One of the largest Ponzi scheme operations, called BitClub Network (BCN) with thousands of investors worldwide, is obviously run by a gang of international criminals.
The unofficial head of BCN seems to be Russ Medlin, a U.S. citizen and known sex-offender. Medlin was convicted for attempted rape, possession of child pornography and numerous other crimes.
BCN and Medlin are linked by numerous Youtube videos and Blogposts stating, that he is the "Master Distributor" or even the unofficial "owner" of the scheme. Medlin also stated in the videolink below: "everyone is in my downline"
What is BitClub Network all about?
BCN claims to be a Bitcoin mining operation where users invest money in order to get a share of the revenues generated by the BCN mining pool. A member can also generate revenue by sponsoring/referring new members to join BCN.
BCN operates totally untransparent without any official leadership or security for invested funds. BCN is run from a number of different websites (https://bitclubnetwork.com/)
The "company" hides behind statements like:
"...BitClub is not owned by any single person or entity, we are a team of experts, entrepreneurs, professionals, network marketers, and programming geeks who have all come to together to launch a very simple business around a very complex industry..."
found on their website
What is a Ponzi scheme?
A Ponzi scheme is an illegal investment operation where the operator pays returns to investors with money paid into the operation by new investors and NOT from legit profits earned by actual product or service sales.
In other words: New members finance the payouts for all the existing members. A Ponzi scheme is usually working, as long as new members join in and old members are willing to do what it takes, to get their money back.
This can go on and on and on for weeks, months or even for several years, until no new members join in or the money simply runs out.
Usually these schemes shut down without any warning, leaving burned and frustrated "investors" behind, while the money is gone with the wind, making the owners rich!
The Ponzi is perfectly organized
The BCN-Scam is well organized, as the BCN mining pool actually exists. The participating members are just not paid from the mining operations Block-rewards.
Payouts are minimal and participating club-members need to pay a high fee, if they want to get their earned funds paid out, unless they have at least earned 2 BTC.
The Black-Hole of Money
Investments are valid for only 600 days and then simply vanish into BCN`s "Black-hole of money".
Between 30 - 50% of all earnings are forced to be "reinvested" into the system to refinance the operation. Another indicator for a Ponzi scheme.
There is NO actual product behind bitclub network, as the money is made by recruting others into the system.
The club explains their "product" to be the mining operation and they claim, that the participants should own a piece of the mining hardware, even though these participants are not allowed to know
1. what equipment they purchase
2. where their bought equipment actually is located due to "legal issues"
3. which person or company they are paying to.
It is officially possible, according to BCN`s website, to get your hands on the hardware, if the member pays a one-time fee. I assume, that this fee is very high and will not cover the investment costs in any way. They might even ship some old Antminer with no actual value at all.
Where is the proof ?
I have been in the legit Network Marketing industry for a very long time.
YES, Network Marketing is actually a legit business form, though widely abused by criminals, hiding behind great success stories and achievement by Tupperware, Amway, Herbalife, Avon, Mary-Kay and others.
Ponzi scheme, pseudo MLM`s actually harm these legit companies a lot. Damaging their reputation and image in the public, stealing customers away from real products delivered by real people. No matter if these products are digital, paid with crypto or physical paid with crypto or fiat currency.
I decided to get more information around BCN from the inside to get proof-of-work in crypto terminology.
I really wanted to see how the system operates and what actually is or is not paid out, as claimed on BCN`s website.
How much money is involved?
To be a member of BCN you have to pay 99$ worth of Bitcoin for your membership-fee. This fee gives you access to the BCN-platform to be able to invest in the mining operations. The fee grants you access to:
1. Training and education about Bitcoin mining
2. Full access to the exclusive Bitcoin Mining pools
3. ClubCoin Opportunity – Get Free ClubCoin (worthless noname coin)
... in other words: YOU GET NOTHING!
A registered member can choose between 3 pools. Pool-1 costs you 500$, Pool-2 costs you 1,000$, Pool-3 costs you 2,000$ and... if you have too much Bitcoins (and if you are totally nuts), you can "invest" in the so called "Founder pool" which costs you 3,500$ worth of Bitcoins.
-> To all Steemians: Think about how much steem-power you can buy for 3,500$.
