.
Coin developers know exactly how many of their coins are goiing to be mined per day month year until all coins are mined in say a 20 year period.
if your going to invest do your dd, it will pay off for long term gains.
Most online “Bitcoin Mining Calculators” operate with an increasing difficulty level, reducing the income each 13th day by 8-11%.
1 -8% -8% -8% -8% -8% -8% -8% -8% -8% = income have gradually been reduced to half after 4 months or so. After 10-12 months, the cost of power will probably be higher than than the amount produced.
(Ozedit: You run matrix-based pyramid schemes. Do not even try to deny it.)
I’ll check that BitcoinX chart again. I’m not sure about reduction going down *that* fast. Every 18 days? Wow.
Okay, I’ll eat my own words. The difficulty level is being updated every 15.5 days now. Here’s one:
And here’s the chart I got:
Date Difficulty Revenue Profit Return
9-2 – 9-12 (11 days) 27428 M 0.4606 0.4514 -3.549
9-13 – 9-25 (24 days) 31817 M 0.4088 0.4007 -3.148
9-26 – 10-8 (37 days) 36907 M 0.3195 0.3131 -2.835
10-9 – 10-21 (50 days) 42813 M 0.2424 0.2376 -2.597
10-22 – 11-3 (63 days) 49663 M 0.176 0.1725 -2.425
11-4 – 11-16 (76 days) 57609 M 0.1188 0.1164 -2.308
11-17 – 11-29 (89 days) 66827 M 0.06945 0.06807 -2.24
11-30 – 12-12 (102 days) 77519 M 0.02691 0.02638 -2.214
12-13 – 12-25 (115 days) 89922 M -0.00976 -0.009565 -2.223
According to the chart, I won’t EVER make back enough money to pay for the hardware. In fact, by day 110 I won’t even make back enough to pay for electricity.
Well, I’m learning a lot about BitCoins too, only proves Hirsch is even MORE of a moron.
One way to view these outrageous “programs” is as a war against people of limited means or people already living in poverty, dressed up as in invitation to escape their own misery.
Like the rockets of war rain down on their human targets, HYIP offers fairly rain down from the skies of the Internet, putting vast numbers of people at risk.
I checked 3 or 4 calculators, all from the first page of search hits. They used ~13 days to estimate future difficulty levels.
This one has “Hashrate difficulty history” from February 2012 to August 2014, near the bottom of the page.
It has become 300-400 times more difficult from September 2013 to August 2014 (in 1 year plus a few days). Or nearly 19,000 times more difficult in 31 months.
Date | Difficulty level
Feb 04 2012 1,379,647 “Day 0” in that chart
Aug 12 2012 2,190,866 6 months later
Feb 05 2013 3,275,465 12 months later
Aug 03 2013 37,392,766 18 months later
Feb 05 2014 2,621,404,453 24 months later
Aug 07 2014 19,729,645,941 30 months later
BitCoin Mining is an IDEA people can believe in, similar to the idea that “penny auctions are highly profitable”, similar to Charles Ponzi’s original idea (he didn’t make any profit from it, but people believed he did).
In reality, the more power people throw in the more difficult it will get. To make it profitable, you will need to make all the others reduce the power they throw in.
I’ve updated my blog post to reflect the reality of mining difficulty.
Paying you back for 1000 days… What utter bull****.
You do not need to know calculus to know that. Cost of that mining hardware that needs to be run around the clock to mine bitcoins will never let you be in the profit unless you are brilliant mathematician who designs his own algorithms does his own hardware repairs.
If such people exist and willing to do the work, they are smart enough not to borrow money at ponzi scheme rates.
Contrary tho the popular belief among ponzi players, unless you are investing in registered securities, you are supposed to do due diligence and check ins and outs of “opportunity”. If you did not do so, you will have to surrender net winnings.
If you recruited more people knowing that you are playing “Internet casino” as “Big boy”, you can be and should be financially and criminally responsible.
So you see, this situation is not that simple and carefree as “I am free to do anything I want” unless Big Brother tells me not to.
Ah, but you need to know *enough* about Bitcoins to know *that* (unfeasibility).
As the cliche goes, there really is “know just enough to be dangerous” (to oneself and others). And vast majority of people out there don’t know enough about anything, from Ebola to Bitcoin, so they read some newspaper stuff or some scam recruitment speeches, thus they now “know enough to be dangerous (to themselves)”.
That the best expression that main character uses on “Pawn Stars” TV show.
And yes, you have to know some math to understand mining curve to see how coin mining became exponentially more difficult and costly with time.
And there’s a scientific term for this: the “Dunning-Kruger effect”.
Basically, unskilled idiots are so sure of their own (in)abilities they went ahead and make a fool of themselves.
But Socrates said it first: “I know that I know nothing.”
Or perhaps, Confucius? “Real knowledge is to know the extent of one’s ignorance.”
Somebody please stop this guy, T Lamont SIlver, He is an American hiding in the DR, he is out on the WWW, he is WORSE than Bernie Madoff
Please look 10:00 minutes in. He is pillaging people for a “founders pool” $3500 to get a 1% share “SEC Helllo”
He says, “it could be big, ONLY 500 people in the founders pool, only if its not gonna hurt your family”
He also says ” you gotta trust me on this” what a sick Man
He is giving tremendous misinformation, lying and hyping, he needs to be in jail. Watch it all, he is talking out of his ass, he is so greedy to get peoples money he does not even know what he is talking about, send this to the DR authorities ASAP please, they’ll F him up
This is wrong in so many ways
Oh also, this guy might have a lower IQ than Todd “pyramid” Hirsh
I agree 100% with you. I don’t understand why people like this crook get to enjoy freedom. He needs to be thrown behind bars.
@Todd see who is talking? with RCCV1 and RCCV2 stuck and dying?
I’m not an expert in Bitcoin mining but isn’t there a public log of all mining transactions? So wouldn’t it be known if they actually mine or not?
Whether any mining takes place is incidental to the BitClub Network compensation plan.
They might very well rent a mining rig but that has nothing to do with how money flows in and out of the company.
You can view the overall mining activity of the major mining pools, but there’s no way to verify claims that BCN are in one of those pools. And my bets are they are NOT… because the economics of mining makes no sense, due to increasing difficulty (about 15% every 15 days).
You have to keep adding hardware, and you’ll never make back the cost of hardware, based on the examples I can run, using a $2000 “investment” into hardware.
BC mining only makes sense with EXISTING hardware, which will be worth less and less. And it begs the question… if those people *have* the hardware, why aren’t they mining instead of renting out the CPU power?
What type of transparency do we need to see to know their true intentions?
What pool are they using and how much Gigahashes/sec are they contributing? How much have they mined, and how much expansion in GHps are they planning to add per $1000?
My bet is none, zero, zero, and zero.
What out for all the scamming pimps today! This ponzi scam is launching to day and will be pimped hard by the likes of Brian Spatola, Strosdegoz the scammer, Frank AAstheimer and of course T. LeMont Silver!
I will be certainly pointing the Feds and all other authorities to this scam and hopefully have it shut down before too many people lose their money to the scumbag pimps!
I know Brain Spatola personally. I find Brian to be a very good and honest person.
I do not work for the SEC but I do work for the Federal Reserve Bank. I find the comments made on this post about BitClub, mining, etc. as incorrect.
If true, that is truly alarming.
You must be a janitor there or something.
I find this article completely funny. I know the owners personally and I am about to sign up. I am not into Zeek and never have been. The guy that owns this is anonymous for one reason – bitcoin is decentralized and he likes that fact.
The owner is an American and he lives in the USA. The sites are indeed hosted in the Netherlands and the mine is in Europe. I have seen it firsthand.
You idiots bashing people for no reason and with no information is hilarious. And please do not think Todd Hirsch is part of this in any way as he is a crook. We do not screw people. EVERY SINGLE PERSON IS MAKING MONEY DUE TO THE MINES! NO BULLSHIT.
(Ozedit: Offtopic comments removed)
BCN is a solid company and was mining for 2 years BEFORE the MLM side went into effect. Seems like there are alot of people here talking Bitcoin but I doubt any of you own any.
