20K BTC Review: Texas lawyer running $299 a pop bitcoin pyramid?
20K BTC provide no information on their website about who owns or runs the business.
The 20K BTC website domain (“20kbtc.com”) was privately registered on November 4th, 2017.
Further research reveals marketing material citing Richard D Raymond named as the owner of 20K BTC.
Now here’s where things get strange. Real strange.
A visit to the Texas State Bar confirms Richard Raymond is a practicing attorney.
PRACTICE INFORMATION
Firm: Richard Raymond, Attorney at LawFirm Size: Solo
Occupation: Private Law Practice
Practice Areas: Business, Consumer, Litigation: Personal Injury, Real Estate, Taxation, Wills-Trusts-Probate
In 2009 Raymond was even campaigning to be the next Fort Country District Attorney.
So we appear to have a bona fide lawyer running an MLM bitcoin opportunity. This should be good.
Read on for a full review of the 20K BTC MLM opportunity.
20K BTC Products
20K BTC has no retailable products or services, with affiliates only able to market 20K BTC affiliate membership itself.
The 20K BTC Compensation Plan
20K BTC affiliates pay a $299 annual fee in bitcoin. Commissions are paid when they recruit others who do the same.
20K BTC pay affiliates to recruit new affiliates via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
Affiliates are either directly or indirectly recruited into the binary team.
When a new recruitment on the left is matched with a new recruitment on the right, 20K BTC state ‘an Affiliate will earn about $100 in bitcoin‘.
All 20K BTC affiliates are capped on earning up to thirty matched recruitment commissions daily.
Joining 20K BTC
20K BTC affiliate membership costs $299 annually, paid in bitcoin.
Conclusion
The first thing 20K BTC want you to know when you start reading their compensation plan is that the company
does not sell any investment, security, franchise, distributorship or business opportunity.
Furthermore, 20kBTC does not give advice regarding any investment, security, tax or legal matter.
While that much is true, 20K BTC then proceed to blatantly lie about their business model.
No compensation is paid for enrolling new Affiliates. THERE IS NO GUARANTEE OF INCOME WHATSOEVER!
An Affiliate’s income is derived from personal membership sales and from the membership sales made by their left and right teams of Affiliates.
That bit where they talk about “membership sales”? Yeah, that’s getting paid to recruit new affiliates – which makes 20K BTC a pyramid scheme.
20K BTC market and sell nothing to retail customers, with the compensation plan able to be broken down as simply as: “Pay a fee and recruit others who do the same”.
As with all pyramid schemes, once 20K BTC affiliate recruitment slows down so too will the company-wide binary team.
This will see commissions grind to a halt, before eventually stalling altogether.
At this point 20K BTC will have collapsed, with pyramid scheme math guaranteeing the majority of participants won’t recoup their $299 membership fee.
At the top of the 20K BTC company-wide binary teams sits Richard Raymond. Through one or more admin positions, Raymond will collect a large percentage of fund paid in by 20K BTC affiliates.
Considering pyramid schemes are illegal all over the US, anyone want to take a stab at why a practicing Texas attorney has decided to launch one?
Interesting, but are we *sure* we’re talking about the same person? The photos on Facebook and Avvo don’t *quite* match this photo.
This FB profile has his old campaign photos, so it’s probably the real one. It also matches the one on Avvo.
NOLINKS://www.facebook.com/richardd.raymond/photos?lst=100008037752905%3A100000287252381%3A1516471912&source_ref=pb_friends_tl
AVVO profile on the guy has the same photo
NOLINKS://www.avvo.com/attorneys/77074-tx-richard-raymond-203502.html
The photo on this profile matched some “Genesis 12 Marketing Group” which used the SAME into “27 years blah blah”. It was launched late last year promoting some shopping app called “MyEats”, and supposedly is a fundraiser organization. The only confirmed FB member is a MLMer by the name of Hailey M Wilson, who’s in Advocare.
FWIW, the diplomas hanging in the background are from Texas and issued to a Richard David Raymond, so it *may* be him.
Maybe we should just forward this to Texas Department of Securities. 🙂
I’ve heard he’s a CPA as well. Puzzling why he’d get involved with something so obvious.
I’ve heard they’re supposedly going to add products to the deal but I think that’s a smokescreen. Probably a quick buck and then disappear.
Why would this guy attach himself. Is there a Walter White sub-plot here?
I’m thinking he’s merely their CPA and paper president and they may be running it without his knowledge.
Interesting. NONE of their documents actually mentioned a company name. And it’s worth noting that there is no company registered in Texas called 20KBTC. There are two companies that start with “20K” but neither seem to be related to this.
Corporation Wiki shows that Richard Raymond has been active in 30 companies, but is only holding 5 active posts. It’s this guy because he was in Gulf Scientific.
I’m not sure this 20KBTC is even incorporated in Texas. I doubt it is.
And who the heck is the spokesperson Warren Hoover, who made the talking head video?
From the comp plan, it’s a clear pyramid scheme. you join as a member, and recruit additional members and get paid when more join. They pay in equivalent of 100 USD in BTC. Why? It’s just to jump on the bandwagon.
I’d say notify the lawyer/CPA himself and see what he says about it.
The photo on the 20K BTC website is of an older Richard Raymond. Look at the mouth and eyes. The Facebook photos are from his younger days.
This system is so simple, that the others company will speak bad about 20kbtc.
Like Kasey Chang don’t know about what talking about…….20kbtc it’s better than mining……
Anything is better than scamming people in a pyramid scheme.
It’s NO PIRAMID, I MAKE MORE MONEY THAN MY UPLINE……A pirámide is when only the top member make money….
OZ with all respect you need somebody to explain you how really run the 20kbtc. And you will change the idea.
False.
With all due respect you’re a dumbass. I’m acutely familiar with the pyramid model and 20K BTC is nothing more than a bitcoin based pyramid scheme.
I think we can discuss this matter without bad words, how much you loose on 20kbtc?? Because I Make money….. the great ideas are the simples ….
Whether you’ve successfully stolen money from people who joined 20K BTC after you is neither here nor there.
Alexa traffic ranking shows a monumental 20K BTC collapse throughout April. #RIP
Trying to legitimize 20K BTC by comparing it to other MLM companies that have absolutely nothing in common with it = derail attempt.
April?? Will see, now we are MAY.
Yes, and 20K BTC’s website traffic is still in the toilet. Sorry for your loss.
How I stolen if they make money too….
Math is a zero sum game.
You steal from people who have to recover their losses by stealing from others… until there’s nobody left to steal from.
20K BTC traffic website activity suggests people to steal from ran out last month. Which, let’s be honest, is why you’re here shilling a collapsed scam.
We are at USA, and I don’t think the government don’t check about 20kbtc….. the solution it’s very simple go to the FBI and explain them this is a scam. So simple.
Whether regulators shut down 20K BTC is irrelevant, it’s still a pyramid scheme scam.
Given interest in 20K BTC peaked and crashed in less than a month, we’re probably only talking a few thousand stolen.
20K BTC will likely be one of the many small potatoes scams launched each year that slips under the radar.
All business colapse, in 10 years, 5 years, one year, nobody knows….
How long a pyramid scheme operates for is irrelevant. It’s still a pyramid scheme scam.