Coins of Change Review: Two-tier 3×5 matrix bitcoin gifting scheme
Coins of Change provide no information on their website about who owns or runs the business.
The Coins of Change website domain (“coinsofchange.org”) was privately registered on July 20th, 2017.
Of note is the Coins of Change website domain uses the name-servers of “bitcoinsetupsite.com”.
If you visit that site you’ll see it’s a clone of the Coins of Change website.
The owner of the Bitcoin Setup Site is Mike Hollen, through an address in the US state of Iowa.
The registration details of the email address domain Hollen used to register the Bitcoin Setup Site suggest he works for “Pronto Web Services”, who seem to be a shell company registered in Panama.
The email address Hollen used to register this domain also suggests he works for IsoMedia. On their website IsoMedia provide web hosting services.
To what extent Hollen is involved with Coins of Change beyond website development is unclear.
The official Coins of Change Facebook group meanwhile lists three admins; Edmond Lee, Jorge Raziel and Domingo M. Silvas.
It is highly likely that one or more of the individuals are running Coins of Change.
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.
Coins of Change Products
Coins of Change has no retailable products or services, with affiliates only able to market Coins of Change affiliate membership itself.
Coins of Change affiliate membership provides access to a “bitcoin e-book and video course” and “Facebook e-commerce course”.
The Coins of Change Compensation Plan
Coins of Change affiliates gift funds to each other via a two-tier 3×5 matrix cycler.
A 3×5 matrix places a Coins of Change affiliate at the top of a matrix, with three positions directly under them:
These three positions form the first level of the matrix. The second level of the matrix is generated by splitting these first three positions into another three positions each (9 positions).
Levels three to five of the matrix are generated in the same manner, with each new level housing three times as many positions as the previous level.
A Coins of Change affiliate signs up and gifts $50 to an existing affiliate.
This payment in turn qualifies the affiliate to receive $50 gifting payments from subsequently recruited Coins of Change affiliates.
Levels 2 to 5 of the matrix operate in the same manner, with the amounts gifted at each level increasing.
Gifting payment across all XX of the Coins of Change 3×5 matrix are as follows:
- level 1 – gift $50 and receive $40 from three affiliates
- level 2 – gift $80 and receive $70 from nine affiliates
- level 3 – gift $280 and receive $250 from twenty-seven affiliates
- level 4 – gift $1000 and receive $900 from eighty-one affiliates
- level 5 – gift $5400 and receive $4900 from two hundred and forty-three affiliates
The second-tier matrix is referred to as the “Gold Stage”.
It operates in the same manner as the first-tier, however this time around payments are tracked in bitcoin (tier 1 operates in bitcoin too but set at USD amounts).
- level 1 – gift 0.1 BTC and receive 0.09 BTC from three affiliates
- level 2 – gift 0.2 BTC and receive 0.18 BTC from nine affiliates
- level 3 – gift 1 BTC and receive 0.9 BTC from twenty-seven affiliates
- level 4 – gift 3 BTC and receive 2.5 BTC from eighty-one affiliates
- level 5 – gift 6 BTC and receive 5 BTC from two hundred and forty-three affiliates
If you’ve noticed the discrepancy between the amounts gifted in and received, Coins of Change explain that the missing funds go into a Bonus Pool.
Specifics of the Bonus Pool are not provided, however it appears to be a slush fund to reward the company’s top recruiters.
Joining Coins of Change
Coins of Change affiliate membership is tied to a $50 gifting payment.
Full participation in the Coins of Change MLM opportunity costs $6810 and 10.3 BTC in gifting payments.
Note that all gifting payments within Coins of Change (both paid and received) are made in bitcoin. This includes quoted USD amounts.
Under the pretense of “peer-to-peer crowd-funding”, Coins of Change operates as a cash gifting scheme.
New affiliates sign up and gift funds to existing Coins of Change affiliates.
They in turn receive gifting payments from affiliates recruited after them, with how much is gifted increasing over time.
Matrix-based gifting schemes like Coins of Change primarily benefit the admins running them.
When setting up a matrix-based gifting scheme, the admin or admins set up pre-loaded positions.
These positions sit at the top of the company-wide matrix and fill to the highest levels first.
With more and more money passed up at each matrix level, pre-loaded admin positions typically receive the lion’s share of gifted funds.
A few early adopters make a bit of money, however once recruitment stops so too do funds gifted in at the bottom of the company matrix.
This inevitable decline in recruitment eventually triggers a collapse, at which point the majority of Coins of Change affiliates will lose money.
Soon as you say they are a gifting scheme they will kick you from the facebook group.
They want to be known as Crowdfunders each with their own “project” to accept payments on.
They have a youtube video that hypes this whole concept.
The amazing thing to me is that people really think they will go all the way thru all the levels and become wealthy and independent.
The Owner is Domingo Silvas a Known Scammer
His FB Profile: facebook.com/domingosilvasfans/
He is a serial Scammer, one of his most recent scams prior to “Coins of Change” he was holding events and railing investors in to invest on Fake Pre-IPO Company Offerings.
