[Investment Warning] Bitclub Network Review and Analysis

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Last updated on October 14th, 2017 at 11:17 am

Disclaimer: From time to time I get contacted by various people regarding this article supplying more evidence for either sides of this story. Each time such evidence arrises you will see it posted here as an update. Everything I bring in this post is my own research done online and my personal opinion. 

August 15th 2016 update: Since this post was published I was contacted by Joby Weeks. We basically agreed to disagree. However I decided to rephrase the title of the post from “scam” to “investment warning”. After gathering the facts I can’t prove that Bitclub network is a scam beyond a shadow of a doubt. I do however still think that Bitclub Network’s business model is lacking and wouldn’t invest in it personally.

Over the past few weeks I have been seeing these ads for a company called “BitClub Network” on my Facebook feed. I decide to  take a look at the video ad only to find some dude that doesn’t seem to know that much about Bitcoin trying to explain why you should join the “BitClub network”.

I believe the video speaks for itself when I say it’s 5 minutes of total gibberish that doesn’t give any value to its viewers. I can safely say that the person on this video doesn’t really know what Bitcoin is and is just reading his text from a page. My favorite quote is probably “There is something called Bitcoin mining, you can get it from lots of places on the Internet” (1:16).

Bitclub network (pardon me for not linking to them) claims to be some sort of mining operation where users invest their money in order to get a part of the revenues generated by the BCN mining pool. You can also generate revenue by referring others to join BCN.

I decided to take a deeper look into BitClub Network (also known as BCN) and see if it’s indeed a legit and sustainable business model or is it some sort of a Ponzi shceme.

For those of you who don’t know what a Ponzi scheme is – it’s a fraudulent investment operation where the operator, pays returns to its investors from new money paid to the operators by new investors, rather than from profit earned through legitimate sources. Usually there’s no actual product or service that the money is being invested in.

So basically the new members of a Ponzi scheme finance the payouts for the old members. This goes on until no more new members come on board, the money runs out and the operation shuts down leaving a lot of people shocked because they didn’t get their money back.

Now for a short example. Let’s say you (the investor) pay the operator $100, and they promise to pay $10/month for the next 12 months (meaning you’ll get more than what you invested). You may be thinking “how will he have enough to pay me after 10 months?”

One option can be that they are investing this money legitimately into some sort of profitable operation – for example, Bitcoin mining. So the operator may actually buy mining equipment to generate income, in this case the money you and other members paid when you joined is like some sort of a crowdfunding campaign.

Another option could be that they are getting money to pay their members from new people joining down the line in order to finance the older members like yourself. This is where referrals come into play.

Imagine the operator saying: “if you bring someone else into this scheme I will pay you an additional commission just for bringing them in”. So now you get someone else to pay $100 dollar to the operator so that you will get a $10 commission and more money will flow into the system to pay the members. Of course the new members are then motivated to bring more members on board.

Why is it so important that everyone will bring in referrals? Because in most cases that’s the most consistent source of income for this scheme. And even if the money is invested in some legit operation it’s not consistent enough to cover the payments for all of the members. Usually members joining these types of operations expect a consistent positive return or they will leave. The operator knows that and that’s why he tries to fulfil this impossible request of generating great revenues every month without any risk through other sources (i.e. new members coming on board).

Another way to make the Ponzi scheme survive and not run out of money, is getting the investors to re-invest their money back into the operation instead of withdrawing it. This way the members think they own the money because they see their account balance, but in reality there’s no way they will be able to withdraw that money into their own bank account. The re-investment process is used to keep the investors in the game and delaying the “point of failure” of the Ponzi scheme.

To conclude Ponzi schemes usually survives on the fact that:

  1. New members are added down the line (and are required to pay a membership fee of course).
  2. Old members re-invest back their earnings into the scheme in order to increase their revenues (on paper).

These 2 characteristics are very important as we will see how they line up with BitClub Network.

My Hypothesis – BitClub Network is a Ponzi scheme

Now it’s time to break down BCN’s business model and see if it’s in fact a legit company. I’m going to use various tools to do this – most of these tools are aggregated inside the Bitcoin scam test we’ve recently created here in 99Bitcoins.

How legit is Bitclub Network?

The first thing I did was to see who is the registrant for the domain Bitclubnetwrok.com. However, the domain is under private registration which is a red flag in my opinion.

bcn registration

When I continued my search and went to the “About” page of the company I couldn’t find any real identities that run the site. The only thing that’s stated is:

BitClub is not owned by any single person or entity, we are a team of experts, entrepreneurs, professionals, network marketers, and programming geeks who have all come to together to launch a very simple business around a very complex industry.

I word of caution – Whenever you see some vague statement about a companies members in the “About Us” page like “we are a team of experts” and no real person is portrayed behind the company – RUN.

So I’m guessing someone doesn’t want to be found. After numerous searches online I couldn’t find one individual who is supposedly in control of BCN. I found a lot of marketers and promoters but no owners. I did find two official BCN webinar but for some reason the host of the webinar doesn’t bother to introduce himself. Also it seems that BCN didn’t register with the SEC and therefor doesn’t operate in the US – another thing to consider.

Trying to dig up some more information on BCN I found something extremely funny. According to a Bitcointalk thread the website used to have testimonial from “customers” as shown here:

bcn testimonials

As you can see Victor Diaz is pretty happy with his investment in BCN. But apparently Victor’s real name is Ali Ansari and he’s a convicted rapist that has been in jail since 2013:

bcn rapist

So I’m guessing Ali probably changed his name and got to bring a laptop and some Bitcoins to his cell for good behaviour. The website also showed a bunch of other fake photos that their sources were traced around the web. Seems like after this came up BCN removed all of the images from the site and now you have only names and not photos in the testimonials.

Some additional searches about BCN on YouTube will reveal a video that look like a news reports endorsing Bitclub Expert (2:01 in the video) however this video was clearly made through a $5 gig on Fiverr (only with a different presenter).

I later on contacted BCN’s support asking them pretty clearly who own BCN if I have any issues and gotten the following response:

bcn response

So basically it’s the same empty words directing me to what is stated in the “about” page – how BCN is decentralized and no one owns it. Well if no one owns it (like Bitcoin for example) there should be a protocol that details the rules of how things work – that doesn’t seem to be the case here.

