Is BitTrain A Scam? – Crypto Ponzi Train Wreck!

Examining the site deeper there is zero corporate information or corporate bio in regards to who owns the company or who is running the show!. 

The names given appear to be made up and appear to be random, there is no evidence backing that these people even exist.

Who Is Allen Coko?

Very little information exists about Allen Coko, who is apparently an Albanian national that resides in the United Kingdom. Currently there is no social media accounts for Mr Coko. 

No photo appears of him anywhere online. 

Who Is John Kin?

There is also very little information traceable about John Kin other than to a Twitter Account @Johnkin99138434 which exists exclusively for BitTrain and has not been used since May 2019. 

John Kin also appears on YouTube and can thus be said to be a real person. 

Any business or money making opportunity that is not crystal clear and open about who owns the company and who is running it I strongly advise you do not part company with your hard earned money!.

BitTrain Lawsuit

From what I already have uncovered there is some legal action against BitTrain to stop them from trading. The City of Statesville have filed a lawsuit to prevent them from continuing to do business. 

BitTrain are on a list of companies that the SEC Advisory Board have received a large number of complaints about. 

It is only a matter of time before serious legal action is taken and filed against BitTrain...unless they shut shop before this happens. 

All BitTrain Members get a 10% commission from their direct recruits, those they personally recruited into BitTrain.

Commissions for further levels down the Unilevel are as follows and based on the amount that YOU invest. 

• Invest A minimum of US$1000 and unlock 4% commission from level 2, and a 3% commission from your level 3 and a 2% commission from your level 4 recruits. 
• Invest At Least US$5000 and unlock a 1% commission from levels 5, 6, 7 and 8.
• Invest A Minimum Of US$10,000 and unlock a 1% commission from levels 9, 10, 11 and 12.

BitTrain Residual Commissions

To calculate residual commissions BitTrain use the Binary compensation model, which again is very easy to explain. 

To qualify for residual commissions you are required to recruit at least 2 individuals, one of each is placed below you and on either side, left and right. 

Those two are required to recruit two more each and then their four recruits in total are required to recruit 2 people each. 

Due to the functionality of the binary model each subsequent level has double the number of members as the level above it. 

On a daily basis BitTrain Total up the amount of new investments volume on both the left and right leg of your binary team. 

Members earn 10% of what is generated from the weaker leg, once you have been paid the remaining funds are then matched on each side and then flushed. If there is any leftover from your stronger leg it is carried on to the following week.

BitTrain Rewards

BitTrain members can get rewards for accumulating investment volume from their weaker binary team as follows:

• BitTrain Executive Trader: To qualify you must generate US$15,000 from your weaker binary legs total volume, earn US$150.

• BitTrain Executive Leader: To achieve this reward you need to generate US$30,000 from your weaker binary legs total volume, get rewarded a “a luxury pen” or  US$300 cash.

• BitTrain Gold: To receive this reward you must generate at least  US$60,000 from your weaker binary leg's total volume and get rewarded a “luxury watch” or US$600 cash.

• BitTrain Sapphire: To qualify for this bonus you need to generate US$100,000 from your weaker binary legs total volume and get rewarded the latest iPad or US$1000 cash.

• BitTrain Ruby: – To earn this bonus you must generate US$250,000 from your weaker binary leg's volume and get rewarded the latest iPhone or US$1500 cash.

• BitTrain Emerald: – To qualify for this reward you need to generate at least US$500,000 from your weaker binary leg's total volume, have 1 Ruby rank on each leg of your binary team, get an trip to Ibiza (Spain) or US$3000 cash.

• BitTrain Diamond: To get this reward you must generate US$1,000,000 from your weaker binary leg total volume, have at least 2 Emerald ranks on each sides of your binary legs, and get a Mercedes-Benz C-Class or US$40,000.

• BitTrain Blue Diamond:  To earn this reward you need to generate US$3,000,000 from your weaker binary legs total volume, have at least 1 Diamond rank on both sides of your binary legs, get rewarded a Mercedes-Benz E-Class or US$70,000 cash.

• BitTrain Black Diamond: Earning this reward requires that you generate US$10,000,000 from your weaker binary legs total volume, have at least 3 Blue Diamond Ranked Distributors in your team (with two on your stronger leg and one on your weaker leg),be rewarded  Porsche Panamera car or US$150,000 Cash.

