VIP Mining Review: Collapsed Now Mining reboot
VIP Mining operates in the cryptocurrency MLM niche. On the VIP Mining website, Luis Ortega is cited as founder of the company.
Ortega recently popped up on BehindMLM’s radar as the founder of Now Mining.
Now Mining offered unregistered security investment contracts, purportedly through partnership with Genesis Mining.
Alexa traffic estimates for the Now Mining website suggest the scheme collapsed shortly after launch.
Now Mining investors who were promised a ROI over 280 days appear to have lost their money.
Despite Now Mining collapsing and causing widespread losses, Luis Ortega (right) describes himself as ‘a successful leader, a technology visionary and a pioneer in the cryptocurrency industry.‘
VIP Mining appears to be a name-change and reboot of the same concept behind Now Mining.
Read on for a full review of the VIP Mining MLM opportunity.
VIP Mining Products
VIP Mining market mining contracts that pay a daily ROI:
- 1/8 contract = $625
- 1/4 contract = $1250
- 1/2 contract = $2500
- 1 contract = $5000
$50,000 and $500,000 contracts are also offered “on a case by case basis”.
Note that specific ROI amounts are not provided.
The VIP Mining Compensation Plan
The VIP Mining compensation plan revolves around affiliates and retail customers investing funds in mining contracts.
VIP Mining pay affiliates a 5.5% commission on the sale of a mining contract to a retail customer.
VIP Mining pay a recruitment commissions via 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.
VIP Mining cap payable unilevel team levels at five.
Recruitment commissions are paid out as a percentage of mining contracts invested in by unilevel team affiliates as follows:
- level 1 (personally recruited affiliates) – 5.5%
- level 2 – 2.5%
- level 3 – 1%
- levels 4 and 5 – 0.5%
VIP Mining pay residual commissions via the same unilevel compensation structure recruitment commissions are paid out with.
Residual Commissions are paid as a percentage of daily mining contract ROI payments paid to unilevel team members:
- level 1 (personally recruited affiliates and retail customers) – 8%
- level 2 – 3%
- levels 3 and 4 – 2%
- level 5 – 1%
VIP Mining take 3.5% of each new mining contract invested in and place it into a bonus pool.
The pool is split into five smaller pools, which are paid out monthly based on rank:
- VIP Manager (convince others to invest at least $200,000) – 1% pool
- Director (convince others to invest at least $500,000) – 0.5% pool
- VIP Director (convince others to invest at least $1,000,000) – 0.5% pool
- Vice President (convince others to invest at least $2,000,000) – 0.5% pool
- President (convince others to invest at least $3,000,000) – 0.5% pool
Note that only up to 25% of qualifying volume may be counted from any one unilevel leg.
VIP Mining take 3% of total ROI revenue each month and place it into a Residual Pool.
This 3% is split into three smaller pools, again paid out on rank:
- VIP Directors receive a share in a 1% Residual Pool
- Vice Presidents receive a share in a 1% Residual Pool
- Presidents receive a share in a 1% Residual Pool
Joining VIP Mining
VIP Mining affiliate membership is $50.
VIP Mining’s marketing pitch is summed up in a one-liner published on their website;
Sell one time and get paid for years!
Whereas Now Mining claimed to have mining contracts with Genesis Mining, VIP Mining are much more cagey about their supplier.
The company claims to generate external ROI revenue through mining hardware. Other than images of hardware however, no evidence of external ROI revenue generation is provided.
This is important, because Luis Ortega made the same claims with Now Mining.
If Now Mining legitimately generated ROI revenue through cryptocurrency mining, why did it collapse?
Now Mining’s collapse correlates with a decline in affiliate recruitment.
This is more the behavior of a Ponzi scheme, as a Ponzi scheme relies on new investment to pay existing investors.
With no third-party audit confirming Now Mining are generating external ROI revenue through mining and using it to pay affiliates a daily ROI, it is highly probable VIP Mining is just recycling newly invested funds.
A token amount of mining might be taking place for pseudo-compliance purposes, but it’s pretty unlikely that 100% external ROI revenue is being used to mining contract ROIs.
Again, if this was the case then why did Now Mining collapse?
A disturbing addition to the business opportunity since Now Mining is “automated trading”.
Currently unavailable, the VIP Mining website nevertheless states that automated trading is coming soon.
Automated trading has become synonymous in the MLM cryptocurrency niche for “Ponzi scheme”.
Which only strengthens the already high probability that VIP Mining isn’t doing what it claims it is.
As with Now Mining, VIP Mining will collapse once affiliate recruitment runs dry.
Owing to a much smaller initial pool of investors to work with and overall lack of trust, reload schemes rarely last as long as their predecessors.
Now Mining barely lasted a few months, which doesn’t bode well for VIP Mining investors.
Update 5th September 2018 – Genesis Mining has confirmed it never had a partnership with Now Mining or Luis Ortega.