10xBitcoin provide no information on their website about who owns or runs the business.
The 10xBitcoin website domain (“10xbitcoin.com”) was privately registered on January 27th, 2017.
Marketing images on the 10xBitcoin website state the company is “a division of Deep Profit Streams”.
Further research reveals Thomas Riley (right) crediting himself as CEO of Deep Profit Streams.
Deep Profit Streams appears to have launched in 2016 and describes itself as a “revenue sharing” company.
In the MLM underbelly, revenue sharing is code for Ponzi scheme.
According to an October 7th post on the official Deep Profit Streams Facebook page, 10xBitcoin came about after the SEC shut down the Traffic Monsoon Ponzi scheme.
There are a lot of people, who doubted us. Those of you who came aboard with us last year at the beginning, are going to be well rewarded.
But I want to make it clear, so that no one gets the wrong impression…Our revenue sharing program, software, and ads network is still there, robust and able to handle millions of clicks & ad requests DAILY.
Last year as you know, we brought on and got our Founders Mbr leaders in place, and while we allowed our members to introduce others, we did not put our ads network out into public traffic exchanges etc, because the second Software System was being integrated.
Before that was done, the main & strongest company in the entire revenue sharing industry, Traffic Monsoon, was taken down and into a pivotal lawsuit by the SEC, which because we are based in the United States, caused us to pause, wait for, and look closely at the outcome of that legal battle as to how we could work with our legal team to structure our revenue sharing products & compensation program in a way that would not be a problem with the SEC.
After Traffic Monsoon was shutdown it appears Deep Profit Streams ground to a halt. 10xBitcoin appears to be their attempt to relaunch their revenue sharing Ponzi scheme, this time round using cryptocurrency.
Thomas Riley’s involvement in the MLM underbelly prior to Deep Profit Streams is unknown. He appears to spend a lot of his time publishing religious themed content on Facebook.
Read on for a full review of the 10xBitcoin MLM opportunity.
10xBitcoin has no retailable products or services, with affiliates only able to market 10xBitcoin affiliate membership itself.
The 10xBitcoin Compensation Plan
10xBitcoin affiliates purchase positions in a seven-tier 2×15 matrix pyramid scheme.
A 2×15 matrix places an affiliate at the top of a matrix, with two positions directly under them:
These two positions form the first level of the matrix. The second level of the matrix is generated by splitting these two positions into another two positions each (4 positions).
Levels three to fifteen of the matrix are generated in the same manner, with each new level housing twice as many positions as the previous level.
A 10xBitcoin affiliate pays a monthly fee and receives commissions when new fee-paying affiliates are directly and indirectly recruited into their matrix.
- levels 1 to 8 – 5% of monthly fees paid
- level 9 – 4% of monthly fees paid
- levels 10 to 13 – 3% of monthly fees paid
- level 14 – 4% of monthly fees paid
- level 15 – 5% of monthly fees paid
Monthly fee payments across 10xBitcoin’s seven matrix tiers are as follows:
- Bronze Matrix – $5 a month
- Silver Matrix – $20 a month
- Gold Matrix – $50 a month
- Platinum Matrix – $100 a month
- Diamond Matrix – $250 a month
- Double Diamond Matrix – $500 a month
- Titanium Matrix – $1000 a month
Each matrix tier also pays a one-time Fast Start Bonus when the first three personally recruited affiliates are placed in the matrix (either via position purchase or upgrade):
- Bronze Matrix – $1.50 per position
- Silver Matrix – $6 per position
- Gold Matrix – $15 per position
- Platinum Matrix – $30 per position
- Diamond Matrix – $75 per position
- Double Diamond – $150 per position
- Titanium – $300 per position
10xBitcoin affiliate membership is tied to a minimum monthly $5 Bronze Matrix position purchase.
Full participation in the 10xBitcoin income opportunity costs $1925 a month.
Note that all payments in 10xBitcoin (both paid and received) are made in bitcoin.
Having acknowledged they were wary of their own Ponzi scheme being shut down, Thomas Riley and his Deep Profit Streams have decided to go cryptocurrency pyramid scheme.
The belief is obviously that the SEC won’t touch a cryptocurrency based scam, as opposed to one running on fiat currency.
There have been a few cryptocurrency busts in the US but as of yet nothing in the MLM industry. Given the current prolific state of MLM cryptocurrency scams though, realistically it’s hard to believe it’s not coming.
Regardless, 10xBitcoin is the same as a fiat based pyramid scheme. You sign up, pay a fee and then collect commissions based on the recruitment of affiliates who join after you.
As long as everyone continues to pay monthly fees, commissions are paid.
Eventually affiliate recruitment dries up though and those at the bottom start losing money. They stop paying their monthly fees, which means those above them stop getting paid.
This trickles up across all seven of 10xBitcoin’s matrix tiers, until eventually an irreversible collapse is triggered.
At any given time Riley and whoever he’s working with will have collected the majority of monthly fees paid, through one or more preloaded system-wide admin positions.
A few top affiliates who got in early receive what’s left, with the majority of 10xBitcoin affiliates otherwise losing out.
Different buy-in currency, same pyramid scam.