BitSports Review: AI bot crypto Ponzi scheme
BitSports operates in the cryptocurrency MLM niche.
The company operates from the website domain (“bitsports.ai”), privately registered on March 16th, 2023.
BitSports is headed up by Colombian national Hugo Rodriguez Salgado.
Both Rodriguez’s and Sarmiento’s BitSports corporate bios cite “experience in network marketing”. I wasn’t able to find anything MLM related on either.
Hugo Rodriguez appears to be a crypto bro who hasn’t achieved much of anything over the past decade. He’s been shilling dodgy sounding investment schemes for years.
Not sure if this is a language-barrier on my end or if Rodriguez and Sarmiento are fall guys. Supporting the latter are BitSports’ marketing videos being narrated by a robovoice dub.
What I do know is Colombia has emerged as a hotbed of MLM related crypto fraud over the past year.
Although it’s not linked from BitSports’ website, an “official” FaceBook page provides a BitSports corporate address in Lithuania.
This page was created two days after BitSports’ domain was registered but I’m not 100% sure it’s “official”.
BitSports also might have ties to Dubai.
BehindMLM’s guidelines for Dubai are:
- If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
- If an MLM company is based out of or represents it has ties to Dubai, it’s a scam.
If you want to know specifically how this applies to BitSports, read on for a full review.
BitSports has no retailable products or services.
Affiliates are only able to market BitSports affiliate membership itself.
BitSports’ Compensation Plan
BitSports affiliates invest USD equivalents in cryptocurrency on the promise of advertised returns.
- Elite – invest $10 to $999 and receive 0.7% to 1.2% a day
- Pro – invest $1000 to $9999 and receive 1.3% to 1.8% a day
- Max – invest $10,000 to $100,000 and receive 1.9% to 2.4% a day
BitSports pays out returns daily with the exception of Mondays.
BitSports caps returns at 300%, which includes MLM commissions. After this cap is reached, reinvestment is required to continue earning.
Note that BitSports affiliates are required to log in weekly and click a button. If they don’t do this, the ROI rate drops to 0.3% for the following week.
The MLM side of BitSports pays on recruitment of affiliate investors.
BitSports Affiliate Ranks
There are eight affiliate ranks within BitSports’ compensation plan.
Along with their respective qualification criteria, they are as follows:
- Bronze – generate $10,000 in downline investment
- Silver – generate $20,000 in downline investment
- Gold – have one Bronze ranked affiliate on both sides of your binary team and generate $50,000 in downline investment volume
- Sapphire – have one Silver ranked affiliate on both sides of your binary team and generate $150,000 in downline investment volume
- Ruby – have one Gold ranked affiliate on both sides of your binary team and generate $300,000 in downline investment volume
- Emerald – have one Sapphire ranked affiliate on both sides of your binary team and generate $1,000,000 in downline investment volume
- Diamond – have one Emerald on both sides of your binary team and generate $3,000,000 in downline investment volume
- Ambassador – personally recruit a Diamond ranked affiliate and generate $5,000,000 in downline investment volume
Note that for required ranked downline affiliates, at least one must be personally recruited.
BitSports pays a referral commission on cryptocurrency invested by personally recruited affiliates.
Referral commission rates are determined by how much a recruited affiliate invests:
- recruit an Elite tier affiliate and receive 8% of what they invest
- recruit a Pro tier affiliate and receive 9% of what they invest
- recruit a Max tier affiliate and receive 10% of what they invest
BitSports pays residual commissions via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
At the end of each day BitSports tallies up new investment volume on both sides of the binary team.
Affiliates are paid a percentage of new investment volume generated on their weaker binary team side.
The percentage paid out is determined by how much a BitSports affiliate has invested:
- Elite tier affiliates earn an 8% residual commission rate
- Pro tier affiliates earn a 9% residual commission rate
- Max tier affiliates earn a 10% residual commission rate
Once paid out on, investment volume is matched against the stronger binary team side and flushed.
Leftover volume on the stronger binary team side carries over.
Rank Achievement Bonus
BitSports rewards affiliates for qualifying at Bronze and higher with the following one-time Rank Achievement Bonuses:
- qualify at Bronze and receive $200
- qualify at Silver and receive $300
- qualify at Gold and receive $1000
- qualify at Sapphire and receive $3000
- qualify at Ruby and receive $7000
- qualify at Emerald and receive $30,000
- qualify at Diamond and receive $75,000
- qualify at Ambassador and receive $150,000
BitSports affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $10 investment.
BitSports solicits investment in various cryptocurrencies.
BitSports represents it has an AI bot that makes sports bets.
BitSports is the first AI-driven arbitrage platform that identifies real-time opportunities.
Historical performance, player statistics, weather conditions, volumes, locations, number of participants, and even the likelihood of the same entry being repeated to invest the most appropriate amount is just some of the data we analyze.
No evidence of BitSports having or generating revenue with such a bot is provided.
BitSports’ business model also fails the Ponzi logic test.
If BitSports had a bot capable of generating up to 2.4% a day, they’d run it for themselves. What do they need your money for?
It makes zero sense for BitSports to offer their bot to the public and for as little as $10.
The reality is BitSports is yet another MLM crypto Ponzi scheme. “AI” is only part of BitSports business model such to the extent it hopes to capitalize on the current AI trend.
On the regulatory front BitSports fails to provide evidence it has registered with financial regulators in any jurisdiction.
This means that, at a minimum, BitSports is committing securities fraud. MLM and securities fraud lends itself to operation of a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve BitSports of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
They use same template as (Ozedit: removed)
Not the same website template. You can see the source-code is different.
Oz , members only need to log in MONDAYS to click the ON button. Logging in daily is not required.
Thanks for the clarification, I’ll update the review.