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.
E-commerce Bitqy
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
Joining Bitqyck
Bitqyck affiliate membership is free.
To qualify for commissions a Bitqyck affiliate must invest at least $199 or recruit someone who does.
Conclusion
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.
Bruce Bise is also connected to this!
Does this man they are saying their company is worth 200 million? I mean… you just make a coin and assign a value wtf is this?how do people buy into this?
Interesting read, must point out a few things though. I am a member of bitqyck. Tried this MLM stuff many years ago but got sick of goods clogging up garage, never tried it since. However this one did pique my interest.
You state – 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”.
Wrong, the customer will be able to go to the deals website and buy the deal with credit card as per Groupon. Unlike Groupon, the business gets a 70/30 split, for ease of explanation lets call it a $100 deal.
$70 goes to the business, $30 goes to the company. 25% of the $30, $7.50 goes on commissions, The $30 which goes to the company is also converted to bitqy, so 1500 coins, this is divided by 4.
So the business, the customer, the 2 x referring affiliates each get 375 free bitqy coins put into their wallet.
There is no monthly autoship, no purchases required, the packages that are mention above are available till May the 1st during prelaunch to purchase bitqy, however this will not be available after May 1st.
As for the value of the coin ? who knows, how are all other new crypto coins valued.
For me, if you can get businesses to sign up and a few customers, you can make money. No cost to businesses or customers, free to join, no monthly commitments.
There is enough meat on the bones to convince me it’s worth a go. If the deals platform is sexy enough and offers good value, I can’t see why it can’t challenge Groupon etc, it’s a win win for the businesses and the customers, especially if the coin starts creeping up in value.
The amount of businesses going to want to get involved in speculative points is limited. So why would I as a retail customer want to use an inferior platform?
And when you say “will be”, does that mean there’s no credit cards yet? If so then the review was accurate at the time of publication.
And anyway you’re doling out Bitq to retail customers, so obviously you want them to use it over a credit card.
Based on real world use and supply and demand via public trading. Bitqy falls apart here.
Why didn’t Calorchi then? Calorchi used third-party cryptocurrencies (bitcoin) so there wasn’t a question of Ponzi points.
That failed and so now you think merchants are going to be interested in Ponzi points? Please.
This is correct. Examine what this sentence states within the context of Bitqyck’s current status. Bitqy’s are not currently registered on a digital coin exchange.
The company is not even launched yet. However, in order for anyone to receive compensation from Bitqyck (which I have) omeone must purchase a product package of Bitqy’s.
Which they receive at the lowest available price and Bitqyck will reward them with compensation received from the product package.
Forcing affiliates to purchase a product or service in MLM is pay to play. It’s a regulatory red flag.
The business don’t get points, (Ozedit: Non publicly tradeable cryptocurrency = points. Offtopic derail attempts removed)
Wasn’t really accurate as it was an assumption on your part.
No, they will have to use credit cards on the platform, the bitqy will automatically go into their wallets from which they can then trade in on the markets the same as any other crypto currency.
Not really, the packages are only available up until May the 1st. It is giving affiliates the chance to purchase bitqy to put in their wallet at less than $0.02 per coin. The introducing affiliate get 10% commission, pretty much similar to normal business practise for introducing someone.
Even at this moment there is a Restaurateur who owns a chain of restaurants and won the restaurant of the year in the whole of USA who is very excited about this. He is all in.
The’ve always said that there will be another coin to equal bitcoin, I don’t see why this can’t be it.
You said yourself massive use drives the price up. This coin will be open to the masses. Free to join, no monthly commitment and get paid in free coins for your efforts.
No it wasn’t There are no credit cards and there were none when I wrote the review.
Being accurate != assumption.
So uh what, Biqyck’s own platform won’t accept Bitq? That’s… revealing.
Sure they are. Seeing as it’s the primary revenue generator, don’t except affiliate investment to be turned off anytime soon.
And forcing affiliates to purchase something to earn commissions for any length of time is still a regulatory red flag. It’s pay to play.
Not in MLM. In MLM recruitment commissions = pyramid scheme.
is a Bitqyk affiliate and is irrelevant. All the altcoin pump and dump scams wind up signing affiliate businesses. It’s pointless unless real legitimate merchants sign up, and they’re not touching worthless points that aren’t publicly tradeable.
