Bitcoin Magician is some type of bitcoin education program available online through BitcoinMagician.com. Find out if it’s a legitimate program or a scam today in our review.
What Is Bitcoin Magician?
Bitcoin Magician is an online education program that promises to help you “discover the magic of bitcoin.”
The program and its educational materials start off in a fairly innocent way. An introductory video teaches you about why bitcoin has the power to revolutionize the world.
Suddenly, however, the video starts sounding less like an education program and more like a pyramid scheme. The program starts talking about how it’s not too late to get rich quick with bitcoin, and that there’s a “new breakthrough concept” that “multiplies your money by 400% or more per year passively.”
Yes, Bitcoin Magician wants you to believe that you can get guaranteed 400% or more returns passively – which means you don’t have to do any work.
Obviously, we’re seeing some red flags telling us that Bitcoin Magician is some type of pyramid scheme or bitcoin investment scam. So let’s take a closer look at how this program works.
Who’s Behind Bitcoin Magician?
Bitcoin Magician appears to be led by a guy named Jamison Palmer, who says he’s been involved in direct response marketing for about 20 years and claims he’s “very well known in the marketing world” and he’s “good friends with many of the top marketers in different markets.”
Jamison also founded a company called Max Response. Through Max Response, he “has a reputation for building top selling offers.” He has previously promoted nutritional supplements like Everpure (a diet pill), Humaplex (an oral HGH supplement), Nitro Juice (a nitric oxide supplement) as well as payday loans (like InstantLoanShopper.com).
Ultimately, based on the information Palmer has posted online, he appears to be an accomplished online marketing professional. More importantly for you, he also claims that his students have gone on to become 7 and 8 figure earners. Today, he’s working with “some of the top financial advisors in the world” and they all agree that “there are very few things that are able to multiply money like this.”
Unfortunately, a Google Search shows that Jamison Palmer appears to be a scam artist who’s been linked to Ponzi schemes in the past. “Palmer was one of the ringleaders who sold the uFun Club Ponzi scheme to US investors”, reports BehindMLM.com, for example. Palmer appeared to flee to Thailand after arrest warrants were issued against his fellow top investors. As of 2015, “he’s currently believed to be hiding out in Indonesia.”
Based on that information, Bitcoin Magician isn’t looking good. Nevertheless, let’s give Palmer the benefit of the doubt for a minute and discover how he claims to make you rich through bitcoin.
How Does Bitcoin Magician Help You Make Money?
As far as we can tell, there isn’t really a product or service with Bitcoin Magician. Instead, you’re just signing up for the company, then trying to recruit people underneath you.
The website even admits that you’re not selling any product or service. Instead, you’re just recruiting people:
“You can make some serious money by introducing people to this concept.”
The end of the Bitcoin Magician video is filled with rich people doing rich-people-things – like driving fast cars and going on vacation. The website claims it will make you “financially free” and “stress free” for the rest of your life.
To get access to the offer, you’ll need to contact the person who referred you to the pyramid scheme in the first place.
Fortunately, it’s easy to see what the end goal of Bitcoin Magician’s shady promotional campaign is: the company wants you to join a pyramid scheme called Bitcoin Networker.
What Is Bitcoin Networker?
If you jump through all the hoops for Bitcoin Magician, you’ll eventually be directed to the signup page for Bitcoin Networker.
As far as we can tell, Bitcoin Networker is a membership-based pyramid scheme or Ponzi scheme. You pay a fee to join. Then, the only way to make a profit is to recruit a bunch of people to the scam after you. The scam continues until the last person joins, at which point the pyramid collapses and everyone loses their money except for the top level members.
Since Palmer has been linked to Ponzi schemes in the past, it’s not hard to envision Bitcoin Magician being a Ponzi scheme.
We can’t find any information online to prove that Bitcoin Magician and Bitcoin Networker are genuine “investments” or “business opportunities” that will make you “financially free.”
The classic sign of a pyramid scheme is when a company doesn’t sell any product or service, but makes income exclusively through recruitment. The Bitcoin Networker homepage has a few “products” listed – but they’re basically just brief bitcoin articles featuring information you can find anywhere online.
The ultimate goal of these education programs – and the ultimate goal of Bitcoin Networker – is to convince you to buy into the “Bitcoin Cycler”, where you can “cycle mass amounts of bitcoin for long term wealth.”
Bitcoin Magician Conclusion
Ultimately, based on all of the information we can find online, Bitcoin Magician is a bitcoin cycler scam, also known as a pyramid scheme, a Ponzi scheme, or a multi-level marketing scam. There’s no evidence that anyone has ever made money through the company, and the company uses some shady marketing tactics to convince you to join. The company claims you’ll earn 400% or higher returns, for example, and get rich quick – despite the fact that 99% of participants will lose every dollar they “invest”.
Meanwhile, the creator of the scam, Jamison Palmer, has been linked to Ponzi schemes in the past. One report from 2015 even claims that Palmer fled to Thailand after arrest warrants were issued related to his previous Ponzi scheme.
Until Bitcoin Magician and Bitcoin Networker give us more information proving they’re valid investments, we have to conclude they’re both blatant and obvious scams.