MyCoin24 supplies no details about who owns or runs the corporate on its web site.
The MyCoin24 web site area (“mycoin24.internet”) was first registered in Might 2018.
The area registration was final up to date and set to non-public on March twenty second, 2019.
Numerous posts on MyCoin24’s official Fb web page are written in German:
Word that the submit above corresponds with a German web site area to promote MyCoin24 merchandise.
This strongly suggests whoever is operating MyCoin24 is predicated out of a German-speaking nation.
Within the assist part of the MyCoin24 compensation plan, the Skype handle “calas.biz” is given.
I used to be capable of hint this Skype account again to Christian Mark Laack, who used the identical account to advertise Conligus in 2014.
Conligus was a penny public sale MLM firm modeled on the infamous Zeek Rewards Ponzi scheme.
Conligus collapsed in early 2015.
House owners Aron, Christian and Stephan Steinkeller offered the Conligus affiliate database to OneCoin later the identical 12 months.
In return for offering the OneCoin Ponzi scheme with an inventory of latest buyers, the Steinkeller brothers obtained high positions within the firm.
Christian Laack seems to have briefly promoted OneCoin following the Steinkeller’s sell-off.
Previous to getting concerned in Ponzi schemes, Laack was selling Sisel (2012-2014) and Community World Alliance (2010-2011).
In line with Laack’s LinkedIn profile, he’s primarily based out of the Hamburg Space in Germany.
Learn on for a full assessment of the MyCoin24 MLM alternative.
MyCoin24 Merchandise
MyCoin24 has no retailable services or products, with associates solely capable of market MyCoin24 affiliate membership itself.
The MyCoin24 Compensation Plan
MyCoin24 associates put money into MyCoin24 factors, on the expectation the worth of their invested factors will go up.
- Starter – make investments €1000 EUR and obtain 500 MyCoin24 factors
- Bronze – make investments €2500 EUR and obtain 1500 MyCoin24 factors
- Silver – make investments €5000 EUR and obtain 3500 MyCoin24 factors
- Gold – make investments €10,000 EUR and obtain 7000 MyCoin24 factors
- Platinum – make investments €25,000 EUR and obtain 20,000 MyCoin24 factors
- Nation Chief – make investments €50,000 EUR and obtain 50,000 MyCoin24 factors
Commissions are paid when MyCoin24 associates recruit new associates who additionally make investments.
Word that excluding unilevel residual commissions, MyCoin24 pays commissions and bonuses in MyCoin24 factors.
Recruitment Commissions
MyCoin24 associates are paid a fee on funds invested by personally recruited associates.
New associates are paid a 15% recruitment fee fee over their first thirty days with the corporate.
After the primary thirty days a ten% recruitment fee fee is paid.
Residual Commissions (binary)
A binary compensation construction locations an affiliate on the high of a binary workforce, break up into two sides (left and proper):
The primary degree of the binary workforce homes two positions. The second degree 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 degree housing twice as many positions because the earlier degree.
Positions within the binary workforce are crammed through direct and oblique recruitment of associates. Word there isn’t any restrict to how deep a binary workforce can develop.
On the finish of every week MyCoin24 tallies up new funding quantity on either side of the binary workforce.
Associates are paid 10% of funds invested on the weaker aspect.
Word that MyCoin24 caps residual commissions primarily based on how a lot an affiliate themselves has invested:
- Starter package deal associates can earn as much as €2500 every week
- Bronze package deal associates can earn as much as €75000 every week
- Silver package deal associates can earn as much as €20,000 every week
- Gold package deal associates can earn as much as €50,000 every week
- Platinum and Nation Chief package deal associates don’t have a residual fee cap
Residual Commissions (unilevel)
A unilevel compensation construction locations an affiliate on the high of a unilevel workforce, with each personally recruited affiliate positioned straight underneath them (degree 1):
If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel workforce.
If any degree 2 associates recruit new associates, they’re positioned on degree 3 and so forth and so forth down a theoretical infinite variety of ranges.
Unilevel commissions are paid on funds invested throughout the unilevel workforce.