There is nto currently any type of SEC regulation regarding Bitcoin. People do not sent in cash or use credit cards to join. They use Bitcoin. Get your story straight and for God’s sake – learn something correct about Bitcoin before you bump your gums.
Every single person that has joined BCN has made money off the mine they have invested in. It may be small but over time it adds up. It’s called compounding.
You need to stop thinking everyone that withholds their name is hiding. The owner is NOT hiding – he is enjoying the privacy bitcoin provides as a decentralized currency.
Because he thinks that will keep the SEC off his back. Won’t work and only confirms the scammy nature of the business.
The BitClub Network compensation plan is known. There’s no need to “bash” anything, obvious scam is obvious.
Right. Just like every single person was making money in Zeek selling bids.
BitCoin is not the issue here, the offering of unregistered securities is (1000 day >100% ROIs).
The “owner”, having been in Zeek Rewards, should know all about that.
Of course the owner is hiding. There is no excuse for the owner of an MLM company to hide. It’s a huge red flag that should not be ignored.
@ Constantine I do not know who you are but you need to watch your mouth and explain why you called me a “crook” I actually am not scared to put my name on anything I create or join.
I actually agree with OZ for once, the owner(s) of BitClubNetwork are “hiding” who owns the company. They do not show the miners they own or let you know what pools they are mining in. They are most likely buying 3rd party mining and do not own a mining center.
The other problem is that only 40% of the money goes to mining and 60% goes into the binary comp plan. The 1000 days shares are a joke and it is a terrible “passive” comp plan.
That being said, I do not think it is a 100% “scam” but there are red flags and the owners are “hiding” who they are.
What does that prove ??
Neither were Bowdoin, Burks or Madoff
Moola’s CEO split, then revealed to the world he had legally changed his name to hide his past, and he’s gone with 1.5 mil worth of Dogecoins.
Any one withholding their real name are at the risk of doing the same.
Being vain doesn’t preclude you from being a crook. Kevin Trudeau is a great example.
So what is the latest status on BCN? Are they still operational?
Haven’t heard anything on my end, seems to have fizzled out.
Being pitched right now for BCN. Yes. No information to be found about the owners, HQ, mining pools.
Has anyone heard of Onecoin?
OneCoin the Ponzi scheme or another OneCoin?
No that is the one. Thanks.
So what’s the word on Bitclub. They seem to be up and running and fully functional now. No one shut them down or anything.
Same word as when I wrote the review.
Getting shut down is neither here nor there.
Hi. Just got 2 email updates from BitClub Network. Wanted to know if this info would give any credibility to the companies legitimacy.
1st emails shows images and videos of the hardware and servers being used for the company.
2nd email informs that BCN will start appearing in the site blockchain.info/pools as BitClub Network instead of just an IP address due to the heavy hash rates.
Here is an excerpt from the email:
Whatever token amount of BitCoin mining is or isn’t taking place cannot possibly provide enough revenue to cover 1000 day ROIs on thousands of dollars for a potentially unlimited number of affiliates.
The only thing that scales here is the amount of new affiliates coming in. BitCoin mining stays the same (and has diminishing returns due to the protocol).
Even if they add more servers from time to time, it’s still obvious that the majority of funds being paid out as a ROI is being sourced from new affiliate investment.
The BitCoin mining is and always has been smoke and mirrors. All you have to do is ask management how much of the ROI paid out is sourced from BitCoin mining.
These guys came over from Zeek, all they’re doing is mimicking the “Ponzi scheme attached to irrelevant anything” business model.
It’s more likely to verify they ain’t mining ENOUGH BT’s to pay all of you.
I know you guys always want to find a catch but this is THE undeniable proof.
You guys think you are always right… you are no gods… you don’t know nothing about Bitclub.
You just assume from other ponzies this is another one because you don’t know nothing 🙂
Keep guessing but this is a undeniable proof that they are doing the mining.
First public mining proof on blockchain.info below
After you’ve clicked the link below you will see a graph and look under “Known Blocks.” and find “Bitclub Network” there!
This is a 3rd party public hard evidence that Bitclub Network is creating you passive profits from real crypto currency mining!
How many times does it have to be said?
Whatever token mining activity may or may not be taking place is obviously not funding the 1000 day ROIs being paid out.
I have no idea how much money 2 blocks of BitCoin mining translates over to, but you can bet it’s not going to come anywhere near close to providing a significant percentage of the ROIs BitClub Network are paying their affiliates.
Ditto the recruitment commissions (pyramid scheme backend).
Recyling new affiliate fees to pay existing investors with a token amount of mining does not make a Ponzi scheme legit.
(Ozedit: Feel free to address the fact that whatever mining is taking place is obviously not paying the ROIs promised by BitClub Network. Otherwise please don’t waste everybody’s time with marketing spam.)
“Penny auctions” was popular in the news. Set up a ponzi based on token penny auctions.
“Bitcoin mining” is popular in the news. Set up a ponzi based on token Bitcoin mining.
Forex trading is one of the biggest industries in the world. set up a ponzi that pretends to be a successful forex trader.
Price of gold is rising. Set up a ponzi based on non-existant gold trading.
Big money in gas & oil exploration. Set up a ponzu pretending to be a gas & oil mining company.
“Crowdfunding” becoming popular. Set up a ponzi based on some crowdfunding concept that sounds good in theory.
“Arbitrage sports bets” can’t lose. Set up a ponzi pretending to be a successful sports better.
There are a few very successful well known social networks. Set up a new social network and charge a monthly fee and claim “get paid for what you already do on Facebook”.
Anyone noticed these scams come and go all the time?
You can track BitClub network mining pool on BlockChain
366401 (Main Chain) 2015-07-22 06:42:42 BitClub Network 000000000000000007f6f3ab844d53f172ea8915d83fa60eaf677aaac28fe2e9
Here you can see how many bitcoins have been mined by BitClub Notwork
as you can see- No Inputs (Newly Generated Coins) 155fzsEBHy9Ri2bMQ8uuuR3tv1YzcDywd4 – (Unspent) 25.01727664 BTC
or $ 6,924.78 at time of transaction.
Do you think the block chain could be manipulated by anyone? I don`t know but just by looking at the Bitcoin block Chain it looks like BitClub Network is mining.
Do you think the mining has anything to do with commissions paid out?
Full Disclosure, I have a pool position with BitClub Network with no one under me.
I don`t know but if no new people where to join I think BitClub Network will be able to pay out to all existing members. I have been receiving bitcoin since I joined only from the pool.
I have sent a request to bitclub network support to take out the referral portion of the biz. will post reply when I get it.
Ya think? So why do they need your money at all then?
I don’t doubt some mining operations are fed back into the business, but as far as the MLM opportunity goes this is all about recruitment, and those have nothing to do with the mining operations.
I looked at the 4 last blocks mined by Bitclub Network. They seem to mine appr. 0.5% – 1% of the total number of blocks. Is that correct?
So how much BTC have they mined since their beginning?
Vs. how much $$$ they had taken in?
Sounds like a money LOSING proposition.
Are they yielding enough BTC on average for the amount of Gigahashes they claimed to be putting in vs. other pools?
Is it even a net positive operation? Are they yielding enough BTCs to justify the costs?
I don`t know how much fiat Bitclub Network has taken in but you can see how much BTC Bitclub Network has made since Jan 27, 2015
M Norway I think you are correct.
OZ, according to what is on webinars the people running Bitclub Network needed peoples money to purchase more computing power and to expand the mining power.
I think it will not be to long before the new mining place is online. we where told it would be located in Iceland.
the power 100% green and renewable clean energy, but it’s also cheap and it offers a real long term profitable mining solution.
No offense but raising capital this way is illegal. If the mining operation was profitable and legitimate the owners should be bending over backwards to be SEC compliant and yet clearly they are not even trying to do that.
There are many ways to legitimately raise funds for a profitable business which has outstanding prospects and yet here we have known scam promoters, again using webinars to raise money from the unsophisticated…. and doing it in a way that leaves them completely open to an agency shutdown.