One final thing – BCN doesn’t seem to have a privacy policy or terms of use on their site. I would assume that any legit company would have these pages on their site. The main reason for not having these pages could be that these pages require you to put identifiable information on them.


August 29th update:  I’ve been contacted by yet another BCN member saying the following:

I want to update you directly, without adding a link to your blog replies. I am a member of BitClub Network and I was referred into the business by a good friend. After I found out, that the “Company” is run by criminals and rapists, I posted this info on steemit.com.

You are welcome to link, refer, copy my post. Please spread the word.
BCN is a scam and you can not get your money back!


How much money do you need to invest in BCN?

Usually these type of cloud mining schemes are either too good to be true (i.e. scams) or just not worth you investment in the long run (e.g. Genesis Mining). So I decided to do the math behind BCN myself. The first thing I noticed is that I can’t sign up to BCN without a sponsor.

Sponsor needed bcn

This pretty much reenforces my theory that BCN relies heavily on referrals. I mean if this is a legit operation that generates constant profits why would I require a sponsor to sign up? Can’t I just “join the party”?

Alas, I needed a sponsor so I just used the guy from the YouTube video. I mean he started me off on this whole journey anyway, so good for him. Of course the minute after I signed up I was prompted to pay $99 to join BCN without any option to see what I will actually be getting.

Sign up steps bcn

So the steps to join BCN are basically:

Step 1: Set up a Bitcoin Wallet

Step 2: Fund Your Bitcoin Wallet

Step 3: Send Bitcoin from your Wallet to our BitClub Address

Basically the site is saying, go buy Bitcoins and then send it to us without ANY explanation of what you’ll actually getting.

Actually that’s not entirely true, if you read down the page you can see the following:

  • Training and education about Bitcoin mining
  • Full access to our exclusive Bitcoin Mining pools
  • ClubCoin Opportunity – Get Free ClubCoin

At this point I have a ton of questions like:

  • What does “full access” to a mining pool means? (I can access many mining pools around the web without needing to pay a starter’s fee)
  • How much money will I make? Or what’s the return on my investment?
  • What the hell is Clubcoin? (other than being ranked #619 in the cryptocurrency list right after more anonymous coins like MayaCoin and LeoCoin).

So for now it seems to me like a lot of pretty words to cover up the fact that there is no valuable proposition behind the scenes. Of course I did not pay the $99, however if I did pay the membership fee I would them be enticed to pay another $500 or more for different mining packages.

Let’s do the math!

You pay $99 just get access to BCN and then you can choose between 1 of 3 packages – $500, $1000 and $2000. Depending on which package you chose you will get a percentage of the mining pool earnings. For example, if you choose the $500 package you will get 50% of your share in the pool and the rest will “be used to fund the mining operation and to purchase additional mining shares”.

I must admit that BCN does have a very legit front with their mining pool being responsible for 4.2% of the Bitcoin network’s activity. So they are not lying about actually mining Bitcoins. Now let’s see how much we can earn with BCN.

Each day around $1.1m is paid to Bitcoin miners around the world. This means that BCN makes around $46.2K daily or $1.4m monthly (4.2% of the daily mining revenue). This of course will need to be distributed amongst all of BCN’s users.

So if for example, you got the $500 package that lets you keep 50% of the earnings you’ll need to make $0.83 a day to break even after 600 days (that’s how long the package lasts). Since you’re keeping only 50% this means you need $1.67 revenue a day to break even.

Now remember, this is only if you want to break even after 600 days, if you want to actually make a profit you’ll need to make more. I’ve searched for hours around the web for “proof of profit” and couldn’t find a single person who shows profit. Every testimonial is just the same rehash of empty words about how this is a great tool for passive income.

But if you think about it, this is very logical as people are trying to increase their profit by brining even more people on board and getting referral commissions.

August 22nd update: I actually found a video describing the earnings after 1 month of mining. The video shows earnings of around $15 for 25 days. This would make a total of $360 after 600 days if Bitcoin’s price stays the same. However it’s not fair to judge this according to USD since the investment is in Bitcoins. From the video you can see that the guy is making 0.0012BTC on average daily. This would bring him to earn 0.72BTC after 600 days. The video was shot on April 2016 when 1BTC ~ $420. So the guy probably paid somewhere around 1.2BTC in order to get 0.72BTC back after 600 days.

Some may argue that if Bitcoin’s price would skyrocket then he’d make more than the $500 he invested, but that would be true also if just bought and hold Bitcoins with those $500 and didn’t invest them in BCN.

Another YouTube video (now removed) claims to have made more than a million dollars with BCN since he started out on October 2014 (22months ago).  But when he shows his personal dashboard you can see that he was only paid 5.35648BTC until today. He also states that he bought one share of $500, one share of $1000 and one share of $2000. This means that he invested $3500 and got somewhere around $2500 until today (since the Bitcoin price varied a lot in the last 22 months I took a rough average).

YouTube payouts BCN

The rest of the earnings for this account are only “on paper” I guess. The video also states how he used the rest of the earnings to reinvest into buying more shares. Meaning no money is actually withdrawn from the account.

As a matter of fact most if not all of the testimonials show how they reinvest 100% of their earnings in order to generate more revenue even faster. People might think they are making money but in fact they are just seeing numbers increase on a screen.

Of course everything seems nice and dandy when nobody is withdrawing their money from BCN because it seems like they are profiting, but once a critical mass of people start to withdraw their balances the scheme falls apart in days (very similar to today’s banks by the way).

August 16th UPDATE: After publishing this post I’ve gotten response from Joby Weeks and other BCN founders as you can see in the comment section. Joby supplied me with a video they made a year ago showing proof of earnings. I can’t vouch or dismiss this video but I think it’s an important piece of information. This earning video is from someone who joined BCN from day 1 in 2014. (if you can’t see the video click this link)


Unable to display content. Adobe Flash is required.

So who is behind BCN?

Honestly, I don’t know. The only “real person” I could find is a guy named Ryan Conley that seems to be a seasoned MLM marketer. However, Ryan doesn’t say he owns BCN, he only does aggressive marketing for them through YouTube videos and other online marketing techniques. I will not state my opinion about Ryan’s operation in this post, but I will mention that he used to endorse OneCoin (suspected to be a global MLM scam) and that he seems to be a professional MLM marketer. This means that it’s in his interest to get more people onboard so I won’t expect to see him driving people away from BCN.

