With the crypto boom currently in full swing, alt-assets like Bitcoin, Ethereum, Ripple, Monero, Litecoin are being sought by novice as well as experienced investors alike. Similarly, in the past couple of weeks, we have been hearing about a product called Bitcoin Ascension. It is being touted as a “MLM based crypto scheme” that can help users increase their profits overnight.
However, with any Multi-Level-Marketing program, this project seems to be full of loopholes, and is ridden with shady elements that have led us to believe that it might be a scam.
Some Concerning Aspects Regarding Bitcoin Ascension
(i) Owner History:
One quick look at the website allows us to see that the core people behind this company include Ivan Mircic, Tom Kent, Amber Lee. Upon further investigation, we have found that Ivan has previously been in the MLM space, and has been a part of ponzi schemes such as Money Go Round.
Not only that, he also promoted fraudulent/ scammy projects like Ads Cash and Click Intensity, both of whom were called out by the crypto-community at large upon their release.
(ii) False Claims:
While the company claims to have been in the crypto space for quite a while now, we have found that the website was registered recently on the 2nd of November, 2017. Not only that, the registration has been done using a third part bot, that makes it impossible to see under whose name the domain actually lies.
(iii) No Product Line:
When looking at Bitcoin Ascension in more detail, we can see that this project has no “product line” to offer to its customers. What this basically means is that after we transfer our money onto the platform, we we have to trust the people behind this venture to not only invest our friends wisely, but also share the profits with us timely.
(iv) No Financial History Provided:
While most investment platforms tend to give a detailed breakdown of their past performance, as well as their financial history. Bitcoin Ascension does no such thing. There is no proof of any “retail sales activity” or any other relevant data provided to us.
As mentioned previously, BitCoin Ascension is a pure MLM scheme, which basically means that early investors might be able to reap some profits, but as the number of investors increase, the profit ratios become unsustainable, and the venture generally implodes. As a result of such a weird structure, most MLM schemes that are available on the internet are usually “quick cash grab schemes” or scams.
In terms of the framework of BitCoin Ascension, we cans see that to participate in the program, users are asked to “purchase positions” within a 2×6 matrix system. After this initial step is done, users are then required to gift other members money, and in turn receive payments as well.
To be more specific, the six levels of this program have been described in detail below:
- Level 1: a customer has to gift a minimum of 0.004 BTC to another user, and subsequently receive 0.004 BTC in return from two other affiliates.
- Level 2: a customer has to gift a minimum of 0.008 BTC to another user, and subsequently receive 0.008 BTC in return from two other affiliates.
- Level 3: a customer has to gift a minimum of 0.016 BTC to another user, and subsequently receive 0.016 BTC in return from two other affiliates.
- Level 4: a customer has to gift a minimum of 0.04 BTC to another user, and subsequently receive 0.04 BTC in return from two other affiliates.
- Level 5: a customer has to gift a minimum of 0.1 BTC to another user, and subsequently receive 0.1 BTC in return from two other affiliates.
- Level 6: a customer has to gift a minimum of 0.6 BTC to another user, and subsequently receive 0.6 BTC in return from two other affiliates.
At this point, it should also be mentioned that in order to participate in this program, users have to make a minimum contribution of at least 0.004 BTC.
Bitcoin Ascension Conclusion
Okay, while this program might not be an outright scam, it makes use of so many shady tactics that it is best not to get involved with this project to begin with. For starters, it makes use of a legal loophole called “gifting”, wherein users can freely gift each other money without having to face any tax related issues. However, this concept has been around in the MLM scene for many years now, and things have never ended well for many companies that have used this avenue in the past.
Lastly, once this project implodes (which it is bound to do so), the only person who will make any money out of it is Ivan Mircic. Thus, we would advise all our readers to stay away from this project, and invest in a source that is more reliable and trustworthy.