I decided to test BCN with Pool-1 for a total of 599$ including the membership-fee. A total waist of money, but hopefully it can spare others to be as stupid as I was.
How much do they pay you?
BCN doesn't pay anything for the first 10 days! From day 11, they pay around 0.17$ (0.000305 BTC) or 0.85% monthly on average.
Sounds decent? Think again: To withdraw the money lossless, it will cost you money, unless you have already earned 2 BTC (around 1,150$).
To make 2 BTC with Pool-1 will take approximately 18+ years, unless Bitcoin reaches 10,000$, than it will only take you... 18+ years.
Is ROI (Return of investment) even possible with BCN?
The simple answer is: NO WAY!
If you join the 500$ pool like me, you will get 50% of your share from the pool. The rest will be used to "...fund the mining operation and to purchase additional mining shares...”.
If you decide to include the meaningless membership-fee, you will need to make at least 0.99$ on a daily basis to break even after 600 days (the pool-lifetimes at BCN).
Since you are keeping only 50% of the profits, this means you need at least $1.98 daily revenue to break even. I make around 0.34$ daily, which equals a ROI after 9+ years!!!
If the company, sorry the club, still exists then and the profits stay the same,
I can expect some profits in 2026.
If you argue against this and your argumentation is based on Bitcoin’s rising price in the next years to come and you assume that the invested $500 will give a profit, think twice.
You could just buy and hold Bitcoins or even better Steem and you will make that profit, too.
The companies different websites look pretty nice, as did ZeekRewards, another large scale Ponzi-Scam, obviously linked to the same group of people.
Be aware! Even if you make some money in the process, the question is:
Do you want to finance a convicted criminal or gang of criminals?
I DO NOT!
Why on Earth would you say these things? Do you have any evidence for this?
Evidence? Are you blind? Plenty of evidence in this post. You are obviously sucked into BCN already.
Well I have been doing great so far. Had to be in it to truly know it.
Other steemit post show positive reviews and they are all over YouTube. Some people are just born stupid, and no one can fix that.
BCN is completely fine and a terrific investment!
Yes it is, it is not the best but it is terrific depending on the level one chooses to invest at in BCN.
nice post
hope they got him for good
Actually they don't! He runs the BCN`s online webinars and business meetings.
Reality in the present day have disproven a lot of your idea? I am not having a go... Just that what you say is not true with what bitcoins have done now...
I am surprised why people call this a ponzi scheme... It is a long standing company. I have recently joined. I have referred noone as I do not like that sort of activity. And I am earning everyday. In time I will set up my own mini network under myself and earn more. This is one of 2 systems I am a part of that have done very well for me.
A company? Really? It is a scam, just like bitconnect was. They just keep running this ponzi for as long as possible.
The question is: are you willing to fund convicted pedofiles or not?
What has pedophiles have to do with that? Never mind, I have answered you in other questions. All the best.
Numbers, go to calculation of mining profits vs buying btc directly... ROI is too long
Company? they're not legally registered anywhere.. so they're not, and as they said in their statement, there is no "owner" that in itself means they have no legal responsibilities, meaning you can/will lose everything you put in and only get a minuscule amount per month
I have found that you are absolutely right if you only have one mining pool. But the mining coupled with a network is a different story.
Nice post, and i feel sorry for the angry guy XD I don't think that bashing people like that, someone's going to care about your thoughts
Wow. I can really tell you only wrote this post to get attention. Obviously you don't know shit about network marketing and even less about Bitclub Network. I guess that is why you don't even have a profile picture.
Yes all BS article
Maybe bigpapa likes littlebabes, too.
BCN = Busted Crime Network
Are you blind? Some people eat dumb pills for breakfast and signup for BCN, some think twice and decide not to. Those who don't consider not to fund convicted pedofiles and just hodl.
Marketing ?? You mean plain shilling in their telegram or whatsapp group?
Truth is, BCN does provide the opportunity to be part of miner pool. Too bad there's to many copycat but some of us do have make profit by joining the network. Still have time before the halving!
Thank you! We need more analysis like this for other operations too! It is simple to identify "obvious" scams, but this is a little too elaborated and revenue numbers are not transparent to non members!