Pretty much selling fake uber, pinterest shares with Lou Petrossi who was caught red handed and is right now sitting in jail.
Here is Proof:
Word on the Street is that Domingo is next in the list as he was pretty much the MasterMind behind the whole scam. There were many others involved in the Scam here is part of the List of scammers involved with Domingo Silvas.
1. Greg Davis
2. Ricco Davis
3. Joseph Matuella
4. Edmond Lee (Domingo’s Muppet)
5. Com Mirza was also involved in a few of his Notorious Scam. Anything he touches is shit.
Do your review on this guy Oz and all you will find is Scam after Scam as he does not know how to do anything else.
Beware! Domingo Silvas is a big scammer.
This scam looks just like BitConnect, (shut down virtual currency ponzi scheme). Only Domingo’s version of the scam is “doing it for charity”. Doing God’s work. (FBI alert: sec.gov/investor/alerts/ia_virtualcurrencies.pdf)
Domingo Silvas is the brain with these scams and pulls strings, Edmond Lee is a front man. Joe Matuella a slick talking marketer, “fund raiser” (aka money grabber) and photographer/video guy (very important for scams). Michael Hollen is the internet guy that sets website stuff. They all know what they’re doing.
Domingo says he has lots of success and makes big claims on his money. Why can’t he pay bills or people back? He is in a lot of businesses because of his scam. He starts a new business, makes a scam and then gets out when caught and it gets too hot. Then does it again. He can’t a year before it falls on him, so he has to be in many businesses. How he hasn’t been caught?
Before this scam Domingo was sold jewelery online and people never got their orders. He kept their money. A lot of people complain. He teaches people how to do the same. Look at Charming Gifts (bbb.org/south-east-florida/business-reviews/online-retailer/charming-gifts-51-in-royal-palm-beach-fl-90352363/reviews-and-complaints?section=complaints).
Before this Domingo Silvas trick people into joining Digital Altitude, saying that he was making a lot of much money and you can to (lies). Search this site to see what that scam was all about.
Before this Domingo had investor meetings to pitch international investments (fake real estate, fake mining companies, fake investments).
The investments were so secret that even the people can’t find the money they invested. He used his group as a way to bring in his scam friends to take money from people too. Some of them convicted of multiple felony charges for fraud (justice.gov/usao-edny/pr/stock-promoter-convicted-131-million-market-manipulation-scheme).
Before that he teached how to evade taxes in Panama and Belize with Swiss banks. Took people’s money here too.
Before that Domingo made a way in private groups where rich people meet and took their money for shady investments.
He was CEO of a company and kicked out. Maybe for using company and investor money to finance his personal costs.
This has been going for long time and there are many who lost money.
He is very slick and good at his game. Domingo is very likable. Says he’s super rich, made over 200 million, which is not true.
He quickly makes friends and gets trust. Figures out how to speak at events as a special guest, get interviewed on podcasts, make courses and teach. He does this all to build a fake life and trick people that he is legit. Then when he has your trust he takes money. He’s very smart.
But he is sick because he can’t stop. He will take a business and go out of way to make a scam. He should be in jail before more people hurt. It will only be time before it all catches up with him.
Avoid at all costs or know the risk.
Yes, these are bad actors. Domingo Silvas and Emond Lee lie, cheat and steal. They pretend to be very successful and wealthy and excite people on how you can make lots of money like them with fake stories and fake proof.
Once you hand over your money to them it is gone for good.
The silver lining here if there is any is that this will likely be the nail in the coffin for Domingo that finally forces him to stop stealing from innocent people.
Bitcoin scammers are getting taken down fast and hard, especially the ones running these types of Ponzis pyramid schemes.
When I started seeing Bitcoin scams I knew Domingo would somehow be involved. And here he is. No surprise. It’s a perfect setup for him. No regulation, anonymous transactions, easy to confuse people and sell them on hype.
Just like when he sold offshore banking and business formation. Lots of secrecy and nobody to go to when things go sideways.
I’m surprised to see Domingo was less careful here to have his name associated with this obvious ponzi scheme. Usually he makes sure his name doesn’t appear in any of his scams and works behind the scene.
If you’ve been a victim of his past scams, be sure to report to the FBI. Domingo Silvas, Edmond Less, Mike Hollen, Joe Matuella are all US citizens even though they set up many shell companies and use burner phones.
I doubt anyone that fell for their scams will ever see their money back since they spend it all to finance their lavish personal life and travel, but at least we can do our part in helping to stop their scamming.
I was in and had a tier of people under me. When asked about the program we were all lied to.
I want in on any class action lawsuit and want justice and reimbursement for my friends and team.
Wow y’all have literally saved me! I’m am curious to hearing more on Domingo M Silvas and if there’s any other links out there?
So many things I’m reading and others were red flags for me. Please contact me Shane.
Coins of Change has obviously long since collapsed. Although he could still be scamming people, Silvas hasn’t popped up since.
Damn.. Silvas and Jorge both met with me in Miami this past weekend and tried to strongarm me and my business. Wish i could find more information on everything above.