UpCoin Review: $1 micro pyramid with half-cent bitcoin lottery
There is no information on the UpCoin website indicating who owns or runs the business.
The UpCoin website domain (“upcoin.com”) was privately registered on November 21st, 2016.
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 UpCoin Product Line
UpCoin has no retailable products or services, with affiliates only able to market UpCoin affiliate membership itself.
The UpCoin Compensation Plan
UpCoin claim they pay their affiliates ‘up to 500 satoshi every 20 min‘.
For reference 500 satoshi is equal to 0.000005 BTC, which today is $0.005 USD (half-cent).
A referral commission of 30% is paid out on satoshi paid to personally recruited affiliates.
Each UpCoin affiliate also pays a $1 membership fee, which is used to pay recruitment commissions via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides:
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting the first two positions into another two positions each.
Positions in the binary team are filled via direct and indirect recruitment of new UpCoin affiliates.
Additional levels of the binary team are generated as required, with there being no restrictions as to how deep a binary team can grow.
In addition to a 20 cent direct recruitment commission, an UpCoin affiliate also earns 20 cents per affiliate placed into their binary team.
UpCoin affiliate membership is $1.
UpCoin is basically a $1 micro pyramid scheme, led by an equally micro bitcoin lottery.
The UpCoin admin is literally paying out half a cent or less per visit to the website, which isn’t going to be worth most people’s time.
To make $1 through UpCoin’s satoshi lottery, you’d have to visit the UpCoin website at least 100 times. That equates to constant 20 minute visits for 66.6 hours.
You could spread that out, but at the end of the day it’s still all just for a $1.
The micro pyramid scheme attached to the satoshi lottery is 20 cents per recruit and 20 cents residually.
A half-cent lottery and 20 cents a pop pyramid. To be honest I’m not really sure who UpCoin is targeting.
In any event, once affiliate recruitment slows down UpCoin will collapse. If you haven’t made your $1 back via the half-cent lottery or recruiting others, someone somewhere out there made a buck.
@Oz – CORRECTION 4U: “For reference one satoshi is equal to 0.00000001 BTC, therefore 500 Satoshi today is $0.0048 USD”
Thanks for catching that Tim, ugh @ micro-decimal math.
Hehe. Again: 500 Satoshi equals 1/2 cent (ie., 1.0 BTC = ~$1,000.00 USD/ 0.5 BTC = ~$500.00). Right? Sorry for micro-decimal Naziism :/
Yep. Should be right now. I know what I did. When I was calculating the USD I did an extra BTC conversion.