Nah. The general public isn’t interested in altcoins that have been pumped. There’s hundreds of them out there.
Nobody is forcing anyone to buy a package, you can sign up for free and just introduce businesses.
The idea of buying the package is to buy the coins at a reduced rate, of course when on the open market they may be less than $0.02 it’s just a chance you will take.
After May 1st the only way to get the coin will be to earn them through introducing businesses, customers, affiliates and through purchasing on the open market.
I agree there are a lot of scams and most of them you can see, I would think though that if someone who owned a chain of restaurants and won restaurant of the year throughout the whole of the USA would be classed as a legitimate business owner.
The coin will be publicly tradable on the open markets come May the 1st or there about.
I don’t think 95% of the general public are unaware of crypto coins, the coins that are out there just now have never been used in the way Bitqy is going to be used, this will create more exposure for the coin, look at the price bitcoin just now and there are other coins worth a few dollars.
What platform are they using? Could you imagine if bitcoin was affiliated to Groupon from the start and businesses and customers were rewarded in free bitcoin just to use the platform. I think there would be a lot more exposure and demand for the coin. It is a very interesting concept.
Which has nothing to do with the MLM opportunity. The Bitqyck MLM opportunity is totally pay to play.
Right. It’s an investment, same as all the other pump and dump altcoins. No SEC registration though.
You mean internal exchange, because there is no “open market” without public mining. Nobody is interested in centrally controlled altcoins (points).
Not a third-party merchant though. Affiliates in MLM opportunities tend to get blinded by greed.
Non-affiliate merchants are a true measure of viability. And simply put they’re not going to get on board with a private altcoin.
Bitcoin can’t be affiliated with anything, it’s an open-source public cryptocurrency.
I take on-board what you are saying Oz, you have certainly raised a few red flags for me.
I would hope that if they are launching the platform in May they should be well on the way to the platform being complete and the testing should commence fairly shortly, I would hope we would get a sneak preview of this during this month.
I would also like to see confirmation of the payment system on the platform as for me this is crucial.
Sam and Bruce certainly have a chequered past. I would hope that they are not deliberately trying to rip people of and have finally found the vehicle that they have been searching for all these years.
It is a very great concern to me that they have recently launched and closed a similar type platform, being Calorchi within the past year.
I shall now wait to see what happens in May with trepidation. I obviously hope that you will be proved wrong, I shall be the first to come on here and hold my hands up if I have misjudged the situation.
No worries. So long as you’re aware of what you’re getting into eyes-open, my job here is done.
Wow… DEEP conversation guys. I loved it!
Came here to do some research, as I’m no “jump in the pool” eyes closed kinda gal. While Bitqyck has a very interesting concept going on, my gut screamed red flag.
Scotty, If I too had invested my time (as I almost did), I would hope to disprove OZ’ theory as well. Yet, given that I did not, and I am not financially nor emotionally invested, I would have to agree with most of his logic.
Especially, the concern regarding Calorchi (once a cheat, always a cheat ?? Unless rehabilitated and he did not give himself enough time to change haha) AND the sudden end to buying in as an affiliate seemed rather odd to me as well (as if they are desperate for investor’s monies).
Nonetheless, I guess we’ll have to sit back and see how this all plays out on May the 1st. For the sake of hope in humanity, I truly hope that Oz is wrong my friend.
Unfortunately, I have an inkling that he is not. My eyes are open…
It’s not that problem that it’s a cheat… It’s handing out “rewards” in “internal points” so the real commission is much lower.
Why would anyone buy Bitqi or whatever if they are not getting a deal out of it? Remember, it’s already sold at a discount (pay $500, get $600 worth bq)
At least Groupon doesn’t complicate things with a cybercurrency… You buy through us, you get discounted group deals. No fuss, no muss.
This thing adds an additional layer just to complicate things as of it’s just to obfuscate. And it already has built-in inflation.
A YUGE problem no one is talking about is that Bitqyck CEO Bruce Bise has a long history of starting MLM schemes and leaving affiliates with nothing for their investment.
He was convicted for felony forgery and fraudulent schemes artifice and spent nearly 5 years in Arizona Prison (see public record below).
Bruce was in the Arizona prison from January 29th, 1997 to September 28th, 2001, and then after getting out immediately went back to working a string of multi level marketing scams including:
•MY SHOPPING GENIE (with Sam Mendez co founder of Bitqyck) where Bruce held the position of Master Distributor and worked directly with the founders.
