My Blockchain Life fails to supply any details about who owns or runs the corporate on their web site.
In truth as I write this, My Blockchain Life’s web site is nothing greater than an affiliate login web page with some testimonials.
No company handle is supplied, though My Blockchain Life does state it’s “working worldwide (and) positioned within the USA”.
My Blockchain Life’s web site area (“myblockchainlife.com”) was privately registered on January tenth, 2020.
Additional analysis reveals advertising and marketing movies on My Blockchain Life’s official Fb web page.
These movies are hosted by Glen Williams, who identifies himself as a co-founder and CEO of My Blockchain Life.
Williams’ LinkedIn profile locations him in Ottawa, Canada. Whether or not My Blockchain has any precise bodily presence within the US is unclear.
William’s LinkedIn profile reveals he was selling ACN from 2007 to January 2020.
Williams foray into MLM cryptocurrency seems up to now again to 2017 with BitConnect.
In response to BehindMLM reporting on US regulators cracking down on BitConnect, a reader going by Glen Williams urged we had an “agenda”.
BitConnect collapsed per week later, inflicting over $2 billion {dollars} in losses.
Williams deserted the Twitter account he used to advertise BitConnect a month later.
Whether or not My Blockchain Life’s different co-founders have been additionally BitConnect promoters is unknown.
Learn on for a full evaluate of My Blockchain Life’s MLM alternative.
My Blockchain Life’s Merchandise
My Blockchain Life has no retailable services or products, with associates solely capable of market My Blockchain Life affiliate membership itself.
My Blockchain Life’s Compensation Plan
My Blockchain Life’s compensation plan revolves round associates spending $3000 to buy mining tools, after which $1250 or $2000 for internet hosting.
Mining tools is $3000 for both a Block X Miner or 77 TH/s BTC Miner.
Funding maturity durations are both $1250 for 500 days or $2000 for 1000 days.
Commissions and bonuses are paid when recruited associates buy mining tools and internet hosting.
My Blockchain Life pays commissions utilizing gross sales quantity versus uncooked {dollars} invested/spent:
- $1250 internet hosting = 500 GV
- $2000 internet hosting = 1000 GV
- $3000 mining {hardware} buy = 1000 GV
Notice that My Blockchain Life pays all commissions and bonuses in bitcoin.
My Blockchain Life Affiliate Ranks
There are 9 affiliate ranks inside My Blockchain Life’s compensation plan.
Together with their respective qualification standards, they’re as follows:
- Prospector – recruit and keep two associates (positioned one on either side of the binary workforce), generate 500 PV and 5000 GV in collected weaker binary workforce facet quantity
- Bronze – keep two personally recruited associates and 500 PV, and generate 12,5000 GV in collected weaker binary workforce facet quantity
- Silver – keep two personally recruited associates, generate 1000 PV and 25,000 GV in collected weaker binary workforce facet quantity
- Gold – recruit and keep 4 associates (positioned two on either side of the binary workforce), generate 1000 PV and 100,000 GV in collected weaker binary workforce facet quantity
- Platinum – recruit and keep six associates (positioned three on either side of the binary workforce), keep 1000 PV and generate 500,000 GV in collected weaker binary workforce facet quantity
- Diamond – recruit and keep eight associates (positioned 4 on either side of the binary workforce), keep 1000 PV and generate 1,000,000 GV in collected weaker binary workforce facet quantity
- Vice Chairman – recruit and keep ten associates (positioned 5 on either side of the binary workforce), keep 1000 PV and generate 5,000,000 GV in collected weaker binary workforce facet quantity
- Chairman – recruit and keep twelve associates (positioned six on either side of the binary workforce), keep 1000 PV and generate 10,000,000 GV in collected weaker binary workforce facet quantity
- World Chairman – keep twelve personally recruited associates and 1000 PV, and generate 25,000,000 GV in collected weaker binary workforce facet quantity
PV stands for “Private Quantity” and is gross sales quantity generated by private purchases and that of personally recruited associates.
GV stands for “Group Quantity” and is PV generated by an affiliate and their downline.
Notice that with a purpose to rely in direction of qualification, recruited associates should have both bought no less than one miner and internet hosting plan.
MLM Fee Qualification
To qualify for MLM commissions a My Blockchain Life affiliate should be on the Prospector or larger rank.
Referral Commissions
My Blockchain Life pays referral commissions utilizing a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the prime of a unilevel workforce, with each personally recruited affiliate positioned instantly below them (stage 1):
If any stage 1 associates recruit new associates, they’re positioned on stage 2 of the unique affiliate’s unilevel workforce.
If any stage 2 associates recruit new associates, they’re positioned on stage 3 and so forth and so forth down a theoretical infinite variety of ranges.
My Blockchain life caps payable unilevel workforce ranges at 5.
Referral commissions are paid on on gross sales quantity generated throughout these 5 ranges as follows:
- 20% on stage 1 (personally recruited associates)
- 10% on stage 2
- 2.5% on ranges 3 to five
Residual Commissions
My Blockchain Life pays residual commissions by way of a binary compensation construction.
