Posted this comment on the other article of this same video (double-dipping the rewards pool much?), so I feel the need to post it here as well:
MLMs, for anyone who doesn't already know, are also called pyramid schemes. Stay far, far away from anything like this, where you "buy in" and they offer you huge returns. The term "binary commissions" are a dead giveaway, where people are rewarded for bringing more people in...
The key to making these things work is in getting people to convince others to join. As long as new people are investing, and the influx is more than the commissions being paid, the scheme keeps going. As soon as there is more money going out than coming in, the whole thing closes up, and the last half of the people who joined just lost all their money.
The links that Jeff posted, where he can "sponsor" you, are how he makes money off of people joining (by putting them below him in the pyramid).
Research Links
- Investment Warning - BitClub Network Review & Analysis
- The Crypto Show with a closer look at BitClub Network
- BitClub Network Review: Zeek Ponzi veterans at it again…
- [SCAM ALERT] The BitClub Network
- BitClub Network: MLM promises, false testimonials and PoS coin - AVOID
- Scam Alert: BitClub
- Criminals behind Bitclub-Network Investment Scam by @steeme
Totally agree and stand by @kennyskitchen. If you don't mind I'd like to make a video reply to this video and use both your comment and research sources in it [with due credit ofc]. Seeing this from Jeff and the dollarvigilante kind of has me bummed out about the future of his content. They were the first to introduce me to bitcoin, when it was on literally no ones radar except the dev team, tech nerds and the anarchy and anarcho-cap scene online.
Take note Steemian's: this is a great example of a proper counter post. Polite, concise but not without info and even a heavy list of cited sources and research. Steemit comments have turned into a mix of low effort drivel, memes/giphy links and bots that clearly don't care that its totally obvious they are spamming.
I know there is a steemit service where you can nominate comments and will try to get you on some sort of bestof replies list I have somewhere.
Thanks @brains1ck! Feel free to use my content (if you look at any of my actual posts you'll see an image at the bottom stating that "use & re-use by anyone other than governments and their agents is ok" :-)
From my observation, it seems like Jeff's content simply suffers from a mix of not doing enough due dilligence (one of the sponsors/speakers at the second Anarchapulco was a complete scammer, and most folks noticed right away), and always getting into these things early, thus being one of the ones for who it is profitable.
I generally don't comment unless I actually have something to add to the conversation, and I treat my comments like a post :-) I have this issue with clogging up the block-chain with pointless crap haha!
Blessings!
I was about to comment the same thing, after reading their webpage I had some redflags raised in me. Thank you for letting other people know about the risks!
You're welcome, thank you for your comment, and for being aware :-) I hate to see people get taken advantage of, and do everything I can to help stop it.