Silverchief Mint Review: Silver ruse pyramid scheme
Silverchief Mint operates in the precious metals MLM niche.
The company is based out of South Africa and headed up by founder Brandon Marriott.
Prior to founding Silverchief Mint, Marriott was promoting WorldVentures.
Read on for a full review of Silverchief Mint’s MLM opportunity.
Silverchief Mint’s Products
Silverchief Mint has no retailable products or services, with affiliates only able to market Silverchief Mint affiliate membership itself.
Silverchief Mint’s Compensation Plan
Silverchief Mint affiliates sign up and pay a fee. Commissions are paid when they recruit others who do the same.
Note that while Silverchief Mint operates from South Africa, for some reason the compensation material cited in this review is pegged to the UK’s pound (£).
For reference, Silverchief Mint do not provide a copy of their compensation plan on their website.
Silverchief Mint affiliates receive £50 GBP per affiliate recruited.
Silverchief Mint 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.
Rather than pay residual commissions based on individual binary team tree placement, Silverchief Mint pays a fixed residual commission based on personal recruitment efforts.
- generate a binary team with four affiliates on both sides(4/4) and receive £50 GBP a month
- generate a binary team with ten affiliates on both sides (10/10) and receive £250 GBP a month
- generate a binary team with twenty affiliates on both sides (20/20) and receive £500 GBP a month
- generate a binary team with fifty affiliates on both sides (50/50) and receive £1000 GBP a month
- generate a binary team with one hundred affiliates on both sides (100/100) and receive £2000 GBP a month
- generate a binary team with one hundred and fifty affiliates on both sides (150/150) and receive £3000 GBP a month
- generate a binary team with three hundred affiliates on both sides (300/300) and receive £6000 GBP a month
- generate a binary team with six hundred affiliates on both sides (600/600) and receive £12,5000 GBP a month
Joining Silverchief Mint
Silverchief Mint affiliate membership is £100 GBP and then £50 GBP a month.
Silverchief Mint markets itself as “a silver commodity company based in South Africa”.
In reality it’s a simple “pay a monthly fee and get paid to recruit others who do the same” pyramid scheme.
The ruse behind SilverChief Mint is the purchase of of silver. There might be some convoluted way to actually purchase silver through Silverchief Mint, but why bother when you can just cash out.
This is how the precious metal pyramid model works. The metals are a ruse for recruitment commissions, which when combined with MLM defines Silverchief Mint as a pyramid scheme.
There also might be an investment fraud component within Silverchief Mint:
The above slide is taken from Silverchief Mint’s compensation presentation.
Details of the investment opportunity are not explained. Nor is there any information on Silverchief Mint’s website.
That alone is a red flag, let alone the core of Silverchief Mint being a pyramid scheme.
Being a monthly fee pyramid scheme, when recruitment dies down those at the bottom of Silverchief Mint will eventually stop paying their monthly fees.
This will see those above them stop getting paid, and eventually stop paying their monthly fees too.
Once this trickles up far enough Silverchief Mint’s affiliate-base, an irreversible collapse is triggered.
Although he’d likely be loath to admit it, this is precisely what would have happened to Brandon Marriott’s WorldVentures’ business. And so here we are…
Like Silverchief Mint, retail is not the primary driver of revenue in WorldVentures’ business model.
The take-away for potential Silverchief Mint affiliates? The math behind pyramid schemes guarantees that the majority of participants lose money.