My Crypto World Review: MyCryptoCoin pump & dump scheme
There is no information on the My Crypto World website indicating who owns or runs the business.
Both My Crypto World website domains (“mycryptoworld.com” and “mycryptoworld.net”) were registered privately on September 15th, 2015.
Alexa currently estimate that traffic to the My Crypto World dotcom domain is primarily sourced from the US (37%) and Germany (32%).
This suggests that whoever is running My Crypto World is likely based out of one or both of these countries.
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.
The My Crypto World Product Line
My Crypto World has no retailable products or services, with affiliates only able to market My Crypto World affiliate membership itself.
The My Crypto World Compensation Plan
The My Crypto World compensation plan sees affiliates invest $100 to $50,000 in My Crypto Coin tokens.
My Crypto World affiliates are also paid to recruit new My Crypto World affiliates who invest.
My Crypto Coin ROIs
My Crypto World affiliates invest $100 to $50,000 in My Crypto World tokens:
- Starter – $100 for 1000 tokens
- Bronze – $500 for 5000 tokens
- Silver – $1000 for 10,000 tokens
- Gold – $3000 for 36,000 tokens
- Platinum – $5000 for 65,000 tokens
- Diamond – $12,500 for 187,500 tokens
- Founder – $50,000 for 750,000 tokens
On January 10th, 2017, My Crypto World will convert tokens into the MyCryptoCoin cryptocurrency.
My Crypto World’s marketing asserts that the value of MyCryptoCoin will increase over time.
With a large distribution, the MyCryptoCoin is essentially guaranteed to make a significant rise in value when it opens on the international public exchanges.
My Crypto World affiliates are able to withdraw a ROI (the difference between their initial invested amount and the given value of MyCryptoCoin at any given time, by trading MyCryptoCoins at the current price.
Commission restrictions in My Crypto World apply to all commissions except My Crypto Coin ROI payouts.
My Crypto World affiliates’ commission earnings are subject to the following weekly caps, based on how much they initially invest:
- affiliate (no package) – $140
- Starter ($100) – $700
- Bronze ($500) – $3500
- Silver ($1000) – $7000
- Gold ($3000) – $21,000
- Platinum ($5000) – $35,000
- Diamond ($12,500) and Founder ($50,000) – $50,000
My Crypto Coin World affiliates are paid a 10% commission on funds invested by personally recruited affiliates.
An additional 15% is paid on deposited investments within an affiliate’s first five weeks (the recruiting affiliate).
Residual commissions in My Crypto World are paid out 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 two positions into another two positions each.
Positions in the binary team are filled via direct and indirect recruitment of new My Crypto World affiliates.
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
At the end of each week new investment volume is tallied up on both sides of the binary team.
My Crypto World affiliates are paid 10% of volume generated on the weaker binary side.
Matched volume is removed from the stronger binary side, with the process repeating itself the next week.
Note that to qualify for residual binary commissions, a My Crypto World affiliate must personally recruit at least two affiliates who have invested in a package.
My Crypto World affiliates can earn a matching bonus on binary commissions, paid out on up to six levels of recruitment via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, withe 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 Crypto World cap payable unilevel levels at six, with affiliates paid a percentage of binary commissions paid across six levels of their unilevel team.
How many levels a My Crypto World earns a matching bonus on is determined by how much money they have invested:
- Starter affiliates ($100) earn a 10% match on level 1 (personally recruited affiliates)
- Bronze affiliates ($500) earn a 10% match on levels 1 and 2
- Silver affiliates ($1000) earn a 10% match on level 1 and 2 and a 20% match on level 3
- Gold affiliates ($3000) earn a 10% match on levels 1 and 2 and a 20% match on levels 3 and 4
- Platinum affiliates ($5000) earn a 10% match on levels 1 and 2, a 20% match on levels 3 and 4 and a 25% match on level 5
- Diamond affiliates ($12,500) and Founder affiliates ($50,000) earn a 10% match on level 1 and 2, a 20% match on levels 3 and 4 and a 25% match on levels 5 and 6
Rank Advancement Bonus
There are six affiliate ranks within the My Crypto World compensation plan.
