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Is this Ten-Tier Bitcoin program legit or just another scam?
Lets dig a bit and take a closer look at this new Bitcoin company.
Instant Bitcoin Profits Review – Company
There is no information whatsoever on the Instant Bitcoin Profits website signifying who owns or runs the business.
The Instant Bitcoin Profits website domain, instantbitcoinprofits.com, was privately registered on January 12, 2017.
Additional research discloses that Instant Bitcoin Profits members naming Rune Fjortoft as administrator of the company. On his Facebook profile, Fjortoft began advertising Instant Bitcoin Profits on January 28, 2017.
The official Instant Bitcoin Profits Facebook group was created that same day.
Rune Fjortoft is based out of Norway and first appeared on my radar as the administrator of Instant Cash Matrix in 2011.
Instant Cash Matrix was a recruitment driven pyramid scheme. In 2013, Fjortoft launched Mobile Blog Pro, another recruitment driven scheme.
Fjortoft is multiple-time participant in MLM schemes, signing up for Ponzi and pyramid schemes under the member ID “mlmpronews”.
Read on for my complete review.
Instant Bitcoin Product Line
The IPB program has no retailable products or services whatsoever, with members only capable of marketing Instant Bitcoin profits membership itself.
Instant Bitcoin Compensation Plan
IBP members pay 0.02 BTC in order to join the company. Commissions are paid through a ten-level deep uni-level compensation construction when they recruit others who do the same.
A uni-level compensation construction puts a member at the top of a uni-level team, with each personally recruited member put directly underneath them (level 1).
If a level 1 member recruits new members, they are then put on level 2 of the original member’s uni-level team.
If a level 2 member recruits new members, they are then put on level 3 and so on and so forth down a hypothetical endless number of levels.
When an IBP member signs up, their 0.02 BTC membership fee is divided between 10 upline members.
Basically, one or more of these upline members are administrator spots, with all of the rest going to the direct upline, their upline, ect.
Payment of IBP qualifies a member to earn on their personally recruited members and the rest of their uni-level team.
I’m not sure how Instant Bitcoin Profits divides the 0.02 BTC membership fee.
Instant Bitcoin Profits membership is 0.02 BTC.
IPB – My Conclusion
All I can say is that with nothing marketed or sold to retail customers, Instant Bitcoin Profits is a pyramid scheme.
New members sign up, pay a fee and that fee is used to pay existing Instant Bitcoin Profits members. The only way for that member to recover their fee is by recruiting others into the scheme.
Notwithstanding the clearly deceitful nature of this business, Rune Fjortoft claims that his latest scam is not illegal. He says:
“Firstly this isn’t yet another MLM program it’s a perfectly legal way of making money and has been proven time and time again to be 1000% successful. Rather than being a scam or fraudulent way to get money it is instead a simple system where you will be able to see the results in under a week!”
Listen, Instant Bitcoin Profits is a pyramid scheme and is most definitely illegal in Fjortoft’s native Norway.
Over one or more administrator spots as well as his own “mlmpronews” member account, Fjortoft is certain to be the top Instant Bitcoin Profits earner.
And again, as with all such pyramids, once member recruitment dies out, so will payments within the scheme. This will prompt Instant Bitcoin Profits to fail, resulting in the mainstream of members losing money.
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