Cryptocurrency Bank MLM Review: a cryptocurrency global virtual bank?
Cryptocurrency Bank MLM provide no information on their website about who owns or runs the company.
The Cryptocurrency Bank MLM website domain (“ccbmlm.com”) was privately registered on June 11th, 2017.
At the time of publication Alexa currently estimate the US, Nigeria and Brazil are the top sources of traffic to the Cryptocurrency Bank MLM website.
The Cryptocurrency Bank MLM affiliate agreement suggests the company might be run out of Florida;
Venue and jurisdiction for any action pertaining to this agreement or any disagreement or claim between the parties hereto shall be in Palm Bach Country, State of Florida or in the United States District Court in and for the District of Florida.
An address in Hong Kong is provided on the Cryptocurrency Bank MLM website. Further research however reveals this address is virtual office space provided by Regus.
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.
Cryptocurrency Bank MLM Products
Cryptocurrency Bank MLM has no retailable products or services, with affiliates only able to market Cryptocurrency Bank MLM affiliate membership itself.
The Cryptocurrency Bank MLM Compensation Plan
Cryptocurrency Bank MLM affiliates purchase a matrix position and are paid when they recruit others who do the same.
For each new Cryptocurrency Bank MLM affiliate recruited, a $10 commission is paid out.
Residual recruitment commissions are paid out via a 2×20 matrix.
A 2×20 matrix places a Cryptocurrency Bank MLM 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 first two positions into another two positions each (4 positions).
Levels three to twenty of the matrix are generated in the same manner, with each new level housing twice as many positions as the previous level.
Positions in the matrix are filled when directly and indirectly recruited affiliates purchase positions.
For each person filled in the 2×20 matrix, a $2 commission is paid out.
Note that all commissions in Cryptocurrency Bank MLM are paid in CCBM points.
Joining Cryptocurrency Bank MLM
Cryptocurrency Bank MLM affiliate membership is free.
Cryptocurrency Bank MLM claim they are “destine [sic] to be the largest cryptocurrency global bank in the world!”
What with banking one of the tightest regulatory sectors the world over, that’s easier said than done.
The reality of Cryptocurrency Bank MLM is it’s just another points-based opportunity masquerading as having something to do with cryptocurrency.
CCBM is represented as being a cryptocurrency, however it’s not publicly tradeable and has no genuine supply and demand.
CCBM is so worthless that the owner(s) behind Cryptocurrency Bank MLM will give you $50 worth of CCBM just for signing up.
Cryptocurrency Bank MLM affiliate membership is free, which immediately creates the problem of CCBM points being assigned a value backed by nothing.
Real money has to enter Cryptocurrency Bank MLM at some point, otherwise there’s no money to withdraw.
So what’s the game plan?
Cryptocurrency Bank MLM advise on their website that they are in prelaunch until September 19th, 2017.
Until then, you’ll be able to acquire CCBM points by signing up and recruiting affiliates into your matrix.
Come September 17th you’ll have a CCBM balance Cryptocurrency Bank MLM will tell you is worth a ton of money.
But if you want to withdraw that money, you’re going to have to cough up real money first.
In addition to that model obviously being a combination of Ponzi and pyramid fraud (using newly invested funds to pay off existing investors tied to recruitment), there’s also the issue of the anonymous Cryptocurrency Bank MLM owner(s) holding an unknown amount of CCBM points.
No doubt the internal value of CCBM points will rise in the lead up to Cryptocurrency Bank MLM’s launch.
Guess who gets first dibs on converting their worthless CCBM points into real money once affiliate deposits start rolling in?
If you’re lucky you might make whatever Cryptocurrency Bank MLM charge you back out. The reality for most affiliates however is going to be losing their money outright.
Be particularly wary of the “it doesn’t cost anything to join!” marketing angle.
Basic mathematics dictates that at some point Cryptocurrency World Bank is going to have to start charging affiliates, otherwise there’s no money to withdraw.
Everything else until then is baseless marketing hype.