My Blockchain Life Review: Crypto mining securities fraud
My Blockchain Life fails to provide any information about who owns or runs the company on their website.
In fact as I write this, My Blockchain Life’s website is nothing more than an affiliate login page with some testimonials.
No corporate address is provided, although My Blockchain Life does state it’s “operating worldwide (and) located in the USA”.
My Blockchain Life’s website domain (“myblockchainlife.com”) was privately registered on January 10th, 2020.
Further research reveals marketing videos on My Blockchain Life’s official Facebook page.
These videos are hosted by Glen Williams, who identifies himself as a co-founder and CEO of My Blockchain Life.
Williams’ LinkedIn profile places him in Ottawa, Canada. Whether My Blockchain has any actual physical presence in the US is unclear.
William’s LinkedIn profile reveals he was promoting ACN from 2007 to January 2020.
Williams foray into MLM cryptocurrency appears to date back to 2017 with BitConnect.
In response to BehindMLM reporting on US regulators cracking down on BitConnect, a reader going by Glen Williams suggested we had an “agenda”.
BitConnect collapsed a week later, causing over $2 billion dollars in losses.
Williams abandoned the Twitter account he used to promote BitConnect a month later.
Whether My Blockchain Life’s other co-founders were also BitConnect promoters is unknown.
Read on for a full review of My Blockchain Life’s MLM opportunity.
My Blockchain Life’s Products
My Blockchain Life has no retailable products or services, with affiliates only able to market My Blockchain Life affiliate membership itself.
My Blockchain Life’s Compensation Plan
My Blockchain Life’s compensation plan revolves around affiliates spending $3000 to purchase mining equipment, and then $1250 or $2000 for hosting.
Mining equipment is $3000 for either a Block X Miner or 77 TH/s BTC Miner.
Investment maturity periods are either $1250 for 500 days or $2000 for 1000 days.
Commissions and bonuses are paid when recruited affiliates purchase mining equipment and hosting.
My Blockchain Life pays commissions using sales volume as opposed to raw dollars invested/spent:
- $1250 hosting = 500 GV
- $2000 hosting = 1000 GV
- $3000 mining hardware purchase = 1000 GV
Note that My Blockchain Life pays all commissions and bonuses in bitcoin.
My Blockchain Life Affiliate Ranks
There are nine affiliate ranks within My Blockchain Life’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Prospector – recruit and maintain two affiliates (placed one on both sides of the binary team), generate 500 PV and 5000 GV in accumulated weaker binary team side volume
- Bronze – maintain two personally recruited affiliates and 500 PV, and generate 12,5000 GV in accumulated weaker binary team side volume
- Silver – maintain two personally recruited affiliates, generate 1000 PV and 25,000 GV in accumulated weaker binary team side volume
- Gold – recruit and maintain four affiliates (placed two on both sides of the binary team), generate 1000 PV and 100,000 GV in accumulated weaker binary team side volume
- Platinum – recruit and maintain six affiliates (placed three on both sides of the binary team), maintain 1000 PV and generate 500,000 GV in accumulated weaker binary team side volume
- Diamond – recruit and maintain eight affiliates (placed four on both sides of the binary team), maintain 1000 PV and generate 1,000,000 GV in accumulated weaker binary team side volume
- Vice Chairman – recruit and maintain ten affiliates (placed five on both sides of the binary team), maintain 1000 PV and generate 5,000,000 GV in accumulated weaker binary team side volume
- Chairman – recruit and maintain twelve affiliates (placed six on both sides of the binary team), maintain 1000 PV and generate 10,000,000 GV in accumulated weaker binary team side volume
- Global Chairman – maintain twelve personally recruited affiliates and 1000 PV, and generate 25,000,000 GV in accumulated weaker binary team side volume
PV stands for “Personal Volume” and is sales volume generated by personal purchases and that of personally recruited affiliates.
GV stands for “Group Volume” and is PV generated by an affiliate and their downline.
Note that in order to count towards qualification, recruited affiliates must have either purchased at least one miner and hosting plan.
MLM Commission Qualification
To qualify for MLM commissions a My Blockchain Life affiliate must be at the Prospector or higher rank.
Referral Commissions
My Blockchain Life pays referral commissions using 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.
My Blockchain life caps payable unilevel team levels at five.
Referral commissions are paid on on sales volume generated across these five levels as follows:
- 20% on level 1 (personally recruited affiliates)
- 10% on level 2
- 2.5% on levels 3 to 5
Residual Commissions
My Blockchain Life 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.
At the end of every month My Blockchain Life tallies up new sales volume generated on both sides of the binary team.
Affiliates are paid 15% of volume generated on the weaker binary team side.
Once paid out on, volume is matched against the stronger binary team side and flushed.
Any leftover volume on the stronger binary team side carries over.
Check Match Bonus
My Blockchain Life pays a 10% match on residual commissions earned by personally recruited affiliates.
