Bitqyck Review: Calorchi relaunched with Bitqy cryptocurrency
Bitqyck operate in the cryptocurrency MLM niche and are based out of Texas in the US.
The Bitqyck website identifies Sam Mendez as co-founder of the company. The other QyckBit co-founder(s) is/are not disclosed.
Mendez first popped up on BehindMLM’s radar as a co-founder of My Shopping Genie back in 2011.
Following a six-month period during which My Shopping Genie failed to pay affiliates, the company collapsed in mid 2012.
In 2014 Mendez reemerged as the co-founder of 15 Winks, a subscription-based mobile dating app.
In 2016 Mendez launched Calorchi, a cryptocurrency based e-commerce platform.
Alexa traffic statistics for the Calorchi website suggest the company collapsed in the second half of 2016.
Read on for a full review of the Bitqyck MLM opportunity.
The Bitqyck Product Line
Bitqyck has no retailable products or services, with affiliates only able to market Bitqyck affiliate membership itself.
Once signed up, Bitqyck affiliates invest in Bitqy, an inhouse cryptocurrency run by Bitqyck.
There is also mention of an e-commerce platform on the Bitqyck website, however at the time of publication no specific information is provided.
The Bitqyck Compensation Plan
The Bitqyck compensation plan pays affiliates to recruit new affiliates who invest in Bitqy.
Commissions are also paid out on sales generated on Bitqyck’s e-commerce platform.
Bitqy investment is referred to as a “product option” and is available at three packages price-points.
- the $199 package buys $200 worth of bitqy coins
- the $349 package buys $400 worth of bitqy coins
- the $499 package buys $600 worth of bitqy coins
Note that only 80% of all commissions Bitqyck affiliates earn are paid out in cash. The remaining 20% is paid out in bitqy.
Bitqyck Affiliate Ranks
There are three affiliate ranks within the Bitqyck compensation plan.
Along with their respective qualification criteria, they are as follows:
- Affiliate – sign up as a Bitqyck affiliate and either personally invest or recruit someone who does
- Gold – recruit at least two affiliates and maintain a total downline investment volume of at least $4000 every 60 days (no more than $2000 from any one unilevel leg)
- Platinum – recruit at least two affiliates and maintain a total downline investment volume of at least $10,000 every 60 days (no more than $5000 from any one unilevel leg)
Bitqy Investment Commissions
When a personally recruited affiliate signs up and invests in Bitqy, the affiliate who recruited them is paid a 10% commission on the amount invested.
A 10% match is also paid out on Bitqy investment commissions paid out to personally recruited affiliates.
Residual Bitqy Investment Commissions
Residual Bitqy investment 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 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.
Residual Bitqy investment commissions are paid out as a 50% match on direct Bitqy investment commissions paid to affiliates in the unilevel team.
- Gold affiliates earn a 50% match on all unilevel team affiliates up until another Gold affiliate is found in each unilevel leg
- Platinum affiliates earn a 50% match on all unilevel team affiliates up to and including two Platinum ranked affiliates in each unilevel leg
If a Platinum affiliate has recruited at least two Platinum affiliates, they “Platinum Match” qualify.
Platinum Match affiliates receive an additional 50% of the residual commission affiliates in their unilevel legs earn, up until the first Platinum Match qualified affiliate is found in each unilevel leg.
Note that the Platinum Match bonus is paid out exclusively in Bitqy.
Global Sales Incentive Bonus
The Global Sales Incentive Bonus is a pool made up of 10% of Bitqyck’s company-wide investment volume.
The Global Sales Incentive Pool is paid out based on points, accumulated 1:1 on dollar earnings in the following three categories:
- personally recruited affiliate investment volume
- investment commissions paid out to personally recruited affiliates
- Platinum Match earnings by personally recruited affiliates
Each point received equals a share in the Global Sales Incentive Bonus pool, which is paid out monthly.
