Bid Destiny Review: Penny auction goes revshare Ponzi
There is no information on the Bid Destiny website indicating who owns or runs the business.
The Bid Destiny website domain (“biddestiny.com”) was registered on the 1st of March 2015, with Rajesh Ramgoni listed as the owner. An address in Andhra Pradesh, India is also provided.
Whether Rajesh Ramgoni is an actual person is unclear. There are only six Google search results for the name, all of which are tied to the Bid Destiny domain registration.
The email address used to register the Bid Destiny domain shows up as a contact for “Dail (sic) Destiny India Pvt Ltd”
The contact person “Umamahesh” is likely the owner of the “dialdestiny.com” domain, “R Umamaheshwara Rao”.
Again there isn’t much information available on Rao (MLM or otherwise), but this might be due to language barriers. In any event, as owner of the Bid Destiny domain registration email address, it’s a good bet Rao is behind the company.
Why this information isn’t provided on the Bid Destiny website is unclear.
Read on for a full review of the Bid Destiny MLM business opportunity.
The Bid Destiny Product Line
Bid Destiny has no retailable products or services, with affiliates only able to market Bid Destiny affiliate membership itself.
The Bid Destiny Compensation Plan
The Bid Destiny compensation plan sees affiliates make investments on the promise of an advertised 120% ROI.
Referral commissions are paid out 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 go on to 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.
Bid Destiny cap payable unilevel levels at seven, with commissions paid out as a percentage of funds invested:
- level 1 (personally recruited affiliates) – 5%
- level 2 – 2%
- levels 3 to 7 – 1%
Joining Bid Destiny
Affiliate membership with Bid Destiny is free, however affiliates must invest funds in order to participate in the attached MLM opportunity.
At the time of publication Bid Destiny do not disclose the minimum investment amount.
Conclusion
The official Bid Destiny Facebook page suggests Bid Destiny was previously launched in mid 2015:
Subsequent posts on the Facebook page suggest Bid Destiny’s first iteration was a penny auction:
As of April 2016, here’s how the company is marketing itself:
Between May 2015 and April 2016, Bid Destiny converted itself into a Ponzi scheme. The Facebook page suggests that affiliates will be buying “bid packs”, however the 120% ROI offered on the packs defines them as an investment.
Not withstanding the fact that Bid Destiny’s launch as a penny auction already failed. Rebooting it as a Ponzi scheme removes the site from its original purpose.
As with all Ponzi schemes, Bid Destiny will collapse once affiliate recruitment dies down. Less affiliates recruited means less new funds entering the scheme, with Bid Destiny dependent on said funds to pay out ROIs with.
Once invested reserves run dry, the scheme collapses and you lose your money.
