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Author Topic: Is MLM ideal for bitcoin?  (Read 4956 times)
lixiaolai
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April 25, 2013, 08:53:23 AM
 #21

MLMs are ponzi schemes. Bitcoin's most popular activity in 2011 were ponzi schemes. The question isn't "Is MLM ideal for bitcoin", as that's a "duh". It's "is there still  a chance anyone in bitcoin isn't tired of ponzis?" and that answer is also "duh". Take a look at the lending subforum for proof.

I beg to differ... MLM and Ponzi Scheme are not the same thing, there're still some fundamental differences between them.

Taking MLM as Ponzi Scheme is somewhat like taking Bitcoin as Ponzi Scheme, focusing too much on minor similarities while neglecting obvious differences.

 

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Matthew N. Wright
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April 25, 2013, 09:27:01 AM
 #22

MLMs are ponzi schemes. Bitcoin's most popular activity in 2011 were ponzi schemes. The question isn't "Is MLM ideal for bitcoin", as that's a "duh". It's "is there still  a chance anyone in bitcoin isn't tired of ponzis?" and that answer is also "duh". Take a look at the lending subforum for proof.

I beg to differ... MLM and Ponzi Scheme are not the same thing, there're still some fundamental differences between them.

Taking MLM as Ponzi Scheme is somewhat like taking Bitcoin as Ponzi Scheme, focusing too much on minor similarities while neglecting obvious differences.

 

Pyramid scheme. Not ponzi scheme, sorry.

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April 25, 2013, 01:27:13 PM
 #23

Is Multi-Level Marketing ideal for bitcoin?

I found a MLM website using BTC, but before I join it, I want to ask fellows in this forum, why wasn't any popular MLM service before?

any idea?


MLM depends on who is running it. What is the link to their site?

https://btcmlm.org

I personally think they're promising.


Thanks... if they arent promising, it should at least be interesting. Smiley Are they offline?

(They look pretty spammy https://bitcointalk.org/index.php?topic=179893.0  )

and

https://bitcointalk.org/index.php?topic=179560.0
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April 25, 2013, 03:27:58 PM
 #24

MLMs are ponzi schemes. Bitcoin's most popular activity in 2011 were ponzi schemes. The question isn't "Is MLM ideal for bitcoin", as that's a "duh". It's "is there still  a chance anyone in bitcoin isn't tired of ponzis?" and that answer is also "duh". Take a look at the lending subforum for proof.

I beg to differ... MLM and Ponzi Scheme are not the same thing, there're still some fundamental differences between them.

Taking MLM as Ponzi Scheme is somewhat like taking Bitcoin as Ponzi Scheme, focusing too much on minor similarities while neglecting obvious differences.

 

Pyramid scheme. Not ponzi scheme, sorry.

I LOL when people categorize MLM's as pyramid schemes. Do you realize MOST businesses are pyramid schemes?  What's wrong with a pyramid? It is simply the word scheme that gets a bad rep.

CEO
President(s)
Vice Presidents
Regional Managers
Middle Management
Regular Old Employees

Plug that into a pyramid if you'd like.

There are people who have made millions from legit MLM business. I just hate to see the good ones get lumped together with the real scams.
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April 25, 2013, 03:32:00 PM
 #25

There are people who have made millions from legit MLM business. I just hate to see the good ones get lumped together with the real scams.
Okay, fair enough. I'll just ask then:

What are those legit businesses?

lixiaolai
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April 25, 2013, 04:24:47 PM
 #26

Why do I think MLM with Bitcoin is viable?

  • MLM itself is a practical business model when it's selling good products and services. (if it sells no goods but only to recruit, then it's a scam, ponzi scam, what's so ever.)
  • Virtual products and services are ideal to sell through MLM. Virtual products or services, such as ebooks, music or video files, and numerous online services, such as linode VPS, are almost with fixed cost, yet with immense potential if they are proven to be popular, therefore guaranteeing endless flow of profit for those who participate MLM.
  • The market cap of Virtual products and services is going to be much bigger than that of "real estates".
  • Bitcoin is guaranteeing more participants since members could come from anywhere of the world.
  • Building an Online MLM team with bitcoin is much easier than doing off-line, since traditionally, building an MLM team had to begin from acquaintance, but now, a participant is not bound to his or her circumstances. Imagine you can recruit through google adsense with a simple webpage.
  • Last but not least, albeit not everyone would agree: todays income with BTC is probably going to be multiplied by itself, since Bitcoin is essentially a deflating currency.

Am I missing anything?


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lixiaolai
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April 25, 2013, 04:30:08 PM
 #27

There are people who have made millions from legit MLM business. I just hate to see the good ones get lumped together with the real scams.
Okay, fair enough. I'll just ask then:

What are those legit businesses?