The only video I could find about someone claiming they have established BCN is this video from Joby Weeks (edit: This video was removed). It was uploaded under Ryan Conley’s YouTube channel and Joby specifically says “What we decided to do was to set up our own data center up in Iceland….and crowdfund it if you will….”.

So Joby basically implies that he is a part of the BCN founding team. In the video description Ryan details:

“My business partner at BitClub Network and fellow Bitcoin miner Joby Weeks explains on his sea cruise what is taking place.” This makes me wonder if Ryan and Joby are indeed working together on BCN but are just not admitting it in order to avoid the public.

Even though the owners of BCN can’t be verified beyond a shadow of a doubt, there is evidence supporting the idea that factions of the Zeek Rewards Ponzi scheme might be behind it. Another theory that came up is that Clubcoin – a cryptocurrency used only by BCN at the moment was introduced in order to make up for lack of funds to pay to investors.

This means that instead of investors getting Bitcoins for their investment they will receive Clubcoin – a cryptocurrency that has no real value or substantial trading volume. This quote is taken from the official Clubcoin website:

who accepts clubcoin

Now that you have Clubcoin where can you spend it? BitClub Network is the first merchant to accept Clubcoin

So basically there’s nothing to do with Clubcoin other than to pay for your BCN mining operations. By doing this BCN is basically saying “Here’s a coin you may be able to trade with other people who may be willing to pay for it for some reason”. So now investors are saying “Hey, we are actually getting paid!”. But the fact remains that they are getting something that no one really wants and that they may not be able to sell anywhere.

Another last thing to keep in mind is that apparently the only payment method BCN accepts are cryptocurrencies. This might be in order to keep the individuals behind BCN anonymous. I mean if the operation was completely legit they would accept credit cards (like Genesis Mining for example). However, since they do not want their identities known they allow payment only with Bitcoin.

Bitclub Network has a HUGE warning sign hovering above it

Summing it all up BCN seems to be following a similar path to a lot of other Bitcoin scams that have gone bust. I admit that BCN probably has a valid mining operation up and running but I’m still convinced that it is (or will become) insolvent and will not be able to pay out the majority of its investors.

Much like what happened with Bitcoin Trader  in the past and numerous other HYIPs that survived a long time before completely collapsing, BCN  fails to pass the main questions you need to ask yourself when evaluating any Bitcoin investment such as:

  • Who is behind this operation?
  • When will I break even on my investment?
  • What is the actual product that I am investing in?
  • And much more…(see in the comments)

Another thing to consider is that the recent block halving has probably put a dent into a lot of mining pools including BCN’s. It will be interesting to see how this plays out in the future.

Finally, here are a ponzi scheme’s characteristics taken from the SEC’s web site, let’s see how BCN does on the Ponzi test:

  • High investment or return promised with little or no risk. CHECK
  • Overly consistent returns – “Normal” investments tend to fluctuate – sometimes you’re profiting and sometimes you’re losing. A common characteristic of a Ponzi scheme is that you are consistently profiting money. CHECK
  • Unregistered investments – Usually you won’t see a Ponzi scheme company registered with any financial authority. CHECK
  • Vague language used to explain the investment – The promoter sells shares to investors by taking advantage of a lack of investor knowledge or competence, or using claims of a proprietary investment strategy which must be kept secret to ensure a competitive edge. Another option could be that the investment strategy is too complex to understand. CHECK

Last but not least several reports have been posted on Reddit indicating BCN reps trying to get people to sign up through Bitcoin meetups. The reps infiltrate the meetup or in some cases create a specific meetup that allegedly teaches people about Bitcoin just in order to get them to sign up to BCN.

I personally wouldn’t put my money into this business. I believe that BCN will go bust sooner or later. It may not happen today, this month, or even this year, but when it does a lot of people are going to feel ripped off and hurt.

If you have had any experience with BCN (good or bad) and would like to reinforce this article or prove me wrong I welcome it. Feel free to leave your comments in the comment section below.

August 18th Update: 

A “regular” BCN member reached out to me today via email. When I say regular I mean someone who isn’t a founder, hasn’t invested a lot of money in BCN and doesn’t have any incentive of protection the company. Here’s what he writes:


“I am a member of Bitclub Network and I share most of your doubts.

First I also feared it is a Ponzi scheme, that the 500$ investment is used to pay out the earnings to the members. Then I observed the earnings for a while and started to create my own profit simluations. It is based on the actual earnings and forecasts the future based on certain factors. I will come to that in a minute.

Now, after my observations I do not believe that the investments into the pools are paid out as earnings, but I highly doubt that the earnings from mining will be enough to pay out the original investment, let alone to make profit.

He then goes on to explain exactly how he did the simulation (I’ve excluded  some of that part as it contains identifiable information).
In the simulation I assumed a BTC price of 1500$ to show that potentially it could work. If you set the price to stay at 600$ the result is rather sad. However if the earnings would double with the factor, again totally different picture.
You can see that the earnings vary based on the actual mining. This is according to my observations in line with the found blocks that can be tracked on the blockhain. The halving is very visible in the simulation.
– Why are the earnings per day constantly declining in a 10 day range until they are changed to a different level? Although my number of shares are actually rising e.g. from 1 to 1,005.
Answer and explanation from Bitclub: Mining equipment is purchased with the new investment in pools. However, the equipment can not be delivered constantly. They say they had a huge order of new S9 Antminers, but because of a delay from BitFury they could not be delivered. This means that new money into pools did not constantly lead to new hardware. The hashrate stayed the same, but earnings are distributed to more pools. Result is, less earnings per share.
I personally think the information about this in their advertisements is misleading. They claim that they purchase new hardware with my money, it will take 10 days to deploy the hardware and therefore there is a 10 day waiting period for every investment to start earning. The same goes for partial reinvestments.
So far the Hashrate has stayd very stable around 45-49 PH. So I am very disappointed in the first 60 days of my investment. 
To be fair to BCN it’s important to state that BCN doesn’t claim quick profits and say their investments are long term, so you can’t actually judge an investment after a two month yield.
The information from Bitclub is that the new hardware has finally arrived and they are starting to deploy from August 13. This can be actually seen in the hashrate. It has gone up recently to about 60 PH. The goal is, they say to reach 100 PH by the end of the year.
This gives me a little hope of higher earnings. But I haven’t seen it yet in real numbers. 
You are totally right that you cannot find real proof of earnings from mining online. Mostly it is blurred with earnings from commissions. The commissions they pay are great. And this is how they convince a lot of people to join. Claiming to earn 2000$ per day. But these earnings are purely based on commissions through the cycles of the MLM chain.
Personally I have not sponsored any one yet. The only commissions I earned are from my own pools. I cannot recommend it to anyone until I see a real potential for making a profit or even get your investment back.
I am still hopeful that Bitclub Network is not a scam, and that they are honestly trying to create profit though mining. The fact that they do not seem to pay that what is earned on the blockchain gives me hope. But the actual numbers so far are worrying me very much if I ever get my investment back.
 The communication through the upline of the MLM is sadly very typical for the MLM world. Everything is great, the best things are just about to start. The new products like the arbitrage robot will be even better and making more money. But critical questions are either ignored or half heartedly answered or answered in a way to make the critic look stupid. 
Also, you don’t want to be the spoiler, because your sponsor might be a close friend or family member. The marketing relies on a network of relationships. I don’t want to make my sponsor look bad, because he is a friend and he has sponsored a lot of people in this group.
That is why again, please keep this message anonymous,
With kind regards.