BCN is very professional and they have already made millions in BTC. Fact is, if you have spent 599$ on this system, you want your hard earned BTC back! Most BCN members simply don't care who they are dealing with, it's simply the money that counts and they can make a lot of money with the recruiting system.
I got hooked into this a little over a year ago. Never paid more than the $100 in club coin, I didn't join any of the expensive pools. I won't even bother trying to get that club coin back
you can trade your clubcoin at Bittrex what this guy writes is realy BS
Bitclub appears as one of the pools in https://blockchain.info/pools
Are you completely sure it's scam?
Steeme is out of his mind to call BCN a scam when many detractors have stated that they could not prove beyond any reasonable doubt that it is a scam and Steeme himself concedes that it is legitimately trading on BTC Pool. What a wasted write. So contradictory or should I say jealously jotted down rubbish to forever label a fellow trying to make a success after "a conviction."
Are we saying former convicts are not capable of transforming and running a business model? Was the conviction fraud related case? Actually he contradicts himself with that eye popping heading (Criminals Behind......) when in actual fact he could only name 1 individual as a former convict. Why call people "CRIMINALS" when currently they are neither living as fugitives nor serving any sentence? Now can he (the author) or someone else name any other criminal mastermind behind Bitclub? The article says Criminals. I guess reading between the line one can easily identify malice and jealous and down right inconclusive allegations.
I am unashamedly involved in BCN and I can testify that the Club or Company BCN is really helping many to become financially stable even make millions. The earnings are real and legally sound in many states world over.
In South Africa I have seen, in the 3 months that I have gotten involved with BCN, people's real earnings from actual mining profits plus the compensation plan that is unequaled. Myself too have experienced these earnings. There are also records of people who have worked their way up to earn shares withing BCN without actually paying hard cash for them for anyone to see for themselves how legit BCN is.
This guy (the author) is a real false alarmist who has a lot of time on his hands to wast it on nonsensical accusations like the above article.
To prove you wrong Steeme,
So join the club if you are a Network Marketing enthusiast because there is no any other Network Marketing Company with so much rewards as BCN.
Bravo Bitclub Network!!!
Kelvin Chinga-Proudly SA Achievers Bitclub Member
WELL DETAILED!!, the Poster must be out of his mind!!
Thank you @delice, God bless you
Total loser this idiot is... BCN is the best crowd funding mining opportunity in the world. Hands down! I'm changing people's lives day in and day out here. Keep the faith...
Yeah, sure. What about the childrens lives and the rape victims lives? Do you care about money you don't earn or how the money gets spend?
yes he does not know how to build a network ROGER VER also deleted his tweet about bitclub being a sceme https://www.facebook.com/XoCoHealthNL/videos/g.418965361803600/1522064351149579/?type=2&theater
What network? You think about a network of idiots financing a pedofile ring through a scam operation? Then you are absolutely right.
shut the fuck off
This guy is a full blown idiot here. Steemit is a big joke of a website, No credibility whats-so-ever. Let the haters hate my friend, and let the herd-mentality sheeple follow them, while entrepreneurs like you and I not only get stupid rich, but also show and mentor hundreds of people in the world on how to do the same. BCN has been nothing less then a blessing in me and my families lives. Learn how to mine bitcoin: MineMeBitcoin.com #BCNRules
hahaha
Angry? Realising you financed a criminal pedo ring? Get used to facts. BCN will vanish
Got my upvote, this guy is full of shit, yet he dedicated lots of time to publish that
Blind men got Hitler elected
and funding convicted pedofiles.
I'm still asking any of you BCN supporters to show me some good ROI, I got invited and numbers didnt add up for me. You sound so convinced that I would give it a second look if anyone show me some numbers that proves that the ROI is better than buying BTC on an exchange.
It's not. I use the program and it is solid.
God Bless you.
Me too!
I also can say its legit.
Yeah a solid, criminal scam
Thats a Bullshit Post!!.. His analysis is not worth it @reig3790
Yeah BCN looks like a complete scam.