Wanna bet how this ends.
…or just how soon it ends.
That’s really the bet… isn’t it?
So why do they need it now? Why not take a loan out from the bank, pay it back with mining and then use those funds to build the business?
There’s obviously a disconnect between BitClub Network’s mining activities and the commissions they pay out, therein lies the problem (new affiliate funds being recycled to pay off existing investors).
And those involved have a history with Ponzi schemes… so 2+2=5?
The review is from August 30 2014.
Comments up to post #70 are from before January 27 2015.
Comments #71 etc. are from after January 2015.
since I am new at this mlm stuff and was not aware that the people who started this one have a history with Ponzi schemes. Now that I am in will not promote it will post how long this one pays me for my mining pool shares. I can`t complain to any Authorities as I receive bitcoin will be interesting to see how long it will be til I can take out my initial spend.
I only checked YOUR information plus some additional information I found via the same link. And I verified the information (I found BitClub Network among the miners). It was accepted as “relevant enough”.
Probably a good idea. This isn’t a promotional site. It more often has an opposite function.
The mining here is most likely a facade, just like Zeekler.com was for ZeekRewards. “It did exist and it did work, but it didn’t generate much profit that could be used to pay the affiliates”.
I am too into Bitclub network and its been great!! Getting paidevery day for Mining and as well as the commissions. Very happy with the company I know a few people who are doing this full time.
I also know the founders of the company which are great people as well..
Just wanted to clarify, that this is Not a scam or Ponzi scheme.
Those aren’t very convincing arguments. Where do you think the funds for “other commissions” are coming from?
Hi, it would be good if Joey could share who these “great people” are.
The poster on here ‘bitcoiner’ has just been accused by BCN of attempting to defraud them of 20 btc and had his account suspended and money stolen by them. See here: bitcointalk.org/index.php?topic=1152263.msg12187895#msg12187895
Shills for this rip off make a great play of “Getting paid every day” “Earning while I’m asleep” etc. They don’t mention that on a standard deal with no referral income this is about 50 cents a day per $500.
To be completely accurate, your statement should read:
Hows it going Guys? First of all thank you for your concerns and opinions. Everyone is entitled to their own Opinions.
We are truly a mining company. A lot of our Bitcoins come from the mines. Here is our video with our mining setup:
The vision for the company was not only to have big time venture capitalist invest into mining equipment but also your average person to partake in mining, as we know mining systems aren’t cheap.
Also with a referral system implemented it gives everyone a chance to make some income and thus giving people jobs to go out their everyday lives. It has been working great for a lot of people in the company. Their will always be Negativeness on MLM programs, because of scammers.
Here is also The blocks we hit:
We are working on Distributing Bitcoin ATMs to various countries as well as merchant services.
Also we are opening the FIRST Public Mining facility in Iceland for the public to see.
We also share a node with Antpool, one of the largest mining companies out there. Let me ask you this, Why do they remain anonymous too?
Its not in my position to reveal who these persons are.
Reading your post on Bitcointalk tells me that you do have in fact done your research on the company and pretty much knows how it works.
Please understand that their are scammers out there that impose Bitclub Network and try to scam us and even other people.
Yes a 99$ membership is LIFETIME which is fantastic, It gives everyone a chance to earn income even if they arent good at MLMs.
Of course referrals is where you make the most. but with the repurchases of each share, depending on what share you buy, your contract never ends. even if your first 1000days are up, you still have the other shares of that same mine that you have, it renews itself.
Yes its a one time fee, but their are other mining shares you can purchase, each and every share renews itself from repurchases.
its an oppertunity for everyone to have either a side source of income or can make it their full time.
Thank you guys I appreciate your time. Im here to listen and have a discussion.
Opinions be damned, where are the referral commission funds coming from? (Hint: It’s not mining).
Why is that important?
Therein lies the fraud.
Whatever mining may or may not be taking place does not justify pyramid-scheme recruitment commissions.
Easy way to settle this.
Oz, what do you need to see to accept this as a legit MLM company?
Joey, just get Oz what he asks for.
Retail sales or a product or service to retail customers, with commissions paid out on said sales (no lip-service psedo-compliance token offerings that nobody markets or sells).
I am in BCN and I love it. First real deal I have seen where everyone makes money passively. First and foremost I mined bitcoin prior to being with them and they do indeed know their shit.
For someone to automatically ASSume they are frauds is quite funny. I saw the mine in Bulgaria and saw the plans for the new mine in Iceland.
If you are not in you should be.
Not so much funny as stupid.
Ditto idiots who gloss over the business model and ignore the glaring compliance issues.
There is nothing passive about getting paid to recruit new affiliates and have zero retail activity taking place.
If you want to know what a fraudulent cryptocurrency mine is go take a look at (Ozedit: Offtopic derail attempts removed)
OZ you wrote: “There is nothing passive about getting paid to recruit new affiliates and have zero retail activity take place.”
Retail is ALWAYS taking place. One time buy-in and you automatically repurchase shares.
You know nothing about BCN obviously.
Affiliate sales != retail sales.
Obviously you know nothing about compliance.
And please note that anything further that does not specifically relate to BitClub Network will be marked as spam.
Oz I know everything about compliance. Jeffrey Babener is in my investment group and I talk to him frequently.
Ask him about being in an MLM opportunity with zero retail activity that pays recruitment commissions some time.
There is a ton of retail activity moron. I asked Jeff before I joined. He may even join!
Bitcoin is deregulated and not a security so no worries with SEC> Nobody sells this as an investment if they are smart and the top guys are.
Furthermore, no cash is accepted in any form! No Credit Cards or anything!
GET YOUR FACTS STRAIGHT!
There is no retail activity taking place in BitClub Network.
Recruiting affiliates != retail sales.
You didn’t join “BitCoin”, you joined BitClub Network who sell “mining pool” positions which pay a passive ROI. That is very much the definition of a securities offering.
Name-calling, wow. Ran out of logic?
If you actually are doing bitcoin mining, you are an EXACT parallel to the SEC vs. Howey, as you are managing an INVESTMENT.
Which basically means you got advice from the WRONG lawyer. You need SEC lawyer, not MLM lawyer.
And given that Feds can and DID shut down Silk Road, a place that only took Bitcoins… your belief in Feds can’t touch you is misplaced.
see, now your’e just bullshitting!
There is MINING going on, from about January 2015 (IIRC).
I checked it in post #82, but I don’t remember any details.
We have talked to him too. He didn’t mention anything about your compliance knowledge. Maybe he didn’t recognize it in the same way you see it. 🙂
I can accept Jeffrey Babener as a source if he has written something about it.
Jeff Babener didn’t mention anything about you or your compliance knowledge on his website either.
If the profit comes from legitimate business activities then it usually isn’t a problem, i.e. it won’t be seen as “harmful to consumers” or “harmful to investors”.
It may still be seen as “unregistered security” = harmful anyway because of its potential to harm investors..
BitClub Network has currently mined 50 blocks since January 2015.
50 blocks × 25 BTC = 1250 BTC
1250 BTC × $240 = $300,000 total production
$300,000 × 80% = $240,000 estimated costs
$300,000 × 20% profit = $60,000 net estimated profit from mining
In 8 months (January 2015 – August 2015)
$60,000 / 8 months = $7,500 per month, average profit
In 12 months (August 2014 – August 2015)
$60,000 / 12 = $5,000 per month
Lifetime Bitcoin plan
($0.45 per GH/s)
Lifetime Bitcoin plan
($0.42 per GH/s)
Lifetime Bitcoin plan
($0.39 per GH/s)
Interesting comment from another pool owner:
Further input from others with pool experience (this with ref to 3rd parties pointing at their pool):
I read over a lot of the comments above and considered Bitclub Network carefully before becoming a member.
I ended up signing up as a Founder meaning I paid $3599 USD in bitcoin to join all thee pools for 1000 days.
Ten days after joining I started to see my share of mining profits in my account on the Bitclub Network site.
