Bitcoiin Review: B2G pump and dump altcoin
Bitcoiin provide no information on their website about who owns or runs the business.
The Bitcoiin website domain (“bitcoiin.com”) was initially registered back in August, 2015.
The domain appears to have been up for sale throughout 2017, until it was purchased by its current anonymous owners on or around January 8th, 2018.
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.
Bitcoiin has no retailable products or services, with affiliates only able to market Bitcoiin affiliate membership itself.
The Bitcoiin Compensation Plan
Bitcoiin affiliates purchase B2G points from the company’s anonymous owners.
B2G points are sold to Bitcoiin affiliates for $5 each.
Bitcoiin offer affiliates who invest a 12% annual ROI, provided they hold onto acquired B2G points.
Bitcoiin also state that once acquired, B2G can be used to participate in “unique investment opportunities through independent approved mining pool programs”.
Referral commissions on invested funds 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 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.
Bitcoiin cap payable unilevel levels as four, with referral commissions paid out as a percentage of funds invested across these four levels:
- level 1 (personally recruited affiliates) – 15%
- level 2 – 10%
- level 3 – 5%
- level 4 – 2.5%
Bitcoiin affiliate membership is free, however free affiliates can only earn referral commissions.
Full participation in the Bitcoiin MLM opportunity requires a minimum $5 investment in B2G.
If you have missed the chance of jumping on board with the original bitcoin back in 2009, here is the opportunity where life does give the second chance!
From the name alone it’s obvious that Bitcoiin hope to peddle their B2G altcoin using bitcoin’s established brand awareness.
The inspiration of Bitcoiin 2Gen, is to make a superior or more advanced version of Original Bitcoin”
Bitcoiin 2Gen, will in fact address current issues that are slowing down the Bitcoin eco-system and the limited opportunity for the enthusiasts to be able to earn by mining either with 1 machine or 1000.
If this was a corporate launch, it wouldn’t be long before Bitcoiin would be hit with trademark infringement. Being cryptocurrency though, anything goes.
The primary problem with B2G is that, other than promising to be better than bitcoin, as an altcoin it brings nothing new to the table.
B2G is just another “me too” altcoin launch, same as the thousands of others who market themselves on the premise of “fixing bitcoin’s problems”.
What typically happens is the owners of these coins launch an ICO hoping to pump, sell off if it does and then the coin is left to be traded among desperate investors.
With respect to the 12% annual ROI, I’m assuming this is paid in B2G as there’s no indication otherwise in Bitcoiin’s compensation plan.
If it’s paid in B2G then it’s rather meaningless, as Bitcoiin are able to pre-generate B2G points at will. If it’s paid in fiat (USD), then there’s pause for concern as the only identifiable source of revenue entering Bitcoiin is newly invested funds.
Breaking down Bitcoiin’s referral commissions is more clear-cut, and sees the company operate as a pyramid scheme.
Long-term Bitcoiin relies on constant affiliate recruitment and those recruited to invest and continue to invest in B2G. B2G itself has no practical use outside of Bitcoiin, so after initial hype it’s unlikely to go anywhere.
If you’re curious for confirmation of how an altcoin pump and dump plays out, cryptocurrency forums are a good place to start research on any number of failed altcoin launches over the past year alone.
Update 27th March 2018 – On March 26th Bitcoiin collapsed.
Bitcoiin’s anonymous admins advised they’re are abandoning the company and doing a runner with over $75 million dollars of invested funds.
Update 2nd February 2021 – US authorities have unmasked Kristijan Krstic as the owner of Bitcoiin.
One of Krstic’s Bitcoiin co-conspirators, John DeMarr, has been arrested and charged with conspiracy to commit securities fraud.