He only invested 500 dollar ..just buy a miner for 500 dollar or a complete miner you dont even make a lot of bitcoin with a 2500 dollar miner ... just see this video about ROGER VER who deleted his tweet about bitclub network being a ponzie sceme https://www.facebook.com/XoCoHealthNL/videos/g.418965361803600/1522064351149579/?type=2&theater .... and yes if you dont understand this network business you need to read the backoffice info about bitclub network... i can show anyone that bitclub network is working ... so if you are intrested skype me Bigone0007 and i can show you the backoffice and more from a 500 dollar investment i made 0.5 bitcoin in 14 months .
I am sure that criminals run this "Club" and that it is a scam.
What a paranoia, there's criminal everywhere
Great article...I got sucked into this program about a month ago, bought a $500 pool....based on my calculation in Excel and payouts to my wallet thus far, it will take me 1186 days to get my original 0.198 btc back. Seems like all the positive reviews are based on the price of btc going up in US$ terms. My conclusion so far: you're make more US$ or whatever fiat currency if you simply buy bitcoins with your fiat and hold them.
You do make more to buy BTC and HODL, but that depends WHEN you buy and for how long. You can also do both, you know.... Mine and Buy/HODL. Its not a boolean decision.
Correct! Just HODL and get rich. BCN is for pedofiles only.
Exactly!
You are mixing up 2 things ... there is a scam bitclub that uses the bitclub name ... did you see this video with Roger Ver deleting his tweet about the fact bitclub is a scam? https://www.facebook.com/XoCoHealthNL/videos/g.418965361803600/1522064351149579/?type=2&theater . I joined bitclub march 2016 with 3 accounts where i bought 3 times 500 dollar contract where i compound daily and earning 0.9 BTC each 4 days thats only growing and growing at the moment . You know if it was a Ponzie ROGER VER never deleted his tweet about BITCLUB NETWORK !
how long did it take your $1500 compounding to get to earning you $4320 every 4 days? Must have been years right and at these difficulty levels - keen to here full story behind you statement. Are you finding cloud mining returne better that Genesis Mining voted top cloud miner in space?. Ta
OMG now they are in Romania and trying to get "clients". How do I get rid of them? What should I/we do? All happening on facebook
I have made profit with bit club network and its paying me every day.
Ditto. its a viable business proposition.
No it is not. It is a scam.
Nope. A scam means you lose money. My wallet is full.
Posted using Partiko Android
Yeah, sure. The question is: how much? and are you willing to fund a pedofile ring?
Turn off Facebook? Why the fuck you spend anytime on that POS service....
Make calculations of realtime today BTC you can buy with the 500, and divide it by the current mining return (if you ask nicely they'll show it to you) and youll see that the roi is beyond double the time your shares (BCN concept) holds...
and publish your results in your country, in facebook and such.
I saw Jeff Berwick interviewing one of their guys, so I decided to do a google search . When I typed in Bitcoin club in google, the top search fills in Bitcoin club scam and this is how found this post. I should've known better that this is a scam if Jeff Berwick is interviewing them
You said Bitcoin club but it is Bitclub Network. It´s not a scam. He´s lying.
I am not lying, you just can't face the fact, that you have put your money in this black hole with minimal returns. Do your own research and don't call me a liar. I documented everything and even wasted 599$ worth of bitcoin on this crap. Would be worth 10.000$ today!
Is Jeff a scammer can you justify.
There's a video of Jeff drunk trying to explain to a client why he can't get the foreign passport for them like he promised. Have a look at it - should not be hard to find. I was drinking the coolaid of Jeff then I realised there was a problem. After that I then dug a bit deeper into Bitclub and found some doubts.
I saw that video awhile ago. The the truth is they were both doing something a little bit shady. The client was trying to buy a secondary passport and Jeff Berwick's contacts were sort of shady politicians. But to be fair both Jeff and the client claim to have anarchist values so if they view a law as unjust or useless an anarchist will just ignore it.Best case scenario Jeff was trying to sell a passport and the contact he had screwed Jeff. which is possible when defying laws you don't agree with and counting on contacts within the system
110% not a scam artist!
