20K BTC Review: Texas lawyer running $299 a pop bitcoin pyramid?
20K BTC provide no information on their website about who owns or runs the business.
The 20K BTC website domain (“20kbtc.com”) was privately registered on November 4th, 2017.
Further research reveals marketing material citing Richard D Raymond named as the owner of 20K BTC.
Now here’s where things get strange. Real strange.
A visit to the Texas State Bar confirms Richard Raymond is a practicing attorney.
Firm: Richard Raymond, Attorney at Law
Firm Size: Solo
Occupation: Private Law Practice
Practice Areas: Business, Consumer, Litigation: Personal Injury, Real Estate, Taxation, Wills-Trusts-Probate
In 2009 Raymond was even campaigning to be the next Fort Country District Attorney.
So we appear to have a bona fide lawyer running an MLM bitcoin opportunity. This should be good.
Read on for a full review of the 20K BTC MLM opportunity.
20K BTC Products
20K BTC has no retailable products or services, with affiliates only able to market 20K BTC affiliate membership itself.
The 20K BTC Compensation Plan
20K BTC affiliates pay a $299 annual fee in bitcoin. Commissions are paid when they recruit others who do the same.
20K BTC pay affiliates to recruit new affiliates 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 first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
Affiliates are either directly or indirectly recruited into the binary team.
When a new recruitment on the left is matched with a new recruitment on the right, 20K BTC state ‘an Affiliate will earn about $100 in bitcoin‘.
All 20K BTC affiliates are capped on earning up to thirty matched recruitment commissions daily.
Joining 20K BTC
20K BTC affiliate membership costs $299 annually, paid in bitcoin.
The first thing 20K BTC want you to know when you start reading their compensation plan is that the company
does not sell any investment, security, franchise, distributorship or business opportunity.
Furthermore, 20kBTC does not give advice regarding any investment, security, tax or legal matter.
While that much is true, 20K BTC then proceed to blatantly lie about their business model.
No compensation is paid for enrolling new Affiliates. THERE IS NO GUARANTEE OF INCOME WHATSOEVER!
An Affiliate’s income is derived from personal membership sales and from the membership sales made by their left and right teams of Affiliates.
That bit where they talk about “membership sales”? Yeah, that’s getting paid to recruit new affiliates – which makes 20K BTC a pyramid scheme.
20K BTC market and sell nothing to retail customers, with the compensation plan able to be broken down as simply as: “Pay a fee and recruit others who do the same”.
As with all pyramid schemes, once 20K BTC affiliate recruitment slows down so too will the company-wide binary team.
This will see commissions grind to a halt, before eventually stalling altogether.
At this point 20K BTC will have collapsed, with pyramid scheme math guaranteeing the majority of participants won’t recoup their $299 membership fee.
At the top of the 20K BTC company-wide binary teams sits Richard Raymond. Through one or more admin positions, Raymond will collect a large percentage of fund paid in by 20K BTC affiliates.
Considering pyramid schemes are illegal all over the US, anyone want to take a stab at why a practicing Texas attorney has decided to launch one?