LipCoin Review: A cryptocurrency for the surfing community?
LipCoin provide no information on their website about who owns or runs the business.
The LipCoin website domain (“lipcoin.io”) was privately registered on November 10th, 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.
LipCoin has no retailable products or services, with affiliates only able to market LipCoin affiliate membership itself.
The LipCoin Compensation Plan
LipCoin affiliates buy pre-generated LPC points from the company’s owners.
LPC points are sold by LipCoin to affiliates for between 45 cents to 95 cents each.
LipCoin affiliates who purchase 400 or more LPC points receive a 50% bonus on points acquired.
- purchase 400 LPC points and receive a 50% bonus for 1 month
- purchase 800 LPC points and receive a 50% bonus for 2 month
- purchase 1600 LPC points and receive a 50% bonus for 3 month
- purchase 3200 LPC points and receive a 50% bonus for 4 month
- purchase 6400 LPC points and receive a 50% bonus for 5 month
- purchase 12,800 LPC points and receive a 50% bonus for 6 month
- purchase 25,600 LPC points and receive a 50% bonus for 9 month
- purchase 51,200 LPC points and receive a 50% bonus for 12 month
LipCoin pay affiliates referral commissions 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.
Referral Commissions (LPC Points)
LipCoin affiliates are paid referral commissions on LPC points purchased down three levels of recruitment:
- level 1 (personally recruited affiliates) – 10%
- level 2 – 5%
- level 3 – 2.5%
Note that the above commission rates are paid in LPC points.
LipCoin also pay referral commissions on funds invested by downline affiliates in bitcoin or ethereum.
- buy 200 LPC points and receive a 5% referral commission on level 1 (personally recruited affiliates)
- buy 400 LPC points and receive a 5% referral commission on level 1 and 5% on level 2
LipCoin affiliate membership is tied to the purchase of at least 45 LPC points.
LipCoin bills itself as ‘the first cryptocurrency for the surfers community!‘
Why does the surfing community need its own cryptocurrency? No idea, and LipCoin don’t offer up any answers either.
LIPCOIN aims to promote activities of a recreational, cultural, sporting and tourist nature, powered by surfing and all other surfing disciplines, actively acting to promote a community of athletes.
As far as I can tell the whole surfing angle is smoke and mirrors to market yet another worthless altcoin ICO.
Amid a sea of altcoin clones, LPC brings nothing new to the table.
It appears to exist solely as a vehicle for its anonymous owners to collect bitcoin and ethereum from anyone gullible enough to acquire LPC.
With no real-world application or purpose, the value of LPC is pegged to affiliate recruitment.
Once LipCoin affiliate tanks, so too will the value of LPC points.
Not withstanding pyramid scheme compliance issues owing to the company having no retail activity, LipCoin is classic ICO pump and dump. Don’t fall for it.