not a good set-up ....
i know you might be working hard , but it's start , and 0.1 btc for joining , it'll hard and it's a tree system if people stop joining , the last one's are left with nothing
all the best though
It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.
Problem is that MLM is always associated with scams in india, Aryarup/ATCR , SpeakAsia , Unipay2u, Stock Guru, TVI Express. has not got confidence booting in people about this. all these pyramid and MLM have the same MO joining fee and get people to join and you get paid a certain % in the end it ends up as a huge ponzi scheme.
I dont have much idea about all the names u r talking about. But, I have issues calling an MLM a Ponzi. MLM is a way of marketing. Ponzi is the scheme that is associated to scam. Because, in Ponzi, the company lure people with the 100%-200% return guarantee, but practically pay out with investor's money. On the contrary Amway, Avon, TupperWare and a lot other respected name in the marketing world use MLM as a marketing strategy and doing good business for years. MLMs provide product/service and offer people a commission to spread the word. So, calling a business straight out scam just because it uses MLM is probably not a good judgement.
You may have miss read my statement that hurting your feelings. I will restate or in other words dumb it down for you. What i said is that MLM is always associated with Scams and ponzi scams, in india. Which means most of these type of marketing strategy turns out as a scam. Note here, that i have not accused this new exchange of a Scam but only pointed out How such marketing Schemes have turned out as in the past. I can give you a list of this MLM programs that would be as long as Santas Naughty list that for a fact turned out as a scam.
Now as you have got me started on the validity of this scheme. let me elaborate what i think of this exchange's policy.
i. Joining will cost 0.01BTC.
ii. U can earn 0.003BTC at each referral.
iii. U'll also enjoy a part of 0.003BTC at every new member joining.
iv. Minimum amount one can trade is 0.01BTC
v. Exchange commission for trading is going to be 0.0005BTC to start off.
Joining Cost = 0.01
Referral payback = 0.003
Taking 0.01 BTC = 375.97 INR
Now, lets say you want earn back you amount and refer 3 people so = 3 X 0.003 = 0.009
Which means you really need 4 to cross over your break even. good luck convening people to signup for an exchange where they have to pay.
Next point is the point that makes it a MLM/Pyramid Scheme
It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.
Well indirect referral, humm.... Pyramid Scheme much.
OH !! wow thank you for bring up Amway I almost forgot that fuckup of a company
http://businesstoday.intoday.in/story/amway-backdrop-qnet-ajay-chanam-on-direct-selling-marketing/1/195445.htmlAnd Avon has now moved to pay and salary structure for their direct sellers.
TupperWare Cmon you make it so easy for me. That company has been going down the drains for ages, with change in marketing systems that never seems to work companies like MAC and even Lakmé supersedes its sales volume. their operations in UK has closed. In the US 80% of their sale is now done by Retail giants like Walmart and Target.
All in all these companies atleast sell a physical product. They are not selling membership to a BTC exchange where in you have to pay to get in. Its not some American Express card that has over the top Customer care and support that warrants a signup fee.