 

If any other members of BCN share similar feelings or perhaps the complete opposite I encourage you to share them in the comment section in this post or via email directly to me. It’s important to show the whole picture and not just the one sided view MLM marketers usually portray.

Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.
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135 Comments on "[Investment Warning] Bitclub Network Review and Analysis"

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marcelo
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marcelo

Theories, theories and theories. In addition to much imagination in this tiring study about BitclubNetwork.
  I am a member, the company is real, it pays for itself, it is honest, it tests mining, it allows people to visit the mining pool … Are you envious? haha

Mark Quintass
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Member
Mark Quintass

‘you are also getting paid on your referrals’ referrals’

Can any existing members confirm on this ? Just out of curiosity

p/s: this same questions was posted at the bottom, sorry for repeating.

Mark Quintass
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Member
Mark Quintass

Ofir, you are right, the answer is YES !!

managed to see from BitClub website, under “Understand the Power of the Binary System”

pacman
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Member
pacman

i opened a bitcoinclub network account and bought a share of 500$ pool and send 300$ on it it is more than 2 weeks i dont see the 300$ and there support team has not answered even once !! the exchange send me proof of blockchain transfer !!! to my point this is a scam !!! what is your opinion ?

Devon Buy
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Member
Devon Buy
Speak to the person who introduced you to this programme. Why would you send $300 there? You send NEITHER $$$ or BTC to BitClub. You just buy a pool with BTC and start mining. This is not a proof-of-stake arrangement where you send money in and it grows. You do that at the bank for a 3% annual interest, depending on which country you’re from. I am amazed by the lack of understanding by the people who join (no doubt from poor guidance from leaders), and then from that lack of understanding of how things work, simply concluding this whole… Read more »
Lilly
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Lilly

sure. just ask me.

regards, ralf

Lilly
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Member
Lilly
Well, I joined Bitclub Network in January 2016, an I invested a total of 3599 into my 1000 days mining shares. At the time, 1 BTC was worth around 320 USD. Since you have to make your investment in BTC,I bought around 11 Bitcoins to pay for my shares. Keeping in mind, that 1 BTC is today worth around 4000 USD, my 11 BTC would be worth by now 44000 USD ! So far until today – including Sponsoring a handful other – i got only 2.7 BTC in mining and commission back. And i can proof it! On top… Read more »
epul
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Member
epul

thanks lily about the explanation. FYI, I am planning to invest in Bitclub Network due to my officemate invitation. but after do some research, I decided to avoid this Ponzi scheme.

Devon Buy
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Member
Devon Buy
Most people always make this mistake when they talk about using the original amount invested into bitcoin mining with BitClub Network (BCN) and should have kept and held those BTC instead. Allow me to clarify. Bitcoin serves as both a product and a service. On one hand it is a store of value, and on the other it is a payment method. The two should not be confused with one another. When BCN charges USD3,599, it is requesting that the amount be paid in the form of bitcoins to facilitate international transactions. This is because the purchase of mining hardware… Read more »
Andy Pritchard
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Andy Pritchard

Hi Lilly, Thanks for your post. I was just about to put some funds in with them, would you be ok to speak? Thanks Andy

Willy
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Willy

Funny the Victor Diaz part… Chaco is in Argentina not Brasil.

Heidi
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Member
Heidi
Thanks for a very good and professionel description of BitClub Network MLM-Ponzi…. I am in unfortunately a member in Bitclub Network only with mining pools and here after a year I must conclude that I will NEVER get my invested Bitcoins back. After a year I have mined 18% of my invested Bitcoins and the mining payouts are getting smaller and smaller every week. I wrote about that in a Facebook group called: Bitclub Network – Team MegaMonster…… and was excluded from the group as I referred to Genesis mining where the poor members could get 3 times more profit… Read more »
Devon Buy
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Member
Devon Buy
Heidi, You didn’t invest bitcoin in BitClub Network. You spent US$3,599 to buy a contract, using bitcoin as a *medium of transfer*. There is a huge difference between the two. Bitcoin mining does not mean taking your bitcoin in and growing that number multiple times. Too many people get into bitcoin mining without understanding the nature of mining itself. And no, BitClub Network is not a ponzi, because dormant members (like the 90% in my team) are earning bitcoins from mining everyday without recruiting a single new member from Day One. Same goes for the dormant ones who have been… Read more »
elerose53
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Member
elerose53

hi! HEIDI

I am a member of Bitclubnetwork since Mar. 2017 and have some shares now.
I am getting back about 8% from the invested money every month in these days.
Could you sell your membership of bitclubnetwork to me?
If you are interested, send me your email.
I will contact you.

Riccardo
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Member
Riccardo
It’s amazing to see that all the negative comments on this site are made by anonymous people without pictures and no names. The rabbish and missinformation I read on this site is amateur, childish, casual and preposterous. I would not want these people to be my consultant. These people are not looking for facts, are looking for publicity and sell advertising. Bitclub is a transparent company, probably the most transparent in cryptocurrency. You can see what their mining on the public blockchains. You can see the videos of their servers farms and the tours of people that go there visiting.… Read more »
elerose53
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Member
elerose53

I am a memeber of bitclubnetwork and fully agree with your opinion because I can see bitclubnetwork is mining bitcoin in normal way and pay back as they mined.
No bitclubnetwork member around me complains about mining and payback system, but only outside people suspect that bitclubnetwork may be ponzy.

