Home Network Marketing News Is Bitcoin Network Marketing a Scam?

Is Bitcoin Network Marketing a Scam?

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Let’s talk Bitcoin.

First, Bitcoin itself is not a scam.

What Is Bitcoin?

Bitcoin in an encrypted digital currency invented in 2009 by a group or an individual named Satoshi Nakamoto.

There will only be 21 million Bitcoin ever produced and roughly 17 million are currently in circulation. 4 million additional Bitcoin can be mined over the next 120 years.

Yes, Bitcoin is mined. It takes roughly $1,200 worth of electricity, not including the computer hardware and geeky know-how to mine a single bitcoin.

This creates some level of scarcity.  While some see a Bitcoin price of $15,000 per coin, they freak out and think “the bubble is about to burst”.  Now that I understand the limited number of Bitcoin that will ever be produced, I see that price as low. (Keep in mind, I am not an economist and I am not recommending anyone buy Bitcoin, I’m just a dude, but I am a dude who has a reputation for seeing stuff clearly and earlier than most,  like Google Adwords and Blogging for Network Marketers).

My First Bitcoin Experience

My first experience with Bitcoin was back in 2013 when I was paid in Bitcoin for some affiliate marketing. At the time, I received 2 Bitcoin worth about $270 total ($135/each). Later that year when my 2 Bitcoin had nearly doubled to about $500, I sold them. (At the time of this writing, my 2 Bitcoin would be worth nearly $35,000).

Bitcoin MLM & Network Marketing Opportunities

I am going to assume that you don’t want to be involved with a Ponzi scheme. So let’s start there.

Keeping this simple, a Ponzi scheme is an investment opportunity that requires continuous money/investors coming in to survive.

So if a company takes your money and invests in bitcoin/cryptocurrency, that company is likely a Ponzi scheme. It gets even worse when the company pays compensation when you bring on another investor (downline).

In my opinion, cryptocurrency investing combined with Network Marketing is a recipe for getting shut down and losing your money and if for some reason, you make a lot of money in the scheme, it could be even worse for you. You would likely get named in a lawsuit and held liable for damages.

Stay tuned to MLMBlog for future Bitcoin updates, including an interview with a top MLM Attorney.


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Ty Tribble’s MLM/Network Marketing Blog

Email: ty@tytribble.com

Phone: 206-651-4188

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“Ty Tribble is an Internet entrepreneur, author and Work At Home Dad who lives in Seattle, Washington with his wife, Richelle and two children, Emma and Tyler. Ty has been featured in Entrepreneur and Success From Home magazine and is considered by many as the # 1 blogger in the world on the subject of Network Marketing. Author of the book, ‘Double Your Income with Network Marketing’, Ty teaches lead generation strategies through social media and blogging to tens of thousands of Network Marketers around the world.”

6 COMMENTS

  1. Hi Ty, I am a great follower of you and I agree with you but think you should just be more specific.
    You make it sound if all bitcoin networks are ponzis.
    There is mining a network mining operation that is totally legit.
    What I see as ponzis and schams is the robotic auto-rotators, guaranteeing a percentage per day or per week. They are very dubious.
    There is even one accepted currency that is a well disguised ponzi.
    There is a huge difference in taking your bitcoins to invest in robotic investment schemes or ‘rotators’ and mining bitcoins.

    • I wrote some about the mining operations and but I want to ask for an expert opinion before I publish my own opinion. Mining seems more legitimate than investing, but it’s a gray area for sure.

  2. Excellent post Ty… the mining thing and crypto currency are and idea who’s time has come… will the world [and legit compaines get it “right” first shot out of the box? LOL… does anything work the first time? ]

    That being said, crypto currency feels good when dropped into the context of banks/credit card companies/ currency exchanges/etc.; the public and merchants have been taking a beating so bad it borders on racketeering. Guy buys a dining room set for $2000 on a 18% card, pays minimum payments… will pay $8425 … and let’s not even get started on houses and “amortized” loans. Add in the criminals that run the Fed and crypto currency really is an idea who’s time has come. If these first ventures are right, well, that’s anyone’s guess.

    The scammers? Gee, really? Scammers? OMG….what a “haven” this trend has fostered…is there anyone who ISN’T an expert and who’s advice you shouldn’t buy? In 14 we checked out, all boasted about a great prediction they made [unverfiable, of course] and research showed most were below average stock brokers/wall st. hustlers, etc…. This gives unliscnesed people a change to “brand” [re:lie] about credentials and without anyone to answer too.

    The mining thing is real; [See Antminer.com] … as these systems used complicated formulas [math] to verify both possession of the coin and transactions, moving the currency… Today, the block-chain [all the miners] were operating at a record slow pace…meaning more and more transactions are happening. Money in mining? Yup. An antminer gets paid in bitcoin [fractions that are tiny] … and during a 12 month period will make about 1.2 bit coin. This will leave [after cost of the antminer and exectricy … they get hot and need climate control]…. so MLMs fearturing the mining aspect **MAY** be a good play.

    The plan is simple; people buy packages and get a return of 1% [appx] a day…the MLMs are paying out anywhere from 13% to 35% on the packages… what are they doing with the other 65%? Buying mining software/hardware. If you factor in the commission in packs and the 1% a day….there is a very healthy profit of the company ….. **IF**….

    If they are actually buying equipment/obtaining mining contracts…. you and I have been around a long, long time….and “honest” companies that avoid ego and greed are sadly, all to rare in this great industry.

    Bottom line? In the subtext of Ty’s post is the key… get expert advice and check your experts. 3 tips… Someone you know who had dinner with the owners is NOT an expert. Someone telling you about massive profits in crypto currencies that jumped 9000% and another that jumped 847% in 1 month are NOT experts [they are either lying or not sharing all the dogs they picked… if they made that much, why are they selling advice? LMAO. You good friend who knows some “big hitters” in MLM who left what they are doing to do this… these are “herders” and will be on to the next deal again and for sure are NOT experts.

    Can’t resist the urge to roll the dice? Start small, draw down and play with house chips until you can confirm the company is actually “mining” …. and not a ponzi…. money to be made? You bet… but if you are betting remember the cardinal rule and don’t wager what you cannot lose without sweating or regretting. My advice? Follow Ty’s wisdom and find an expert.

  3. cryptos has made a lot of people changed their lives for the better. many people fail in network and mlm marketing. the value of blockchain cryptos will continue to skyrocket to the moon.

  4. Hi Ty, Thanks for the post, I look forward to reading more.

    As you know, there are hundreds of cryptocurrencies out there, and more coming on every day. One in particular called Latium, that caught my attention, looks like the ‘next big thing’. They have the endorsement of John McAfee (as an advisor, not owner). John McAfee is many things, but I don’t think he’s a scam artist.

    The interesting thing about Latium is that not only are they issuing a new crypto, there is also an ecosystem they are developing, sort of like a freelancer’s website, where goods and services will be traded and payment made in their crypto. So you can get involved in two ways – buy the crypto and sit on it, or get involved as a Latium affiliate, working the cryptocurrency and earning the crypto in the trading of services/product. So, take a look, let us know what you think. Their ICO is about 0.25 per token. you can click here to get to the whitepaper, etc. https://latium.org/welcome/mfchiro

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