Wow Digit Review: Wow eCoin (WowCoin) Ponzi points
Wow Digital Development (Wow Digit) operate in the MLM cryptocurrency niche and are purportedly based out of Hong Kong.
The company claims on its website (“wowdigit.com”) to be a subsidiary of Gideon Holding Inc. Third-party verifiable information on Gideon Holding Inc. (not to be confused with Gideon Holdings Inc.), appears to be non-existent.
Hu Chuan Chen (right) is cited as Founder, CEO and Chairman of Gideon Holding Inc. This presumably places him also in charge of Wow Digit.
On the Wow Digit website, Chen is also credited as ‘Director of World Mobile International and Miktam Technologies (USA)‘.
As far as I can tell, Chen doesn’t appear to have an MLM history.
Read on for a full review of the Wow Digit MLM opportunity.
The Wow Digit Product Line
Wow Digit has no retailable products or services, with affiliates only able to market Wow Digit affiliate membership itself.
Once signed up, Wow Digit affiliates can invest in Wow eCoins (also known as WowCoins) and participate in the attached MLM opportunity.
The Wow Digit Compensation Plan
The Wow Digit compensation plan sees affiliates invest up to $50,000 in Wow eCoin points.
- $500 investment =400 Wow points
- $1000 investment = 850 Wow points
- $3000 investment = 2600 Wow points
- $5000 investment = 4500 Wow points
- $9999 investment = 9500 Wow points
- $30,000 investment = 29,000 Wow points
- $50,000 investment = 50,000 Wow points
In addition to a Wow eCoin ROI, commissions are paid when Wow Digit affiliates recruit others who do the same.
Wow eCoin ROIs
When an affiliate invests in Wow points they use these points to acquire Wow eCoins.
Wow Digit assign an arbitrary value to Wow eCoins, which the company claims “can never go down”.
To earn a ROI, Wow Digit affiliates exchange Wow eCoins into real cash at the current rate.
Wow Digit do not publish the current value of Wow eCoins on their website. The company also charges a 10% fee on all Wow eCoin withdrawal requests.
When a Wow Digit affiliate recruits a new affiliate who invests, they receive a percentage of funds invested.
How much of a percentage is determined by how much the recruiting Wow Digit affiliate initially invested themselves:
- invest $500 = 6% referral commission
- invest $1000 = 7% referral commission
- invest $3000 = 8% referral commission
- invest $5000 = 9% referral commission
- invest $9999 = 10% referral commission
- invest $30,000 = 11% referral commission
- invest $50,000 = 12% referral commission
Residual Recruitment Commissions (unilevel)
Residual unilevel recruitment commissions allow a Wow Digit affiliate to earn on funds invested by their downline.
Wow Digit pay residual unilevel 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.
Wow Digit cap payable unilevel levels at seven, with affiliates paid according to how much they initially invested:
- invest $500 and earn 3% on level 1 (personally recruited affiliates)
- invest $1000 and earn 3% on levels 1 and 2
- invest $3000 and earn 3% on levels 1 to 3
- invest $5000 and earn 3% on levels 1 to 4
- invest $9999 and earn 3% on levels 1 to 5
- invest $30,000 and earn 3% on levels 1 to 6
- invest $50,000 and earn 3% on levels 1 to 7
Residual Recruitment Commissions (binary)
Residual binary recruitment commissions allow a Wow Digit affiliate to earn on funds invested by their downline.
Wow Digit pay residual binary 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 (left and right):
The second level of the binary team is generated by splitting each of the first two positions into another two positions each (4 positions).
The third and subsequent levels of the binary are generated in the same manner, with each new level housing twice as many positions as the previous level.
Positions in a binary team are filled via direct and indirect recruitment of new Wow Digit affiliates, with new binary levels generated as required.
Each day Wow Digit tally up investment volume on both sides of the binary team, with a commission paid out as a percentage of funds invested in the weaker side.
How much of a percentage is paid out is determined by how much a Wow Digit affiliate initially invested:
- invest $500 = 6% binary commission
- invest $1000 = 7% binary commission
- invest $3000 = 8% binary commission
- invest $5000 = 9% binary commission
- invest $10,000 or more = 10% binary commission
Binary commissions are capped daily, also based on how much a Wow Digit affiliate initially invested:
- invest $500 = $500 daily cap
- invest $1000 = $1000 daily cap
- invest $3000 = $3000 daily cap
- invest $5000 = $5000 daily cap
- invest $9999 = $7000 daily cap
- invest $30,000 = $8500 daily cap
- invest $50,000 = $10,000 daily cap
Global Pool Sharing
Wow Digit’s Global Pools appear to be made up of 1% of company-wide investment.
There are four pools in total, corresponding with a $5000, $9999, $30,000 or $50,000 investment.
The Wow Digit compensation document is vague but seems to suggest affiliates who have invested these amounts receive one share in the corresponding Global Pool.
30% of all commissions paid out by Wow Digit must be reinvested back into new Wow eCoins.
Joining Wow Digit
Wow Digit affiliate membership is tied to a $500 to $50,000 investment.
The primary difference between how much a new Wow Digit affiliate invests is income potential through the Wow Digit compensation plan.
Wow Digit is what you’d expect from yet another Asia-based company pushing an MLM cryptocurrency.
You’ve got a bunch of shell companies and feigned partnerships with legitimate-looking companies, gala events held to promote the scheme, claims that Wow eCoin will be the next bitcoin and suckers primarily from China and India eating it up.
The reality is Wow Digit’s Wow eCoin is worthless outside of the opportunity.
Wow eCoin are only traded through the Wow eTrade website (“wowetrade.com”). They are otherwise not publicly traded and serve no practical use, other than for Wow eCoin and their affiliates to use to extract funds from newly recruited affiliates.
Wow Digit assign a value to the coins and investors putting in withdrawal requests hope there’s enough new investment to cover their withdrawal.
The use of newly invested funds to pay off existing affiliates makes Wow Digit a Ponzi scheme.
The rest of the Wow Digit compensation plan is focused on recruitment incentives, as without a constant stream of newly invested funds, Wow Digit will collapse.
Pay to play is also prominent in Wow Digit’s compensation plan, with how much an affiliate invests determining how much they earn.
The 30% mandatory reinvestment will serve to keep Wow Digit alive for some time, but ultimately the ever-increasing value of Wow eCoin will see withdrawals eclipse newly invested funds.
Initially Wow Digit will continue to operate at a loss, in the hope recruitment will pick up. If it doesn’t, the scheme will collapse.
As is mathematically guaranteed in such schemes, the majority of Wow Digit affiliates will lose money. Referral commissions eat up a significant percentage of newly invested funds, with the rest withdrawn by early investors who have large enough Wow eCoin balances to sustain regular withdrawals.
The rest of the Wow Digit affiliate-base is promised riches but when the time comes to withdraw, will inevitably find out there’s nothing left.
Indians weren’t a large presence in either uFun Club or USFIA. Now, through Wow eCoin, evidently it’s their turn to lose money.