Hey, thanks for that.
So, what's going on?
As I outlined in the last post, a BitClub Network promoter called J. Ryan Conley has been plastering social media with posts highly insinuating that he and Roger Ver are best buddies and that, by extension, Roger is a BCN fan.
Roger has got pissed about the use of his name like this, and made it clear that he has severe misgivings about BCN, its business plan and its ability to service its ongoing commitment to pay the investors in its mining operation, especially because of the cost of maintaining the MLM matrix referral structure.
MLM's are pyramids, structured so that money flows to the top, in BCN's case to the "Founders" who buy $3500 deals, not for the small residual Bitcoin mining payments, but for the matrix commission structure and its 'legs', which mean ongoing payments to them from their downline.
So, who is Joby Weeks?
According to Google, Weeks has self described in many ways:
'a nutraceutical wellness consultant'
'lifestyle coach'
'avid adventurer, world traveler, social entreprenuer
sic, author and libertarian political activist!'
'millionaire'
in the audio, he says he is also an earlyish adopter of Bitcoin, but more of that later.
He 'lives outside the box', leads what used to be described as a "jetset" lifestyle and posts pics of himself in hot tubs on Richard Branson's rental island, stuff like that.
This is Joby Weeks (you may recognize the other person, more of that later)
and this is J. Ryan Conley
Mr. Weeks claim to have "been promoting bitcoin for three years" bears inspection. For someone as adept at "blowing their own trumpet" as Weeks is, there is no trace of anything on any of his social media to verify that. Until his 2015 BitClub involvment....nothing, nada, zilch.
His only Bitcoin tweet is one doing exactly what Conley has been doing, dragging Roger Ver into his name dropping circle.
Weeks rose to prominence in 2008 as
... an MLM veteran who was reportedly, according to people in his MLM company, put on lenghty probation by the company for once signing up a large number of sled dogs in Alaska. He is currently heavily-involved in the multi-level health supplement company called Mannatech.
Mannatech is worth a Google if you want more laughs.
At that time, the time of Ron Paul's Presidential campaign, Weeks also set up RonPaulLimo.com and piggybacked on that, MyRonPaulRewards.com.
MyRonPaulRewards.com is clearly a for profit MLM company constructed for the personal enrichment of its owners while proclaiming the need to elect Ron Paul as president. Several who have seen the MyRonPaulRewards.com site feel the site appears to be speaking for the Ron Paul Campaign while draping itself in a downpour of patriotic fervor. And then the pitch begins...
The site:
http://www.myronpaulrewards.com'Only' $49 to 'Sign Up' and then $19.95 a month...a total of $69.95 to get going.
If these MLM owners sign up just 20,000 who only stay in for one month, they will score a cool $1.4 MILLION.
The above is taken from Ron Paul's dailypaul site after originally being posted by Jeff Rense. Make of it what you will.
http://archive.dailypaul.com/25719#comment-828039Anyway, Google Joby Weeks yourself to get a flavor of the man.
Parsing the conversation linked above, the relevant bit starts around 43.40.
Straight in, Weeks sets his tone, loud, laughing and disingenuous.
He apologises for his 'friend' Conley, over whom he has no control, for #ing Ver (just like Weeks does himself), even tho Conley was "Roger and I"ing in text.
Weeks refers to it laughingly as "harassing", a common misattribution technique: to ridicule by exaggeration.
He name drops ferociously, a "founder of Google" (who knew nothing about bitcoin until enlightened by Weeks?) , "throwing a million dollars", 30 day cruises etc. Weeks is the Real Deal.
He refers to The "Inside Bitcoin" Seoul schmooze that "we sponsored". Well they did, the tote bags anyway.
Oh, and he hasn't seen any of the YouTube vids that link BCN to Ver and just about anyone else with a pulse and a name.
Weeks also makes it clear from the get go that BitClub Network wouldn't be, without him. It's all "I" and "we". There is no indication of Weeks' position within BCN, their site makes a big play of no bosses, no main man
BitClub is not owned by any single person or entity, we are a team of experts, entrepreneurs, professionals, network marketers, and programming geeks blahblah
The next bit is important.
It is important because regulatory authorities like the SEC (boo hiss) do NOT like people selling unregistered securities.
Also, MLM regs make it very clear that in order to be legal, the product must be the reason for the existence of the MLM, not the matrix structure itself.
Weeks gets his denial in straight away.
BCN are not selling "securities", i.e. a financial proposition, they are selling a product: physical bitcoin mining machines. The spiel goes that when you give BCN $500 or whatever, you are buying an ASIC,
not an investment product. In their small print, they do offer the choice of taking delivery of your very own ASIC at any time, to maintain this fallacy.
As Weeks himself states, 99% of BCN investors have no prior knowledge of Bitcoin, so it would be safe to assume that the take up rate on having your ASIC disconnected and shipped from Iceland is vanishingly small.
(Around this time of the chat, naughty boy Conley is commenting online
"Just to clarify, BitClub Network is not a scam." Thanks for that JR)
Weeks is off and running now.
At 51.19 he reveals that
"I've got the new (Bitfury) 16nm tech chips". Later he states
"BCN are the only people in the world with Bitfury chips, buying all they can produce." I'll have to ask punin about that, because it flatly contradicts what Bitfury are saying.
He goes on, comparing BCN with Visa, bringing up his unprovable "promoting Bitcoin for three years" assertion and making it clear his vision is of an army (uses that several times) of Bitcoin/BCN promoters quitting their day jobs (Classic MLM dream) as Bitcoin goes to $10,000. See you in the hot tub, guys.
He then refers to BCN investors as
shareholders (previously insisting they are miners) and when pressed about ROI, immediately cites a for instance which is optimistic by a factor of at least 2. $500 contracts do not return $4 per day, split 50/50, it's less than $1.
BitClub Network are going to be the biggest miner in the world
Yup, he said it.
At 56.00 he reveals
We've got 12 PH/s Bitfury containers
another one that I'll have to ask punin about.
Then it's magnetic motors, mining on ships, more "shareholders" in 80 countries and I even get a h/t reference along the lines of
People are saying escaped prisoners and shit are giving testimonials for us...not true
(See my early posts).
More bad math, 330 blocks mined = "$4m". That's an average price of $484.
Back to another Bitfury reference, he's buying $17million of Bitfury containers at $3m a piece and pays Bitmain $100 for an S7....
And that's about it really, some guy comes on at the end and says he's getting 8-15% ROI on his $3500 "Founders" mining deal, which is about right.
Weeks had blustered and talked over people, standard MLM salesman.
Job done, all off for tequila slammers and mega schmoozing.
Weeks will be signing up left, right and center no doubt, among the PUA's and other cutting edge folk in the hot tub, JR will be round the back signing up the maids and chauffeurs.
Dream Team.
Minor grammar edits.
