Is ShareNode A Scam? A Blockchain Scam [Exposed]

ShareNode is a platform where business owners, customers and influencers can promote their own or other people's businesses and get rewarded for sharing them. 

It functions using blockchain technology coupled with a proprietary token based technology to provide the incentives for promoting companies. 

Other facilities offered by ShareNode is the ability to connect with business owners, share your experience with a business/local and earn rewards when participating in commercial activity with participating businesses. 

There is also an altruistic element and option available where non-profit company's and organisations can recieve micro donations and funding when a customer uses one of their tokens to save on their purchase.  

Looking around and examining the ShareNode website I could find absolutely nothing in regards to corporate bio or any background information such as: 

• When they were founded
• Where they are headquartered
• Founders and executive management team

What I can ascertain is the domain sharenode.com was registered in 2006 and updated in 2018 (possible transfer of domain ownership) with the domain belonging to Stephen Chiang who gives a PO Box address in California. 

I have been able to uncover that Stephen Chiang is also known as Stephen Jiang, and is the co-owner and co-founder of Nasgo alongside his associate Eric Tippets.

A late 2018 press release states James Hardy as co-founder of Nasgo. 

Eric Tippets is known in the network marketing world for his training app Rocket Recruitment.

It does appear that Nasgo is Eric's first time at the helm of a network marketing business. 

ShareNode Lawsuit

Surprisingly, I could not find any Lawsuits filed against ShareNode Or Nasgo, I am most certainly expecting there to be plenty, particularly from regulatory authorities. 

ShareNode gets distributors to invest in SNP and NSG tokens, functions in a very typical invest, wait for more people to invest and then cash out kind of MLM style crypto based scam. 

The Products on offer by ShareNode are by the Nasgo company. 

Nasgo Promote a token, NSG, to be more concise that apparently allows any business to create a blockchain and digital assets of their own. Packages are priced from US$995 to US$1995. 

NasgoTokenize Basic US$995

This basic package includes a registration of your blockchain on their platform plus the issue of tokens.

You also get access to their rewards platform VPR, and Amico their E-commerce solution.

NasgoTokenize Plus US$1495

This includes the same blockchain registration as above with token issue. You also get access to their VAPR rewards system and their e-commerce platform, Amico. 

NasgoTokenize Premium US$1995

This product plan has all the benefits of the above two packages offer and includes and preferential listing on the ShareNode Business Directory. 

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ShareNode Operates using a network marketing business model which means there are two main ways in which you can make money with ShareNode. 

• Direct Retail Sales: You sell ShareNode/Nasgo products and earn a commission for your efforts
• Recruitment: You bring people into the ShareNode Compensation Plan. 

Before I get on and detail The ShareNode Compensation Plan, let's talk about the costs of joining ShareNode. 

Getting Started With ShareNode

Joining and getting started with ShareNode is locked in to buying 1,000 SNP tokens. 

It is not possible to ascertain what the cost of 1,000 SNP tokens are. This is not how any legitimate business, MLM or otherwise operate. 

The ShareNode Compensation Plan

As a distributor with ShareNode you will recieve commissions when you sell NasgoTokenize packages with your earnings paid in NSG, SNG and bitcoin. 

SNG is the token associated with ShareNode; NSG is the token associated with Nasgo. Bitcoin is used to pay the quoted US$ commissions. 

ShareNode pays their commissions using the unilevel compensation model.  

The unilevel compensation model paces you at the top with your own direct recruits placed below you on level 1. 

When your level 1 recruits manage to bring in people to ShareNodethey are placed on Level2. 

The unilevel compensation model continues in this fashion. 

Using this model ShareNode compensate distributors in the following fashion: 

Tokenize Basic

• Earn 1000 SNP token and 100 NSG tokens for every sales you make. 
• The 1st leader found in your downline will earn 500 SNP tokens and 50 NSG tokens. 
• The 2nd leader found in your downline will earn 250 SNP tokens and 25 NSG tokens.
• 5 Ambassadors in your downline will each earn 100 SNP tokens and 10 NSG tokens

Tokenize Plus

• Earn US$100, 1000 SNP tokens and 100 NSG tokens for every sale that you make. 
• The 1st leader in your downline will earn US$50, 500 SNP Tokens and 50 NSG Tokens.
• The 2nd leader in your downline will earn US$25, 250 SNP Tokens and 25 NSG Tokens.
• 5 Ambassadors in your downline will each earn US$5, 100 SNP tokens and 10 NSG tokens. 