• BitTrain Crown Diamond: Earning this reward requires that you generate $25,000,000 from your weaker binary legs total volume, have at least 2 Black Diamond Ranks on both sides of your binary legs, get rewarded a Lamborghini Aventador Sports car or US$500,000 cash.

Doing a proper background check and thorough research you should be looking into an opportunities standing and accreditation with the Better Business Bureau and other relevant organisations such as the Direct Sellers Association and Truth In Advertising. 

In the case of an investment opportunity you need to check if they are registered with the SEC.

Unfortunately, there is no listing for BitTrain with the Better Business Bureau, and this by default their status is Unaccredited and not rated. 

The Direct Sellers Association is an organisation which seeks to clean up the reputation of the network marketing industry. 

Membership is subject to a strict code which all members must meet and maintain. The audit process takes over a year to complete. 

BitTrain are not listed as members of the DSA. 

The Truth In Advertising, TINA for short is an organisation that check for poor advertising practices and particularly misleading and deceptive practices. 

There is no listing for BitTrain on the Truth In Advertising website. I suspect this is due to BitTrain being very new. 

The most common complaint being made by around the web by my fellow independent reviewers and bloggers is the lack of background information and the whole BitTrain having an entire Ponzi Scheme ring to it. 

BitTrain are selling an investment with an alleged guaranteed ROI of 8% per week, which is an investment and must be registered with the SEC. 

Further more, they are promoting and selling a class of unregulated and unregistered investments without a licence to do so. This is an offence to do so.  

BitTrain are not registered with the Securities and Exchanges Commission. 

I am a genuine looker on the bright side of life, seeing the good in all things. A glass more than half full kind of person. 

Still, 

Even I can't see anything good in what is a clear cut and obvious scam.

My apologies, but there is nothing to like about that!

While it is obvious, I don't like BitTrain due to it being a scam, let's not make this a free for all and mention the more important points: 

• No rating nor accreditation at the Better Business Bureau.
• Not Members of the DSA - (they should be as they are running a tiered multi-level program!)
• Not Registered with the SEC.
• Selling unregistered & Unregulated securities without a licence!. 
• An Obvious Ponzi Scheme with Pyramid recruitment to perpetuate the scam. 

While it may be technically possible to make money with BitTrain, what you will see is only numbers on a screen. I just don't trust BitTrain to actually pay out. 

Given that mathmatically speaking it will collapse I warning that worse that not making money it is more probable that you are likely to lose money!.

Yes,

Evidently there is a pyramid recruitment scheme going on here. No products nor retail element is present with BitTrain at all. 

The above table clearly demonstrates that there are elements of a pyramid scheme as far as this opportunity is concerned. 

Yes, 

BitTrain is operating a classic Ponzi Scheme where new investors are being used to pay older existing ones. Once recruitment dies down, newer investors will not be paid. 

It is fair to say that there are elements of multi-level marketing to BitTrain due to their compensation plan adopting known compensation models associated with the industry and recruiting going on several level deep. 

Examining the above chart we can clearly see there are elements of a multilevel marketing organisation going on, which is there as a means to perpetuate the Ponzi scheme and recruitment to keep it going. 

Yes, BitTrain a scam!

This is a Ponzi scheme meets the 21 century. You will find this happening in common cryptocurrency Ponzi scams. 

The BTRC is a ERC20 worthless token that cost BitTrain almost nothing to make an infinite amount of. It literally has no value. 

To get BTRC members need to pay in Bitcoin, of which the BitTrain owners pocket for themselves literally all profit!. 

In return, BitTrain members get paid in BTRC. It does not matter if they get 1 BTRC or 1 million BTRC it is worthless.

As per the laws of supply and demand go the more BTRC that get generated, the less value it has, that the more recruitment that goes on and the more that BitTrain need to generate the lower the value of BTRC becomes.

Meaning, you are guaranteed to lose!.

BitTrain from top to bottom, from inside to out is a freaking evident scam!. 

Sure you have probably seen some positive reviews and a video or two - take note, those are from people that are promoting BitTrain and have a financial interest in getting you to sign up. 

As I have proven in this review, BitTrain is a scam. Be warned and take heed!.

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