Once I reach 1/5th of a bitcoin (0.20) I move the funds to my wallet on another site so the funds are held by a third party. This allows me to hold the coins or convert them to USD.
After 40 days of mining payments I have been paid about 0.75 of a bitcoin or $250 USD based on the current bitcoin price. Of this I have been able to withdraw 0.45 ($150 USD) to my third party wallet site.
If you do the math in 1000 days based on the current price of bitcoin staying the same I will have made back the cost of the shares plus a few hundred dollars and my required reinvestment will have purchased me a new share in all three pools which will continue payments from mining profits in the future.
While I realize that is not a guarantee I have seen improved mining results and expect them to continue to improve over time. I am also hoping to see an increase in the bitcoin price.
Both of these factors will further increase my return in Bitclub Network.
I don’t participate in the binary yet but it is another source of income in the club as well as Clubcoin.
When I joined as a Founder I was given 7,100 Clubcoins and a guarantee that I could sell them at a minimum of $0.05 or $355 but they can also increase in value.
Should Clubcoin go to $0.50 I could sell for a 100% return on my enrollment fee. That is yet to be seen because it is still being launched but all avenues that make Bitclub Network the right decision for me.
As I looked into joining information about ROI was hard to find online and I didn’t see comments above that gave facts, only suspicions so I wanted to give others the information I now know.
Hopefully this will help to make an informed decision if anyone out there is on the fence.
If anyone has any questions please reply with your question, I also welcome comments but please make you comments useful to myself and others.
I carefully track every block found by the Bitclub mining operation as well as my daily profits in each pool and I’m happy to answer any questions you might have.
Today’s bitcoin price used for the calculations above is $333, just FYI.
You do realize that, token mining income aside, the majority of your ROI is funded by newly invested funds right? Just like your initial $3599 investment was used to pay off earlier investors.
Again, the only thing backing “ClubCoin” is affiliate funds invested versus whatever is being withdrawn. Outside of BitClub Network they are worthless – but it does give the scheme a way to “pay out” affiliates without actually paying any real money out.
String the suckers along with promises of riches (“Should Clubcoin go to $0.50 I could sell for a 100% return on my enrollment fee.”), and you fend off what would otherwise be cash liabilities created for that much longer.
Yet I bet you have no seen any direct correlation between purported mining activities and your ROI, precisely accounted for dollar for dollar.
But uh yeah, s’long as your getting paid – fuck whoever joins after you, right?
I joined over a year ago with 500.00 and have seen a very small return.
The last few days I have not been able to log in to my account and they do not answer my emails.
I don’t want to involved into an argument here, just want to reflect Mike M post…
Mike, if you joined a year ago, then you earned around 1.61840 BTC. This is based on the current price, 614 USD.
Of course you had to re-invest 50% into partial shares, that means your current profit, what you can cash out is over 300 USD.
Buddy, this is around 60% return to your investment… and still 2 years left from the program. So what the bloody hell is your problem?
You can not login? Truly BS. You can login. There was maybe 1 day downtime in one year.
Support is really good, they are always answering within 24 hours. You just perhaps don’t have a clue where you can find the answer…
For anyone looking into Bitclub, it has strong ties to the Banners Broker management.
To be a manager in Banners Broker meant that these people were in charge of a single country, they had an office and held multiple weekly meetings tricking people into investing. For doing this they made a percentage of any new money going into BB.
Mateusz Gużda – Poland Banners Broker manager
Neale Pocock – Spain Banners Broker manager
Paul McCarthy – Ireland Banners Broker manager
Ayup Ali – Bangladesh Banners Broker manager
Chris Cronin – Big BB recruiter
All the above are involved in Bitclub. Guzda and McCarthy are near the top.
Also BitClub is sponsoring at this event. insidebitcoins.com/seoul/2015
The mining I mentioned in post #114 was too insignificant to support any payouts to any large number of affiliates, but it did exist.
It means that they use the money coming in from new investors to support most of the payouts.
I was a Bitcoin miner for a year (from 8-2014 to 9-2015). I paid $4000 for a top notch full mining computer from an upstart mining pool company.
I say “full” because you could purchase “half” machines for half the price, which mined half the coin that the full ones do.
During this time, I paid $200 in hosting/electricity costs. The company covered the first month of expenses and I had to pay the rest. At the end of a full year, I had the option to sell the machine back to the company minus the profits from what my machine had mined.
I ended up losing $1600, all in, because the price of Bitcoin kept falling. I never sustained enough earnings to cover those expenses and make it worth while. I was earning around $80/mo and paying $120/mo.
Needless to say, I couldn’t wait to sell the thing back. Now I see this BitCoin Network and I think, “Wow – they can pay out BitCoin without me having to own my own machine?” So I wanted to know how.
Then they went all into this binary compensation program pay plan without explaining to me how the 2 go together. That’s when it lost me.
BitClub Network’s binary is the vehicle they take new affiliate money through and use it to pay off existing affiliates.
Yeah, it’s got nothing to do with mining. Never has.
The “obvious” answer is they don’t. And I said that more than a year ago.
You guys either blind or just simply not willing to accept the fact that BCN is the most transparent company on the market.
On the blockchain you can exactly see how much bitcoin BCN was mined so far : 7,825.15192024 BTC with today”s price of 456 USD this is more than 3.5 million.
I would not call that insignificant 🙂 100% of that is paid to BCN members.
The price of joining to BCN is not about to buy bitcoin, it is for buying share in the mining pool.
When someone join, the company paying out about 40% comission, keep some profit and use the rest for buying new mining hardware. I can not see any problem with this math at all…
Which blockchain would that be? You and I both know BCN hasn’t mined $3.5 million in Bitcoin.
Whatever token mining takes place is dwarfed by the recycling of affiliate fees.
Oz, They have mined 222 blocks blocktrail.com/BTC/pool/bitclubnetwork/1
222 blocks = $3.5 million USD?
Yep $3.5 million this is there bitcoin address blockchain.info/address/155fzsEBHy9Ri2bMQ8uuuR3tv1YzcDywd4
And this hasn’t been paid out because…?
The question was about mining, wasn’t it? They have mined 222 blocks which is $3.5 million.
Yeah, and this hasn’t been paid out because…?
Recruitment commissions eat into most of the funds affiliates pay into the scheme. Who’s actually paying for the mining? Who’s profiting from it? Why is there supposedly a large amount of BTC sitting there doing nothing?
Doesn’t really add up, does it.
As always OZ you have to find an angle. You said “Which blockchain would that be? You and I both know BCN hasn’t mined $3.5 million in Bitcoin”.
But they have!
Cool. Now explain why none of it adds up.
All I see is coins going into some random BTC address, that may or may not have anything to do with BitClub Network.
Within the context of an MLM opportunity that affiliates are paying fees into, none of it adds up.
Shall we start again? 222 blocks, only going back 9 months under the name Bit Club Network. Do math Oz! blocktrail.com/BTC/pool/bitclubnetwork/1
I wrote this review over a year and a half ago.
You can go on about blocks all you want, meanwhile all you’ve shown is some random BTC address and failed to explain why no coins have been paid out.
For an MLM opportunity claiming its affiliates are participating in a BTC mining pool, the affiliates (outside of recruitment commissions) don’t seem to have much to show for it.
(Ozedit: Answer the damn question.)
Yo we get it. Blockchains and random BTC accounts.
Now explain how it all adds up within the context of an MLM opportunity, because it clearly doesn’t.
And WHICH part of “the math does not work (for paid mining pool)” do you not understand?
Which part about “if they have the hardware why aren’t they mining for themselves rather than paying you” do you not understand?
And if they are RENTING servers from others (and reports are they are renting servers from Germany, Japan, etc.) it makes even LESS sense.
Oz, who the hell told you this hasn’t been paid out?? Anyone can request a withdrawal anytime.
The Bitcoin then deposited into you OWN wallet within 24 hours. So again, where is your proof, that this hasn’t paid out? I have a dozens of proof that is INDEED paid out. R
Regarding your other comment to blockchain, that just a “bunch of random bitcoin address” i just suggest one thing: please go and educate yourself about a technology which is now major banks considering to apply in there own structure.