•CELEBRITY GALLERIES INTERNATIONAL INC, Bruce was the owner and CGI started in May 2005 and crashed in 2007. They sold reproductions of celebrity photographs printed with an ink-jet system.
•GET MOVING TODAY – Bruce was president and CEO. Get Moving Today started in 2002 and crashed Sep 2003 after filing for Chapter 11 bankruptcy, leaving distributors unpaid after some huge investments. They sold web portals, auto responders, pain pills and“fridge diets”.
Bruce blamed their demise on bad checks and auto-drafts but even his sister and brother were in on this GMT scam so they walked off away with millions!
*The following information was collected from online Public Records – Bruce E Bise was booked in Maricopa County, AZ. The below Official Record was collected from a Law Enforcement agency on 9/26/2012.
DOB: 9/10/1961; Gender: MALE; Height: 6′ 1″ (1.85 m); Weight: 220 lb (100 kg); Hair Color: GRAY; Eye Color: BLUE; Ethnic Origin: CAUCASIAN; Inmate Number: 064012; Custody Class: 2/1; Inmate / Detainee: INMATE; Sentences: 7 years; Admission Date: 1/29/1997; Release Date: 9/28/2001; Max End Date: 11/23/2002.
I have friends who are joining Bitqyck. The details share here are useful, but I doubt they’ll help many make a rational decision.
If I’m not mistaken, the guts of this program is predicated on affiliates convincing merchants to offer the Bitqyck discount deals. Couple problems with that:
1) 99% of the people who are jumping in are NOT salespeople. They’ll collapse after they get their first “no”.
2) The Groupon/LivingSocial ship has sailed. Merchants are going to balk at offering a discount deal that no one has heard of.
Unless Bitqyck has some way of creating an enormous media splash to get consumers to use their coupons, there’s no value to the merchant.
3) The vast majority of the affiliates can no more explain bitcoin – a fairly arcane concept, at best – to a merchant than they can fly.
I suspect the adoption by business owners will be minimal.
Thoughts?
BuyersBeware,
How did you find this information about Bruce E. Bise? Could you please guide me?
My friend introduce me to Bitqyck and I just got involved last week.
Sincerely,
Walt
Google is your friend.
Would like to know when and where the bitqy will be on an exchange to be purchased.
Sooo, did it launch?
Yes, so, has it launched?? What exchange is it listed on?
I was looking into this as a small investment, good info up above.
TODAY I heard they are re-opening BITQY for more purchases to buy the coin packages, after it ended on may 1st I believe. It still has not launched.
A part of me feels like one last cash in from the influx of new “affiliates” gained from the hype? Not sure what to think……..thoughts?
This is the kind of nonsense they’re feeding one another in the bitqyck Facebook group.
(Any way to find out if this is true?)
(Oh, puhleeeeze…)
(Anyone know anything about Jeff Wilson?)
Bitqyck Inc. is so legitimate, that it’s still not registered with the SEC.
That makes any investment/stock offering illegal. Whatever else is posted to Facebook is smoke and mirrors.
I have found it seems to purchase bitqy coin packages, they are sold as buying lip balm or eye serum.
People are really purchasing these items and been promised almost 4000 Byqt coin. I’m glad I did not invest in this, as when the company goes belly up all they can say is you purchased lip balm.
One last note it is also being billed as “Flex”. I’m not an expert in finances or investing but this sounds very very shady.
That doesn’t even make sense. How can they own the 17th floor of the 7th floor? Is there a typo here somewhere?
Furthermore, each floor is at most 8700 sqft, according to news article describing the renovation of the building.
NOLINK://www.bizjournals.com/dallas/news/2014/08/20/an-inside-look-at211-n-ervays-transformation-in.html
What’s really on the 7th floor is a “flexible office” rental space called TIN Space where you can rent a desk (yes, just a desk) for $170 a month. ( NOLINK://liquidspace.com/US/TX/dallas/barista-ventures )
You’ve been told some tall tales.
Looks like Bitqyck is claiming residency on the 17th floor…
Which is actually an incubator space called “Venue”. In other words, they have one desk there.
