Bitwings supplies no data on its web site about who runs the corporate.
Bitwings markets itself as a division of Wings Cellular,
a Spanish digital cellular operator based in 2007, targeted on the event of revolutionary software program, smartphones and laptops.
Bitwings is talked about on Wings Cellular’s web site, nevertheless it’s not featured on the corporate’s homepage. Why Wings Cellular has tucked away Bitwings is unclear.
Of notice is Wings Cellular having its personal associates program, however so far as I can inform it’s not MLM.
Wings Cellular’s web site does have a “who we’re” part, nevertheless no firm possession particulars are offered.
Just a few Google searches led me to Antonio Milio (proper), who’s CEO of each Wings Cellular and Bitwings.
In accordance with his LinkedIn profile, Milio is predicated out of Spain and has a historical past in telecommunications relationship again to 1998.
Bitwings seems to be Milio’s first enterprise as an MLM govt.
Learn on for a full overview of Bitwings’ MLM alternative.
Bitwings’ Merchandise
Bitwings sells a cellphone they’re calling MinePhone WX.
As per the picture above, MinePhone WX is proscribed to 2 thousand items and promote for 6000 Bitwings Token (BWN).
Bitwings promote BWN for 20 cents a token, so the price of MinePhone WX seems to be $1200.
Observe that Bitwings’ official presentation is dated 2020, so I imagine the pre-order date is July 1st.
Bitwings’ Compensation Plan
Bitwings associates who buy a MinePhone WX can take part in mining and Pool Rewards (detailed under).
The MLM facet of Bitwings’ compensation plan sees associates pay a charge. The extra a brand new Bitwings affiliate invests, the extra BWN tokens they obtain.
- Bronze – make investments $100 and obtain 526 BWN
- Silver – make investments $300 and obtain 1610 BWN
- Gold – make investments $500 and obtain 2710 BWN
- Sapphire – make investments $1000 and obtain 5474 BWN
- Emerald – make investments $2000 and obtain 11,052 BWN
- Ruby – make investments $5000 and obtain 28,421 BWN
- Diamond – make investments $10,000 and obtain 57,895 BWN
Commissions are paid when Bitwings associates recruit new associates, who additionally spend money on BWN tokens.
MinePhone WX Mining
In accordance with Bitwings’ advertising and marketing materials, the MinePhone WX can mine as much as 0.2 ETH a month.
There’s additionally an choice to mine BWN tokens.
Bitwings associates can promote as much as 10% of their generated BWN tokens each month.
Bitwings pays 19 cents per BWN token bought again.
Pool Rewards
If a Bitwings affiliate ‘select(s) to obtain credit in BWN, you’ll be a part of the Bitwings Pool’.
The Bitwings Pool is made up of 5% of Bitwings’ company-wide income. Shares are paid day by day with all associates opting to be paid in BWN.
Recruitment Commissions
Bitwings associates obtain 25% of funds invested by personally recruited associates.
Residual Commissions
Bitwings pays residual commissions by way of a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the prime of a unilevel staff, with each personally recruited affiliate positioned immediately below them (stage 1):
If any stage 1 associates recruit new associates, they’re positioned on stage 2 of the unique affiliate’s unilevel staff.
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.
Bitwings caps payable unilevel staff ranges at seven. Residual commissions are paid as a share of funds invested throughout these ranges.
What number of ranges a Bitwings associates is paid residual commissions on is decided by how a lot they invested once they signed up:
- Bronze tier associates earn 25% on stage 1 (recruitment commissions solely)
- Silver tier associates earn 25% on stage 1 and 1% on stage 2
- Gold tier associates earn 25% on stage 1 and 1% on ranges 2 and three
- Sapphire tier associates earn 25% on stage 1 and 1% on ranges 2 to 4
- Emerald tier associates earn 25% on stage 1, 1% on ranges 2 to 4 and 5% on stage 5
- Ruby tier associates earn 25% on stage 1, 1% on ranges 2 to 4, 5% on stage 5 and 1% on stage 6
- Diamond tier associates earn 25% on stage 1, 1% on ranges 2 to 4, 5% on stage 5 and 1% on ranges 6 and seven
Becoming a member of Bitwings
Bitwings affiliate membership is tied to an preliminary $100 to $10,000 funding.
The extra a Bitwings affiliate invests once they enroll, the upper their revenue potential.
Conclusion
Bitwings’ MinePhone WX is actually a gimmick for what’s in any other case a fraudulent funding alternative.
As a retail buyer I don’t see the enchantment in shopping for a telephone, solely to thrash it month after month for “as much as” 0.2 ETH.
MinePhone WX resale worth is just about non-existent and I doubt the {hardware} shall be good for a lot past twelve months.
None of that basically issues although, as it’s BWN tokens that Bitwings is actually promoting.
I’m undecided if Wings Cellular is in a downward spiral or in the event that they’re simply searching for simple “crypto tech” income.
Regardless of the purpose, Bitwings started chasing the crypto hype prepare in 2017.
After lower than a 12 months into its new enterprise technique, carried out in 2017, the corporate acquired the ALCI AWARD for “Finest Know-how Design” for its next-generation smartphones that have been created with a deal with innovation, safety and worth.
On condition that was the identical 12 months of the notorious ~$20,000 bitcoin bubble, I’m going with “simple crypto tech income”.
BWN is a token Bitwings has created out of skinny air and, at the very least for now, connected a 20 cent money out worth to.
Past 20 cents, Bitwings markets BWN as having potential to go up in worth.
That is the first purpose anybody indicators up a Bitwings affiliate and invests.
It’s this passive funding alternative that makes Bitwings’ MLM alternative a securities providing.
Bitwings just isn’t registered to supply securities in Spain, or anyplace else on the planet.
Which means that at a minimal Bitwings is committing securities fraud. Relying on how Bitwings funds its Wings Pay inside alternate withdrawal requests, there’s additionally the potential for Ponzi fraud.
It goes with out saying that commingling BWN funding with Wings Cellular jeopardizes your complete enterprise.
The BWN end-game is the general public alternate exit-scam, as detailed in Bitwings’ presentation roadmap.
This exit-scam mannequin will see BWN dumped on public exchanges.
Advertising hype will pump BWN as excessive as it would go, permitting Bitwings and early traders to unload as many cash as they will.
BWN then dumps, leaving the vast majority of affiliate traders holding the bag.
This exit-scam mannequin has performed out time and time once more within the MLM cryptocurrency area.
And that’s in fact assuming BWN even makes it that far. Bitwings might simply shut their inside alternate and cease paying out.
One might make the argument that Bitwings will be capable of maintain BWN via Wings Cellular.
WE GUARANTEE 100% OF THE TOKEN’S VALUE
We are able to assure that your BWN is price $ 0.20 in all Wings Cellular shops – on-line and offline.
That nevertheless raises the query of if Wings Cellular’s enterprise operations have been going nicely, why danger all the things
- launching a mining telephone sideshow; and
- committing securities fraud?
Watch out of falling into the entice of not having the ability to reply the above query, and equating that to legitimacy.
Bitwing’s BWN funding scheme may be very a lot unlawful. How unlawful is as much as regulators to kind out, particularly the CNMV.
Based mostly on earlier securities fraud warnings, I can affirm each unregistered securities and working a pyramid scheme are unlawful in Spain.
If Bitwings launches within the US later this 12 months as per their roadmap, the SEC might additionally come into play.
As a possible affiliate investor the standard MLM Ponzi guidelines apply;
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
It will starve Bitwings of ROI income, finally prompting a collapse.
The mathematics behind Ponzi schemes ensures that once they collapse, the vast majority of members lose cash.