The account that was linked.
Of course, but the point of contention here is what are they withdrawing. Hint: That linked BitCoin account had no withdrawals I could see.
If all you have are affiliates depositing funds and those who recruited the most paying out… yeah, you know what that is – regardless of whether the funds are converted into BTC or not (independent from the mining activity).
And how many products and/or services have you sold to retail customers then?
I didn’t comment about the Blockchain, I pointed out the random BitCoin address linked was just that – random.
I suggest you take some of those recruitment commissions and spend them on reading lessons.
I have been considering BitClub Network for a few weeks simply because I like the idea of being involved in Bitcoin other than simply holding it as an investment. I just found this thread doing my DD and it gave me 2 lines of research so thanks to all contributors.
I am by no means an expert in Bitcoin mining OR MLM schemes, but I do have some personal success with the profit sharing model and I can say that the compensation plan got me a little worried!
It makes it very hard to figure out the math and unless it is clear that the income generated from retail sales or investment return can easily cover the payouts and then some, the model is unsustainable.
The programs I am involved with have a very straight forward and simple commission point for referral purchases… none of this multi-legged, bilateral matrix to infinity with 3 varying cash-out and forced-reentry % levels!!!
Just give me $5 when someone I refer buys $50 worth of goods and services… that I can do the math on 🙂
Besides lacking reliable data to prove the concept, some questionable associations were made by Guest and others that warrant verification.
If they prove valid then the gig is up for my part. If it looks like a Duck and quacks like a Duck…
That being said I still hope to be proven wrong… I just like the idea, Lol. So keep reporting new findings please and thanks to all.
This is what I am thinking when I first watched their videos. The first one talked about how great Bitcoin is and how it works and all.
But when I looked at their Comp Plan video, (with an open mind I might add, because I like the idea of not needing my own machine to mine Bitcoin), I was fully expecting it tell me how they are able to pay me with Bitcoin, but all it talked about was this “binary compensation plan” mumbo-jumbo which I could care less about!
I was still waiting for the part that told me how the Bitcoin mining tied into this comp plan but it never came.
I know they have a completely separate video talking about Bitcoin mining but that has nothing to do with any binary comp plan. So they are trying to tie a Binary MLM together with Bitcoin Mining but I still don’t understand how they are able to do this.
It just doesn’t add up, as Oz said -or- to continue my analogy, they just don’t tie together. They are just 2 different things and that is what worries me!
Meet the the illusive owner of BitClub you may also remember him from such hits as BlockBuzz, Greenzap and Pixmeup plus…drum roll please…….homefacts.com/offender-detail/NV1000532927/Albert-Medlin-Russ.html
I see this topic has been started 2 years ago, so what is the conclusion on BitClub, if any? Is it worth to invest or not?
I’ve been in it for a couple months now, and i have never done better investment than this. The company does mine and anybody could check that on ANY blockchain website!
I am very happy with the company. If your wondering what “products” they are selling
Let me make this very clear. This WOULD be a Scheme if they were not generating money from an external source, hence the mining aspect of the company, its not just an MLM. They control 2-8 percent of ALL mining, now you might not know how much that is but it is in the millions of dollars.
That money gets distributed to the people who have a contract with them. Of course they keep a small percentage, they have to. Costs of running a mining operation of this magnitude will cost you millions a month just on maintanace and electricity.
(Ozedit: recruitment spam removed)
Token mining doesn’t explain the advertised ROIs. The only logical conclusion is that newly invested funds are being used to pay off existing investors.
Any reshuffling of newly invested funds to pay off existing investors constitutes a Ponzi scheme. What you do outside of that core Ponzi mechanic is irrelevant.
You only came here to post your recruitment scam and earn commissions. Case in point the token mining taking place is irrelevant.
But are they making ENOUGH money to be paying everybody their ROI?
Zeek did auction too, but the qty they did was nowhere CLOSE to enough to pay the ROI.
You *claim* they control 2-8% of ALL Bitcoin mining.
The problem is, there are only less than 4000 bitcoins mined PER DAY, and that figure is from a year ago. And the difficulty is steadily increased and yield periodically halved. Let’s just say your figure is 5%. That’s 200 bitcoins. Care to guess how much computing power / energy needed to mine that? 80-90% of the money mined. Net “profit” is 20-40 coins PER DAY if there are any.
Then subtract membership overhead, computing overhead (the server admins need $$$ too), any that remain for members are a couple coins per day, if any.
Your figures are completely screwed up. You counted revenue, not profit.
We said so months ago, we’ll say so again. This model can’t possibly work. If the server admin have that much computing power, they would be mining themselves and pocketing the profit. They don’t need your money to share profit with you.
I AM NOT CLAIMING ANYTHING. You can look at ANY website in the world that tracks blocks rewarded and you will see.
They mine a 30-45 PH/s. They mine in Iceland which significantly reduces energy consumption. If you know anything about Bitcoins you know the halving period is every 4 years, and its not due to later this year.
The reason they cant do it on their own is because of what you said, computing power gets too hard for their hardware, it becomes obsolete.
Thats why you can CHOOSE how much to REPURCHASE for another share in the pool. The more shares you own the more you get.
Thy have mined 5 Million dollars worth of bitcoins. This isn’t what they tell us, its what I HAVE done research on. It is easy to follow where the money is and where its going. i can name 4 websites which have no affiliation with Bit Club that will prove it.
This guy has swallowed it, hook line and sinker.
You can’t follow where the money is going in schemes like this. Affiliates invest, commissions are paid and then it’s all a black hole.
What, you think some server rack photos on Facebook is forensic accounting? Please.
And this is where you started IGNORING what just came out of your mouth. Just because they can magically buy someone else’s computing power… Who pays for THAT hardware?
Oh you guys are hilarious. Do some research and youll see what im talking about. What you dont understand is that YOU CAN FOLLOW AND TRACK ALL PAYMENTS FROM BIT CLUB NETWORK DOWN TO ME AND WHERE IT CAME FROM. Why dont you guys get that?
It says its new coins generated, to bit club and so forth down to me.
We all pay for the next hardware, but you get a percent of that in a share.
If you want to go in deeper, you can TRACK THE PAYMENTS TO ICELAND AND BACK TO US. Contact Bitfury, the reputable mining hardware company and ask them about their contract with Bit Club.
I already did.
Affiliates pay money to BitClub Network, recruitment commissions are paid as well as ROIs. Token mining takes place which fails to explain the ROIs or recruitment commissions paid out.
If that’s the case, then you should know that BTC isn’t funding your recruitment commissions or ROI. Not in total.
Oh well if it says so… let’s throw common-sense out the window and take the Zeek Ponzi veterans at their word.
…they aren’t paying recruitment commissions or ROI.
Look, nobody is saying mining isn’t taking place. Just that the majority of commissions here obviously have nothing to do with BTC.
I have recruited nobody but my wife, my commissions have came from the contract i have.
Its not them telling you where its coming from. Its the Bitcoin Network.
Say for example, block xxxx gets rewarded to bit club, then bit club sends it to me. Its pretty transparent. Thats not bit club representatives telling you that, you can search it your self in ANY BLOCKCHAIN website.
So you know, nobody can edit or add them to blockchain. ROI comes from the mining. Simple, Transparent, and can be traced.
And those commissions have nothing to do with BTC.
ROIs are paid out over 1000 days. Any money you have been paid is from recruitment so far, which as I just said has nothing to do with BTC.
What does or doesn’t happen on the blockchain has nothing to do with affiliate funds entering the scheme and funds paid out to BitClub Network affiliates.
Or they just convert affiliate funds into BTC and recycle it out again. Again, some mining might take place but not enough to pay out perpetual 1000 day 100%+ ROIs.
Obviously there’s a disconnect between what BitClub Network are offering and the mining of BTC.
Its impossible to recreate a Rewarded block. You cant recycle that. It comes from the bitcoin code, into bitclub and then to me.