Wikipedia excerpt:

Quote
The Direct Selling Association, a lobbying group for the multi-level marketing industry, reported that in 1990 twenty-five percent of members used MLM, growing to 77.3 percent in 1999.[17] Companies such as Avon, Electrolux, Tupperware,[18] and Kirby all originally used single level marketing to sell their goods and later introduced multi-level compensation plans.[19] By 2009, 94.2% of members were using MLM, accounting for 99.6% of sellers, and 97.1% of sales.[20] The DSA has approximately 200 members [21] while it is estimated there are over 1,000 firms using multi-level marketing in the United States alone.[22]

https://en.wikipedia.org/wiki/Multi-level_marketing

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Matthew N. Wright
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April 25, 2013, 04:32:35 PM
 #28

There are people who have made millions from legit MLM business. I just hate to see the good ones get lumped together with the real scams.
Okay, fair enough. I'll just ask then:

What are those legit businesses?


Wikipedia excerpt:

Quote
The Direct Selling Association, a lobbying group for the multi-level marketing industry, reported that in 1990 twenty-five percent of members used MLM, growing to 77.3 percent in 1999.[17] Companies such as Avon, Electrolux, Tupperware,[18] and Kirby all originally used single level marketing to sell their goods and later introduced multi-level compensation plans.[19] By 2009, 94.2% of members were using MLM, accounting for 99.6% of sellers, and 97.1% of sales.[20] The DSA has approximately 200 members [21] while it is estimated there are over 1,000 firms using multi-level marketing in the United States alone.[22]

https://en.wikipedia.org/wiki/Multi-level_marketing
Why did I think MLM was a scam? What acronym was I confusing it with?

lixiaolai
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April 25, 2013, 04:36:57 PM
 #29

There are people who have made millions from legit MLM business. I just hate to see the good ones get lumped together with the real scams.
Okay, fair enough. I'll just ask then:

What are those legit businesses?


Wikipedia excerpt:

Quote
The Direct Selling Association, a lobbying group for the multi-level marketing industry, reported that in 1990 twenty-five percent of members used MLM, growing to 77.3 percent in 1999.[17] Companies such as Avon, Electrolux, Tupperware,[18] and Kirby all originally used single level marketing to sell their goods and later introduced multi-level compensation plans.[19] By 2009, 94.2% of members were using MLM, accounting for 99.6% of sellers, and 97.1% of sales.[20] The DSA has approximately 200 members [21] while it is estimated there are over 1,000 firms using multi-level marketing in the United States alone.[22]

https://en.wikipedia.org/wiki/Multi-level_marketing
Why did I think MLM was a scam? What acronym was I confusing it with?

At the extreme of the spectrum, an MLM selling nothing but trying to profit only through recruiting new members, is pretty much the same as Ponzi Scheme.

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April 25, 2013, 06:45:45 PM
 #30

^ Right.

There are definitely some fraudulent MLM businesses that do exist and only profit when new members join. Most MLM businesses DO reward you for building a sales team, but they are indeed selling an actual product or service.


To answer Matthew from eariler...
I personally know and have met some people who have made $1 Million plus with LegalShield. Also I know Mary Kay has created some millionaires. I'm sure Amway has too. In fact, the Orlando Magic play in the Amway Arena (or Amway Center).
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April 25, 2013, 06:55:32 PM
 #31

MLM and Pyramid Schemes are fundamentally different from Ponzi Schemes in the following way:

Charles Ponzi occasionally paid out money to investors to keep the idea going that it wasn't a scam Smiley

Be fearful when others are greedy, and greedy when others are fearful.

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April 25, 2013, 10:25:53 PM
 #32

MLM and Pyramid schemes are already illegal in some countries, too many people got burned! and yes there's always the story about the guy that earned a fortune, but at what cost, how many thousand people lost money buying high priced products that could be bought cheaper elsewhere, or worst, they buy stuff they don't even need, just to earn the "commission" later, also how many friendships ruined and family problems caused by MLM schemes, i saw people losing money (bad) and losing friends (even worst) after they recommended it to someone else...   just my 2 cents.
lixiaolai
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April 26, 2013, 02:08:39 AM
 #33

If I'm not wrong, I've banned some of their owners here for spamming this site everywhere.

The owner of btcmlm asked me to contact you, and he wants to know what he should do to recover his bitcointalk.org account. He said, I quote:

Quote
I didn't mean to spam. I newly registered an account, but was restricted to local forums, and I posted some to satisfy 4-hour login time... I don't want to register a new account, I was trying to contact moderator, but no reply. I also want to bid an advertisement in the forum, I'll obey all the rules...