Berwick is not a scam artist. He might prefer to recommend investments in which he gets a cut or a kickback, but that same behavior occurs with all politicians, Fortune 500s, and probably your Uncle Ted. You should do your own due dilligence with any investment, but clearly this is no different to any other Wall Street offering, and probably more legit.
www.galtsgulchchile.com/jeff-berwick-exposed/ Berwick is a complete conman. He sabotaged the GGC project, to then claim he was a victim of it and defrauded, along with a handful of corrupt clients of GGC and their Chilean counterpart who forged signatures, falsified documents and aided Berwick, and the handful of corrupt GGC clients in stealing, or destroying, millions of dollars in GGC property from Oct 2014 through April 2015. Typical of crooks, who carry out crimes, to then immediately deflect their actions onto others, while playing the victim card. They seized illegal possession of GGC, to then destroy it, two weeks after GGC obtained subdivision approvals to complete 80% of the project by the end of 2014. The guy is a conman and pathological in many aspects of the word. Him and his handful of corrupt cohorts (EJ Lashlee (Ponzi scheme felon), Josh Kirley (derivatives trader), Thomas Baker (corrupt military cop), Chris Serin (mining company saboteur) and a few other shady characters will have a database of their internal emails, falsified documents, timelines, maps, videos and more released soon. They bribed some of the past attorneys who were paid to defend GGC. We have the bank transfer receipts, which are being released along with a stack of other evidence to the courts, and then publicly. The 'truth' movement, and the crypto movement has the attention span of a flea for the most part and truth means nothing...only memes and bullshit. Cheers. FYI. I'm the guy who created the legit businesses that Berwick made money on, and he then screwed me, and many others, out of. His emails berating libertarians and others will be fun reading material for all of his idiot apologists and sophomoric readers.
Huge mistake your making. This article is nothing but lies. You're letting a pathetic idiot who knows absolutely nothing about the industry or BCN dictate your life. WOW! BCN is 110% a legitimate mining operation with 3rd party hash rate validation on the blockchain. Here's the proof: https://blockchain.info/pools Visit my site if you want to learn more and how to become very successful in this industry. www.MineMeBitcoin.com
It is a mining operation abd a big mining pool, but still run by criminals and a ponzi.
really?, what the ROI for a 500 package? at 10k BTC price?
Correct, but Jeff might not know. It seems most people don't care. If it pays large commissions everthing else is forgiven, even child abuse and rape. The guy behind did his time, now everything is ok. Well it is NOT!
He knows. Berwick will pimp anything he can to make a buck, including his "wife". I used to live in Acapulco, after he suckered me into moving there to build up his legitimate residency programs, and other programs, to then watch him stiff employees, try to fuck clients' wives behind the clients' backs, pimp his "wife" to TDV employees and others, try to jail an innocent man whom his wife slept with, then tried to cover it up when everyone found out what a slut she is. www.galtsgulchchile.com/jeff-berwick-exposed/ Money or likes on social media can't buy integrity or a soul. He'll keep trying, but it will all be in vain. The truth is coming for him shortly. Cheers.
Fact upon fact is incorrect here. FUD spreaders like you are the reason an unedited Steam can never be trusted and will become a graveyard for greedy crypto wannabes
Do your own research! Everything here is based on facts. Just because you don't want to see it, it is still true!
Why not just buy bitcoin instead of doing this program? I think it will be better.
Correct!
Because you're buying mining machines for a fraction of the cost that'll generate you way more Bitcoin in the long run instead of just buying and holding Bitcoin. It's a no-brainer and BCN is making investors very rich worldwide. If you're interested in learning more about the club, feel free to email me and I'd more then happy to educate you on it and help you along. MyMission2Millions@gmail.com You got my word, it's 110% legit. Read my comment below...
Are you nuts? Fraction of the cost? Try to wake-up and see the light man.
again you fail to mention the ROI, how mucho those mining equipments really produce, at todays rate, that after some time those mining equiments mining production gets lower and lower, and how that affects the roi.