Its not like it goes to bit club then gets distorted then i get it. Its pretty clear and the trail is there, open sourced and for anybody to see.
And the ROIs are paid in 600 days not 1000.
Now explain my wife’s account? She hasnt recruited anybody and still has gotten paid daily. And theres a lot of people that have not recruited and won’t recruit, but still get paid daily from their mining contracts.
But you can recycle newly invested funds. BTC mining is not a fixed variable, unlike BitClub Network’s offered ROIs.
As long as new affiliates continue to invest, you’ll all get paid.
There is no Offered ROIs anywhere. You enter at yout own risk.
It doesnt add up, its not like they get 100k a day from new invested funds. Even with 100k it wouldn’t be enough, but Its more like 7k per day.
They pay more than 7k per day to their affiliates and contracts easily.
Where is that money coming from? Cant be newly invest funds. It would be mathematically impossible.
Horseshit. You didn’t sign up and put your wife under you to collect a referral commission for “risk”.
You did it because the BitClub Network website told you you’d earn a ROI over 600 days (used to be 1000).
Fixed affiliate investment doesn’t add up with ever increases liabilities. BTC mining is not linear, in that you put in $x and get out $y. If anything there’s diminished returns at play because of mining difficulty and the scaling of computing power required.
Yet BitClub Network are offering linear ROIs. They’ve set it at 600 days for a reason, that gives them two years to collapse (once money paid out is larger than money invested).
Some will likely be on the initial 1000 day plan so that’ll give them some wiggle room.
And this is where you started IGNORING other people’s points since you can’t explain the holes in your own logic and instead started accusing others with “you don’t know what you’re talking about!”
If bitcoin price falls, the risk is huge. Since you guys are so closed down to the idea of an MLM company being transparent about it, i will let ANOTHER 18 MONTHS PASS BY.
Hey, my wife has half of her investment back already without recruiting anyone and its only been a few months. You cant dispute that, and the other peoole that didnt recruit anyonr but havr gotten their investment and more back?
As in withdrawn funds in her bank account or just numbers in her backoffice?
Has anyone (other than the initial Zeek guys) gotten their “investment and more” back?
All we seem to get here are new BitClub Network investors who’ve been groomed to think using newly invested funds to pay off existing investors is genius.
Wut? BitClub Network mine thru BitClubPool.
Out of 480 blocks mined to date at that pool, 150 went straight to third party miners, nowhere near BCNetwork investors. That leaves a total gross take of around $2.7m.
As you say, there’s a substantial overhead to mining. According to Marcus Streng the CEO of Genesis who mine in Iceland, of about $200 a coin, leaving BCN about $1m disposable income over the last nine months.
When you look at the matrix payments that have bought, amongst many other things, Frank Abel’s Bentley, that’s a p*ss in the ocean.
You are being paid back out of your own money.
If you actually follow the Blockchain transactions, distorted is exactly what it does get. Endless loops of tx’s splitting into large and small payments, just like a mixer. Why would they do that with newly minted coins?
Let’s say that you/your wife bought a $1000 contract when Bitcoin was $400 (let’s forget about the $99 admin fee). When do you/your wife expect to get 2.5 btc back, in pure mining payments?
How long till you achieve 100% roi i.e. nothing, at the current rate of payment?
I’d say at least two years, a looong time in Bitcoinland.
And no exit strategy whatsoever, unless you want an obsolete ASIC shipped at your expense from Iceland (maybe).
You are being paid back out of your own money, cent by cent.
I can dispute that.
Fact: no-one has ROI’d on withdrawable mining payments from Bitcoin Network. Prove me wrong.
Or if you’re talking dollars, then after “a few months” she would have been now showing anything up to 180% ROI simply by buying Bitcoin in the first place.
And, unlike her reinvesting ‘mining’ contract, she could cash out into dollars tomorrow.
$2200 out of pocket, and $1200 returned so far.
I pulled $1000 so far and its in my blockchain wallet. We should have our investment back by the end of next month.
In theory our account should be suspended by the time we earn 2200 back right? If i dont, i will post on here.
Keep in mind i havent recruited anybody but my wife.
You guys can keep going with it, but ive seen people’s account that have 10 bitcoins mined and they havent recruited anybody. That is the only reason i signed up.
When did you sign up?
November but because of the 10 day waiting period, we didn’t start the actual mining until December.
I guess i will have to see if our account gets suspended or something, i hope not, i have seen enough people’s account to believe it wont.
i also know one of the guys that singed up since the beginning.
I doubt they’ll suspend your account.
As with all schemes like this, you’ll continue to get paid as long as new funds are pumped into the system.
That’s what all of Madoff’s victims said…
Right, so it has elements of being both a Ponzi AND pyramid scheme.
That’s a $1000 mining account each, plus $99 each, is that what you are saying?
But you already said that your wife has 50% ROI. “$1200 returned” -“$1000 withdrawn” = $500 for your wife?? BCN math…
If you joined at the end of November/early December and convert payments back to $’s, then ~40% of that has nothing at all to do with BitClub, just the fact that Bitcoin prices have risen that much since then.
Of course not, why would they do that? You’d be on here shouting “Scam!” and putting off new
Anyway, with mandatory reinvestment, surely your ‘plan’ continues forever doesn’t it? Or what happens to your accumulated extra shares? They just vanish?
Keep in mind that there’s a big upline before you, earning more in referrals than you are in mining. Who’s paying that bill?
10 btc, mining only? Screengrab of that pls, or it definitely didn’t happen.
I listened to that Acapulco chat with Joby Weeks, one of your main men, the other day. Amongst his other exaggerations and downright lies, he was rambling on about becoming the biggest etc. and “breaking down the Great Firewall of China” whatever.
Last week, the Chinese pools found 641 blocks. Bitfury, who threw BCN some hashrate recently, found 119. BCN managed 24. Come Midsummer’s Day, rewards halve. They can afford it. BCN can’t.
Yes 1000 each, and shes earned 500 back from that, ive earned 700 but that’s because i put her in. The other 200 is still in my BCN wallet.
i will try to get the picture of the “TOTAL MINED”, it said well over 10 btc maybe 10.75 or something like that.
If im not mistaken, Bitfury has an agreement with them to buy hardware not hash.
Try and understand, BCN haven’t “earned” you 50%. When you exchanged your $1000 for Bitcoin and gave it to them in late Nov/early Dec, you got about 3, which are now worth $1250. Had you invested a couple of weeks earlier, you would be at about 0% roi right now.
Can you not see the incredible cost of the matrix structure from your own example? Just one referral gets you 40% of your whole core investment…
Weeks claimed that BitClub Network are mining with 16nm Bitfury equipment that doesn’t exist.
There is mining taking place in BitClubPool under a ‘bitfury’ reference which means nothing. It could mean Bitfury are mining at their pool. I know BCN were paying third party miners a bonus to mine with them and inflate their hash figures.
There have been two major recent examples in Bitcoin mining of operations which mine but hugely oversell their capacity. Google “Gaw mining” for an example of how this works. GAW also brought out their own coin…
I bought the bitcoins for the EXACT price it is now. Your logic there doesn’t apply.
Another statement of yours that is not true, and you should not be spreading that around.
Chip does exist, and has for a while.
From what I’ve gathered about this BCN thus far, and after weeding through the Bitcoin fog, I’ve concluded that “block chain”, “coin mining” “blockchain wallet”, etc. are virtual terms made up to support a made up virtual world that needs physical money to shuffle between unsuspecting participants in different regions of the physical world.
Real, physical, money paid by unsuspecting participants is being held somewhere until someone, somewhere, pays into the scheme.
Then part of that money gets shuffled over to another unsuspecting participant who paid into the scheme, but not before a cut of that money is kept by the scheme operators.
The worthless bitcoins are used as a prop to keep the scheme going.
Am I on the right track? Or did I did I get derailed somewhere along the story?
“BlockBuzz”, “Greenzap”, and “Pixmeup”, sound like operation terms the feds would use when rounding up the ponzi schemers and hauling them in for questioning.
