Today I will be looking at a new MLM company in the bitcoin industry by bringing you a Goldmine369 review before there full launch.
While they are yet to open their doors yet they have got a few people talking about them.
In anticipation for there launch I thought it would be a good idea to see what’s going on behind the scenes.
If you want to know if Goldmine369 is legit then keep reading.
As from what I have learned there are reasons not to give them the all clear just yet.
Goldmine369 Review Summary
- Owner: Jay Locke
- What Are They?: MLM
- Cost: $250
- Verdict: Scam
- Recommended: No
What Is GoldMine369?
Goldmine369 is a cryptocurrency cloud mining MLM owned by someone called Jay Locke.
They claim to have the tools to mine crypto and develop digital assets for you.
Now the problem is that while there set to launch soon, there isn’t too much info behind them.
All we know is that the owner is Jay Locke and joining him are experts within the crypto mining field.
Jay Locke – Owner of Goldmine369
As for Jay himself as he has recently gone incognito online, having taken himself of the Facebook platform.
For someone who is launching a company I find this move interesting, its like hes trying to hide himself.
Its also worth noting while Jay may have experts on his side, he isn’t one himself.
In Fact this Goldmine369 venture is his first crack in MLM having reported no previous experience.
Now when I go to check out MLM’s what is normally the case is the owners have either been distributors or owned previous ones in the past.
However in this case, it looks and from looking at the comments Jay has made online that this is new all to him.
What Do They Sell?
Moving onto the next section and just as interesting as the owners background is the products services.
This is because while they say they do crypto mining, there isn’t actually anything for you to purchase from them.
Yeah that’s right, they are an MLM with no product and no service for you to promote.
Not only is that odd, but that certainly moves into the pyramid scheme category.
So while they have spent months behind the scenes putting this into operation.
As you can see by the video below which tours you round there headquarters in Manchester, UK.
There is only an affiliate program, so yes it looks like the only way to make money is recruiting others.
Lets check that out further.
How Do You Get Paid?
Getting started you will need to put your money into what is called TeraHash Power Block slots.
These cost £250 and will get you a return on investment.
This is explained in the picture below.
Not only do you need to invest in order to get the estimated returns in the table, but you will need to pay a membership.
This consists of mining bitcoin fees.
How The Referral Commissions Work?
Moving onto the affiliate program, here they have taken on a Unilevel system.
Meaning you can recruit as many sponsors as you like.
Which in turn technically means you can make unlimited amounts of commissions.
Now while that sounds good, let me take you through how this system works.
The good news is that Unilevel systems are one of the easiest payment structures to understand.
So if you refer someone, that’s great, you will get a commission plus they will be placed on level 1.
If that person goes on to bring in someone else to the company, then you have a level 2 affiliate.
This goes on up to level 10, which means you can make money from building a downline.
For anyone you bring in yourself you will get an 8% commission.
After that they do go down, so level 2 will get you 2%, level 3 and 4 gets you 1%.
For the remaining six levels you will get just 0.5%.
After 12 months though you will get a return on your initial investment.
This again follows the same Unilevel pattern with up to 10 levels available.
It goes like this:
Mining Fees Bonus
For those who continue to purchase the mining license subscription fee, will be entitled to further benefits.
While this is there plan, the cost of the subscription is yet to be disclosed.
So you won’t know how much these fees are at this time.
Again following the same trend they pay up to 10 levels.
Early Red Flags With Goldmine369
1. Potential Legal Issues
You may already know that legally in countries like the US you will need to regulate any firm you start up.
So when I found out that they are not regulated by the Financial Conduct Authority immediately made me put my guard up.
If you don’t know what the FCA it’s basically the people you go to to get your company regulated.
They have released statements explaining their decision to not go down that road, and essentially take matters into their own hands.
But the whole taking shortcuts is a slippery slope, and already puts the company in risky territories.
The kind of people who don’t follow the correct instructions to set up a company legitimately, if you haven’t guessed already are scammers.
So that’s the feeling I’m getting from them and already it’s becoming very suspicious.
2. Founder Lacking Presence And Experience
If you are to join a MLM with the expectation of making money, the first aspect is the folks behind it.
In this case we have Jay Locke and although potentially with people who know the trade, he doesn’t know how it is to run a MLM himself.
This lack of experience concerns me, as so many small businesses go bankrupt or close within years of starting up.
So the fact he may not know exactly what he’s doing here doesn’t put me in good faith.
For me and accompanied with the other two issues I will be speaking about you are taking a gamble here.
3. Sounds Like A Pyramid Scheme
What does no product + no service equal?
Yep you guessed it a pyramid scheme, there are no other ways to go about it here.
There is no service or product you can purchase making them less of a MLM and more a recruiting Ponzi Scheme.
So that in itself is a bigger enough reason not to join this MLM, as its likely that with no product or service its inevitable lawsuits will come in if they don’t change that.
Is Goldmine369 A Scam?
I would say from what I have found about them that there are plenty of early signs that Goldmine 369 is a scam.
Everything I have seen as backed up my initial impressions that you should not consider them.
The fact that they don’t sell any service is scammy.
Not only that the fact the cheapest option is 250 GBP, gives me the impression that it could be a scammy cash grab.
Either way I advise you to say well clear of this when it officially launches in the future.
So to conclude this Goldmine369 review I would say there are better ways to invest your money, and I will go over one now.
Better Alternative To Earn Money
The opportunity that Goldmine369 is offering is shady to say the least.
But the thing is you don’t need to invest £250 in a investing MLM program like this to make money.
The fact that you are here suggests that you want to make money, and I am glad I got to you before Jay Locke.
Now what I recommend is affiliate marketing.
You don’t need to spend $100’s of dollars and its business model where if you take the time out to learn will make you money.
It’s worked for me.
If you are interested in learning about building a website and selling other companies products for commissions (not like MLM’s) do, then click here.