HAHAHA - WOW, you might be the dumbest jacka*s on the planet who knows ABSOLUTELY nothing about blockchain and BitClub Network. 1) If this is a Ponzi scheme you moron, then tell me how we have LEGITIMATE 3rd party validation on the blockchain and are the 8th largest mining pool in the world? PROOF: https://blockchain.info/pools Being a Ponzi scheme would be VERY difficult if we are listed on BlockChain.Info and one of the most reparable mining operations in the world. 2) Also, if we have no physical product, then please (pretty please) tell me how several of my affiliates have been on a physical tour in Iceland at one of the multiple mining facilities we have in the world, and have seen, touched and taken photos of their personal mining equipment? Guess you didn't know that before you decided to write this pathetic ignorant article, did you? 3) Tell me how one of our Co-Founders not only buys our ASIC mining chips from Richard Branson's multi-million dollar company, BitFury, but also is very good friends with him as well. Do you think for a second that Richard Branson would risk ruining his billion-dollar empire dealing with a colleague who was involved in a Ponzi scheme. No, DO NOT think so! 4) Your back office, shows you EVERY single dollar in BTC that your mining machines are producing for you. There's nothing wrong with reinvesting a portion of your money back into the pools, due to the fact that it's used for upgrading our mining equipment, technology, and for purchasing faster more efficient mining chips. With that being said, ladies and gentlemen reading this article, BCN is NOT a Ponzi scheme... If you're foolish enough to believe this moron then so be it... This is probably not for you if you're the type of person who believes every single (non-credible) article on the internet. This is the kind of putz that would write an article about, how he found a cure for aids and posted it on all of his social media feeds. STOP reading garbage on the internet. These people are haters and bring ABSOLUTELY no value into this world. I'm not saying don't do your due diligence, by all means definitely do so, but stop the madness and believing everything you read on the internet. It's poison to your brain... Damn shame there's people out there like this 'tool' ruining the reputation of rock solid companies like BCN, working hard to make a huge difference in this world.
I enjoyed your reply to this post. I admit I am not as tech savvy as I would like to be. But can you explain to me why I shouldn't just go to Genesis or something similar? I don't truly understand the advantage of these shares in bcn why are they better. I am not trying to be contradictory to you just truly trying to have a better understanding.
Of course... I'm heavily involved in the crypto-currency industry. Email me here and I'll be happy to answer any of your questions: Michael@MineMeBitcoin.com You are purchasing actual mining machines with BCN, not shares of BTC. HUGE difference. BitClub Network is by far, the best crowd funding and mining operation out there.
come on, not even in the top 3... I grant you like it, and maybe can prove us wrong, but keep it honest.
You can't buy into Genesis today. All contracts are sold out. Alternatives like Hashflare are available, but only 12 month mining contracts. BCN is a 1,000 day mining contract. Nuff said.
And you are blind and like pedofiles.
show us some ROI... I got invited, I saw the console, the numbers, the benefits, the reinvestment, but I've done mining, I know how much an asic cost, how much energy consume, how much it produces, its simple math, at todays price, I get my 0.05 BTC today in any good exchange, but it takes 2500 days to get them back with the 500 package... so please, if its not so, show me the numbers of roi, WITHOUT the binary piramyd invitations... (that looks pretty much like a pyramid scam)
Thats all I needed to hear! I'll keep my BTC. Thanks
Huge mistake your making. This article is nothing but lies. You're letting a pathetic idiot who knows absolutely nothing about the industry or BCN dictate your life. WOW! BCN is 110% a legitimate mining operation with 3rd party hash rate validation on the blockchain. Here's the proof: https://blockchain.info/pools Visit my site if you want to learn more and how to become very successful in this industry. www.MineMeBitcoin.com
This article is based on facts! Don't call me a liar, when you sheeple go around with your eyes closed, financing pedofiles. Wake-up and DYOR.
That's all I needed to hear! I'll keep my BTC. Thanks
Saved one more. HODL.
https://twitter.com/BitCoinwww twitter active account
Thanks for the article. Is that what's everybody's making with pool 1? How are your earnings now? I would like to know bitclub earnings to make a comparison with our mining opportunity.
Now the Dollar Vigilante is pumping it , i will stick to genesis mining at least their BTC contracts are open ended, even though they skim off the top massively
How much did you invest in genesis? I looked at their contracts, most of them are not even available at the moment, but they don't look really profitable to me..
You can't buy into Genesis currently. Their contracts are all sold out. Maybe Hashflare, but see my reply above comparing returns. Genesis & Hashflare are shorter term contracts than Bitclub, which means after 12 months BCN is a far better investment IMHO.
what a joke...
