BitM8 Review: 20,000 BTC daily interest plan?
BitM8 claim to be a ‘Netherlands-based company involved in cryptocurrency trading and mining.‘
While the company’s website is hosted in Netherlands, BitM8 provide no information about who owns or runs the company.
The BitM8 website domain (“bitm8.io”) was privately registered on March 8th, 2018.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
BitM8 has no retailable products or services, with affiliates only able to market BitM8 affiliate membership itself.
The BitM8 Compensation Plan
BitM8 affiliates invest up to 20,000 BTC on the promise of an advertised 190% ROI in 30 days.
Referral commissions on invested funds are paid out down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 20%
- levels 2 and 3 – 10%
BitM8 affiliate membership is free, however free affiliates only earn referral commissions.
Full participation in the BitM8 MLM opportunity requires a 0.5 to 20,000 BTC investment.
Despite claiming to generate external ROI revenue via cryptocurrency trading and mining, BitM8 provide no evidence of either activity taking place.
Furthermore BitM8’s business model fails the Ponzi logic test.
If BitM8’s owners were capable of legitimately generating a consistent 190% ROI every 30 days, why solicit new investment from randoms over the internet?
The only verifiable source of revenue entering BitM8 is new investment.
Using newly invested funds to pay existing affiliates a 190% ROI every 30 days makes BitM8 a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve BitM8 of ROI revenue, eventually prompting a collapse.
The math behind a Ponzi scheme guarantees that when they inevitably collapse, the majority of investors lose money.