Rank Achievement Bonus
My Blockchain Life rewards affiliates for qualifying at the Prospector and higher ranks as follows:
- qualify at Prospector and receive $250
- qualify at Bronze and receive $500
- qualify at Silver and receive $1000
- qualify at Gold and receive $2500
- qualify at Platinum and receive $10,000
- qualify at Diamond and receive $25,000
- qualify at Vice Chairman and receive $125,000
- qualify at Chairman and receive $250,000
- qualify at Global Chairman and receive $1,000,000
Joining My Blockchain Life
My Blockchain Life affiliate membership is free.
Full participation in the attached income opportunity however requires a $3000 hardware purchase, and then
- $1250 every 500 days; or
- $2000 every 1000 days.
Conclusion
My Blockchain Life pitches itself as
the fastest growing and the worlds first Official Blockchain Network Marketing Company.
We’re not aware of a “blockchain network marketing company” governing body. Who therefore made My Blockchain Life’s claim “official” is a mystery.
In any event, what My Blockchain Life’s MLM opportunity boils down to is handing over $4250 for a 500 day ROI or $6000 for a 1000 day ROI.
After either 500 or 1000 days, another $1250 or $2000 payment respectively is required.
With respect to securities regulation, an investor dumps $4250 or $5000 into My Blockchain Life on the implied expectation of a 500 or 1000 day passive ROI.
You buying mining hardware and setting it up yourself is one thing. Paying a third-party, doing nothing and collecting a return ventures into investment contract territory.
If you’re looking for an example of this in practice, look no further than Swiss Gold Global.
Swiss Gold Global solicited investment on cryptocurrency mining, purportedly done through third-party Genesis Mining.
US authorities moved against both companies with a securities fraud cease and desist in March 2018.
The cease and desist against the third-party merchant, Genesis Mining, was volunatrily dismissed a month later.
The cease and desist against the MLM company, Swiss Gold Global, stuck.
In My Blockchain Life both the MLM company and merchant are one the same, meaning a securities fraud cease and desist will stick as it did for Swiss Gold Global.
Or if the SEC investigate at a federal level, a temporary restraining order followed by a preliminary injunction.
As it stands My Blockchain Life is not registered with the SEC, or securities regulators in Canada.
At the time of publication Alexa cites Australia (89%) as the top source of traffic to My Blockchain Life’s website.
My Blockchain Life hasn’t registered its securities offering with ASIC either.
In addition to committing securities fraud, My Blockchain Life also operates as a pyramid scheme.
There is no retail offering within My Blockchain Life, with all commissions tied to recruitment of new affiliates and their spending of money.
This is 100% internal consumption, which for an MLM company qualifies My Blockchain Life as a pyramid scheme.
Pending regulatory action, My Blockchain Life will stall when affiliate recruitment dies down.
No recruitment kills the MLM side of the business, leaving its passive investment opportunity unlikely to survive.
In this sense My Blockchain Life is more like BitClub Network than BitConnect.
Despite having different business models, both companies committed securities fraud.
For his part I can only assume Glen Williams has some awareness of what he’s doing.
In one marketing video, made available on My Blockchain Life’s Facebook page two months ago, Williams states “the business has been launched for a few months now”.
So what’s the hold up with the company website then? Why isn’t company ownership and the passive investment plans disclosed?
Something something BitClub Network history repeating itself something something… you know how that turned out.
Best part is MyBlockChainLife is totally legit – got everything I paid for and am ecstatic to be mining tokens, which I am converting to BitCoin.
Your negative posts are obviously simple bitterness at something or someone. Can’t wait for the civil litigation against you.
Best part about your comment is you’re a scammer! And it’s so legit, you’re scamming others like in a typical ponzi!
Keep up the scamming scammer!
There’s nothing legit about securities fraud.
I’m considering this company, and was concerned by your info, however, this company seems to be on the up and up. Watch this and feel free to respond. Thank you!
youtu.be/KLBz0mIVLgw
Putting out a “crypto mining for dummies” marketing video doesn’t address My Blockchain Life committing securities fraud.
Simply stating “we do not sell investments, we do not sell securities” in said video, doesn’t address My Blockchain Life committing securities fraud.
MLM + passive investment opportunity = securities. BitClub Network, Mining City are just two examples.
I dump $4250 or $5000 into My Blockchain Life, and My Blockchain Life pays me a passive return over 500 or 1000 days respectively.
If My Blockchain Life wants to operate legally in the US, they have to register with the SEC.
Regulators don’t care about pseudo-compliance, they look at the company’s business model and go from there.
I have a friend trying to get me to buy these rigs, the spiel is it mines 100000 tokens a month and when their new coin Block X goes live I’ll be in the $$$, reading this report though changes my mind, it’s a scam right …..??
There will not be a new coin …?
The coin will be the exit-scam if it ever launches.
You’re being scammed in that you’re being solicited to invest in tokens, on the promise of future passive profit.
That’s a securities offering and securities fraud = illegal.
