The Spread of MLM Scams: PowerHashing.com

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Multi Level Marketing is enjoying a renaissance courtesy of cryptocurrency, and India seems to be as enthusiastic as anywhere about this concept of "passive income".

When this potent idea, i.e. you pay some money and then, with little effort (apart from selling on this concept to anyone and everyone) the money rolls in and you live Happily Ever After, is allied by the presenters to cryptocurrency, then it all develops another appealing angle,  "the System is Corrupt" etc.etc.
This was also the message with MMM, which also made a lot of converts around the world and resulted in a huge cash gifting scam which is causing a lot of misery, as 'investors' or "providers of help" learn the painful lesson that 2+2=4.

Anyway now the scammer's Flavor of 2016 is perfectly summed up by Powerhashing.com, which I've started writing about here

An MLM structure where money goes to the top, a vaguely described "mining" operation to fund it all and lots of trite Motivational Slogans add up to

SCAMS RUN BY SCAMMERS IN SHINY SUITS

[1715143596]

1715143596

[1715143596]

1715143596

[polynesia]

Thanks tmfp for pointing this out.
Powerhashing is actually conducting a seminar in Bangalore. 

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Yes, the other Hero on that flyer, Kartike Kanwar, is a serial MLM promoter who has apparently become a "Cryptocurrency Expert" over the last year or so, like so many of these "Life Changing Opportunity" sleazebags.

His promotional history includes Empower Network and Quanta, pretty much standard MLM "opportunities" where there is a theoretical central product which is being promoted as having value, with a tacked-on a leechlike MLM matrix to extract huge downline commissions, the real reason for the venture.
In the case of Empower, the product was a blog plugin and "personal development & Internet Marketing Training products".
In Quanta something its founder Jim Lutes describes as

“My goal is to take that embryonic greatness that exists inside every person in America, foster it, empower it and then hand them personal strategies based on solid principles that allow them to take that new attitude and apply it to creating a life masterpiece”.

 

These leeches are attracted to cryptocurrency because it is a barely understood buzz topic amongst the general public, where they can pretend to be experts educating investors suckers in the simple art of Becoming Rich.

The promotional material for these schemes is littered with meaningless aspirational memes and precious little hard fact.
Events such as that listed above are just Rah Rah hard sell promos which will say nothing about the product, but everything about the commissions for affiliates.
In no Powerhashing promotion is any detail given about their mining operation. The monthly rewards they infer will be achieved for the next 25 months are barely achievable in theory now with sub 16nm gear, even without the huge financial drain of the Matrix taken into account.

My concern with these parasites is that for Bitcoin to continue to be adopted and grow, it must have a positive image with the general public.
Fake scams like these will have the opposite effect and if regulatory bodies ever bother to intervene, then it will be Bitcoin that is in the frame, not the MLM system.

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Thanks tmfp for pointing this out.
Powerhashing is actually conducting a seminar in Bangalore. 

Maybe someone would like to go along and ask them a few questions based on this (cross posted from my main thread)?


So, mining proof.....

They say

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.

This is fairly standard bullshit. No specifics, nothing.
The last sentence implies a cold environment with geothermic/hydro energy, fashionably usually Iceland, Scandinavia or the wilds of China.
Being Indian based, maybe the Himalayas?
Maybe a State-of-the-Art installation, cooled with crystal clear mountain spring water, lovingly tended by Sherpas on their day off?
Maybe not..

Time for a YT video uploaded a couple of weeks ago, 33 seconds of mobile phone video shot by the looks of it in a disused shop, with about 24 x S5's and 15 x KNC Neptunes perched on some wooden shelving, wiring by a blind knitter and cooled by leaving the door open.

LADIES AND GENNLEMEN, I GIVE YOU POWERHASHING'S GLOBAL BITCOIN FARM 

https://youtu.be/8UJEiJieAxI








State of the Fucking Art indeed....let's put some manufacturers spec numbers for this pile of obsolete crap thru a calculator.
I'll give them a generous $0.06 electric/overhead cost and a 2% pool fee.

So, Powerhashing's 78.6 Th/s of 2014's finest mining scrap will provide an annual profit loss of... $417.04

[Rotten Egg]

Company master data about Power Hashing Solutions Pvt Ltd from Ministry of Corporate Affairs...



Amist Jaiswal & Abhishek have also registered another company called 3 ACES CRYPTO TRADERS PRIVATE LIMITED on 12/07/2016 with CIN U74999DL2016PTC302856.

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Oh look, Powerhashing and Gainbitcoin, both promoted by Amit Jaiswal from Dehli. I wonder if the Amits know each other?

[polynesia]

thepowerhashing@gmail.com? 
Who provides a gmail address while registering a company? Ridiculous.

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thepowerhashing@gmail.com? 
Who provides a gmail address while registering a company? Ridiculous.

"Mark Lee" likes gmail too

variabletechsg@gmail.com

thegainbitcoin@gmail.com

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I just fell over this https://powerhashing.wordpress.com/2016/07/17/a-talk-with-crypto-king-amit-jaiswal/ , so badly written and presented I thought I'd share it for a laugh.

Of course, the 'blog' is also run by Amit Jaiswal, thus he interviews himself.
Should be worth reading, seeing as he's a Crypto King (maybe he could get together with that other scammer, Ignatova, the OneCoin CryptoQueen).