Refilwe
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Member
Refilwe

hey its really a good thing that you wrote this article, i’m from South Africa and i recently heard that BitClub has offices in Pretoria Gauteng. Strangely enough the offices are owned by a local government department :( . Is Russ Medlin the actual founder? that’s at least what i heard.

Bob
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Member
Bob

hello good people am Bob from kenya .wanted to ask for your help to investigate a sceem called publick likes .which seems much to this and prosperity club

ahsar khar
Member
Member
ahsar khar

OFIR BEIGEL can you make a review for hashflare like you made for this one

Zsofia Elek
Admin
Member
Zsofia Elek

Hi Ahsar, generally speaking we do not recommend cloud mining, you can read Ofir’s opinion about that in this article: https://99bitcoins.com/cloud-mining-profitable-just-evolution-scam/

ahsar khar
Member
Member
ahsar khar

it would be really great thanks

Dennis
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Member
Dennis
This is what happened to me: I tested the water with their 72 hour money back guarantee. This is what has happened so far. On 21/06/2017 I was enrolled $99 and bought 3 packages $3,500. On 23/06/2017 I sent them this message. “I was enrolled 2 days ago but I decided it was not for me so I would like to cancel my purchase and get my money returned. You can credit my bitcoin wallet for the amount $3500 and cancel the mining. I assume there is a cooling off period as in any viable company.” They replied on 01/07/2017… Read more »
Dennis
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Member
Dennis
OK now an update on my situation. After several further back and forths They finally informed me that I could not get a refund because I had already started mining. OK so I just gave up and decided to suck it and see what happened. I decided at least I should try to retrieve as much as I can by letting them go ahead with the mining. All was going OK although I was not on course to even get my money back unless bitcoin took off. Then about 2 weeks ago I get an Email from my sponsor telling… Read more »
tavik trondheim
Guest
Member
tavik trondheim

this is really weird. i have had two people that i sponsored cancel their orders and they got their bitcoins back, except for the 99$ dollar membership payment.
and also a friend of mine payed in the wrong wallet ID inside bitclubnetwork and he wrote to the support about his situation. and he got his bitcoin back in a week. took a long time this time, but i get it.

i really don’t get why you couldnt get a refund.

– a happy bitclubnetwork member for more than a year

Mike
Guest
Member
Mike

Why did you get your money back from your bank?

Jay
Guest
Member
Jay
hey Ofir, I appreciate your article and the thing is, you have shed light to many people and it’s obvious that each one of us is entitled to his/her opinion on the information provided in your article. I have not invested in the platform but I have heard of people who have made good money from the platform. I was planning to invest in the system but by following the various ideologies, thoughts, and experiences from the readers, I am a bit baffled on where I should next lay my foot on. So, I am suggesting to you and to… Read more »
Joe
Guest
Member
Joe

Does anyone know bitclub support email address? Trying to reach out to them but I keep getting redirect to log in.
Thanks

Lilly
Guest
Member
Lilly
Lisa
Guest
Member
Lisa

Would love to hear of any updates in the middle of 2017! BCN still seems to be around!

Anonymous
Guest
Member
Anonymous

Hi…There… I’m from Malaysia , Invest in BNC for 1 1/2 half year. I invest RM 2500 , i cash out RM 5000 . with local bank here . I didn’t do any referral . My mining Still going gone. So far the transaction going smooth & no strict or hidden fee. Everything transparent .

Devon Buy
Guest
Member
Devon Buy
Yes, you are right. All members experience this, myself included. Even without referral commissions, simply by parking and sitting, one can still profit from this, because ROI is dependent on not one but two factors – the amount of bitcoin accumulated over a given time, and the price of bitcoin at that particular time. Most people take into assumption in their calculation that bitcoin price remains stagnant, which is the 1.2 btc you mined at the end of this year is still at last year’s price. We have seen bitcoin price tripling in this first half year alone. If you… Read more »
Mathis
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Member
Mathis
Hello Ofir Beigel, at first, thanks for this great article. It’s impressive how much work you have put in your research work. I’m very grateful that you wrote it down and published it. I was searching for an article analysing the investment Bitcoin Network offers and taking a look at the profit system. I was contacted by BCN Members through Facebook and they offered me personal meetings (person to person) as well as meetings with other members and interested people in restaurant on a regular table. After it, one can go and make party with the assembled people in a… Read more »
Devon Buy
Guest
Member
Devon Buy
Hi Mathis, My advice to you would be to go to a reputable source for information on BCN, as different people around the world would present it differently, based on whatever information they have (or lack of it). There is a lot of information about BCN which is not immediately available online or easily found, and along the way, some miscommunication and misinterpretation are bound to happen. Raise queries on the site, have all your questions answered, and if by then you still do not have satisfactory answers or confidence in joining them for whatever reasons, then by all means,… Read more »
Zsofia Elek
Admin
Member
Zsofia Elek

Hi Mathis, thank you for the feedback. We appreciate you have shared your story.

Ola
Guest
Member
Ola

has everyone finished crying about this thread but a noise of confusion,hatred, and blah blah.. whatever

Flo
Guest
Member
Flo

ROGER you have RIGHT!!!!

Alex
Guest
Member
Alex
Ofir thank you for this article. In comments down here you asked for facts of revenue . My friend shared his 1.5year test on Mining Pool #1 $500 in BCN. He got back his investments after just 1.5 year waiting. For that time he had no referals. No referals. Just Comissions in bitcoins and BTC/USD growth. (sorry Russian only) And I ask you one question. You did not even bought membership in BCN. Did not even see what is inside Member Accoint in Bitclub. Did not even bought any MiningPool in BCN. How can you draw such conclusions and share… Read more »
Gavin
Guest
Member
Gavin

True statement, We have been in Bitclub for about a year and we are in profit . I was referred to Bitclub by a trusted / educated friend. We are very Happy with Bitclub

Joey
Guest
Member
Joey

me too.. no issue at all. From my BCN earnings, I was able to transfer, bought in another mining pool company, some of the BTC were encashed, and able to purchased additional account at BCN. Yes, let them know it’s a scam… while we earn day by day. After all, your attitude will always define your attitude.