Ok, thanks, so how is it that this company is allowed to operate…… or is it only a matter of time before they fold due to being on the radar now ……??
The absence of regulatory enforcement isn’t permission to operate.
The law is the law and My Blockchain Life is committing securities fraud. Regulating is on regulators, in this instance the SEC.
We can’t speak for the SEC on resource allocation.
Jeremie Sowerby is Glen’s partner. Same asshole that stole everyone’s money at Dunamis and lied to people saying he paid people back.
A friend of mine is involved and says the token has doubled in value (from a few cents to a few more cents).
I cannot find anything about the value of the token. Can anyone link me to it?
It’s an internal token (Ponzi points). The value is set by My Blockchain Life as they see fit.
100% this company is all-full-a-shi*. the ‘coin’ has dropped by over 60% in value.
my new mining equipment was provided to coverup / make up for my huge loses with doneamis.
my 8 miners there got me 4 miners in the new scam. and then i bought more at $3k a crack. yep i am a complete dope.
the actual the web site / exchange looks like a 5 year old designed it. all of the promises and and hype are worthless.
my advice that was given to me that i did not follow is to RUN AWAY.
People are accumulating thousands if not millions of tokens.
1) Who’s going to want to buy them?
2) Why would anyone buy them?
3) Why would any traders flock to their exchange?
4) There’s no liquidity on the exchange or track record.
I’m a trader I use 3 major exchanges. This is a Micky Mouse operation designed for people who have been sold the dream of becoming rich because they hold Block X tokens.
Binance turn over about 24 Billion a day. That’s why the BNB Coin is worth what it is.
How long will people have to wait until your Block X token is worth say $1?
If it reaches anywhere near that most people will try and off load at which point the token will start falling in value and more people will panic and sell as the price drops – Confidence lost and end of token.
All the people staking will be left with worthless tokens.
Use your common sense and don’t fall for MLM classic sales talk.
Remember all the big recruiters are making nice commissions every time you buy a rig that’s mining tokens that only hold a promise of future riches.
As usual the recruiters will get rich and most others that don’t understand cryptocurrency scams will be left a worthless ‘shit coin’.
Look before you leap.
My advise: Use your money to buy some Bitcoin & Ethereum and stay away from the scams designed to benefit the company and big recruiters.
Their physical address in Tempe, Arizona is 6760 s clementine ct. my husband and I were invited there as a ‘friend of a friend’ to meet someone named ‘Jeremie’.
The building has NO name on it, and the only thing linking it to ‘my blockchain life’ is a banner inside with a QR code on it.
The receptionist knows nothing about anything. The 3D printers were running, but not printing anything. They had a bunch of TVs and a screen projector running with no one but us in the building.
Luckily for us, Jemerie had some kind of emergency and was unable to meet with us. That gave me time to research them. Both Jeremie and Glen have terrible MLM backgrounds.
One of the promoters that was there to greet us (Mark Biermann) is listed on their website with a quote.
The whole thing made the hair on the back of my neck stand up when we were there. It’s definitely a scam.
All that is so dishonest. I have been in that facility 3 times in the last 2 months.
It’s filling up with operating mining Rigs, 7,000 as of mid-April.
^^ Reminder that “I saw some hardware in a building” is not a substitute for legally required registration with the SEC and periodically filed audited financial reports.
Sorry for your inevitable loss and inability to understand math.
So let me get this straight. You saw a room with mining rigs inside so that makes it legit. Hmm, Dunamis had “mining rigs” inside and Dunamis was a Ponzi. So much for “mining rigs” being proof the company is legitimate BS that you are trying to regurgitate to everyone reading here.
Here’s a tip for you. If they turn on “ALL” those mining rigs, it will shut down the power grid for miles around. And of course you also saw giant air vents with gigantic fans to disperse all the heat those “mining rigs” would be generating right?
You also saw outside the huge generating plant that would be needed to even turn on 1/3 of all those “mining rigs.”
Yeppers sure sounds legit to me. So much for what you “saw” and it meaning anything.
And we haven’t even got to the bio’s of the major pimps of this Ponzi and the owners. Since it is so real, you need to take out a 2nd and put it all into this venture. You’ll be a gazillionaire in no time.
“BUH MUH BLOCKCHAIN LIFE!”
Lee Simpson says:
Which facility? Hogwarts, Never Never Land, or Narnia?
This same Lee Simpson clown was also a big supporter of the Dunamis scam and of Jeremie Sowerby, who was the CEO of the Dunamis scam! Strange that this Jeremie crook was there when Beth visited!
https://behindmlm.com/mlm-reviews/dunamis-mining-review-crypto-mining-unregistered-securities-ponzi/
The rigs are all solar-powered. That’s one of the primary reasons a Shark Tank investor is interested.
And if I’m not mistaken, they are moving away from the direct sales business model to affiliate/referral only.
You actually believe this BS? Seriously? Do any of you really understand how much electricity it requires to run a rig, let alone 7,000 and counting? Solar powered my assets. Only in fantasy land.