It’s interesting to note that BitFury indeed created 16 nm ASIC for bitcoin mining and uses proprietary immersion cooling for overclocking energy efficiency.
The problem is Bitfury is itself one of the largest (if not *the* largest) bitcoin miner in the world, having mined 16.6% of all Bitcoin blocks in a certain week in 2015, which is just before the 16 nm ASIC got deployed.
The question is how does Week know that BCN had contracted use of these ASICs, or did he just randomly pulled it out of a news item, which is not hard to do.
I’m only going by your statement that you joined BCN in November, but 10 day waiting period meant you started mining in December.
To me, that says you paid BCN at the end of November. The Bitcoin price then was $325-$375. It is now $425.
Yes, the chip does exist, who said it doesn’t?….. But Bitfury aren’t selling miners containing them.
Weeks claimed BCN were using them early in March, and got directly contradicted by BitFury’s Head of Product Development.
Weeks’ claims included:
Please can you review Dragon Mine. Looks as though it could possibly be similar to this Bitclub network.
They seem to be offering contracts up to $2500. Looks like it is connected to the YOBSN business with aggressive recruitment in Malaysia and South Africa.
That’s a free Blogger blog, what is the actual Dragon Mine website?
If that’s the business model it isn’t MLM, just single-level investment which is HYIP.
Thanks. Looks like this is the official site but with no public info on their Bitcoin mining product yet.
I do agree, maybe weeks misunderstood. Hes also just a member. I do know they are using those asic chips now.
He said not %100 percent correct, it could be 90%. 🙂
Paid the $99 fee in November then bought the share in mid December. Price was the same.
Weeks is putting himself forward as ‘the man’: or maybe you know who really is behind BCN?
Weeks didn’t misunderstand anything. He knows exactly what he says. Look how aware he is of the SEC, the way he insists that you have bought a mining machine, not a “security”.
How can you possibly “know” what chips are being used by anyone? Bitfury and BCN can barely scrape together 10% of network between the two of them atm, hardly the performance of the sole possessors of the most efficient chips in the world?
Punin was being sarcastic btw…
My bad, different concept of “10 days wait”.
So you’re saying that on your $1000 contract you have received $500 (60%) in cash payments over ~100 days, with another 40% reinvested?
Yes sir,and that 40% has now bough me a 1/4 of another share. By the time i get my investment back, i should have 1.5 shares and my full investment back.
Also, the .25 share has a 600 day expiration. if you want to see a picture, i will post one somewhere.
I see on social media that BCN will no longer take deposits from U.S. customers as of May 1st.
I wonder why that should be?
Just an update with BitClub Network ROI plummeting as the Halving approaches.
The Halving was built into Bitcoin protocol by Satoshi. Basically block rewards, that miners get awarded for finding a block, are bribes to maintain the network until transaction fees rise in volume/cost and the system becomes self sufficient.
It’s currently 25 BTC per block but sometime probably in July the threshold for mined blocks will be hit and the reward halved. In cash terms for BitClub Network, who have been hitting up to 4 per day, this means an immediate reduction in gross income of up to $20,000 per day, unless the BTC price rises accordingly (Subject of much debate).
I have written about this at length with graphics here: bitcointalk.org/index.php?topic=1152263.msg14991430#msg14991430 if Oz will kindly allow this post.
I am just here because a friend tried to pitch this bitclub thing to me. Now after reading a lot here, I am very confused if this is a good idea or not.
I am interested in buying bitcoins, but really unsure if I want to be involved in this particular company.
BitClub Network has nothing to do with buying bitcoin.
BCN is indeed a legit network that mine bitcoin this could be verified true blockchain.info/pools has been paying for the past 2 years without any issue even if you are not referring anyone.
the revenue of the BCN is Mining Bitcoin, Altcoin and ethereum.
BCN also have a mining pool for public miners to gather their resoueses with BCN to mine Bitcoin.
thers no reason to call BCN a ponzi simply because BCN do have a product and the product is cryptocurrency with this i hope it answer your doubt about BCN.
What can’t be verified is, dollar for dollar, the mining activities covering both ROI payouts and commissions.
BCN’s commissions and ROI doesn’t equal it’s mining operations. Where does the rest of the money come from?
1. Money in and of itself isn’t a valid product in MLM.
2. BCN is a Ponzi scheme because it uses newly invested funds to pay off existing investors.
But please, don’t let that get in the way of you making up another reason and then proceeding to dismiss your own argument.
It depends how you define “without any issue”…what about the massive ongoing reduction in mining payments this quarter?
The “we don’t promise an ROI” gambit for mining bitcoin (valid, because of the variables involved) is very handy for these people, because it means that they can reduce rewards to dust and be within contractual bounds.
The biggest legit cloudminer in the Western World, Genesis, is busy emailing clients right now to tell them their “lifetime” Bitcoin mining contracts are being terminated under unprofitability clauses.
In other BCN related recent news, the pimps just had a jolly to Malaysia where they announced CoinPay, a payment platform which is going to Take Over the World, but they need BCN affiliates to stump up a $million or two first….
Visa must be having sleepless nights, first OneCoin now ClubCoin…
I see a lot of ignorance to what an actual blockchain and p2p public ledger actually is. There are reasons why currency and money exist. BCN alows you to use currency and get actual value out of it.
This looks like a ponzi/pyramid from the outside but the product and service is mining.
You can not value BTC and other Crypto and compare it to fiat currency when the currency and its market are highly manipulated by central banking and their interest rates and inflation.
Which doesn’t account, dollar for dollar, for the ROIs paid out.
Unregistered securities aside, the only verifiable source of funds entering BitClub Network is invested affiliate funds.
Using those funds to pay off existing investors = Ponzi scheme, irrespective of any mining that may or may not be taking place.
BitClub are about to start pimping a big new “passive income opportunity” based on a Bitcoin arbitrage bot.
It is particularly interesting (for Bitcoin nerds anyway) because it links them with Genesis Mining and could explain a lot about BitClubPool.
I don’t want to use you as a link link Oz, but in a rather word heavy effort post I’ve covered it here: bitcointalk.org/index.php?topic=1152263.msg15878010
I see a waffling post that says little.
All investments offer the use of currency for a return, both legit and scam.
“The product is mining”, so what?
The point is it’s a front, unable to provide adequate returns at implied ROI, so it’s topped up with new investor money.
The reason the income is inadequate is most of it goes upline.
“Fiat currency is highly manipulated by central banks?” True. So is crypto by their equivalent, the miners.
Your analysis is incomplete.
BCN may even be a true cryptocurrency in that it has blockchain and whatnot, but it has NO VALUE as a currency. NOBODY would buy/use/sell it for something else.
Thus, the only value it has is based on how much fiat currency had been invested into it, and that will only last as long as additional people will invest more $$$ into it, i.e. more money goes in than comes back out.
That is the definition of a Ponzi scheme… Use the later joiner’s money to pay off the early joiners.
Furthermore, buying mining whatever is ALSO signs of Ponzi scheme, and this is opined by a major Bitcoin developer, someone who understands Bitcoin at the source code level.
In fact, he said a majority of BITCOIN mining ops that you pay into are probably Ponzi schemes. If this is true for Bitcoin, it’s doubly true for unknown altcoins.
Thus, your conclusions are wrong based on your incomplete analysis.
I’ve read about 70% of this thread. The negative information is good because you guys seem to know what you’re talking about, only thing, you never backed down when your positions are rebutted by plausible explanations of people who have experienced positive results, except to say that those positive results came from ponzi-like funding.
I don’t know one single commercial venture that doesn’t depend on constant influx of spending. Granted, consumable items that are repurchased by the same people, such as Mary Kay or Amway products require people to spend money from their jobs or money earned from people who work jobs, the money still has to continuously be spent into the operation to fund earnings.
I don’t get your point. If BitClub was a true ponzi, then they would not be still in business.
From this thread, it appears that they are developing ways for none share-holders to spend money that will result in earnings for contract holder besides their share of the BitCoin mining operation.
