legit or scam

GainBitcoin, by Amit Bhardwaj – Legit Opportunity or Big Scam?

This post is submitted by someone who wish to stay anonymous:

Gain-Bitcoin-ReviewYou probably heard about GAINBITCOIN being a viable business opportunity. Now you’ll get to understand what the company offers and its reward plans.

THE GAINBITCOIN COMPANY:

GainBitCoin Whois
When I carried out a little research about gain Bitcoin on the Web, I practically hit a brick wall as to the owner. I then decide to take an extensive research of which I checked the GAINBITCOIN domain name Gainbitcoin.com and discover it was bought on the 26th of March 2013. I was also able to find out that Mark Lee was the owner.

Mark Lee

I went further and discovered on LinkedIn that Mark Lee lived in New Delhi [ which is obviously fake ], India but the domain registration had Singapore on it. I went through the terms and conditions available on the GainBitcoin website and got to see that the company was a subsidiary of Variable Tech PTE.

The company’s Bitcoin services include exchange, cloud mining, eCommerce and utility payments which we deliver across countries in Asia.

Other companies include Amazing Mining company and Research Ltd. they claim to have the ability to cause a 200 yearly ROI made in Alt-Coin mining. The subsidiaries are both headed by the CEO, Amit Bhardwaj. He doesn’t live in India and his name isn’t on the website.

GAINBITCOIN REVIEWS – THE SCAM PRODUCT:
Even though it doesn’t have any product for sale yet you can choose to promote the membership of the company. GainBitcoin has made mention of cloud mining and has set up plans for cloud mining that run from 1 to 13 BTC.

GAINBITCOIN COMPENSATION PLAN:
GainBitcoin pays 10% ROI to its members who choose to invest in its Bitcoin mining plans over the course of 18 months. That, of course, is equivalent to 180% ROI in 18 months.

Basic Plan – invest 1 Bitcoin and get 10% of that every month for 18 months. (1.8 BTC).
Amaze A3 – you can invest 4.85 Bitcoin, and earn 10% profit every month for 18 months (8.73 BTC).
Amaze A5 – you can Invest 13.75 BTC to earn a profit of 10% every month for 18 months (24.75 BTC).

RESIDUAL INCOME COMMISSIONS:
If there exist excess profits in GainBitcoin it is paid through a binary compensation plan.

MONTHLY REWARD PAYOUTS INCLUDE:
– You’ll get paid and receive a phone for 20 binary pairs every month.
– Get paid on 35 binary pairs in a month and receive a Thailand trip.
– You’ll receive a laptop and get paid for 80 binary pairs a month.
– Get paid on 80 binary pairs in a month and you’ll win a trip to Uzbekistan.
– Get paid on 225 binary pairs in a month and receive an “Amsterdam trip”
– Get paid on 500 binary pairs in a month and receive a “Las Vegas trip”
– Get paid on 1000 binary pairs in a month and receive a Renault KWID car.

COST OF JOINING GAINBITCOIN.
It costs between 1 to 13.75 BTC, to be a member of GainBitcoin.

RED FLAGS INCLUDES:
1. The owners lack transparency.
2. Their guarantee of 180% pro over 18 months is statically impossible. (due to unforeseen circumstances in the market)
3. They don’t really participate in cloud mining as claimed. New investments are used to pay off the old Investors.

CONCLUSION:

What really is happening is this…

Newly invested funds are paying off existing members which is creating the ROI.

Once NEW JOINEE slows down, so will your ROI and eventually the company will go disappear.

JUST AN ADVICE, STAY AWAY FROM COMPANY LIKE THIS WHO PROMISES ROI WHICH IS TOO GOOD TO BE  TRUE.

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