NOLINK://www.dallasnews.com/business/business/2015/03/21/long-vacant-downtown-dallas-tower-revamped-as-mecca-for-startups
Whoever claim Bitqyck own the 17th floor is a f***ing moron.
FYI:
rizzn.com/2017/05/17/ask-doctor-bitcoin-do-you-endorse-the-bitqy-token/
Dang, that’s one heck of an expose. With so much to read between the lines.
According to Rizzn, they apparently *do* rent the 17th floor (and a piece of the 7th). One however, questions… How much staff do they need to run a platform?
That article gave me the impression they’re gunning to be the next OneCoin. Otherwise no reason to become super-secretive all of a sudden.
Good luck pulling that off from within the US.
@fred Are you saying that the ties to their old companies have severed or you have severed ties with what they are involved in currently?
It seems they offer a marketing system now that helps promote Bitqyck. NOLINK://www.beqyck.com
Apparently, if they get 3 other people to use the system, theirs is free and they get monthly bitqy for using the system as well. It’s built on top of Toolsrock’s service.
Looks like another revenue stream for company until it collapses.
This company is of particular interest to me for several reasons including; they are headquartered in my backyard of Dallas, Texas, some of my family acquaintances have become involved, I personally met the founders of the company many years ago, and I personally know the developers that designed and built the Bitqyck cryptocurrency.
The marketing company, Bitqyck, was founded by Sam Mendez and Bruce Bise in early 2017.
They created their own cryptocurrency Ethereum token called Bitqy on May 1, 2017 with a total supply of 10B and have already distributed 930M tokens (~10%). As of this writing they have 10,830 token holders.
The bitqy token contract details can be viewed at etherscan.io/token/0xF0f8B0B8DBB1124261FC8d778E2287e3Fd2Cf4f5.
The two biggest indicators of a company’s potential for success are its people and its products.
First let’s take a look at the Bitqyck people. Bruce and Sam have been partners for a long time launching and promoting many network marketing companies including Get Moving Today (GMT) in 2002 and went bankrupt in 2003, Celebrity Galleries International in 2005 and crashed in 2007, My Shopping Genie in 2011 and collapsed in 2012 when they failed to pay affiliates, and Calorchi in 2016 collapsing later in the same year.
Bruce did take a little break while incarcerated in the Arizona state prison for nearly 5 years for business fraud from January 1997 to September 2001.
Just last year they were both promoting another cryptocurrency coin called YoCoin with the exact same marketing story they’re now using to promote bitqy.
I attended one of their YoCoin opportunity meetings where they demoed a rough beta mobile app that would eventually provide daily deals for shoppers.
They told everyone that this would create demand for YoCoin and sky-rocket its price.
The YoCoin price did pump up to nearly $0.34 in July 2016 and promptly crashed to its current price of $0.0033 where it has remained for about 6 months. Many people lost a lot of money.
Sam and Bruce seem to have a history of starting network marketing companies and shutting them down. Where the money went is anybody’s guess.
Next let’s take a close look at the products. Bitqyck has no retail products for the public.
It started selling packages of bitqyck coins to its affiliates. Shortly afterwards it added an eye serum called “Cle de la vie”.
The eye serum has nothing to do with cryptocurrency and appears to be a fake facade product to attempt to fool the regulators.
For $349 an affiliate now gets 4 1.5 ml of eye serum and $250 worth of bitqy coins.
It is obvious to anyone including the regulators that look at the marketing videos that the affiliates are purchasing the bitqy coins and have no interest in the eye serum.
Bitqyck also implies that their bitqy token will increase in value by its association with many other industries.
They have a white-label travel booking engine called travelbq, the revived calorchi website to compete with Amazon.com, a dating mobile app called 15 winks, and an employment mobile app called mployme still under development.
The problem is there is no information about how these solutions will support or accept bitqy.
They do have one solution called qyckdeals that is supposed to compete with Groupon. It only takes 30% of the revenue paid by the customer rather than the 50% Groupon takes.
Groupon may not be the best model to copy since its stock has plummeted from $26.11 to $3.65 in the last 5 years due to its poor value proposition for merchants.
Groupon attracts a lot of shoppers to the merchants looking for great deals, but the promise of customer retention goes unfulfilled as the deal-jumpers move on to the next big discount.
Bitqyck has another major problem with its qyckdeals solution. The numbers don’t add up.