What number of unilevel workforce ranges a MyCoin24 affiliate earns on is set by how a lot they themselves have invested:
- Starter package deal associates earn 5% on degree 1 (personally recruited associates)
- Bronze package deal associates earn 5% on degree 1 and 10% on degree 2
- Silver package deal associates earn 5% on degree 1, 10% on degree 2, 5% on ranges 3 to five and 1% on degree 6
- Gold package deal associates earn 5% on degree 1, 10% on degree 2, 5% on ranges 3 to five, 1% on degree 6 and a pair of% on ranges 7 and eight
- Platinum package deal associates earn 5% on degree 1, 10% on degree 2, 5% on ranges 3 to five, 1% on degree 6 and a pair of% on ranges 7 to 9
- Nation Chief package deal associates earn 5% on degree 1, 10% on degree 2, 5% on ranges 3 to five, 1% on degree 6, 2% on ranges 7 to 9 and 1% on degree 10
Nation Chief Bonus
MyCoin24 associates who put money into a Nation Chief package deal obtain a share in 1.5% of funding quantity generated of their nation of residence.
Rank Bonuses
MyCoin24 rewards associates for producing downline funding with the next bonuses:
- Crown Bronze – generate €50,000 in funding quantity on either side of your binary workforce and obtain an iPhone
- Crown Silver – generate €125,000 in funding quantity on either side of your binary workforce and obtain an “iPhone and pocket book”
- Crown Gold – generate €250,000 in funding quantity on either side of your binary workforce and obtain a “Dubai journey” for 2 folks
- Crown Platinum – generate €500,000 in funding quantity on either side of your binary workforce and obtain a “Florida journey” for 2 adults and two kids
- Crown Chief – generate €1,000,000 in funding quantity on either side of your binary workforce and obtain a €50,000 EUR bonus
Becoming a member of MyCoin24
MyCoin24 affiliate membership is tied to a €1000 to €50,000 EUR funding.
How a lot an affiliate invests impacts their incomes potential through MyCoin24’s compensation plan.
Conclusion
The MyCoin24 apple hasn’t fallen removed from the OneCoin Ponzi tree.
Like OneCoin, MyCoin24 conducts funding fraud underneath the guise of buying an “schooling pack”.
MyCoin24 refer to those packages as “Coin Schooling” however no specifics are supplied.
In any occasion it’s the MyCoin24 factors being invested in, on the standard bullshit comparisons to bitcoin:
That’s to not say the worth of bitcoin is misrepresented, simply that no matter bitcoin is or isn’t has no bearing on MyCoin24’s factors.
MyCoin24 associates put money into factors which the corporate locks for six months.
That’s when you’ve invested actual cash into MyCoin24, you possibly can’t money something out for no less than six months.
MyCoin24 units the inner worth of their factors as they match.
Like OneCoin, MyCoin24 are promising an e-commerce portal in July 2019.
Public itemizing of MyCoin24’s factors, in any other case often known as the exit-scam, is scheduled for November 2019.
MyCoin24 represents exterior income is generated by actual property, inns, vacation leases, “steady enterprise(es)” and a but to be acquired financial institution in Switzerland.
MyCoin24’s roadmap states they’ll “personal” a financial institution in Switzerland by February 2020.
Naturally there’s no proof of any exterior ROI income being supplied.
With the one verifiable income coming into MyCoin24 being new funding, it’s all however assured to be a Ponzi scheme.
Taking a step again, there’s additionally the difficulty of what’s seemingly an unregistered securities providing.
MyCoin24 associates put money into factors, MyCoin24 will increase the inner worth of the factors and associates money out by an inside alternate.
Ponzi or not, that is clearly a passive funding alternative and thus constitutes a securities providing.
Within the US securities are regulated by the SEC.
A search of the SEC’s Edgar database reveals neither MyCoin24 or Christian Laack are registered with the regulator.
Which means that regardless of anything, MyCoin24 is working illegally within the US.
Why is that vital?
As a result of as of subsequent month Laack is operating a advertising marketing campaign throughout the US:
As we established within the introduction of this assessment, Laack himself is predicated out of Germany.
Securities in Germany are regulated by BaFin.
MyCoin24 supplies no indication they’ve registered their passive funding alternative with BaFin both.
So in each the US and Germany, MyCoin24 is working illegally.
To judge MyCoin’s collapse trajectory, one want solely take a look at the Ponzi scheme it was modeled on.
OneCoin ran out of latest investor funds and collapsed in early 2017.
The pyramid aspect of the enterprise continued however tanked as high buyers (and certain Laack himself) deserted ship.
OneCoin is limping alongside right this moment, nevertheless prison instances filed by the DOJ have, from a sensible standpoint, introduced the rip-off to a stand-still.
The take-away for potential MyCoin24 affiliate buyers is that the overwhelming majority of OneCoin buyers misplaced cash.
Be it an natural collapse, regulatory intervention or each, MyCoin24 will play out no totally different.