BitcoLoan offers no data on its web site about who owns or runs the corporate.
BitcoLoan’s web site area (“bitcoloan.com”) was first registered on July 4th, 2020. The personal area registration was final up to date on October twenty eighth, 2020.
Alexa at present ranks the highest two sources of visitors to BitcoLoan’s web site as India (20%) and the US (17%).
BitcoLoan’s official Twitter account locations the corporate in Sydney, Australia.
None of those international locations are probably candidates for the place BitcoLoan is being operated from.
The primary video uploaded to BitcoLoan’s official YouTube channel was on January twenty eighth, 2021.
It’s a testimonial video from “Wendy”, who has a distinctly European accent.
Wendy is sitting in a left-hand drive automotive, in order that guidelines out Australia and India.
Have a take heed to “Craig”, “Melanie” and an official BitcoLoan tutorial video.
Replace twenty second July 2021 – I had linked to a number of BitcoLoan vidoes hosted on their official YouTube channel above.
Someday previously 24 hours these movies have been marked personal, so I’ve needed to take away the hyperlinks.
The corporate’s web site continues to be up however I’m noting BitcoLoan’s official Fb web page has additionally been wiped. /finish replace
In case it wasn’t apparent, BitcoLoan is probably being operated from Russia or the Ukraine.
As at all times, if an MLM firm shouldn’t be brazenly upfront about who’s operating or owns it, suppose lengthy and onerous about becoming a member of and/or handing over any cash.
BitcoLoan’s Merchandise
BitcoLoan has no retailable services or products, with associates solely capable of market BitcoLoan affiliate membership itself.
BitcoLoan’s Compensation Plan
BitcoLoan associates make investments $10 or extra on the promise of an marketed every day return.
Specifics aren’t supplied on BitcoLoan’s web site, nevertheless the corporate offers the next instance in certainly one of its advertising and marketing movies:
- obtain a 0.6% every day ROI for 30 days, capped at 118%
- obtain 0.75% every day ROI for 60 days, capped at 145%
- obtain a 0.9% every day ROI for 90 days, capped at 181%
BitcoLoan associates are capable of enhance their every day ROI share by recruiting BitcoLoan associates (max 3%).
BitcoLoan pays referral commissions on invested funds down three ranges of recruitment (unilevel):
- 8% on stage 1 (personally recruited associates)
- 4% on stage 2
- 2% on stage 3
Becoming a member of BitcoLoan
BitcoLoan affiliate membership is free.
Full participation within the connected earnings alternative nevertheless requires a minimal $10 funding.
BitcoLoan solicits funding in bitcoin, ethereum, litecoin, sprint, dogecoin, zcash, bitcoin money and monero.
Conclusion
Underneath the guise of operating a lending platform, BitcoLoan solicits funding on the promise of a every day return.
The stream of cash is typical of a Ponzi scheme, with new funding used to pay out present affiliate withdrawals.
Regardless of having just a few thousand installs of their app, BitcoLoan amusingly claims to have 18 million affiliate traders.
As with all MLM Ponzi schemes, as soon as affiliate recruitment slows down so too will new funding.
This can starve BitcoLoan of ROI income, ultimately prompting a collapse.
BitcoLoan’s exit-scam of selection is the ERC-20 shit token route.
On March tenth BitcoLoan uploaded a video to their official YouTube channel titled, “BitcoLoan – How one can use BitcoLoan Token”.
BitcoLoan Token is an ERC-20 token that may be arrange in a couple of minutes. As of but BitcoLoan hasn’t satisfied a public alternate to record their token.
Within the meantime the plan is to let associates make investments instantly into BitcoLoan Token. No inside pricing is made public.
Ultimately BitcoLoan will cease paying out in something however BitcoLoan, permitting the corporate’s nameless admins to hoard invested cryptocurrency.
When the time comes, they’ll record BitcoLoan on a dodgy alternate and do a runner.
87% of belongings are saved in chilly wallets and are inaccessible to anybody however the house owners.
Given the potential for an preliminary itemizing pump, this would possibly imply BitcoLoan’s house owners received’t disappear right away.
Math is math although and outdoors of their very own shit token, which is created out of skinny air, BitcoLoan can solely pay out what’s invested.
The maths behind MLM Ponzi schemes ensures that once they inevitably collapse, nearly all of contributors lose cash.
Replace twenty eighth July 2021 – BitcoLoan withdrawals have been disabled for many of July. This implies the Ponzi scheme has collapsed.