BeeCash Review: BEH points ICO lending Ponzi scheme
BeeCash provide no information on their website about who owns or runs the business.
The BeeCash website domain (“beecash.co”) was registered on November 28th, 2017.
“Beecash coin” is listed as the owner with what appears to be bogus details (eg. “Registrant City: United Stage”).
Official BeeCash marketing videos are narrated with a thick European accent. This suggests that whoever is running the company is likely also based out of Europe.
As always, if an 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.
BeeCash has no retailable products or services, with affiliates only able to market BeeCash affiliate membership itself.
The BeeCash Compensation Plan
BeeCash affiliates acquire BEH points from the company’s anonymous owners.
BEH points are sold to BeeCash affiliates for 60 cents to $1.20 each.
Once acquired, BEH points are “lent” back to the company on the promise of an advertised monthly ROI of up to 45%:
- invest $100 to $1000 and receive a variable daily ROI for 200 days
- invest $1001 to $5000 and receive a variable daily ROI plus 0.1% bonus daily ROI rate for 180 days
- invest $5001 to $10,000 and receive a variable daily ROI plus 0.2% bonus daily ROI rate for 120 days
- invest $10,001 to $100,000 and receive a variable daily ROI plus 0.35% bonus daily ROI rate for 90 days
Note that only 30% of ROI payments are able to be withdrawn, the rest must be reinvested into new BEH points.
BeeCash pay referral commissions via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
BeeCash cap payable unilevel levels at fifteen, with commissions paid as a percentage of funds invested across these fifteen levels as follows:
- level 1 (personally recruited affiliates) – 8%
- level 2 – 4%
- level 3 – 2%
- level 4 – 1%
- level 5 – 0.5%
- levels 6 and 7 – 0.3%
- level 8 – 0.2%
- levels 9 and 10 – 0.1%
- levels 11 to 15 – 0.05%
BeeCash affiliate membership is free, however free affiliates only earn referral commissions.
Full participation in the BeeCash MLM opportunity requires a minimum $100 investment.
Whereas ICO lending schemes typically come up with a baloney source of external ROI revenue generation, BeeCash provide none.
This makes it even easier to identify BeeCash as an ICO lending Ponzi scheme, as new investment is literally the only mentioned source of incoming revenue.
Referral commissions also add an additional pyramid layer to the scheme.
Lending ICO Ponzis like BeeCash play out as follows:
Admins (who are typically anonymous) offload worthless pre-generated points in exchange for real money. In this case it’s BEH points.
BeeCash’s admins then use some of this money to pay promised ROIs for as long as new affiliates sign up.
Once affiliate recruitment dries up so does BeeCash’s ROI reserve.
When a predetermined threshold is reached, BeeCash’s anonymous admins do a runner with what’s left.
Early BeeCash investors make a bit of money (mostly via recruitment of new investors). But same as any other Ponzi scheme, the reality of such scams is that the majority of participants eventually lose money.
BitConnect and DavorCoin are recent examples of ICO lending Ponzi collapses in action.
It’s a sound-alike to Bee Token, which seems to be legitimate.
Bee Token came across my news feed because it was recently hacked, someone impersonated staff and got some people believing they can get tokens ahead of real ICO via an insider sale. Obviously their money went to the scammers and they get nothing.
Not exactly related, but shows how perps think.