In their marketing videos they claim if the customer pays $100, the merchant gets $70 and Bitqyck gets $30. They say the $30 they take in goes to pay for bitqy tokens to give to the merchant, shopper and referring affiliates. And they say 25% of the $30 is also paid in bonuses to the sales up-line.
Wait a minute, that’s $37.50 paid out, but they only received $30. Hmmm! I guess they’ll make it up in volume.
Of course, we know Bitqyck is banking on their large stash of 10B free bitqy tokens. They’ve already distributed 10% of their tokens in a few startup months.
How long do they think the bitqy tokens will last? 36 months? 24 months? 18 months?
However long the supply lasts, it is a fixed supply that will eventually run out. They will have to purchase the bitqyck tokens from the open market to give-away in the qyckdeals.
Then they really will be spending more than they take in, but who knows if they will even be around that long.
It looks like that may be what management is planning on, if they’ve even thought that far ahead. They don’t have a long-term sustainable business model.
Bitqyck may have unwittingly outsmarted itself with its bitqy token including stock ownership in the company.
According to their marketing materials, every bitqy token includes 1/10 of a share of stock. Selling cryptocurrency directly to investors with promises of huge returns is already a very dark-gray area, but now they are admittedly selling stock in their company.
That is a clear violation of selling unregistered securities. Interestingly, they also sold millions of bitqy coins before they physically existed on the Ethereum blockchain on May 1, 2017.
Companies like Bitqyck are getting more and more cleaver in disguising their scams. The average consumer doesn’t look past the marketing hype to see what’s really going on under the hood.
The reality is, Bitqyck is just another pump-n-dump program. They use the age-old “we have a better bitcoin” story, and compare bitcoins meteoric rise from pennies to thousands of dollars implying that their coin will do the same thing.
The only buyer demand is from speculators looking to dump their coins at the most opportune moment.
The answer always lies in the value creation. Successful companies create value and deliver it to the marketplace.
So the real question for any cryptocurrency coin is “What utility are you providing to make the world a better place?”
They’re hinting at a new offering, details to be announced sometime this week. It’s some kind of mining program.
They haven’t siad much yet, but the cost to play is multiple thousands of dollars.
They’re also about to announce details of an ICO.
freeconferencecall.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0000.freeconferencecall.com%2Fstorage%2FsgetFCC2%2FRSr9T%2FIdHgg&subscriptionId=8495940
Mining services and an ICO are more continued hype to the uneducated to get them excited about perceived progress and to get more money out of them to be involved in the new services.
An ICO would fail miserably. The cryptocurrency investor community will have nothing to do with a scam like this.
I am thankful for this information about bitqyk. Any more info available?
Such as?
I like to think I’m pretty thorough in BehindMLM reviews, and reader comments often delve in deeper still.
Sam Mendez and Bruce Bise, not only had had this companies, Reel 15 is other company where they stole other people and there are more. They have stolen a lot of people.
You can google Samuel J Mendez he lost his license like attorney becose of he stole $35.000 of his clients, he closed the office and never answered them and never retorned their documents.
BITQYCK BITCOIN MINING SERVICES
Now Bitqyck is offering Bitcoin mining services for $1000 promoted by their new video: vimeo.com/227762918
What ever happened to their Groupon-like QyckDeals that was supposed to sky-rocket the bitqy price? It never materialized and now they are on to their next scam promotion.
1. They are now selling for $1000, the travel club, eye syrum and eye lash enhancer. And for free, of course, they’re throwing in 4500 bitqy and 4500 bitqyM. LOL
2. They are creating another new token, bitqyM, that is supposedly worth $1. LOL
3. BitqyM = 1 watt of mining power for 50 years? LOL
4. BitqyM = rent free mining for 50 years? how much mining? LOL
5. They state the cost of electricity is $640, and the price of bitcoin is $2755 = huge profits? LOL They forgot to factor in the cost of mining hardware and all other expenses.
6. There is nothing in this video specifying how the bitqy token will increase in value from mining bitcoins.
7. Only 60% of referral bonuses can be taken in cash. 40% must be taken in bitqyM tokens at $1 each.
Bitqyck cannot mine bitcoins profitably per this analysis of Bitcon Mining Profitability.
nexxusuniversity.com/Attachments/38/21/Bitcoin%20Mining.pdf
This is a huge scam. The underlying foundation to generate a bitcoin mining profit is not there. The only returns to investors will be new investor’s money. That is a Ponzi scheme and is very illegal.
behindmlm.com/companies/global-currency-reserve/nexxus-university-making-a-push-into-norway/
behindmlm.com/category/companies/global-currency-reserve/
Char, do you have something intelligent to add to the content of the post regarding the subject matter?