A 50% equivalent of the commission on a sale purchased through the Bitqyck e-commerce platform is paid out in Bitqy.
- the affiliate who introduced the customer who made the e-commerce purchase receives 25% in bitqy
- the affiliate who recruited the referring affiliate (their upline) receives 25% in bitqy
- the e-commerce merchant receives 25% in bitqy
- the customer receives the remaining 25% in bitqy
Bitqyck affiliate membership is free.
To qualify for commissions a Bitqyck affiliate must invest at least $199 or recruit someone who does.
Whereas Calorchi used third-party cryptocurrencies, Bitqyck is pretty much a relaunch of Calorchi with its own branded cryptocurrency.
Although it doesn’t even appear to be ready yet, let’s put aside the Bitqyck income opportunity and focus on the e-commerce platform.
As a retail customer, I have no interest in earning money. I want to save money on deals and if I’m going to do so via Bitqyck’s platform, that means I need Bitqy.
At the time of publication the only way to acquire Bitqy appears to be by signing up as a Bitqyck affiliate and investing at least $199.
Bitqy isn’t publicly tradeable, so an internal exchange is probably going to be launched at some point.
Even then though, as a retail customer why would I jump through hoops to use Bitqy?
The only incentive to use Bitqy is the income potential, be it participation in the MLM opportunity or holding shares in Bitqyck.
There is no purchase of a bitqyck product required to become a BCA (affiliate), however, a BCA must have a customer that purchases a bitqyck product to receive compensation from bitqyck.
That is only going to attract affiliates who are interested in making money, as opposed to retail customers looking to shop on the e-commerce platform.
That brings us to Bitqyck’s single biggest compliance issue:
Each bitqy that is allocated to an affiliate, business or consumer, will also have one tenth of a share of Bitqyck Inc. common stock embedded into it.
Neither Bitqyck or Bitqy appear in the SEC’s Edgar database.
Bitqyck are a Texas company quite obviously offering securities to US residents. This constitutes an unregistered securities offering without SEC registration.
The second biggest compliance issue is Bitqy is no different to the plethora MLM pump & dump altcoins that have launched.
Bitqyck claim they have capped Bitqy at ten billion coins. The starting value of the coin is 2 cents.
Seeing as Bitqy is not publicly tradeable, Bitqyck set the value of each coin and can manipulate it as they see fit.
This is not going to attract legitimate third-party merchants to the e-commerce platform. Leave alone the fact that any withdrawals through an internal exchange would be paid with subsequently invested funds, making Bitqyck a Ponzi scheme.
The Bitqyck compensation plan documentation repeatedly references “retail sales”, yet I can’t see any.
An affiliate signs up, invests in Bitqy… and that’s about it. So where exactly are these “retail sales”?
Looking at the bigger picture, Bitqyck affiliates invest in an altcoin on the usual promise of “we’re going to be better than bitcoin” riches.
Any real money commissions generated via e-commerce are kept by Bitqyck, with Bitqy dumped on affiliates, the merchant and customer as a rebate.
Bitqy costs Bitqyck nothing to mine (sans admin costs), so it’s a nice little money spinner for them.
Some of that real money could be diverted to pay out internal exchange withdrawals, but it’s hardly going to be enough once Bitqyck start raising the Bitqy value.
Hinging everything together is affiliate recruitment, which brings new funds into the scheme. Once that dies down Bitqyck will start to collapse.
When that happens Bitqyck affiliates will have to come to terms with the fact they’ve invested real money, and all they have to show for it are Bitqy points nobody is going to give them money for.
This is the swan song of every MLM altcoin cryptocurrency currently out there, with Bitqyck not going to end any differently.
Update 27th June 2022 – Bitqyck co-founders Sam Mendez and Bruce Bise settled securities fraud charges with the SEC in 2019.
This was followed up by a tax fraud criminal case in August 2021.
By the end of the year both Mendez and Bise pled guilty. They were each sentenced to 50 months in prison in March 2022.