Miny Review: MINY token Ponzi points scheme
Miny operates in the cryptocurrency MLM niche and claims to be based out of Hong Kong.
According to Miny’s website, the company was founded by Thomas Norberg in November 2019.
Thomas Norberg, who was born in Russia and completed his Master in International Business and Management in Sweden.
Norberg’s vision was to create a platform that allows anyone from any corner of the world to earn through mining.
Norberg doesn’t appear to exist outside of Miny’s marketing material (no video), casting doubt on whether he’s an actual person.
Miny’s website domain (“miny.cc”) was privately registered in September 2018.
At the time of publication Alexa ranks Venezuela (15%), Russia (10%) and Brazil (8%) as top sources of traffic to Miny’s website.
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.
Miny has no retailable products or services, with affiliates only able to market Miny affiliate membership itself.
Miny’s Compensation Plan
Miny affiliates invest USD and cryptocurrency on the promise of 10% to 19% monthly returns.
- invest $50 to $750 and receive a 10% monthly ROI
- invest $750 to $15,000 and receive a 15% monthly ROI
- invest $15,000 or more and receive a 19% monthly ROI
- invest 0.005 to 0.08 BTC and receive a 10% monthly ROI
- invest 0.08 to 1.65 BTC and receive a 15% monthly ROI
- invest 1.65 BTC or more and receive a 19% monthly ROI
- invest 0.25 to 4 ETH and receive a 10% monthly ROI
- invest 4 to 80 ETH and receive a 15% monthly ROI
- invest 80 ETH or more and receive a 19% monthly ROI
- invest 0.75 to 11 LTC and receive a 10% monthly ROI
- invest 11 to 225 LTC and receive a 15% monthly ROI
- invest 225 LTC or more and receive a 19% monthly ROI
Returns are paid in MINY tokens, which affiliates can withdraw through Miny’s internal exchange.
Miny’s website states that 1 MINY = $1 USD as a starting value. Whether this value has since changed in their internal exchange is unclear.
Miny pays referral commissions on MINY token investment 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.
Miny caps payable unilevel team levels at twenty.
Referral commissions are paid out as a percentage of funds invested across these twenty levels as follows:
- level 1 – 100% (personally recruited affiliates)
- level 2 – 10%
- level 3 – 5%
- levels 4 to 20 – 1%
Note that referral commissions are paid in MINY tokens.
Miny affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $50, 0.005 BTC, 0.25 ETH or 0.75 LTC investment.
Miny is your typical internal token mobile app Ponzi scheme.
In its marketing material, Miny claims to generate external revenue via cryptocurrency mining.
MINY presents you with an extremely simple, easy, and accessible method of earning passive income.
Participating in the mining pools of this cryptocurrency mining platform will offer returns on the balance retained in your mining pool.
No evidence of mining revenue being generated and used to pay affiliates is provided.
Nor has Miny registered its passive investment opportunity with securities regulators in any jurisdiction it solicits investment in.
Thus even if “evidence” of mining taking place was provided (typically on social media), it’d be meaningless.
As it stands the only verifiable source of revenue entering Miny is new investment.
New investment is stored by Miny and used to honor internal exchange withdrawal requests.
Using new investment to pay existing affiliates makes Miny a Ponzi scheme.
The reason Miny uses MINY tokens to pay returns and commissions is because they cost the company little to nothing to generate on demand.
In effect MINY tokens are Ponzi points, the value of which is arbitrarily set by Miny’s owners.
MLM Ponzi points schemes run into trouble when recruitment inevitably slows down. This starves Miny of funds to pay withdrawal requests with.
What happens next will either be a public-exchange exit-scam, or Miny’s anonymous owners will simply disappear.
In either scenario, the majority of Miny affiliates will be left bagholding worthless Miny tokens.