Pump and dump.
Bitqyck was just a pump and dump like many of the MLM cryptocurrency coins, but now they are becoming a Ponzi scheme also.
Last year I attended a meeting where Bruce Bise was pumping YoCoin for millions of dollars. They pumped it up to $0.34 in July 2016 with the same story they’re were using to promote bitqy, “thousands of merchants will accept YoCoin/Bitqy creating demand to sky-rocket the coin price”.
Then the dumping started, crashing it to $0.003 where it has remained abandoned since then. Now they are entering a new realm of a Ponzi scheme with the bitcoin mining story.
There is no way they can produce the profits they are claiming from bitcoin mining. So they will have to pay the ROI to old investors from new investor’s money. That’s a Ponzi Scheme.
Bitqy isn’t being publicly traded, but is only listed on Bitqyck’s private exchange, Tradebq. Bitqyck can control the price for whatever purposes they want. The only people buying Bitqy are the Bitqyck affiliates. You can’t buy it unless you join their MLM company.
They still have a big SEC problem with selling unregistered securities. The SEC is not stupid, they know investors are paying money to get coins, not eye syrum.
I was contacted by a Bitqyck investor that bought $20,000 of bitqy coins. He wanted to come to Dallas to meet with me to learn more about cryptocurrency and the truth behind Bitqyck.
He told me many of his friends invested a lot of money and when they got the eye syrum product they threw it away. All they wanted was the coins.
I wouldn’t be surprised if this latest scam doesn’t get Bruce Bise put back in the slammer.
I don’t feel like discussing the art of misdirection today.
Can’t win if the house holds 9 Billion bitqy coins to start with.
***** UPDATE *****
I just attended a Bitqyck opportunity meeting yesterday morning to learn what they were telling the public. There were about 60-70 unsuspecting victims there believing all the hype.
Bruce and Sam are very clever to not tell direct lies but always leave everything vague and insinuate success. I was there digging for details.
Bruce did slip up a bit when he told everyone that their Bitqy token is a POW coin. Bitqy is an Ethereum token, and as such has no transaction verification protocol like POW or POS.
When I confronted management after the meeting, a marketing guy named Michael told me their coin was POW (Proof-of-Work) because their affiliates have to “Work” to recruit other affiliates to earn bitqy coins. REALLY! YOU’VE GOTTA BE KIDDING.
As I was talking to Michael, Bruce spotted me, and started verbally attacking and threatening me. He said I didn’t know what I was talking about telling Michael that the Bitqy coin wasn’t POW.
Bruce said their coin was POW because it uses Ether Gas. BRUCE IS CLUELESS!
All Ethereum tokens consume Ether Gas as they execute transfer methods in their smart contracts. That is not POW and they do not verify transactions on the blockchain, which is the only purpose of POW.
Michael also tried to tell me they are not a MLM company, but an Affiliate company. More Deception! What are they trying to hide from?
Their compensation plan in all their marketing videos and outlined here by Oz is clearly paying on many (multiple) levels for sales from recruited affiliates.
Then I got to the hard questions. I asked Michael what the value creator is for their coin? He said they have a commerce platform to build value for the coin.
That sounds good to the novice, until you discover that all their platforms including QyckDeals, QyckTravel, Calorchi, 15 Winks, mEmploye, etc. do not accept Bitqy for payment.
Affiliates get free Bitqy given to them when they make regular purchases.
I further asked Michael, how does the Bitqy token increase in value by you giving it away for free? He said having a lot of people holding their coin will make it more valuable.
I debunked that lie in one of the “Cryptocurrency Myth Busters” episodes. Having a lot of people (e.g. OneCoin) does not increase its value. Only buyer demand increases the price.
All these people holding the coins have one and only one intention – sell the coin at a profit when the price goes up.
This is the classic Pump-n-Dump that always eventually crashes the price and leaves the majority of the coin holders with nothing, losing all their investment. They are actually creating Seller Demand.
