VIP Mining Review: Same Global Crypto MLM Scam Now Mining Was?
Now Mining Rebooted As VIP Mining
Luis Ortega is the founder of VIP mining operating in the cryptocurrency MLM forte. Research conducted Behind MLM indicate that Mr Ortega is also the founder of Now Mining. This is a platform that provides unregistered security investment contracts through a partnership it has entered into with Genesis Mining.
Estimates obtained from Alexa Traffic suggests that the Now Mining website may have collapsed soon after being launched. This means that Now Mining investors, who had initially been promised a return on their investment within two hundred and eighty days may have lost their investments.
Despite the fact that the MLM scheme by Mr Ortega may have collapsed, leading to widespread investor losses, he often describes himself as a prosperous leader, tech visionary, and one of the cryptocurrency pioneers. The recently released VIP mining appears to be a reboot of Now Mining, which may have undergone a name-change.
Products From VIP Mining
The mining contracts from VIP mining pay a daily return on investment as follows:
- 1 contract= $5,000
- ½ contract=$2,500
- ¼ contract=$1,250
- 1/8 contract=$625
Apart from these four contracts, VIP Mining also provides $50,000 and $500,000 mining contracts, but on a case-by-case basis. It is important to note that the specific return on investment (ROI) amounts have not been provided.
VIP Mining Investor Compensation Plans
The investor compensation plans from VIP mining are based on investment funds obtained from retail customers, and affiliates who have chosen to invest in this mining contracts.
- Retail commissions. The scheme pays all its affiliates a 5.5% commission whenever a mining contract is sold to a retail customer.
- Recruitment commissions. The MLM platform pays commissions through the use of a uni-level compensation structure. This is a structure that places each affiliate at the helm of the uni-level team. This means that each affiliate that is recruited personally ends up being placed under the affiliate at level one.
Any new affiliates recruited by a level one affiliate ends up being placed on the second level. Those recruited by level two affiliates are placed on the third level, and so on, and so forth. This means that the recruitment levels can continue going down through a theoretical and infinite number of levels.
VIP mining pays out the recruitment commissions as a percentage of the mining contracts that have been invested by the uni-level affiliates. They are paid out as follows:
- Level 4 & 5: 0.5%
- Level 3: 1%
- Level 2: 2.5%
- Level 1: 5.5 %( these are affiliates that have been personally recruited)
Residual Commissions And Bonus Pool
The MLM scheme pays out its residual commissions using the same structure as the one used in paying out the recruitment commissions. This means that the residual commissions get paid out as a percentage of the daily mining contracts return on investments paid to the uni-level members.
For the bonus pool, the platform takes 3.5% of every new mining contract that has been purchased and places it in the bonus pool. The pool is further split into smaller units comprising of VIP manager, director, VIP director, vice president, and president.
VIP mining affiliate membership costs $50.