He is also the http://www.thebitcoinguru.com/ and https://www.facebook.com/TheBitcoinDecoded, although that's not been updated for a while, not racy enough for the guy with a scrap mining empire.
Oh, and he's got that scammer's must have, an interest in a shit coin, Asiadigicoin.
ADCN is heavily promoted by Mr. Ubiquitous MLM pimp Kartike Kanwar, who also lists Gainbitcoin as one of his Get Rich Quick Schemes.
Small world.

Any, all this wonderful pedigree surely justifies Mr. Jaiswal's self description:

Professional Internet Marketer & Coach, Online Entrepreneur, Wealth & Prosperity Consultant

So, let's read some of Guru Jaiswal's deep and meaningful insights, meaningless marketing bullshit....

Power Hashing are a team of crypto currency experts ,entrepreneurs, business developers, network marketers who make a team in this developing world to provide genuine platform, or an idea which change your life, which spread the mission to bring the financial freedom in this world with their power to throw unemployment through from world.

If English isn't your first language, you should really avoid compound, complicated sentences.

It is the first company in India who have their own Bitcoin Minning Setup,deals in all types of majour cryptocurrencies like Bitcoin,Litecoin,Asiadigicoin,Eherium etc.

I love the way he slips ADCN in the middle there. 

Many revenue share companies, which available in market are suit their premises who deals in crypto,who make false promises as high return programs and short term projects,which were not last forever. Power Hashing is the computational effort of a cryptography proof of work, which confirms by their network, and enable their clients across the globe to generate realistic profits results ……

False promises of high returns? That's terrible, shouldn't be allowed...but Powerhashing doesn't do that, it generates "realistic" profit results....
Like these?

[Benson Samuel]

Thanks tmfp for pointing this out.
Powerhashing is actually conducting a seminar in Bangalore. 

Am going for this for sure

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Thanks tmfp for pointing this out.
Powerhashing is actually conducting a seminar in Bangalore. 

Am going for this for sure

Have fun, maybe you can pick up some cheap S5's. And a shelving unit.
I'm sure this Global Mining Operation will be forging a bright future by upgrading to 16nm gear pretty soon, what with all the money rolling in from




 

[JITENDERPAR3]

this is reality in india that many persons who are doing job or jobless are directly running toward the MLM platform for money without any hardwork. still many persons are successful but some of them are lossing thier time and money . i don't think that MLM is a very best platform of earning money by joining the new person in the MLM .
i had also read about your post for scam of MLM .
i will suggest those person of MLM group try to do with some what job with bitcoins .

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this is reality in india that many persons who are doing job or jobless are directly running toward the MLM platform for money without any hardwork. still many persons are successful but some of them are lossing thier time and money . i don't think that MLM is a very best platform of earning money by joining the new person in the MLM .
i had also read about your post for scam of MLM .
i will suggest those person of MLM group try to do with some what job with bitcoins .

This is reality worldwide unfortunately.
MLM scammers prey on two sections of the community everywhere: the greedy or the desperate.
As for the chances of success in putting money into MLM schemes, even if the scheme is not an out and out scam like OneCoin, the only people who make money are the ones at the top end of the pyramid, the vast majority lose it or barely survive, even in "legitmate" businesses where the core plan is viable.

Look at this distribution chart

 

That's the reality of MLM income distribution and that's with legitimate products.

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Crosspost from Scam Accusations

One thing that MLM schemes scams love is Social Media. They plaster it with inspirational memes about self belief and being confident in a bright new fututre, in order to draw potential victims into a relationship, on which they can build and extract money from the gullible.
Facebook facilitates this as part of its business model.
Don't under estimate the power of this. To most people who have a clue about how this stuff works, it's laughable. But what FB does well is lowest common denominator. It is full of so much trivial garbage that, in comparison, this aspirational stuff can look quite believable.

Have a look at https://www.facebook.com/PowerHashing/ , it's full of nonsense like this







Facebook also has a product review system, where clients of a business can leave their view of a companies performance and service.
Abusing this is standard operating procedure for scammers. Usually they buy Facebook accounts and at least make an attempt at diguising their fraud. (this is fraud, making a misleading statement knowingly to encourage a third party to take a certain course of action).

Powerhashing aren't that subtle/professional in their scamming. They just leave themselves 5* reviews in their own names lol.



Sleaze.

[MWD64]

SCAMS RUN BY SCAMMERS IN SHINY SUITS

That....picture. lol.

Also: the guy holding an iPhone. That's only because this is in a place where only the rich own an iPhone. It looks funny to me in a country where the "poor" people have iPhones.

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Also: the guy holding an iPhone. That's only because this is in a place where only the rich own an iPhone. It looks funny to me in a country where the "poor" people have iPhones.

I think he's got the Limited Edition White one 

[MWD64]

Also: the guy holding an iPhone. That's only because this is in a place where only the rich own an iPhone. It looks funny to me in a country where the "poor" people have iPhones.

I think he's got the Limited Edition White one 

Lolz. Those guys look and dress and remind me of the Jeff Berwicks of India.
https://bitcointalk.org/index.php?topic=1579135.msg15855070#msg15855070

[Amitabh S]

Great movie about MLM scams

https://www.youtube.com/watch?v=leQ0eLJpsnk

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It would be good to think that scammers like Powerhashing will be caught by the proposed new laws regarding MLM selling in India.
What are you thoughts on the legislative likelihood of this initiative providing a framework and a regulator with real teeth?

http://timesofindia.indiatimes.com/city/delhi/Govt-finalises-draft-norms-for-direct-selling-industry/articleshow/53454517.cms

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I see that the Shiny Suit Scammers are now pushing that ridiculous shitcoin AsiaDigiCoin.....



You have to laugh, otherwise it would be depressing.