I did tell a couple people holding Bitqy, that if they wanted to get their money back, they could play along with the “Pump” game. If you know how the scam works you can use it to your benefit.
You don’t know when the crash will hit, but you do know that people are very greedy looking to make 10x – 100x+ ROI on their investment. If your smart you can ride the pump up to double your money and get out before the crash.
Now I personally don’t generally recommend that because it is a win-lose proposition. For some one to win at this game, a lot of other people have to lose, sometimes with devastating losses as they invest more than they can really afford to lose. (Oz delete this paragraph if you’d like)
They announced that their Bitqy token is now trading on the C-Cex public exchange. So I asked Michael, How will they prevent the public trading from cannibalizing their MLM business? After all, people can now just buy the Bitqy tokens on the public exchange and not have to buy their MLM packages.
I also asked him how they could sell coins in their packages at the public price and still payout all the MLM bonuses?
After denying that they are an MLM business, Michael said their affiliates aren’t buying coins, but they are buying products and getting free coins. The SEC will see right through that one.
Not one person that I’ve talked to for several months has ever told me they were buying “eye serum” but in fact were buying Bitqy coins.
One person even told me that he and his friends had invested tens of thousands of dollars for Bitqy coins and threw away the eye serum products.
The whole Bitqyck business model is based on giving away free bitqy tokens with the illusion of value creation. This not only does not provide utility or create value for their token, but it is not a sustainable business model.
They only have 10B tokens created on 5/1/17 and they announced at the meeting that they’ve already given out 1.8B. That’s 18% already distributed. They will run out of tokens real quick at this pace.
Of course they could also create more tokens like OneCoin did to further perpetuate the fraud.
So “Bob Wood”, you think BitQyck had lost control of its promoters, who are now making erroneous (at best, or deceptive at worst) claims?
No! The presenters at the opportunity meeting were Bruce Bise and Sam Mendez. This was the corporate founders and management executives making these misleading statements.
Mark “Rizzn” Hopkins, aka “Dr. Bitcoin”, has been asked whether he’s entered into a new agreement with Sam and Bruce and is once again affiliated with BitQyck Inc.
Hopkins at one point had a paid relationship where he vetted and endorsed their endeavors in cryptocurrency. The relationship was terminated in late 2016.
As Hopkins states in his blog (rizzn.com/2017/05/17/ask-doctor-bitcoin-do-you-endorse-the-bitqy-token/), “due to the deception of my team and the refusal of the new technology organization inside bitqyck, Inc., I have no choice but to publicly state that I cannot in good conscious endorse the current technology platform for bitqy.”
Bitqyck, Inc. is reportedly using videos of Hopkins and also indicating a favorable nod from him.
Hopkins has not publicly responded to inquiries on his blog as to whether he’s endorsing Bitqyck again.
Has anyone else heard more about this?
Mark is a friend of mine and I’ve sent him several personal emails regarding his relationship with Bitqyck.
He hasn’t responded to any of my emails. Mark is a good guy, that may be in a tough spot.
All very good info here, just what I need. Bitqyck has recently reached our poor third world country (aka the Philippines) and they seem to be making quite a good buzz.
Pity the unsuspecting herd if this turns out to be another scam.
Bob Wood… I just listened to a video presentation (I stumbled into part 4 of 4) that a seasoned MLM’er posted… in it he says that they are opening up “worldwide” and IT IS GOING TO BE A WHOLE DIFFERENT THING..i.e. a New (Asian??) company with new links, etc etc….
the guy is obviously in daily communication with the 2 founders…he (they) are promoting that new people sign up as many “miners” in ASIA as possible (where they say electricity is cheap??) at $3750.00 a pop for a “rig” (mining)… there are so many angles to this thing that I get dizzy listening to him (he actually says THAT in the opening to the video)..
he throws around TeraHash and Units a lot and OF COURSE he has not gotten the OK from (Bruce) to share all these AMAZING opportunities (in re Asia) and he “hates to tease us”…well you get the idea.
I tried to send Oz a link but I got a notice that the e-mail to Oz did not work?? Bob Is there any way I can get the link to the video presentation to you (and to Oz)?
What error message did you get? If you just tried to send the link through the contact form it was probably flagged as spam.
I just re-sent it using your e-mail address that was embedded in the email failure notice… Hope you got it.
Got it, not sure what the error is – strange.