VIP Mining operates within the cryptocurrency MLM area of interest. On the VIP Mining web site, Luis Ortega is cited as founding father of the corporate.
Ortega not too long ago popped up on BehindMLM’s radar because the founding father of Now Mining.
Now Mining provided unregistered safety funding contracts, purportedly by partnership with Genesis Mining.
Alexa site visitors estimates for the Now Mining web site counsel the scheme collapsed shortly after launch.
Now Mining traders who had been promised a ROI over 280 days seem to have misplaced their cash.
Regardless of Now Mining collapsing and inflicting widespread losses, Luis Ortega (proper) describes himself as ‘a profitable chief, a know-how visionary and a pioneer within the cryptocurrency business.‘
VIP Mining seems to be a name-change and reboot of the identical idea behind Now Mining.
Learn on for a full assessment of the VIP Mining MLM alternative.
VIP Mining Merchandise
VIP Mining market mining contracts that pay a day by day ROI:
- 1/8 contract = $625
- 1/4 contract = $1250
- 1/2 contract = $2500
- 1 contract = $5000
$50,000 and $500,000 contracts are additionally provided “on a case by case foundation”.
Observe that particular ROI quantities usually are not offered.
The VIP Mining Compensation Plan
The VIP Mining compensation plan revolves round associates and retail clients investing funds in mining contracts.
Retail Commissions
VIP Mining pay associates a 5.5% fee on the sale of a mining contract to a retail buyer.
Recruitment Commissions
VIP Mining pay a recruitment commissions by way of a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the prime of a unilevel workforce, with each personally recruited affiliate positioned straight 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.
VIP Mining cap payable unilevel workforce ranges at 5.
Recruitment commissions are paid out as a share of mining contracts invested in by unilevel workforce associates as follows:
- stage 1 (personally recruited associates) – 5.5%
- stage 2 – 2.5%
- stage 3 – 1%
- ranges 4 and 5 – 0.5%
Residual Commissions
VIP Mining pay residual commissions by way of the identical unilevel compensation construction recruitment commissions are paid out with.
Residual Commissions are paid as a share of day by day mining contract ROI funds paid to unilevel workforce members:
- stage 1 (personally recruited associates and retail clients) – 8%
- stage 2 – 3%
- ranges 3 and 4 – 2%
- stage 5 – 1%
Bonus Pool
VIP Mining take 3.5% of every new mining contract invested in and place it right into a bonus pool.
The pool is break up into 5 smaller swimming pools, that are paid out month-to-month primarily based on rank:
- VIP Supervisor (persuade others to take a position not less than $200,000) – 1% pool
- Director (persuade others to take a position not less than $500,000) – 0.5% pool
- VIP Director (persuade others to take a position not less than $1,000,000) – 0.5% pool
- Vice President (persuade others to take a position not less than $2,000,000) – 0.5% pool
- President (persuade others to take a position not less than $3,000,000) – 0.5% pool
Observe that solely as much as 25% of qualifying quantity could also be counted from anyone unilevel leg.
Residual Pool
VIP Mining take 3% of complete ROI income every month and place it right into a Residual Pool.
This 3% is break up into three smaller swimming pools, once more paid out on rank:
- VIP Administrators obtain a share in a 1% Residual Pool
- Vice Presidents obtain a share in a 1% Residual Pool
- Presidents obtain a share in a 1% Residual Pool
Becoming a member of VIP Mining
VIP Mining affiliate membership is $50.
Conclusion
VIP Mining’s advertising and marketing pitch is summed up in a one-liner printed on their web site;
Promote one time and receives a commission for years!
Whereas Now Mining claimed to have mining contracts with Genesis Mining, VIP Mining are rather more cagey about their provider.
The corporate claims to generate exterior ROI income by mining {hardware}. Apart from photographs of {hardware} nevertheless, no proof of exterior ROI income technology is offered.
That is vital, as a result of Luis Ortega made the identical claims with Now Mining.
If Now Mining legitimately generated ROI income by cryptocurrency mining, why did it collapse?
Now Mining’s collapse correlates with a decline in affiliate recruitment.
That is extra the habits of a Ponzi scheme, as a Ponzi scheme depends on new funding to pay current traders.
With no third-party audit confirming Now Mining are producing exterior ROI income by mining and utilizing it to pay associates a day by day ROI, it’s extremely possible VIP Mining is simply recycling newly invested funds.
A token quantity of mining is perhaps happening for pseudo-compliance functions, however it’s fairly unlikely that 100% exterior ROI income is getting used to mining contract ROIs.
Once more, if this was the case then why did Now Mining collapse?
A disturbing addition to the enterprise alternative since Now Mining is “automated buying and selling”.
At the moment unavailable, the VIP Mining web site however states that automated buying and selling is coming quickly.
Automated buying and selling has grow to be synonymous within the MLM cryptocurrency area of interest for “Ponzi scheme”.
Which solely strengthens the already excessive likelihood that VIP Mining isn’t doing what it claims it’s.
As with Now Mining, VIP Mining will collapse as soon as affiliate recruitment runs dry.
Owing to a a lot smaller preliminary pool of traders to work with and total lack of belief, reload schemes hardly ever final so long as their predecessors.
Now Mining barely lasted a couple of months, which doesn’t bode nicely for VIP Mining traders.
Replace fifth September 2018 – Genesis Mining has confirmed it by no means had a partnership with Now Mining or Luis Ortega.
Replace thirtieth September 2023 – Luis Ortega and Jeremie Sowerby have been indicted on Now Mining wire fraud fees.