If they are actually a mining operation, that’s re-assuring because the threads I’ve seen from some of you guys that go as far back as 2014 was saying that they don’t even own a single machine, but now I find that some of you same guys are still spewing venom against BitClub even though you have proven to be in error concerning their claim to be directly involved in mining. It’s almost pathetic.
In my personal opinion, you guys are straight up haters. I’m convinced that you guys are smart as hell, but you’re definitely haters.
All this time, you could have earned 10 times the cost of a “founder’s block”, is it? I’m only just hearing about BitClub and afraid to get burned by another bitcoin fly-by-night, but it sounds like they are legit.
I’ve seen tons of MLM and all of them require new money before becoming saturated. But unlike OneCoin, it appears that these guys are actually doing something and have substance that is provable. I’m game to give it shot.
Thanks, for the insight. Bitcoinguy and his wife sold me. I may be ignorant, but that’s part of investing. 97% of the people that invest in the stock market are worse off.
Even the 401K idiots that think the dollar is going to survive long enough to draw out their retirement. Fat chance with that! I think they all are better off dumping it into BitStrategy, and they aren’t paying out. What’s the difference.
Anyway, I happen to know some of the people who are very close to the ownership of BitClub, and they are very honorable people, but I still had to check before taking the plunge.
I’ve been assured that they are legit, and this thread has given me every reason to believe that my good friend is actually a friend. He hasn’t set me up with a fraud, to say the least. Not that I’m saying they are Microsoft or anything like that, but at least they are not a fraud.
There’s hope. That’s all a risk taker can ask for. Am I right?
From retail customers, not investors being paid ROIs from subsequently invested funds.
A ponzi scheme runs for as long as new investors, such as yourself, sign up and invest funds to pay off existing investors.
The ROI maturity is quite long in BitClub Network, which prolongs a collapse (if you trickle ROI payments it takes longer to exhaust invested funds).
Remember, the only a few 600 day ROI maturity periods have expired. Most affiliates are like you and haven’t withdrawn more than they’ve invested.
That means BCN has more money in its bank accounts then they’ve paid out as ROIs (referral commissions are separate).
Token mining operations aren’t going to pay you a >100% ROI on your investment. Not on the fixed time-frame BitClub Network operate on anyway.
Considering ex-Zeek Rewards Ponzi pimps were first to market this (and likely own it), sounds like you’ve really done your homework then.
I mean hey, if everything was above board all they’d have had to do was register with the SEC and be transparent about funding affiliate ROIs. Instead the anonymous owners ran away and now operate from who knows where (wink wink, nudge nudge).
Best of luck with the scamming.
That’s something you’d have to ask the thousands who lose millions in collapsed Ponzi schemes every year.
I get your points. Well said. But, I can only hope that I can get a return of 5 bitcoin. Not much more to plan for considering what you’re saying, but that’s life.
They’ve given me 1,200 of their ClubCoin, big deal right? Well, I can say they are ranked 36 of 100.
I believe they are going to be around for a long time, but I could be wrong. However, if you’re wrong, there will be lots of happy people that have avoided the coming reset. It’s not going to be pretty, especially in the States.
They tell you to say this as well? You’d be surprised (not really) how much this is touted by the MLM underbelly.
It’s a marketing tactic. Put aside logic and common sense and give us your money because “what if”.
ClubCoin? Give me a break. Nobody is using ClubCoin except BCN investors, it’s just another useless altcoin.
The MLM cryptocurrency niche is full of them.
Well, that included just about every cliche in the ‘Hi, I’m John Doe straight up guy’ rebuttal book.
I was half expecting “I guess y’all are probably working for the opposition”, especially after resorting to ‘Haters’. Hi, Ken.
Won’t bother to respond point by point because you didn’t actually make any..
I guess that these “highly honorable people” want to remain anons, that’s why they let the Weeks, Abels, Conleys, Maccabis and Medlins of this world front for them. Why else?
That came after, along with just about every other tired Ponzi cliche ever written.
If you sincerely believe they can afford paying commission by mining BitCoin even though the only way to make money mining by mining is to invest millions in a server farm in a cold place (so no money spent cooling) with cheap electricity, and even a top developer of BitCoin said that most mining pools *are* ponzi schemes… You’re the guy not dealing with reality.
Most of the money goes into amortizing the equipment and running costs. It’d cost more to rent the server power to farm than to actually own the equipment, esp. with new hardware out all the time.
In other words, you basically self-deluded yourself into believing your own fiction with no regard to reality. Bitcoin mining is barely profitable, certainly not in the ROI claimed here and elsewhere without some extraordinary measures (like setup in China)
BitClub Network runs BitClubPool, the means by which it gets its mining revenue.
I updated my BCN thread on BitcoinTalk today with regard to the “arbitrage” trading bot being shelved indefinitely and their theft of investors funds by unilaterally ending contracts.
One of the answering comments from a respected miner who points his gear at their pool (for their low fees) commented
I was to consider to join bcn in South Korea now. Thanks to lots of good info on this. I quit to enroll and invest in clubcoin.
There are some people who persuade into joining bcn these days in Korea even though it just started.
So, its almost 2017 and its still working very good. I earned almost 500 btc here already. If its a scum let all scums will be like that one!
What are you talking about? They had to can early investment contacts just to keep it afloat.
What do you think will happen with your investment when the time comes?
You may have done on commission selling overpriced and underperforming contracts to noobs and your grandmother, but not by mining you didn’t.
really? You’ve got 500btc? what was your investment?
question for those who know is this the same company that Riccardo Ferrari and Thomas Prendergast of veretekk promoting?
This is how the fastest growing $1.5 billion dollar company in history celebrates its 3rd birthday in Dubai.
The woman says “BitClub Network” in the first few second of the video?
What is the actually status here? Bcn still exist but i dont know weather i can trust them or not.
Ask for audited accounting showing bitcoin mining funds ROI revenue. If you don’t get it make your own call.
I don’t trust them as Thomas Prendergast was promoting this scam laser online along with bitclub.
When people start researching some of the things they have been saying I was hoping they would end up here and read for themselves.
Can this stat be trusted?
If this is the case and they have mined 6 blocks in last 24hrs would the math hold up?
I don’t see why it can’t be trusted. Problem is what that graph shows is not proof mining is used to pay affiliates with.
Average bitcoins mined per day in the world is 1 block every 10 minutes, or 144 block per day. If they really mined 6 blocks, that gives them about just over 4% of the global yield. I thought though they said they had more hashrates than 4%? something about 5-8%?
Given that the block contains 12.5 coins, and BTC to USD at 1:15500, that’s a nice chunk of change, but how many ways does that split? The problem here is you can’t answer them, therefore, you CANNOT know how legit they are… You simply don’t have that information.
Let’s also face the facts: BitClub is NOT a mining pool. That’s NOT how mining pool works: you give them a chunk of money and they pay you ROI. That’s an INVESTMENT with maturity date and ROI. A real cryptomining pool have pool feels, prices per gigahash, and detailed accounting of block yields and splits and whatnot.
BitClub is just a scheme hiding behind the premise of BitCoin mining. Whether you can trust it… depends on how trusting you are of random companies with lofty promises.
So, its 2018 and its still working very good. I do not know anyone that did not get money.
This is the defeat of the world record for the duration ponzi scheme.
at the end of the year, the bitclub closes the door.
I’m just wondering how you’then explain to people that this is a ponzi scheme?
Madoff started in 1960 and ran until his arrest in 2009. You do the math.
Same as I did when it launched. Using new investment to pay existing investors = Ponzi scheme.
Mining isn’t illegal in the US, if BitClub Network wasn’t recycling funds (some token mining likely takes place), they would have registered their legitimate business with the SEC instead of fleeing.
YES… Riccardo Ferrari is promoting this company.
From what I get from him, he’s a top earner and making more than $100K per month. I may be way low here actually.
There are people making over a Million per month with Bitcoin club. AS long as I don’t join, it should go on for many more years. You can all thank me for not joining.
Please send me links showing Prendergast promoting Laseronline.