Grossbyte Review: Crypto mining Ponzi targeting Africa
Grossbyte operates in the cryptocurrency MLM niche.
The company states on its website that it is headed up by “Thomas Patrick”.
A cropped image of Patrick appears on the Grossbyte website. Patrick however has no digital footprint outside of the “about us” page on Grossbyte’s website.
Furthermore, it appears Patrick’s entire Grossbyte corporate bio is rewritten content stolen from other executives.
Given this, it’s highly likely that neither Thomas Patrick or any of the other executives listed on the Grossbyte website actually exist.
Grossbyte provides an incorporation number that corresponds with Grossbyte LTD in the UK.
UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.
Incorporation certificates for Grossbyte are also provided for Seychelles and Ras Al Khaimah, two additional dodgy jurisdictions.
Whoever is actually running Grossbyte has a poor command of English, as evidenced by numerous paragraphs like this on their website;
Online investment attraction is that the best way to build our business grow quicker.
At the time of publication Alexa estimates Nigeria (31%), Ghana (18%) and Tanzania (14%) are the largest source of traffic to the Grossbyte website.
It’s highly likely (but not certain) that whoever is actually running Grossbyte is based out of Africa itself.
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.
Grossbyte has no retailable products or services, with affiliates only able to market Grossbyte affiliate membership itself.
The Grossbyte Compensation Plan
Grossbyte affiliates invest funds on the promise of an advertised ROI.
- Standard – invest $30 to $999 and receive a 162% ROI after 90 days
- Premium – invest $1000 to $24,999 and receive a 200% ROI after 100 days
- Exclusive – invest $25,000 to $50,000 and receive a 242% ROI after 110 days
Grossbyte pays referral commissions on invested funds down two levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 8%
- level 2 – 2%
Grossbyte 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.
Residual commissions are paid based on funds invested by directly and indirectly recruited binary team affiliates.
At the end of each day Grossbyte tallies up new investment volume on both sides of the binary team.
Affiliates are paid 10% of funds matched on both sides. After being paid out on, binary team fund are flushed.
Any leftover volume on the stronger binary team side is then carried over the following day.
Grossbyte affiliate membership is free.
To participate in the attached MLM opportunity however, a minimum $25 investment is required.
Grossbyte is what you’d expect from an MLM cryptocurrency company.
We are composed of the strongest traders team from the United Kingdom, Singapore, Seychelles and the creators of the largest mining pools from the US north-western provinces.
All talk and no evidence to back up any of their claims.
Supposedly returns are generated via “information centers”, that supposedly trading/mining bitcoin.
We’ve setup five information centers and repeatedly upgraded technical equipment. Presently our main facilities are settled in Ireland, Italy, Germany, Thailand and US.
Like Grossbyte’s executive info, this is of course not verifiable and assumed to be made up.
The only verifiable source of revenue entering Grossbyte is new affiliate investment.
Using newly invested funds to pay affiliates returns of up to 242% every 110 days makes Grossbyte a Ponzi scheme.
Additionally referral commissions add a pyramid layer to the scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dies down so too will invested funds.
This will starve Grossbyte of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.