Barry’s Note: On Friday, 11-17-17, I released an M4 Insider Journal update; one that is focused on the incredible news and product announcements around a particular Bitcoin-driven IV we have been endorsing for over 6 months.
And, until it proves otherwise, it will continue to say listed under the Facilitated / Managed / Auto-Traded / Hand-Free section of our Money >> Multiply page,
The company behind the automated Forex trading and Bitcoin-mining operation has world class business experience, currency-trading pedigree, financial backing and the capital resources to maintain cutting-edge technology.
Thorough due-diligence has been conducted; the data has been verified; the leaders, ethical and transparent in their operations, have all been met.
But, if you were to play ‘Scam Detective’ using social-media alone, it would be easy to think otherwise.
Lately, there’s been a backlash (all derived from fear – see below) around the viability of tying in an “opportunity,” or referral-marketing based business, into Bitcoin.
The connection, by proxy, has seemingly come with labels such as “ponzi-scheme” or “scam.”
The global credit card giant, Visa, could be smack in the middle of piloting out blockchain-based business-to-business payments (oh wait a sec.. they actually ARE)… but watch-out, Visa — tie in an affiliate or commission plan to any entity or partner associated with B2B Connect, and it’s open season on your ass ;)
Anyway, some people are trying to have a level, well-meaning head about all this. One such guy is Randy Gage, a long-time mentor; somebody I’ve interviewed in the past for a personal-growth product I published (er, way back in 2007)
While I don’t agree with the spin on some of his opinion, nor lack of depth-of-context around “currency” (I cover that extensively in the M4i-only article Bitcoin Billions, Part 1), let’s take a look at something he says…
In a chapter of Randy’s forthcoming book, R.I.P. MLM, he starts off with:
“Probably the worst hustle happening in our space over the last year has been the rip-offs posing as cryptocurrency network marketing companies.
These scams use the publicity and interest about cryptocurrencies, to hijack the credibility these new currencies have. They prey on the multitudes who aren’t that cognizant of developing technologies — and lead them to believe they are investing in the next Amazon, Yahoo or Twitter.”
Well, hopefully most people don’t think that speculating (even trading) in ‘crypto’ related opportunities means the equivalent of investing in the makings of a potential category-disruptive, game-changing company like the three he mentions (I know our M4 Insider members know better).
Nonetheless there are some good (yet, maybe not so unbiased) points he makes in the rest of it…
So, I asked Brad to give me his quick take…
Overall, I think Randy gives a pretty accurate description of the risky / speculative nature of cryptocurrencies, and the global proliferation of blatant mlm scams like One Coin, who I specifically called out in my crypto scam video [ Editor’s note: this video was first published in June of 2017 ]
I also think this article, while educational and enlightening, unfairly casts an extremely broad net that lumps all mlm-based crypto programs into the same scam bucket.
IMO it supports an underlying agenda by the old-school, traditional MLM Industry (i.e., companies and reps selling pills, powders and potions) to protect itself against what it clearly sees as a serious threat.
After all, with a dismal decades-long failure rate of 95%+, the direct selling industry is going to do everything it can to hold onto its flawed, status-quo business model that requires people to have to recruit a small army in order to make a decent living.
Compare that to the 100% success rate people are experiencing with legit crypto programs and it’s easy to see why traditional MLMers are quick to throw the baby out with the bath water.
No court or government agency in the U.S. has yet weighed in on whether Bitcoin is a security. With cryptocurrencies being decentralized, there’s still a lot of grey area when it comes to compliance for crypto-based companies that only accept payments and only pay out in Bitcoin, and where no fiat currencies are involved.
Chief Research Analyst, M4 Insider
Brad is also the Co-Founder of M4 Research and Editor of The Renegade Money Guide™.
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.