And it's time for an update for the Numero Uno Crowd Funded Cloud Mining MLM Network in the World
tmThere are three aspects to this operation, they would have you believe
1) BitClubPool mining and "passive income"
2) ClubCoin, the PoS offshoot
3) Merchant platform for ClubCoin.
1) ain't looking too clever. Any cloudmining outfit will be making ROI payments to its investors, based on their profitability/shared by the number of stakeholders.
BCPool have mined 785 blocks in the near year they've been going. Take out around 130 as mined by third parties (not BitClub Network) and average out the price and you get best part of $5,000,000 gross income. Big Number.
Depending on who you believe in an environment where "no-one" is the sensible answer, the net profit on that after regular overhead and electricity, could be anywhere between $1m and $2.5m, still a chunk of change.
So yeah, BCPool makes a net operating profit, that's a reasonable assumption.
But then it's got to be shared out.
There are two main places for that money to go, to the "miners" as ROI and to the networkers as commission. The more miners recruited by networkers, the more those two demands grow. If a stage is reached where those commitments exceed the income, then the only way those payments can continue is
A) Reducing the ROI to the basic investors
B) Paying out from another source, other than mining income. There are no others, apart from new investors lump sums coming in. When you use that money to make up the difference to service existing commitments, you become a Ponzi.
C) Both.
The way to avoid that is obviously not to just keep selling and selling and selling "mining" contracts beyond a level serviceable by your operating profit.
MLM operations are sales driven. Google "BitclubNetwork" and you will find everyone and their uncle sell, sell, selling mining contracts on hundreds of different websites, social media platforms, webinars and seminars.
At the moment, Master Builder Abel, self elected BCN public spokesman Weeks and many others are hitting Asia for all its worth.
If their numbers are to be believed, ONE seminar in Seoul recently attracted 6,000! potential
suckers investors.
These guys have energy and drive, give them that.
Every sign on the line is $$$ for ever (how long it lasts) direct to them personally. (See previous posts for the ratio between mining income and referral income for these salesmen. Part of the game is to buy the biggest packages in order to access
bigger and bigger downline building opportunities. The $3500 max mining entry ticket is peanuts, and so is the relative income from mining.)
Anyway, you know this probably.
More investors, more ROI to pay, more referrals to pay.
That's OK, just so long as the income from mining keeps pace.
OOPS.
That's BitClubPool's hashrate stats for the last six months. An increase at the beginning of the year on the back of their big marketing push to keep pace (just) with the general arms race increase, but compare it now with the total network hashrate....
Combination of the two, ever increasing contract sales+declining mining earnings=dilution=very unhappy investors
MLM operations, especially bad actors, keep everything "in house", usually communicating directly thru dashboards. There is also a vested interest on the side of the investor not to rock the boat, because most realize that these things can snowball pretty damn quick and create a situation which is what they are personally trying to avoid. The equivalent to a run on the bank: they are only too aware their investment asset is only worth something while the doors stay open.
Weeks is quick to jump in (just an aside, Weeks, Abel and many others are U.S. citizens, it must be strange for them travelling the world first class selling something that can't be bought in their home country...) anyway Weeks comes up with the classic, "Be patient, great things happening soon"
line
Sapping out old units for new ones. Should have 48 PHs by September..
September?
Errr, Joby, heard of a thing called the Halving? I'm sure your pretty meagre income is going to be
probably slashed in half before September.Well, not
your personal income. That's based on what you sell, not what it earns...
I wonder what happened to
We've got 12 PH/s Bitfury containers
I've got the new (Bitfury) 16nm tech chips.....BCN are the only people in the world with Bitfury chips, buying all they can produce.
and what he's doing with them because, as sure as f*ck, he's not mining with them.
BitClub Network are going to be the biggest miner in the world
Nearly there....
So, onto
2)ClubCoin, the PoS offshoot
Not a lot happening that is immediately visible.
Github is dead, as is their promising da Moon
thread on here. The devs haven't even logged in for a couple of months. Maybe they and the rest of the Oompah Loompahs are too busy in the Chocolate Factory.
Doesn't look to healthy pricewise either, flatlining around 20c with no volume
and even at that price proving very hard and frustrating to dump.
Cue more unhappy punters...
"I started stacking CC on my computer at the beginning of the month and was making rewards soon, then nothing for 13 days.
I then noticed this morning; 28th April, that my closed purchases orders on Bittrex for CC Started to disappear from my complete column. About 5500 CC finished orders had disappeared.
I contacted Bitclub but no response as of yet.
And now, I have lost another order for 3879 CC. I have all the CC but I do think the blockchain has broken.
Now I have decided to stop staking but it takes for every to transfer the CC out of the mining app. You can not in put the amount you have to go through all the numbers starting at .0001 and you have to sit there and watch the numbers go up. I have 10000CC it took over forty minutes for it to get to that number. WTF Bitclub:
3) Merchant platform for ClubCoin.
Even quieter on this leg of the BitClub Network Master Plan.
Despite being floating as the Next Big Thing as long ago as November 2015, nada, zilch, nothing.
Apart from Mr. Rent-A-Quote Weeks that is
Merchant acquisition platform is almost done
OK.
Edited to include KNC bankruptcy-because-of-the-halving link.