Devon Buy
Guest
Member
Devon Buy
Yes Alex, Gavin and Joey, True, that was indeed my experience, as well as those who have joined before and after me. Which is why I mentioned somewhere that this article does not do BCN justice, and there should be a disclaimer somewhere as it is very misleading. Furthermore, any review should also be based on having done and gone through the whole mining process with BCN, which means going beyond just the membership fee, signing up for some of the pools, mine for half a year or a year at least, and not derive a conclusion just after one… Read more »
John Piper
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Member
John Piper
One factor which I have never seen mentioned, and apologies if I have missed it, is that BCN’s main business is the sale of computer hardware. Any company that does this is liable to make around 50% on the sale, Apple is an example, so that would be a massive source of income, in fact the major source of income. ON top of that a business has the choice of numerous marketing methods, adverts/tv/email/JVs/social media/etc/etc. MLM is another and is perfectly valid and it also has the benefit of only costing when it works. I joined BCN 6 months ago… Read more »
david
Guest
Member
david
I joined bcn today. feelgood factor after watching a youtube video with some guy ‘apparently’ on Necker island with Richard Branson . He did say one thing that made me suspicious though, at the end of the video he said that it may be possible to join the bitclub mining club ‘ If ‘ you ‘ Qualified ‘ . I have heard this silly ‘ if you qualify ‘ nonsense used in other marketing jargon aka the ‘scarcity principle’. I have asked their support to tell me of roughly what I would make in profit if I joined their $3500… Read more »
Devon Buy
Guest
Member
Devon Buy
Hi David, Yes you are right! That “if you qualify” statement is rubbish and bogus. BCN is not an exclusive club like some people say…it is open to everyone from all walks of life, provided they get a chance to attend one of their seminars and understand what it is all about first (and not going into it blindly) and get some guidance on how to participate. Cryptocurrency is still quite new to a lot of people, and people are still sometimes afraid to place money in an exchange and send it to someone in exchange for bitcoin, let alone… Read more »
Elizabeth
Guest
Member
Elizabeth

Hallo Ofir,
Thanks for this very detailed article and same here, I ended up with the help of a good friend 4 months ago and I am worried too. You mentioned, to get out as soon as possible, how does someone do it, did you research that? Thanks.
Please keep my name private.

Devon Buy
Guest
Member
Devon Buy
Hi Elizabeth, If you have purchased a Founder Pool, I would suggest that you leave it there and allow your hardware to continue to mine bitcoin for you. Opting out and requesting for your mining hardware back serves no useful purpose if you’re planning to mine on your own, or sell off on a second hand market. It is recommended that you leave your equipment there and allow it to continue to mine. You will notice that BCN’s hashrate as of this July of 2017 is already much higher than previously. Wait for your wallet to accumulate a higher quantity… Read more »
JOBY WEEKS is a scam artist
Guest
Member
JOBY WEEKS is a scam artist

Great article. Please note Joby Weeks is a SERIAL scam artist.

Here are a few of the scams he employs:

– Free airline upgrade pass for $10k
– Energy drink scam – the company went “bankrupt” and investors got screwed
– Employed by Mannatech – just watch 60 Minutes regarding this bullshit company and its fraudulent former CEO
– Coinage company which got raided by the Feds

These are just a few …. this guy is a sociopath.

References for some of the things mentioned above:

http://www.newschoolers.com/forum/thread/815379/Neon-Energy-Drink-
https://en.m.wikipedia.org/wiki/Liberty_dollar_(private_currency)

Vinnie
Guest
Member
Vinnie

How can i rely on your opinion when you can misspell bitocin (bitcoin), netowrk(Network) and many things like this, thia Looks More like a competitors opinion then nothing else.

Bitclub.com
Guest
Member
Bitclub.com

PS, Because the BCN news are “for members only” on the bitclubnetwork.com website … you may want to read the news section on my website http://bitclub.com … which are simply a copy of the BCN news that I put on the public space for all to see – Perhaps you’ll learn some things there and better understand the meaning of transparency.

Bitclub.com
Guest
Member
Bitclub.com
Long live to the BitClub, the ClubCoin & the CoinPay !! Ofir, you’re one of the first I discovered when I got into that crypto universe. I had some respect for you & what you did but after reading this : You lost it all…. What bother me the most is that you’re making a review and don’t even bother bother to join the Club = Meaning : You have no idea what you’re talking about and most of your words are speculation… It’s sad to see that you’re misleading your audience. Best thing I read here : They say… Read more »
Suria
Guest
Member
Suria

You can check below link to verify that bitclub network is real deal

1) You can check our mining profit everyday

2) https://www.blocktrail.com/BTC/pool/bitclubnetwork

3)Bitclub is no 4 largest mining company in the world
https://blockchain.info/pools

4)Bitclub also featured in bitcoinmagazine
https://bitcoinmagazine.com/articles/where-bitcoin-mining-pools-stand-on-segregated-witness-1480086424

5)Bitclub also featured in cointelegraph
https://cointelegraph.com/news/durban-bitcoin-seminar-aims-at-educating-south-africans-on-crypto-opportunities

6)Our track record,
2015. Bitclub network ranking no 13 from 21 company
http://www.businessinsider.my/bitcoin-pools-miners-ranked-2015-7/9/#pZyVdiGf2PiEhXZC.97

2016. Bitclub network ranking no 6 from 18 company..
http://www.businessinsider.my/bitcoin-pools-miners-ranked-2016-6/#btuAuKHUZhSZJjpV.97

7) Investor have visit bitclub mining pool in Iceland
Why Iceland? Why Verne Global?
https://verneglobal.com
https://en.m.wikipedia.org/wiki/Electricity_sector_in_Iceland

Mike
Guest
Member
Mike

How you do anything is how you do everything.
Fake news is the thing of the present and so sad to see such talent being used for false information.

The rule of thumb by journalist is to never make assumption based facts. Ofir clearly is making assumption based deductions and leaping to facts on those false assumptions. Do the work Ofir and find out the facts before smearing false news.
UNLESS you want to be considered an opion blog crypto news website. After all it appears lies and false/fake news pays better.