Along with their respective qualification criteria and bonus, they are as follows:
- Ruby (generate $10,000 weekly investment volume in your weaker binary leg and recruit and maintain two Sapphire or higher ranked affiliates) – Samsung S7
- Emerald (invest in a Platinum package or higher, generate $40,000 weekly investment volume in your weaker binary leg (at least $80,000 volume in total) and recruit and maintain at least three Ruby or higher ranked affiliates) – Macbook Air
- Diamond (generate $80,000 weekly investment volume in your weaker binary leg (at least $200,000 volume in total) and recruit and maintain at least three Emerald or higher ranked affiliates) – “Diamond Trip”
- Blue Diamond (generate $200,000 weekly investment volume in your weaker binary leg (at least $500,000 volume in total) and recruit and maintain at least three Diamond or higher ranked affiliates) – Rolex watch
- Black Diamond (generate $500,000 weekly investment volume in your weaker binary leg (at least $1,500,000 volume in total) and recruit and maintain at least four Blue Diamond or higher ranked affiliates) – Gold Rolex watch
- Crown Diamond (generate $1,500,000 weekly investment volume in your weaker binary leg (at least $8,000,000 volume in total) and recruit and maintain at least six Black Diamond ranked affiliates) – a $600,000 Caribbean villa
Joining My Crypto World
My Crypto World affiliate membership is $20.
Affiliates who do not invest $100 to $50,000 in a package can only earn binary commissions, capped at $140 a week.
Full participation in the My Crypto World compensation plan requires an initial investment of between $100 to $50,000.
My Crypto World is yet another pump and dump entry into the MLM cryptocurrency niche.
The anonymous admin(s) running My Crypto World are selling MyCryptoCoin tokens for real money, which on January 10th will be converted into pre-mined MyCryptoCoins.
A My Crypto World presentation claims there will be one billion MyCryptoCoins available.
MyCryptoCoins themselves are worthless, as they have no real-world application. Thus with no external supply and demand, the price will crash.
A marketing spiel on the My Crypto World website suggests that in an attempt to provide an actual use for the coin, it will be piggy-backed onto legitimate currencies (both cryptocurrency and fiat).
The MCW Universal smart wallet allows you to complete transactions on any known blockchain, in any exchange, and using any electronic payment system on the planet, and also all fiat or paper currency.
One problem I see here is that nobody outside of the My Crypto World business opportunity is going to accept MyCryptoWorld. Thus how MyCryptoCoins are going to be converted into other currencies is unclear.
Presumably there’s some internal supply and demand mechanism for My Crypto World affiliates, however that’s a relatively small pool of users and certainly not large enough to support free exchange of worthless MyCryptoCoins into usable currency.
Rather it appears the My Crypto World wallet exists simply to convert commissions into bitcoins, which are then paid to affiliates.
That My Crypto World commissions are paid in bitcoin is indicative of the worthless nature of MyCryptoCoin itself.
None of this will concern the anonymous My Crypto World admins. Their role is to pre-mine MyCryptoCoin and then dump it onto an affiliate-base who have been told the value of MyCryptoCoin is “guaranteed” to increase.
The reality is these claims are baseless.
With no use for MyCryptoCoin, the value will eventually approach zero. This might take a week or a few months, depending on how many suckers are convinced to invest.
Initial speculative trading in MLM cryptocurrencies often does result in temporary value spikes before dropping off, once affiliate recruitment dies off.
Speaking of which, the rest of the My Crypto World compensation plan is straight-up pyramid scheme territory.
Affiliates invest in tokens and then get paid to recruit others who do the same. Irrespective of whether the anonymous My Crypto World admins are hiding out in the US or Germany, in both countries pyramid schemes are illegal.
This alone should be enough to set off alarm bells, with the pump and dump MyCryptoCoins icing on the regulatory cake.
Regardless of the fact that a useless cryptocurrency is going to crash upon public release, there’s still going to be those who believe otherwise.
For those people I point to a Facebook post on the official My Crypto World Facebook account, published on April 6th, 2016:
MCC is 95% to split. Claim your coin package today. Don’t miss out on this highly lucrative investment in your future!
Looks like this scam has already launched and crashed.
The January 2017 reboot was likely only announced to appease the first round of investors, who have yet to realize they’ve been scammed.
Some of the funds invested this time around are used to pay off recruitment commissions. Some will be likely used to pay back My Crypto World’s original investors and the rest kept by the admin(s).
But uh yeah, why learn from history when you can read a pointless MyCryptoCoin “whitepaper” and sit on YouTube watching flashy marketing videos…