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The adverts promise daily earnings in Bitcoin along with a number of other altcoins. So I was thrilled when I learned about a meeting which was going to be stored in Lusaka. I made my way into the place of the meeting in Avondale in which I arrived one hour late but fortunately, the beginning time had been pushed by an hour to ensure much more latecomers like me didn't miss the function.
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I have been curious to learn more about BitClub Network (BCN) ever since I started viewing the endless posts on Facebook. The adverts promise daily earnings in Bitcoin and a number of different altcoins. I was thrilled when I heard about a meeting which was going to be stored in Lusaka. I made my way to the venue of the assembly in Avondale where I arrived an hour late but fortunately, the starting time was pushed by an hour to ensure much more latecomers like me did not miss the occasion. I must say, the event had been well attended. Talking from personal experience of coordinating similar events. I counted roughly 80 people in attendance. I was amazed. The guest speaker, a'master builder' (according to the rank arrangement of BCN), in South Africa, took us through a well-prepared presentation. I agreed pretty much with a great deal of what he needed to say concerning Bitcoin. I could tell that he had been well researched about the subject. On the other hand, the problems came in after he began describing the company opportunity posed by BCN over the context of Bitcoin. The business model and some pieces of information concerning the company didn't sit well with me personally. Nevertheless, I'll touch a bit on why I think it is a scam. 1. Ownership of the corporation can't be established. Unlike real mining websites like Genesis Mining (please differentiate between miners and swimming miners), the BCN website does not state who the owners or people behind the surgeries are. In Reality, the Web Site states vaguely that"BitClub is not possessed by any single person or entity, we are a team of experts, entrepreneurs, professionals, community entrepreneurs, and programming geeks who have all come to together to establish a very simple company around a very read more Intricate industry" But lately an individual by the name of Russ Midler was identified as the person behind BitClub Network. This person is of questionable character and actually comes with a criminal record in the usa. 2. Location of the company is unfamiliar . Again at which other sites will say clearly what their location is. The physical address of the BCN offices and/or mining farms is currently lost on their site. They claim they are situated in Reykjavik, Iceland, but this is another obscure claim because we are aware that there are hundreds of mining farms in Reykjavik. It is similar to claiming to own a casino in vegas. In an attempt to hoodwink people into believing the lies, on their site they show pictures of a mining farm branded with a more used banner and yet, ONE! 3. BCN claims that they are the sole company that allows the ordinary public to purchase mining contracts. NOT Correct. Don't hesitate to take a peek at genesis mining, hashflare, hashnet, etc.. Now, lest I am accused of being out to telephone the BitClub Network a scam, let us look at the investment side of things. Say BCN wasn't a scam. Say each of the above mentioned red flags didn't exist. Would it make business sense to buy into it?
1. $100 enrollment fee. Why must one pay a registration fee of $100 to join a mining pool whenever they could join many others at no cost and really use the $100 included in first investment? Apparently this gives you access to a backend in which an individual can view the transactions in their portfolio. Seems like something I'd get for free elsewhere. The speaker at the meeting that I attended that you just pay a registration fee because"There is a lot of money to be made." What!?!? 2. 10 or even 30 days waiting period. So when you spend $100 for enrollment you need to await a couple of days before you're able to start earning. Some individuals have had to wait up to 30 times while the lucky ones just 10 days. Can they get added back to the earnings as soon as they begin coming in? Or the times added back into the 1000 times contract period? In my research the answer is, not one of THE ABOVE. The buyer loses out to the earnings for that period. Can that make business sense? Meanwhile, when you buy a contract elsewhere, you start earning within 24 hours. 3. Return On Investment (ROI) is unidentified . No one from within the BCN appears to know when the ROI will happen. Perhaps they don't even understand what ROI is. I need to probably use the other term, BREAKEVEN POINT. When will the investor get their initial investment ? According to my study, an expense of $500 will ROI between 850 to 860 days. That is nearly 2 years and 7 days. Might I add that at this time you are remaining with 140 days for your 1000 days. But waityou already dropped about 10 to 30 days knock that out too. And keep in mind, we are not considering the $100 enrollment fee. In short, if you are going to buy only 1 contract then you're basically putting cash into a dark hole. It seems the only way to make money is by recruiting more and more victims to the bottomless pit. Conclusion My response is two-fold. Primarily, visiting the hype about BCN, I had been amazed to observe the number of individuals getting right into it. This could be observed by the amount of individuals posting on it on interpersonal media, facebook particularly. I was shocked the business model presented was uninspiring. I wondered why people were getting into it in such speed. I realized that people were far fascinated about the opportunities presented by crypto currencies, so much that they couldn't see beyond the present selling price of Bitcoin. Secondly, like a Blockchain Technology and Cryptocurrency enthusiast, I am worried that the perception being generated around Bitcoin and crypto monies as far BCN is worried would do more damage to the adoption of crypto, than great. Let us imagine that at the end of the 1,000 days the investor is not able to draw or indeed BCN is altogether shutdown such as bitconnect was. I fear that this would perpetuate the notion that everything around cryptocurrency is ridden with scam. Such was the death of untrue network marketing and MLM concepts. The legitimate business that do honest MLM are all bundled up together with all the countless tens of thousands of scams that guise behind network advertising. I hope that this report will serve as a warning for would be investors to have an extremely close look in the business model of BCN prior to making a choice to acquire in. Don't be wowed from the claims of earning thousands of kwacha. Do not permit the promise of making ZMW800,000 in 1 year if you recruit one member a month for twelve weeks. For more in depth info about bitclub head over to