Thanks man you saved me from making same mistake and saved my money.
Happy to have saved your money. Just hodl and get rich much faster, without funding pedofiles.
son, oportunistas de la net
Buen Post, por la exactitud de tus números. Gracias.
Hmmm
holy crap! I'm watching all the live feeds of investors talking about all this. This is very significant and I'm sitting here with my popcorn and eyes vwide open.
I am not in Bitclub Network, but I do know for a FACT they stopped paying out their clubcoin about 6 weeks ago - they will transfer it to your bitclub account, but getting it out from there - NOPE. They do not give an explanation, no communication and so I tend to agree with the part they are a pyramid scam who have run out of money.
If you are not a member, then how you know this a fact? As a member I can tell you the FACT is clubcoin virtual staking was discontinued.
Clubcoin is not the reason you invest in BCN. Its mining BTC or GPU mining - period. Clubcoin IMHO is a waste of time & energy. The mining returns on BTC mining in Pools 1, 2 & 3 are outstanding, particularly since its a 1,000 day contract.
Good post. But my only concern is that you call Herbalife a legit MLM. There products are over priced and have been fined in the past for their training being primarily to teach member to get others to sign up. But that's just my opinion
Yeh, there's a lot of factual errors, assumptions and allegations in this post. I have REAL experience with BCN and I can say that little of this post is factually correct.
There are a lot of factual errors in this post. First, you don't earn anything for 30 days from the start of mining on Bitclub. Second, its a 1,000 day contract. Third it is common with most cloud mining services that they deduct costs for maintenance. I have both Bitclub and Hashflare mining, and I can tell you that the rate of return on Bitclub is about 3x that of Hashflare - not so much because they produce more results in mining, but because Hashflare only has a 1 year contract then its gone. Yes, this is how cloud mining works. If you want something that has ongoing residual revenue, then order some miners from Bitmain and do it yourself.
Then you will discover that the depreciation cost is something you have to pay. And the hardware acquisition. And it will take you AT LEAST 30 days to get them delivered and online. And you have to monitor them - if something goes wrong, you have to reboot them. And you have to pay the power bill, etc. The reality is that when you do a REAL economic evaluation here, services like Bitclub or Hashflare or Genesis, etc. have actual profit potential - nothing like your numbers.
I invested $4100 in Bitclub back in November 2017. As of today (February 2018), I have recovered $2300 directly from that investment, and I have a balance of $500, so that means $2800 so far returned from a $4100 investment in 4 months. I'm tracking about a $220 per month return which fluctuates on BTC pricing (I'm mining BTC in pools #1, #2 and #3). So at this pace, I'm ROI in another 6 months, not counting for BTC price fluctuation.
As a businessman, I challenge you to find a business to invest in, in which you get 100% of your investment back in 10 months and then still have 2.1 years left of returns after that.
A more reasonable analysis might be to compare the money invested in mining shares vs. using that to buy BTC outright and punting on its future value, but that would be very hard to predict.
So for these reasons, I dispute your accusations. I cannot speak to the criminal status of one of the alleged founders, but I'm only in this for the money.
Also finally, the definition of a Ponzi scheme has no relevance to Bitclub Network. I've been able to deduct money from my wallet there without too much effort, so clearly they are paying their investors back. Sure, they would prefer if I "re-upped" my investment into more shares, but I'm not a dumbass and wouldn't entertain that until at least I got my original investment back. If you decide to re-invest, then you might run the risk that if they go broke for some reason, you are left without a chair and the music has stopped. But that's business. We all take those risks when purchasing BTC anyway. Anyone who thinks that investing money into anything is without risk clearly has no experience in business or real life. No, its not all rainbows and unicorns. You want big returns, you have to take some risks. Learning how to manage risk is the essence in learning how to master economics and life.
this post is the bigest BullShit I have ever seen
bitclub just initiated a bait and switch! I signed up for BTC mining but recently the payout has been changed to BCH? NOT HAPPY. SCAM for sure Return OF my investment at about 1% a month means it will take 3 years to break even,...if I'm lucky!. UGH
Here is some additional research from info that is rather new!
https://fintelegram.com/bitclub-stops-payouts-investors-loss
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Yah, nice post man