Before we have a look at Powerhashing, a brief explanation of MLM.
MLM is a predatory system of commission payments which is attaching itself to the promotion of crypto schemes.
MLM = multi level marketing.
An American idea, recruit a 'downline' to market a product or service and get paid for it. Time and time again.
The product can suck, not exist or be barely profitable, it doesn't matter. MLM is about selling a dream to the suckers, using lots of motivational type language and as few details as possible about the actual product.
And getting paid thru the matrix. No, not Neo's, a multi level money making machine
like so
There are many different forms of this, add-ons with silly names and quite anal refinements, but they all have the same goal: money rises to the top of the matrix in a pyramid fashion.
Hence Pyramid Scheme.
They are sort of illegal in a lot of countries, but generally don't get too high on policing priorities as investigating is quite labor intensive and the schemes, especially Bitcoin ones, are global.
The rewards for the <1% Inner Circle can be huge, so they have access to lawyers and offshore structures to help prolong the life of these scams, and the arrival of Bitcoin has given them a whole new ball game to play.
But, apart from the admins, everybody else is a sucker
So, there's MLM 101 for you.
Put it together with the core business being "Bitcoin mining" offering impossible ROI and what have you got?
S-C-A-M
Powerhashing.com.
Let's have a look at their website. Registered with that slag Bob Parsons, so no whois details, but we know who they are. (later)
Landing pageA Global Wealth Building Company for the Digital Currency Market
and a really impressive shot of server racking (maybe even Bitcoin miners to a newbie)
stolen from Nutanix tho
But hey, everyone steals photos of other people's operations right? Means nothing, right?
About usPower Hashing Solutions Pvt. Ltd. are a team of crypto currency experts, entrepreneurs, business professionals, network marketers, and programming developers who have unite to offer a very simple business model around a very complex industry.
More on the actual company later, but I've heard that spiel somewhere before.....
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.
and, come to that
A Global Wealth Building Company for the Digital Currency Market
BitClub Network....I guess is the MLM/Bitcoin pioneer, and still going, still enriching the Chosen Few...
What we do
We have combined the strength of crowd funding and bitcoin mining to bring you a very unique opportunity in the Bitcoin industry. By using expertise of our team we are able to provide a profitable mining operation
This pisses me. Crowd funding has
nothing to do with MLM. It's a buzzword they latch onto for credibility, nothing else. Legit crowdfunding ventures (the few that come to anything) will pay benefits back to angels, but do not come with a matrix affiliate system attached.
a profitable mining operation
Yeah, that's what we want. So where is it? What is it? How many Ph/s?
No details there tho, so onto the next page
OPPORTUNITY
Earn Passive Income
"Passive income" is an MLM/scammer's favorite buzz phrase, usually accompanied by pics of swimming pools. Just think about it, it's what we all want right? Just sit on our asses and watch the money roll in, looking out over the HashOcean...
But mining, we want to know about the mining!
All we get are more generalities...
Thanks to some great partnerships we have established with hardware providers, as well as to our bulk purchases, we get the best price on our employed technology. This means we get the hardware cheaper than the normal market price. What also bears great importance, considering the maintenance costs, is the storage of the miners: we have several farms and each location was chosen to fulfill two important criteria: cheap electricity supply and little or no need for cooling.
Bulk purchases, special relationships, cheap hardware. Sounding goood....
Several farms, sound like they're in Iceland I guess. Sounding greeeat...
But that's it, no details, just a couple of crappy Fiverrrr vids and that's that page done.
Onto
FAQsNot one Q/A about miners, pools, hashrate, halving effect, nothing, just generic bullshit about accounts.
Next page
CONTACTBlank enquiry form.
And a map.
A map of 1500 Gateway Blvd #220, Boynton Beach Florida....WTF? I thought Powerhashing was in India???
and the last tab
START MINING TODAYCREATE YOUR FREE ACCOUNT, START MINING TODAY and a form to fill in, with your sponsor ID already filled in. Who is he and why?
So, we've been thru the whole Powerhashing website and no details of anything to do with Bitcoin mining apart from generalizations, very disappointing.
Let's have a quick look at T&C's while we're here
Looks like a standard HYIP? type set of terms, but then we get to
CRYPTO CURRENCY ARBITRAGE NETWORK reserves the right to accept or decline any member for membership without explanation.
Who?
CRYPTO CURRENCY ARBITRAGE NETWORK....let's Google that.
Top result is moneymakersgroup, the scammers reference site for all things bent, impossible and just plain shit.
CCAN is
listed under "Closed, Inactive & Offline HYIPs", some bullshit scam that closed down and the admin ran off after a few months.
What's that got to do with Bitcoin Mining in India?
Next installment soon: how much will we earn, how will we earn it, and who are these three sharp dudes?
Pretty impressive explanation you got there. What it disappoints me is that I thought the cloud mining scams were going to an end with all of the fallen ponzies recently big ones and smaller copy cats. It appears some people will never learn and will try to scam unsuspecting persons. But still you have done a pretty nice job explaining it to the detail why this website is like you say "Bullshit Mining".
If I were someone tempted to invest there and reading this topic of yours I would have got my clear idea that I should never invest into such sites. Keep up the good work against ponzi scammers.
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