Relicoin Bid Review: Confusing “prelaunch ICO” Ponzi mess
Relicoin Bid provide no information on their website about who owns or runs the business.
The Relicoin Bid website domain (“realcoinearn.online”) was registered on December 9th, 2017.
Raghav Singh is listed as the owner, through an incomplete address in Madhya Pradesh, India.
I wasn’t able to find any information on Singh specific to Relicoin Bid. Whether he actually exists or not is unclear.
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.
Relicoin Bid Products
Relicoin Bid has no retailable products or services, with affiliates only able to market Relicoin Bid affiliate membership itself.
The Relicoin Bid Compensation Plan
Relicoin Bid affiliates invest in Relicoin points.
Relicoin points are presented as a pre-ICO cryptocurrency, meaning they are non-publicly traded points.
Relicoin Bid set the internal value of Relicoin points, which are traded among affiliates.
Referral commissions paid out by Relicoin are complicated.
The first referral commission has something to do with “Rank BID” and appears to be an average of downline investment:
if you refer some person and they take participation in BID program. and they submit thire BID. you will take advantage from them.
exp:- you refer 5 person like ram shyam imran salman ganesh and they fill thire BID in INR like 10,15,50,5,30 and you fill 2INR now company take all your referral average BID and Add with your BID.
when we select top BIDER. so now your Rank BID is total referral BID amount/total referral+your BID=rank BID so your Rank BID 55+2=57 and your Position decided by Rank BID.
Unless my math is off, 10+15+50+5+30 is 110.
110/five referred affiliates + your 2 bid equals 24, not 57.
In any event the division of invested funds based on the total number of personally referred affiliates means over time Relicoin Bid affiliates earn lower direct referral commissions.
Residual commissions are paid out via a unilevel compensation structure, however Relicoin Bid only pay out from the 7th level:
- level 7 – 5%
- level 8 – 3%
- level 9 – 2%
These are of course percentages of invested funds by affiliates on levels seven to nine of a unilevel team.
The Relicoin Bid compensation plan also mentions weekly ROIs of 9.3% and 11.3%.
No context for these ROIs are provided however. I assume it’s a percentage of Relicoin point’s internal value as artificially inflated by the company, but pending further clarification can’t be sure.
Joining Relicoin Bid
Relicoin Bid affiliate membership appears to be tied to a minimum Rs. 150 or $2 USD investment.
Relicoin Bid is a confusing mess of a company.
The confusing compensation plan appears to be little more than cover for the core business, that is offloading worthless generated Relicoin points to affiliates for real money.
Our token name is Relicoin and we are ready for ICO release but before ICO we offer our invester to earn high profit and extra coin geting opportunity
Something something averages and a weird seventh level starting unilevel team commission structure is supposed to entice affiliates to grow the scheme, but probably won’t due the official compensation explanation making little sense.
On a more serious note, Relicoin Bid’s only verifiable source of revenue is new affiliate investment. The operation of an internal exchange through which affiliates can cash out Relicoin Bid based on a represented internal value, makes Relicoin Bid complicit in Ponzi fraud.
That is you as a Relicoin Bid affiliate invest in Relicoin points, the company increases the value of the points and you then cash out. Relicoin Bid has no money to pay you with other than funds taken in from subsequent affiliate investors.
From the sounds of it Relicoin Bid affiliates will be able to trade among themselves, however this is secondary to the core Ponzi ROI mechanic above.
As with all Ponzi schemes, once affiliate recruitment dies down so too will new funds entering the scheme.
This will starve Realcoin Bid of ROI revenue, eventually prompting a collapse. That’s if the scheme takes off to begin with which, for the reasons detailed above, in my opinion is highly unlikely to begin with.