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April 26, 2013, 02:59:23 AM
 #34

If I'm not wrong, I've banned some of their owners here for spamming this site everywhere.

The owner of btcmlm asked me to contact you, and he wants to know what he should do to recover his bitcointalk.org account. He said, I quote:




What happened to his site, the btcmlm dot org?
lixiaolai
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April 26, 2013, 03:50:24 AM
 #35

If I'm not wrong, I've banned some of their owners here for spamming this site everywhere.

The owner of btcmlm asked me to contact you, and he wants to know what he should do to recover his bitcointalk.org account. He said, I quote:




What happened to his site, the btcmlm dot org?

I've just got his reply. He is hesitating which to put into main domain, btcmlm.org or btcmlm.com; the site is now on btcmlm.com; but btcmlm.org is still offline.

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April 26, 2013, 01:39:08 PM
 #36

If I'm not wrong, I've banned some of their owners here for spamming this site everywhere.

The owner of btcmlm asked me to contact you, and he wants to know what he should do to recover his bitcointalk.org account. He said, I quote:




What happened to his site, the btcmlm dot org?

I've just got his reply. He is hesitating which to put into main domain, btcmlm.org or btcmlm.com; the site is now on btcmlm.com; but btcmlm.org is still offline.


What are the products they are promoting?


___________________________________________________________________

They have this:

Compensations

    A Level 1 member will get 30% of compensation from his or her own selling and recruiting immediately after the payment is confirmed.
    Besides 30% of compensation from his or her own selling and recruiting, a level 2 member will also get 5% of compensation from the selling and recruiting of his or her 2nd level downlines.
    Besides 30% of compensation from his or her own selling and recruiting, a level 3 member will also get 5% of compensation from the selling and recruiting of his or her 2nd level downlines, and 5% from those of 3rd level downlines.
    ......
    Besides 30% of compensation from his or her own selling and recruiting, a level 11 member will also get 5% of compensation from the selling and recruiting of his or her 2nd level to 11th level downlines.
lixiaolai
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April 26, 2013, 02:14:44 PM
 #37

If I'm not wrong, I've banned some of their owners here for spamming this site everywhere.

The owner of btcmlm asked me to contact you, and he wants to know what he should do to recover his bitcointalk.org account. He said, I quote:




What happened to his site, the btcmlm dot org?

I've just got his reply. He is hesitating which to put into main domain, btcmlm.org or btcmlm.com; the site is now on btcmlm.com; but btcmlm.org is still offline.


What are the products they are promoting?


___________________________________________________________________

They have this:

Compensations

    A Level 1 member will get 30% of compensation from his or her own selling and recruiting immediately after the payment is confirmed.
    Besides 30% of compensation from his or her own selling and recruiting, a level 2 member will also get 5% of compensation from the selling and recruiting of his or her 2nd level downlines.
    Besides 30% of compensation from his or her own selling and recruiting, a level 3 member will also get 5% of compensation from the selling and recruiting of his or her 2nd level downlines, and 5% from those of 3rd level downlines.
    ......
    Besides 30% of compensation from his or her own selling and recruiting, a level 11 member will also get 5% of compensation from the selling and recruiting of his or her 2nd level to 11th level downlines.


I focused on this:

Quote
BTCMLM Development Stages
Stage 1: Open registration
BTCMLM will only release 21 initial invitations, and that’s all. No initial invitation will ever be added within one year. After that, BTCMLM will release only 12 more invitations each year.

Everyone interested in joining BTCMLM, should have valid invitation code to register successfully.

Commissions will be sent according to systematic calculation every 24 hours. (GTM00:00) (See detail commission plan)

Stage 2: Open APIs
After BTCMLM has more than 2,100 registered members, we’ll release BTCMLM APIs to the public, by which developers can sell their own virtual products or services through the formidable BTCMLM sales force.

At the same time, BTCMLM will exhaust every possibility of cooperating with online companies who have already accepted BTC as regular payment, and sell their virtual products and services.

And, this means members of BTCMLM will have an endless stream of virtual products and services to sell, which means continuous profiting possibilities.

Stage 3: Go IPO in the Bitcoin community
After BTCMLM has more than 21,000 registered members, BTCMLM will sell 10% shares to the public, and the first 21,000 members of MLM have preferential rights to buy the shares. BTCMLM will always publish its revenue book in real time after its initial launching.

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April 26, 2013, 02:18:16 PM
 #38

That's a string of nonsense. In essence there is no product.
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April 26, 2013, 02:49:32 PM
 #39

That's a string of nonsense. In essence there is no product.


Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
lixiaolai
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April 26, 2013, 02:51:23 PM
 #40

That's a string of nonsense. In essence there is no product.
Hope they'll sell some products soon, or else I'll hold a same opinion as yours.

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