Tokenize Premium

• Earn US$200, 1000 SNP Tokens and 100 NSG Tokens for every sale that you make. 
• The 1st leader in your downline will earn  US$100, 500 SNP tokens and 50 NSG tokens.
• The 2nd leader in your downline will earn US$50, 250 SNP tokens and 25 NSG tokens.
• five Ambassadors in the downline receive US$10, 100 SNP tokens and 10 NSG tokens.

There is no information available in regards to the qualification criteria for ambassadors or leaders in their compensation plan.

Reinvestment Bonus

ShareNode Distributors that reinvest their earnings back into SNP are able to get Bonuses: 

• If a distributor chooses to reinvest 20% of their commissions, they will obtain a 10% bonus paid in SNP tokens.
• if a distributor  chooses to reinvest 50% of their commissions, they will obtain a 15% bonus paid in SNP tokens.
• if a distributor chooses to reinvest 20% of  their commissions, they will obtain a 20% bonus paid in SNP tokens.

SNP Investment Returns

After you join ShareNode, you will be allowed to invest in SNP tokens. The value of the SNP tokens is set by ShareNode with distributors being able to get a return on their investment by cashing out using their internal exchange. 

Something that you should always look for is a rating and standing at the Better Business Bureau and the Direct Sellers Association for every network marketing opportunity that you are interested in. 

This helps us to see just how trusting we can be with the company and how professionally as well as legally they conduct business. 

Unfortunately there is no listing for ShareNode on the BBB Database. Therefore I can only determine that their default standing is unaccredited and not rated. 

Obtaining membership to the Direct Sellers Association is not something that every MLM  manages to achieve as entry is strict and not easily obtained. 

They have a very high standard with the audit and vetting process taking around 12 months to complete. 

Unfortunately, ShareNode are not a member of the DSA and neither have membership pending. 

The biggest and perhaps not the most common, but by far the most important complaint being made is focused on the technicality of ShareNode and by all means being technically Illegal. 

Those claims do have a high degree of legitimacy in my opinion as at the bare bones of it ShareNode are promoting and selling an unregulated commodity without a licence, which is in clear contradiction of SEC regulations.

No, ShareNodeare not registered by the Securities and Exchange Commission to be selling unregulated asset or any assets of any description. 

Even though this is not an opportunity that I like and it is a scam in my opinion in the way in which it is being run and managed. 

I appreciate the idea and what they are trying to do which is to integrate affiliate marketing and network marketing and the sharing economy to the blockchain. 

The idea is awesome, but it is not being carried out in the right way in my opinion. There needs to be a lot of tweeking and perhaps a whole revamp of their system to be fully legit. 

I do like what they are trying to do (if it was legit!).

There are some things that I do not like about ShareNode, which were: 

• It is a barely legal and perhaps even illegal operation. 
• The actual app is still to be launched. 
• There elements of a ponzi scheme going on here!. 
• ShareNodes tokes has no actual value and are non-refundable.

No!. 

In my opinion you will find it difficult to make money with ShareNode, I can see that one only costing you money with little to no returns. 

ShareNode is multilevel marketing opportunity, this can be determined due to the compensation plan adopted and the compensation model paying out over several levels. 

It is in my opinion that ShareNode is a scam. 

The main reason behind this is they are selling an unrgeulated and unregistered security while being unregistered with the SEC to sell any securities or investments to the public. 

It is a legal obligation for any company to sell any range of assets and asset class to be registered with the SEC. 

It really is only a matter of time before someone complains or the SEC recieve enough volume of complaints to warrant an investigation and the whole thing comes crumbling down under a cease and desist order. 

There are number of alternatives to ShareNode. I am not dismissing cryptocurrency as an asset or a way to make money or multilevel marketing at all. 

What ShareNode are offering is not how you make money with crypto currency or with network marketing. 

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