I have been curious to find out more about BitClub Network (BCN) ever since I started viewing the endless articles on Facebook. The adverts guarantee daily earnings from Bitcoin and quite a few other altcoins. So I was thrilled when I learned about a meeting that was likely to be stored in Lusaka. I made my own way into the place of the meeting in Avondale in which I arrived an hour late but fortunately, the beginning time had been driven by an hour so that much more latecomers like me did not miss the function.
I must say, the event had been well attended. Talking from personal experience of organizing similar occasions. I counted roughly 80 people in attendance. I was impressed.
I agreed pretty much with a great deal of what he had to say concerning Bitcoin. I could tell that he was well researched on the topic. On the other hand, the difficulties came in after he began describing the business opportunity posed by BCN in the context of Bitcoin. The company model and some pieces of information about the company didn't sit well with me.
When I started out writing this particular article I meant to talk more about why I feel that BitClub Network is a scam but as I ended writing I realized I should probably speak about why it doesn't make sound business decision to invest in it. Nevertheless, I will touch a little on why I believe that it is a scam.
1. Ownership of the firm can't be established. Unlike actual mining websites such as Genesis Mining (please differentiate between miners and swimming miners), the BCN site does not say who the owners or people behind the operations are. In fact, the Web Site says that"BitClub Isn't possessed by any person or thing, we are a group of experts, entrepreneurs, professionals, community entrepreneurs, along with programming geeks who have all come to together to establish a very simple company around a very Intricate business"
But recently a person by the name of Russ Midler was identified as the man behind BitClub Network. This individual is of questionable character and really has a criminal record in America.
2. Location of the organization is unfamiliar . Again where other websites will state clearly what their place is. The actual address of their BCN mining or offices farms is currently lost on their site. They claim that they are located in Reykjavik, Iceland, however this is just another obscure claim since we know there are scores and scores of mining farms in Reykjavik. It is similar to claiming to have a casino in vegas. In an effort to hoodwink people into believing the lies, on their website they show images of a mining plantation branded using an over used banner ad and one, ONE!
3. BCN claims they are the only company which allows the ordinary general public to purchase mining contracts. NOT TRUE. Don't hesitate to take a peek at genesis mining, hashflare, hashnet, etc..
Currently, lest I am accused of only being outside to telephone on the BitClub Network a scam, then let us look at the investment aspect of things. Say BCN wasn't a scam. Say each of the aforementioned red flags didn't exist.
1. $100 enrollment fee. Why must one pay a registration fee of $100 to join a mining pool if they could join many others at no cost and really use the $100 as part of initial investment? Apparently this provides you with accessibility to some back-end where an individual can see the transactions on their portfolio. Sounds like something I would get for free elsewhere. The speaker at the meeting that I attended that you pay a registration fee because"There's a lot of money to be made." What!?!?
2. 10 or 30 days waiting period. So once you pay $100 for registration you have to await a couple of days until you can start earning. Some individuals have had to wait as much as 30 days while the blessed ones just 10 days. The business question here is, what happens to my earnings for this period? Can they get added back to the earnings as soon as they start coming in? Or the days added back into the 1000 times contract period? In my research the answer is, not one of THE ABOVE. The buyer loses out to the earnings for that period. Meanwhile, even when you buy a contract someplace, you start earning within 24 hours.
3. No one from within the BCN seems to understand when the ROI will take place. Maybe they don't even understand what ROI is. I should probably use another term, BREAKEVEN POINT. When will the buyer get website their initial investment ? Based on my research, an investment of $500 will ROI between 850 to 860 days. That's almost two decades and 7 days. Might I add that at this time you are remaining with 140 days to your 1000 days. But wait, you already dropped about 10 to 30 days knock that out too. And keep in mind, we are not contemplating the $100 registration fee. Simply speaking, if you are going to buy just one contract then you're essentially putting cash into a black hole. It appears the only way to generate money is by recruiting a growing number of victims to the bottomless pit.
Conclusion
My response is two-fold. Firstly, visiting the hype around BCN, I had been astonished to observe the amount of folks getting into it. This might be found from the variety of individuals posting about it on social networking, facebook particularly. I was shocked the business model introduced was uninspiring. I wondered why people were getting into it at such speed. I realized that people were more fascinated about the opportunities presented by crypto monies, so much that they could not see past the present selling price of Bitcoin.
Second, like a Blockchain Technology and Cryptocurrency enthusiast, I'm worried that the understanding being created around Bitcoin and crypto currencies as much BCN is concerned would do more harm to the adoption of crypto, compared to great. Let us imagine that in the end of the 1,000 days the investor is unable to draw or indeed BCN is altogether shutdown such as bitconnect was. I fear that this could perpetuate the notion that everything about cryptocurrency is ridden with scam. This was the departure of fictitious network marketing and MLM theories. The legitimate company that do honest MLM are all bundled up together with all the hundreds and tens of thousands of scams that guise behind network advertising.
I truly hope this article will act as a warning for would be investors to take an extremely close look at the business model of BCN before making a choice to get in. Do not be wowed by the claims of earning thousands of kwacha. Don't permit the promise of making ZMW800,000 in 1 year should you recruit one member a month for twelve months. Be very careful.
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