Welcome to my review. If you are reading this, you are probably doing you research and want to know, is Money Million a scam? I have done a good bit of research into the platform and in this review, I will be sharing everything I have uncovered with you.
The review will explain what Million Money is, how the system works, and whether it is good opportunity to invest in or a scam that you must avoid at all costs.
Million Money Review Summary
Million Money is a cash gifting scheme based on the ethereum blockchain. Members sign up to the platform and are then supposed to make money by recruiting other people onboard and paying making commissions from their fees.
The scheme uses a matrix cycler model where it requires a certain number of people to by a membership, which then triggers the commission for the sponsor.
Million Money is a scam because it presents itself as a blockchain project when it is simply a MLM / pyramid scheme. There is no underlying project behind the platform and it is funded solely through the fees of the members.
New members pay the commissions of older members until there are no more new members and the scheme collapses. You are more likely to lose money than make profits and should avoid platforms like Million Money.
What Is Million Money
Million money is another cash gifting scheme that uses ethereum smart contracts as its vehicle for facilitating payments between its members.
The platform is coming up in discussions online but the domain for the website was registered in August 2018.
There is no information available about who the founder of the platform is. According to the official website,
One of the claims that they make is that you can make 1500 ETH every hundred days, which at the current exchange rate works out to more than $350,000.
The program is getting some attention on YouTube recently as well as in private Facebook groups
How Million Money Works
Million Money is similar to a lot of the current Ethereum based gifting schemes / MLMs. To sign up for the platform, you have to have an ethereum wallet with ethereum in it and signing up comes at a cost.
If you have no experience with blockchain or cryptocurrencies, it’s a long and novel process, but if you have dealt with crypto before, most things like your wallet should be set up already and you will have familiarity with how the signup works.
Then you go to the website, you have to sign up with one of the supported Ethereum wallet, of which one of the more common ones is Metamask. If your wallet address is saved on your browser, then going to the website and will bring you to the login page and you are automatically charged the entry fee of 0.03 ETH.
Once you have signed up, you have to recruit people on to the platform. The people that you recruit onboard are referred to as partners and you earn commissions based on the compensation plan which will be explained below.
Million Money Compensation Plan
Million Money works on a matrix cycler model that goes down to 5 levels.
The compensation plan is a matrix model that works on a 2×5 basis. At the first level, you have what is referred to as a cycle of two partners. When two people join and pay the fee of 0.03 ETH, you get 0.06. So if you multiply the 0.03 that you paid at the start, your final profit is 0.03 ETH.
After Level 5, there is a second tier, which works very much the same as the first 5 levels, starting with 2 positions and going up to 32 positions like before.
The number of positions to fill the cycle double at each level as shown below.
Level 1 – 2 positions to fill the cycle – generates a commission earning of 0.03 ETH
Level 2 – 4 positions to fill the cycle – generates a commission earning of 0.05 ETH
Level 3 – 8 positions to fill the cycle – generates a commission earning of 0.1 ETH
Level 4 – 16 positions to fill the cycle – generates a commission earning of 0.4 ETH
Level 5 – 32 positions to fill the cycle – generates a commission earning of 1 ETH
Level 6 – 2 positions to fill the cycle – generates a commission earning of 2.5 ETH
Level 7 – 4 positions to fill the cycle – generates a commission earning of 5 ETH
Level 8 – 8 positions to fill the cycle – generates a commission earning of 10 ETH
Level 9 – 16 positions to fill the cycle – generates a commission earning of 20 ETH
Level 10 – 32 positions to fill the cycle – generates a commission earning of 40 ET
Claims of zero risk – When someone says that there is zero risk in an investment, this is always an easy tell that something is fishy. There is no such thing as an investment that has no risk. Even putting your money in the bank comes with a level of risk. So when someone says that there is zero risk, they are clearly being honest and trying to trick people who are more gullible.
Unrealistic earning potential – The potential earnings promised by Million Money are extremely unrealistic. They say that you can earn 1,500 ETH every hundred days, which is more than $300,000. If someone tells you that you must spend $5 and you will make more than $1 million dollars in a year, you don’t need me or a review to tell you that this is a lie. If this was true, a lot more people would be into it and it would make the news.
Mixing dollars with ETH – Cryptocurrency is a separate field to FIAT money (normal currencies like dollars and pounds). When you get familiar with blockchain, you will note that they quote money in cryptocurrency. The only place where FIAT currency and crypto are mixed is in an exchange where you are using one to buy the other. The reason for using dollars in platforms like this is to make it easier for people who aren’t a familiar with crypto and just want their money.
If You Are New To Crypto, Beware Of This
A common tactic with crytocurrency scams is just to use the term “smart contract” to trick people. A smart contract is basically just a transaction and can be good or bad. Just like in normal banking outside of crypto, digital banking can be used for good and bad things. But because most people are new to crypto, they are misled by sensational buzzwords without knowing what the bigger picture is.
If a pyramid scheme is considered bad outside of crypto, then it will be bad inside the cryptocurrency space.
If you are investing into crypto, you should be looking into what value the project is creating for people and.
If you are a fan of pyramid schemes and think you can recruit a lot of people, you might find some value from a program like Million Money.
Classic ponzi scheme – The system is designed simply to take money from people and is rigged towards the owners and the people who have joined earlier. As a new member, you are the workhorse. Half of your fees go to your sponsor and the other 50% goes to whoever created this pyramid scheme.
No product – Ther is no product or service of value attached to Million Money. The model depends on new members coming onboard and giving older members money. Million Money stops today, you have nothing that you can sell or consume.
Is Millon Money a Scam?
Yes, Million Money is a scam because it presents itself as a legitimate blockchain platform which it is not. It just uses smart contracts to carry out a pyramid scheme.
Amounts promised are also impossible to get achieve. There is no type of investment that can promise you more than 1 million dollars a year for only 5 dollars.
It works similarly to other cash Gifting schemes like Forsage and XO Network.
Most of the people who join will lose money until the pyramid falls apart like they usually do. You should definitely avoid this platform. There are better and more sustainable ways out there to make money.
What is a better way to make money?
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It’s by far the best place to learn how to make money online and you should give it a look.