JetCoin 2.0 Review: Trading facade dropped, same Ponzi scam
One of the unspoken rules of the MLM underbelly is that once tainted, a company name forever remains tainted.
Thus if the admin(s) of the original scheme which to defraud again, they need to come up with a new name.
The tainting of an MLM underbelly scheme typically comes about through regulatory intervention or the scheme collapsing.
JetCoin collapsed recently due to the latter. And despite having only launched barely a month ago and the ashes of the original not even cooled, a new scheme bearing the same name has just been announced.
Read on for a full review of the JetCoin 2.0 MLM opportunity.
As with the original JetCoin 2.0 provide no information about who owns or runs the business on their website.
Scott Chandler, Greg Aggesen, Brett Robinson and Troy Redja, are widely cited by JetCoin affiliates as being at the top of the original’s investor base.
It is widely speculated that the trio had a hand in running the scheme, however I myself haven’t seen any concrete evidence of this.
Whether Chandler, Aggesen, Robinson and/or Redja are behind JetCoin 2.0 is unclear.
The JetCoin 2.0 website domain (“jet-coin.com”) was privately registered on May 7th, 2017.
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.
JetCoin 2.0 Products
JetCoin 2.0 has no retailable products or services, with affiliates only able to market JetCoin 2.0 affiliate membership itself.
The JetCoin 2.0 Compensation Plan
JetCoin 2.0 affiliates invest bitcoin on the promise of a daily ROI:
- JC2 – 0.1 BTC
- JC3 – 0.3 BTC
- JC4 – 0.5 BTC
- JC5 – 1 BTC
- JC6 – 2 BTC
- JC7 – 3 BTC
- JC8 – 4 BTC
The daily ROI rate payable is tied to how much money personally recruited affiliates invest:
- convince others to invest 1 BTC and receive 0.5% a day
- convince others to invest 3 BTC and receive 1% a day
- convince others to invest 5 BTC and receive 2% a day
- convince others to invest 10 BTC and receive 2.5% a day
- convince others to invest 15 BTC and receive 3% a day
At the time of publication there is no indication of a ROI cap provided on the JetCoin 2.0 website.
JetCoin 2.0 pay 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 that there is no limit to how deep a binary team can grow.
At the end of each day JetCoin 2.0 tally up new investment volume on both sides of the binary team.
Affiliates are paid a percentage of this volume, based on how much they themselves have invested:
- invest at the JC2 level and receive a 6% residual binary commission, capped at 0.2 BTC a day and/or 6 BTC a month
- invest at the JC3 level and receive a 7% residual binary commission, capped at 0.6 BTC a day and/or 18 BTC a month
- invest at the JC4 level and receive a 9% residual binary commission, capped at 1 BTC a day and/or 30 BTC a month
- invest at the JC5 level and receive a 10% residual binary commission, capped at 2 BTC a day and/or 60 BTC a month
- invest at the JC6 level and receive a 11% residual binary commission, capped at 4 BTC a day and/or 120 BTC a month
- invest at the JC7 level and receive a 13% residual binary commission, capped at 6 BTC a day and/or 180 BTC a month
- invest at the JC8 level and receive a 15% residual binary commission, capped at 8 BTC a day and/or 240 BTC a month
Note there’s also a JC1 affiliate option for 0.05 BTC.
JC1 affiliates don’t earn a daily ROI but do earn a 5% residual binary commission capped at 0.1 BTC a day and/or 3 BTC a month.
Joining JetCoin 2.0
Basic JetCoin 2.0 affiliate membership is 0.05 BTC for the JC1 membership.
Full participation in the JetCoin 2.0 income opportunity requires an investment of between 0.1 to 4 BTC.
The more a JetCoin 2.0 affiliate invests the higher their income potential via the JetCoin 2.0 compensation plan.
JetCoin initially launched with the cliched trading ROI ruse to explain how it was generating affiliate ROIs.
There’s no mention of trading on the JetCoin 2.0 website but it’s still the same Ponzi model.
You invest bitcoin and JetCoin 2.0 use that money to pay off existing investors. Referral commissions are tied to investor recruitment (pyramid fraud), without which there’s no money to pay ROIs with.
JetCoin collapsed before it paid anyone more than they invested. The only people who might have made money in it are those who invested little but convinced others to invest a lot.
The bulk of the money was stolen by those running the scheme.
Regardless of whether the same people are behind JetCoin 2.0 or not, the same thing is going to happen.
Probably a lot faster this time around as investor confidence in the “JetCoin” name is shot.
What that means for you as a potential investor is if you thought losing your money within a month was bad enough in JetCoin, expect to lose it much faster in JetCoin 2.0.
Update 26th July 2017 – Cecilia Wong of the JetCoin Institute has been in touch to advise they have nothing to do with JetCoin the Ponzi scheme.
We are a proper company who have worked hard to establish our digital token Jetcoin (JET) in sport and entertainment and are extremely disappointed to see that some other unscrupulous companies have taken advantage of our name (and logo in some instances) to confuse innocent individuals looking to invest.
We are currently listed on Coin Market Cap as an ERC-20 Token built on Ethereum.
It came to our attention that these other companies existed when we started receiving a host of emails from people who were not even in our database of customers.
These people thought we were them and started questioning us about their investments.
Then we noticed that we were also getting slandered by many different individuals on social media, so we launched an investigation into this matter to find out what was happening.
We can’t blame these people as our name squatters have actually used our logo in some of their social media and are obviously trying to influence people into thinking they are either us or affiliated with us in some way.
We have reported this to the relevant social media and Instagram has already taken down their page. We are still waiting for the rest of social media (YouTube, Facebook) to get back to us.
JetCoin Institute was launched in 2015.
Update 17th March 2018 – On February 16th the FTC filed a lawsuit against Scott Chandler for, among other things, his role as Master Distributor of JetCoin.