Ride the Litecoin Review: BitFundZA Ponzi reload scheme
Ride the Litecoin provide no information on their website about who owns or runs the business.
The Ride the Litecoin website domain (“ridethelitecoin.tech”) was privately registered on September 28th, 2017.
Marketing material for Ride the Litecoin appears on the official BitFundZA YouTube channel:
Conversely marketing material for BitFundZA appears on Ride the Litecoin social media profiles:
This suggests that whoever ran BitFundZA also has a hand in running Ride the Litecoin.
BitFundZA was a matrix-based gifting scheme that launched around October, 2017.
By December, 2017, BitFundZA went into decline and began to collapse.
As evidenced by promotional material for Privilege Car Club also appearing on Ride the Litecoin social media accounts, whoever is running the company appears to be involved in multiple scams.
Analysis of BitFundZA revealed the scheme was likely being run out of India.
As with the BitFundZA website, India is also by far the largest source of traffic to the Ride the Litecoin website (97%).
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.
Ride the Litecoin Products
Ride the Litecoin has no retailable products or services, with affiliates only able to market Ride the Litecoin affiliate membership itself.
The Ride the Litecoin Compensation Plan
Ride the Litecoin affiliate gift litecoin to each other via a 3×5 matrix.
A 3×5 matrix places a Ride the Litecoin affiliate at the top of a matrix, with three positions directly under them:
These three positions form the first level of the matrix. The second level of the matrix is generated by splitting these first three positions into another three positions each (9 positions).
Levels three to five of the matrix are generated in the same manner, with each new level housing three times as many positions as the previous level.
Each level of the matrix operates as an independent gifting tier.
A new Ride the Litecoin affiliate signs up and gifts 0.035 LTC to an existing affiliate.
This opens up the first level of their matrix.
Positions on the first matrix level are filled via direct and indirect recruitment of new Ride the Litecoin affiliates.
Levels two to five fill when existing affiliates gift larger sums.
Within this framework, gifting payments across Ride the Litecoin’s 3×5 matrix are as follows:
- level 1 – gift 0.035 LTC to an existing affiliate and receive 0.035 LTC from three affiliates
- level 2 – gift 0.075 LTC to an existing affiliate and receive 0.075 LTC from nine affiliates
- level 3 – gift 0.5 LTC to an existing affiliate and receive 0.5 LTC from twenty-seven affiliates
- level 4 – gift 3 LTC to an existing affiliate and receive 3 LTC from eighty-one affiliates
- level 5 – gift 9 LTC to an existing affiliate and receive 9 LTC from two hundred and forty-three affiliates
Joining Ride the Litecoin
Ride the Litecoin affiliate membership is tied to a minimum 0.035 LTC gifting payment.
Full participation in the Ride the Litecoin MLM opportunity costs 12.61 LTC.
Like its predecessor BitFundZA, Ride the Litecoin engages in gifting fraud under the guise of “crowdfunding donations”.
Ride The Litecoin is a Dencentralized, Crowd Funding Platform, where global citizens have all the power and can raise money for their causes every month.
The problem with this business model is that “causes” is simply code for participant’s bank accounts.
That is to say existing Ride the Litecoin affiliates recruit new affiliates, who gift funds into the scheme.
Those affiliates then recruit new affiliates, who also gift funds.
Over time the idea is that larger and larger sums of litecoin are gifted.
Matrix-based gifting schemes like Ride the Litecoin primarily benefit those running them.
This is due to a combination of pre-loaded admin positions in the matrix and more and more gifted at each matrix level.
Admin positions are entered into the company-wide matrix first, and as such are first to unlock the higher levels of the matrix.
This is where most of the money deposited into matrix-based gifting schemes ultimately winds up.
After scamming as many people out of bitcoin as he or she can through BitFundZA, Ride the Litecoin is simply a reboot of the same scam using litecoin.
A problem for participants this time around though is that, in addition to admin positions, Ride the Litecoin is likely stacked with positions of those who made a bit of money in BitFundZA, as well as those who lost money.
You buy in and then hope there’s enough people to scam after you to at least make your initial gifting payment back on.
Bottom line? You either lose money in Ride the Litecoin or directly contribute to others losing money.
Oh and you’ll probably be pressured into joining Prestige Car Club too.
That being a $75 a month gifting scheme itself, it’ll probably wipe any gains you make in Ride the Litecoin anyways.