Infininty8
Guest
Member
Infininty8
True words good said , i am a BitClub memebr since june 2015 i can show him earning and withdraws of a 1pool dayli of figures real payout stated there which will let him look like a lier , but i use instead this energy to do something constructive , he seems to me like a competitor which is jeliouse and i don’t give a fuck on my gramar misstakes because i am talking 8 languages and i am not hidding myself behind speculations of an so called reasercehr or investigator which has no idea baout Cryptocurrency about Bitcoin or… Read more »
Max
Guest
Member
Max
Hi Ofir, I wrote the email that you posted at the end of your article. After 200 days I increased my shares similar like Chris. I agree, it should be possible to reach 2 shares at the end of the 1000 days. According to my simulation I have to keep the reinvest on 100% until they reach 1.2. That is because of the compound interest effect. However there will be no profit after 1000 days. The break even is around 1500 days. Assuming same average earnings and similar BTC price. 2 things I learned in the 200 days and through… Read more »
Chris
Guest
Member
Chris
Hi there, thx for the article. I am invested in BCN since March 2016 and here is my experience/opinion. It’s clearly a high risk investment and only thous who can afford to lose most if not all of their money should get involved. First some facts that are missing in your article. 1) They changed the uptime of a pool share from 600 to 1000 days. Even my pool from march and all the partial ones where updated retroactive. 2) They changed the withdraw system some months ago. If you want to withdraw less than 2 BTC, they charge a… Read more »
Infininty8
Guest
Member
Infininty8
Hi, very good detailed article but i am missing one thing in there you all never stated nowhere the Clubcoin which you got since you are in BitClub as present which has a value today of 0,49 and it is tradeble at Bittrex.com and others and also nothing about the shares on Coinpay which will be launched January at present it has already a value of 75Mio USD, but in principle good written , i am also from Germany ;) and in BCN since June 2015 , my personal oppinion it is a non risky very seriouse guys and good… Read more »
puk23
Guest
Member
puk23
I am glad I found this information and the threads on bitcoingtalk.org about BCN. Few months ago, a friend who got involved with this and passed on to me. Luckily, I did not spend a dime one it, other than just wasted time researching it. Which led me to a lot of different website, and nothing really concrete as to if they are a scam or not, but then again nothing concrete to prove they are not a scam. I also stayed away because it smelled too much like of them HYIP scams of the past such as Justbeenpaid “JBP”… Read more »
DJ Sunlove
Guest
Member
DJ Sunlove
Hi out there it seems easy to say BCN is scam without depth knowledge. One of the critical points often said who is behind BCN. Do you know who are the people behind S2 Mining and other pools. Nope. Why ? Because handling millions of Dollar each day is risky by treaten from robbers and surgery. Fact is if you doesn’t do anything you have a mining reward with BCN following a ONE TIME INVESTMENT From 2.35 Dollar each day. Up to the end of your life. During u use a reinvest you increase your earnings and will have after… Read more »
tmfp
Guest
Member
tmfp
“DJ” should stick to music, he obviously finds numbers too much. And “lifetime” return?? BitClub Network’s own members News section states on Sept 1st: “… June 30th purchased Mining Pool #1 has made back $297.18 of their original $500 after 418 days of mining.” (The original $500 was in fact $599, because of the mandatory ‘joining fee’ of $99.) So, after well over a year, he has got back less than half his original investment in $. In Bitcoin, it’s even worse: 2.5 btc spent, 0.5137 returned. 20.5% ROI in 14 months. Many investors fell for the sales pitch of… Read more »
tmfp
Guest
Member
tmfp
Just to clarify the use of the term “ROI”. It = return on investment but… Investments buy something with a resale value, which also provides an income. Paying a non returnable fee is not an investment, it’s a cost. An example of the former would be a stock or share in a public company which pays a dividend. You buy $599 of shares and get a $60 dividend. That is 10% ROI but the investment still has value. You can sell the shares anytime and recoup (hopefully more than recoup) your $599. If you buy a BitClub Cloudmining contract for… Read more »
Devon Buy
Guest
Member
Devon Buy
Hi TMFP, You may check my projections which is based on records of what we have been mining through a Founder Pool at BCN for the last one year. Increasing mining difficulty with time is taken into consideration, which won’t mean much because even with increasing difficulty we’ve managed to increase our worldwide hashrate distribution and maintained our position (or improved recently), but for argument’s sake I’ve assumed gradual decreasing earnings in my tables. The halving from 12.5 btc to 6.25 btc in 2020 is also considered. The initial investment cost is deducted in the final figures, to follow the… Read more »
TMFP
Guest
Member
TMFP
I see that BCN have virtually agreed that their business model is a Ponzi by unilaterally ending early contracts and stealing from anyone who isn’t in the “Founders” clique. To quote their latest news ” All members who purchased a mining pool share during the early days between September 14th 2014 through June 30th 2015….are simply taking up too much of the pool.” What that means, in other words, is that because of the minimal returns being experienced by all genuine investors (i.e. those gullible souls not there just for the affiliate commissions) any non compulsory reinvestment has tanked and… Read more »
Alex Leow
Guest
Member
Alex Leow

I had a view of the video but it doesn’t seem to be like he is reading off a script. Seems pretty clear to me coming from the mind of a lawyer. How did you arrive at that he was reading off the script and it is gibberish?

Matthew Foster
Guest
Member
Matthew Foster

Holy Mother of Awesome.

Ofir – I’ve only been into Bitcoin for about a month – fortunately I came across your site pretty quick.

I’ll have to send an e-mail – but honestly. Thank You.

Power to the People.

knight bit
Guest
Member
knight bit
what if you could verify all your daily receive Bitcoin is indeed newly generated coins .i guest the daily payout transaction on the blockchain could speak for it self .BCN is the first crowd funding network that could rely proof their existence in the mining world. BCN started the first decentralize crowd funding project and its still growing strong further more mining is at is infancy a few years back and its only a child now.but yet we know that the process of mining require more hashrate everyday to cope with the raising difficulty every 14 days. not agree that… Read more »
Arnost
Guest
Member
Arnost

In fact you cam verify that quite easily (I mean technically), but:
-Pool rewards do not have to be paid exclusively from the new coins, in fact I would be surprised if they were
-Significant number of BCN members would have to provide such proof in order for it to have any value, and I doubt you could find them, if Ofir says he could not find even one

Dan Cronin
Guest
Member
Dan Cronin

Thank you for this in-depth analysis. I am glad to be under your wing in the Bitcoin world and look forward to your continued expertise and guidance.