A binary compensation construction locations an affiliate on the prime of a binary workforce, break up into two sides (left and proper):
The primary stage of the binary workforce homes two positions. The second stage of the binary workforce is generated by splitting these first two positions into one other two positions every (4 positions).
Subsequent ranges of the binary workforce are generated as required, with every new stage housing twice as many positions because the earlier stage.
Positions within the binary workforce are crammed by way of direct and oblique recruitment of associates. Notice there isn’t a restrict to how deep a binary workforce can develop.
On the finish of each month My Blockchain Life tallies up new gross sales quantity generated on either side of the binary workforce.
Associates are paid 15% of quantity generated on the weaker binary workforce facet.
As soon as paid out on, quantity is matched in opposition to the stronger binary workforce facet and flushed.
Any leftover quantity on the stronger binary workforce facet carries over.
Test Match Bonus
My Blockchain Life pays a ten% match on residual commissions earned by personally recruited associates.
Rank Achievement Bonus
My Blockchain Life rewards associates for qualifying on the Prospector and better ranks as follows:
- qualify at Prospector and obtain $250
- qualify at Bronze and obtain $500
- qualify at Silver and obtain $1000
- qualify at Gold and obtain $2500
- qualify at Platinum and obtain $10,000
- qualify at Diamond and obtain $25,000
- qualify at Vice Chairman and obtain $125,000
- qualify at Chairman and obtain $250,000
- qualify at World Chairman and obtain $1,000,000
Becoming a member of My Blockchain Life
My Blockchain Life affiliate membership is free.
Full participation within the connected revenue alternative nonetheless requires a $3000 {hardware} buy, after which
- $1250 each 500 days; or
- $2000 each 1000 days.
Conclusion
My Blockchain Life pitches itself as
the quickest rising and the worlds first Official Blockchain Community Advertising and marketing Firm.
We’re not conscious of a “blockchain community advertising and marketing firm” governing physique. Who due to this fact made My Blockchain Life’s declare “official” is a thriller.
In any occasion, what My Blockchain Life’s MLM alternative boils right down to is handing over $4250 for a 500 day ROI or $6000 for a 1000 day ROI.
After both 500 or 1000 days, one other $1250 or $2000 fee respectively is required.
With respect to securities regulation, an investor dumps $4250 or $5000 into My Blockchain Life on the implied expectation of a 500 or 1000 day passive ROI.
You shopping for mining {hardware} and setting it up your self is one factor. Paying a third-party, doing nothing and accumulating a return ventures into funding contract territory.
When you’re in search of an instance of this in apply, look no additional than Swiss Gold World.
Swiss Gold World solicited funding on cryptocurrency mining, purportedly completed by way of third-party Genesis Mining.
US authorities moved in opposition to each corporations with a securities fraud stop and desist in March 2018.
The stop and desist in opposition to the third-party service provider, Genesis Mining, was volunatrily dismissed a month later.
The stop and desist in opposition to the MLM firm, Swiss Gold World, caught.
In My Blockchain Life each the MLM firm and service provider are one the identical, which means a securities fraud stop and desist will stick because it did for Swiss Gold World.
Or if the SEC examine at a federal stage, a brief restraining order adopted by a preliminary injunction.
Because it stands My Blockchain Life isn’t registered with the SEC, or securities regulators in Canada.
On the time of publication Alexa cites Australia (89%) as the highest supply of visitors to My Blockchain Life’s web site.
My Blockchain Life hasn’t registered its securities providing with ASIC both.
Along with committing securities fraud, My Blockchain Life additionally operates as a pyramid scheme.
There isn’t a retail providing inside My Blockchain Life, with all commissions tied to recruitment of latest associates and their spending of cash.
That is 100% inner consumption, which for an MLM firm qualifies My Blockchain Life as a pyramid scheme.
Pending regulatory motion, My Blockchain Life will stall when affiliate recruitment dies down.
No recruitment kills the MLM facet of the enterprise, leaving its passive funding alternative unlikely to outlive.
On this sense My Blockchain Life is extra like BitClub Community than BitConnect.
Regardless of having totally different enterprise fashions, each corporations dedicated securities fraud.
For his half I can solely assume Glen Williams has some consciousness of what he’s doing.
In a single advertising and marketing video, made obtainable on My Blockchain Life’s Fb web page two months in the past, Williams states “the enterprise has been launched for a couple of months now”.
So what’s the maintain up with the corporate web site then? Why isn’t firm possession and the passive funding plans disclosed?
One thing one thing BitClub Community historical past repeating itself one thing one thing… you understand how that turned out.
Replace sixth October 2021 – A reader within the feedback under tipped me off to Glen William’s latest passing.
It’s unclear whether or not My Blockchain Life will proceed.
Glen Williams was a co-founder of My Blockchain Life. As of but although no person else has stood as much as run the corporate, no less than not publicly.
At time of publication My Blockchain Life’s web site is redirected to Google’s homepage. The corporate’s official Fb web page hasn’t been up to date since June 2020.