Ejenavi Johnson
Guest
Member
Ejenavi Johnson

Pls i also bought a package on Onecoin and i don’t know my faith yet as the Tokens submitted for mining almost five ago is yet to come out as coin. Pls do a thorough job on Onecoin too and advise me personally via my email as i ‘m very scared about my investment now including my too downliners!

Coupe
Guest
Member
Coupe

I guess it’s time to move forward, take as much money as you can out of one coin, this will not end well.

it’s just like our monetary system, unsustainable long term and will crash one day. but one coin will definitely collapse much much faster. get it out while you still can my friend. if you can’t, sell your entire account to someone who is willing to take it.

Best regards.

Ejenavi Johnson
Guest
Member
Ejenavi Johnson

Thanks for this timely warning, i ‘ve since have my doubt about this Bitcoin mining site. Thank God i ‘ve not invested. Presume it will turn out as another Hashocean that i lost a lot of money. Tks!

Infininty8
Guest
Member
Infininty8

hey brother , you can not compare at all Bitcoin or BCN with One Coin which is a real scam , BCN is a profitable thing but you have to got the right strategy ;) liek for all Buisnesses …

be blessed you should join BCN , if not let us talk in 24 Month ;) you should be on board believe me this is a true thing bro

peace infinity8

Coupe
Guest
Member
Coupe
Hi Ofir, great analysis there. I would like to point out that there were Bitcoin meetups that were organized using the meetup app, and they were taking advantage of that to recruit members. That I can confirm. Probably the reason why it’s “INVITE” only is to promote their exclusivity to join this “investment”. Just like how Bernie Madoff did, people who wanted to join had to be big investors and have good connections. Those small time wall street investors will not stand a chance to join his scheme. I’d really like to thank you once again to help warn people… Read more »
Devon Buy
Guest
Member
Devon Buy
Dear Coupe, Not everything presented in this article was fact, some were speculations and assumptions, and some written in a manner that inadvertently put BCN in bad light, with some examples given of certain members behaving badly, no less by the example given in your response above. When you have a community consisting of members from all walks of life from all parts of the world and from a diversity of culture, there is bound to be some who don’t do things ethically or the way most would agree. That however, does not mean that the whole community or operation… Read more »
Aaron
Guest
Member
Aaron
The reason why it’s so important to warn people about Ponzi schemes early is because by the time it collapses in on itself, it will be too late. Hell. If you’re one of the people involved with it and you’ve made money, good on you but this clearly sounds like a scam. If it sounds too good to be true it usually always is especially when it comes to money. And if you’re going to try to run a scam on someone why wouldn’t you do it with Bitcoin? It’s easy enough to get away with. I’ve seen plenty of… Read more »
Glyn MacLean
Guest
Member
Glyn MacLean
Ofir, I tried to reach out to you on Facebook, however due to the time zone difference I missed you. Rather than leave a long message, I have recorded video chat speaking to your points. This will make sense once you see the video in it’s entirety. It is essentially a call to the Cryptocurrency industry to put a stop to defamatory behaviour, suggest that poorly researched opinions do not serve to protect us, but undermine value. The only piece I ommitted, is to further challenge you on the un-researched and defamatory assessment you made of ClubCoin. ClubCoin is a… Read more »
Chad
Guest
Member
Chad
Thx for the clarification post above Joby. Ofir Beigel, you and your worthless site are a disgrace to the BTC community! Just like most ‘scam’ posts, the author writes his simple-minded opinion and doesn’t dig deep to get the facts. Says he does for attention, obviously not the case here. Amongst many other proofs, you actually think that BCN would have ANY chance of showing up on https://blockchain.info/pools if they weren’t actually mining and paying members!? Simple questions Ofir posted: > Who is behind this operation? Just like BTC itself, it’s about anonymity. If you can’t stand anonymity, don’t join.… Read more »
Dom
Guest
Member
Dom

How do we thumbs down this non-constructive post ?
CHAD, you are only discrediting yourself and the side you support with this sort of speech !
Plus, you are the only one giving the simple-minded kind of arguments here. Seriously.

tmfp
Guest
Member
tmfp
Thanks for the link to my BCT post. Who runs BitClub Network? There’s many, many MLMer’s using BCN templates, but the most identifiable U.S. “Founders” seem to be Weeks, Joe Frank Abel and the odious Russ Medlin, with motormouth Conley cast as Mr. Pink. An entity called SecondsOld originally cited Romania as BCN’s origin (he’s still pumping it on Steemit), but there’s no particularly new tech behind BCN or its matrix. Just ruthless MLM sellsellsell with the tagline of “Don’t miss out”, similar to Onecoin in that regard. Your article referencing both Bitcoin Trader and Genesis Mining made me lol,… Read more »
Joby
Guest
Member
Joby
Ofir, many of your comments in your story above are not true. However, It seems like you would really like to know how Bitclub works and you weren’t just trying to write a hit piece. Here is my attempt to unmix your mixed message. Bitclub is an “invite only” club. You can’t join unless a member invites you. Just like most country clubs etc. (Why does that make it a scam?) Bitclub is far MORE than just a mining club, however members/affiliates do sell Bitcoin and Etherium mining hardware. (which you can take physical delivery of any time you want)… Read more »
Roger
Guest
Member
Roger
Hello Joby, When I read your post, a quote came to mind: “methinks you doth protest too much”. If I knew only one thing about, and nothing else, it would be enough for me to distrust you. The fact that you use fake testimonials on your site, is enough to demonstrate your character. It’s such a small thing, don’t you agree, to be honest about what others are saying about you. If you can’t be trusted with the small things, then you certainly cannot be trusted with the larger and more important things, like handling other peoples money. But you… Read more »
tmfp
Guest
Member
tmfp
“Bitclub uses the MLM/Network Marketing Compensation structure to pay commissions to reps who sell Bitcoin mining equipment. ” “Again the product being sold is bitcoin mining hardware.” That’s why searching BitClubNetwork sites brings up a list of Bitcoin mining hardware for sale. Not. Nowhere. Never. To quote Bitclubnetwork.com “It works like this… You purchase a share in any of our mining pools and all Bitcoin mined from each pool is paid to you daily and shared with all members who are eligible for the pool. You can purchase shares for either $500, $1,000, or $2,000 worth of Bitcoin.” That’s not… Read more »
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