The news surrounding this company got my attention, so I decided to look into it and write a Goldmine369 Review
If you are here because you want to know about this company, the products they offer, their compensation plan and so on, you have come to the right place.
Once you are done reading this review article, I’m confident that you will make the right decision about this business opportunity.
Goldmine369 Review – What Is The Company All About?
Goldmine369 was founded by Jay Locke.
This multi-level m
Jay Locke deleted his Facebook account in the past, and you can’t find any information about him elsewhere.
Does Jay Locke have any good history or bad history in the MLM niche?
At this point, there seems to be no history with Jay Locke and any network marketing organizations
Outside of Locke’s deleted Facebook account, he has no digital footprint I could look up.
You will find the incorporation details on “GoldMine369.comLimited” if you check GoldMine369’s terms and conditions.
GoldMine369 was incorporated in August of 2019.
The sad news is that incorporating a company in the UK without any regulations is very cheap.
It would have been better if Jay incorporated his company in a country with regulations; doing this will make him and his company more credible.
We will go into the product offered by this company in the next section.
Products Offered By GoldMine369
It’s important MLM companies have a retail product or service they can sell to customers.
If they don’t want to be identified as a pyramid scheme, it’s crucial their retail sale is greater than affiliate recruitment.
Goldmine369 does not have any retail product or service to offer to customers. The only thing they promote is their affiliate membership.
As a matter of fact, Goldmine369 affiliates must pay monthly “mining license” fees in order to continue receiving returns.
This shows that this network marketing company has to rely on it’s affiliates to stay afloat, since thare are no retail products sold to the public.
This is always a HUGE red flag and usually means this is something you want to stay away from.
What Is Goldmine369 Compensation Plan
As you can probably tell at this point Goldmine 369 involves
With the world of cryptocurrencies comes all of the crypto mumbo-jumbo connected to it, most of which
I don’t even pretend that I understand
To be an affiliate on this platform, you will invest in what is called “TeraHash Power Block” positions, which costs about 250 GBP.
According to the website Evolution Global, Terahash is the unit used to measure the speed of the mining hardware that is mining cryptocurrencies.
It is specified in hashes per second.
Where one hash is basically one calculation of the Algorithm. 1 MH/s is One Megahash (Million) hashes per second.
One GH/s is a billion hashes per second or 1000 Megahashes. 1 TH/s is 1 million Megahashes per second.
With all of that crypto speak you’ll have to wait for your money: Returns are paid after one year.
Even if your contract expires after a year and it is still profitable to run, you will continue to receive payment from the company.
To receive returns, however, it’s mandatory affiliates pay “mining license” fees every month.
Referral Commissions, ROI Commissions and Mining Licensing Fee
The company makes use of a uni-level compensation structure to pay referral commissions to members.
You may be interested in knowing the meaning of a
In this plan, an affiliate is placed at the top of a uni-level team, and anybody the affiliate sponsors is directly placed under him or her.
They are called the level one affiliate. If level one affiliates sponsor recruits, these recruits are placed on level two of the original or first affiliate.
The same goes for levels three and four, and so on. The platform caps the uni-level team at 10.
To qualify for anything offered on this platform, you must have made an investment of 250 GBP TeraHash Power Block position.
GBP is the abbreviation for the British pound sterling.
How much is $50 dollars in British pounds?
lets use $50 US dollars as an example. 50 US Dollars to GB Pounds = 40.30 British Pounds.
You get a return on
Commissions received for each level include:
- Level 1 – 8%
- Level 2 – 5%
- Level 3 – 4%
- Level 4 – 3%
- Level 5 – 2%
- Level 6 – 1%
- Level 7 to 10 – 0.5%
Mining License Fee Commissions
You will pay the mining license fee if you want to receive returns.
The money acquired here is used by the company to pay commissions.
The breakdown below is of potential earnings via the same uni-level compensation plan:
- Level 1 – 10%
- Level 2 – 12%
- Level 3 – 8%
- Level 4 to 6 – 2%
- Level 7 to 10 – 1%
The fact that there are no retail products or other outside revenue paying for these commissions and fees is a major problem!
Goldmine369 is similar to other questionable network marketing companies I’ve reviewed on this blog such as:
To be a member, you must invest at least 250 GBP to purchase its affiliate membership.
You will also pay the mining license fee each month, and the company does not disclose the amount they charge as a mining fee.
You may already be aware of the fact that in countries like the US and Great Britain you will need to regulate any firm you start up.
So when I found out that they are not regulated by the Financial Conduct Authority immediately made me put my guard up.
The Financial Conduct Authority (FCA) regulates the financial services industry in the UK.
Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.
Basically, what we have here is a unlawful
Is Goldmine369 A Scam?
Is Goldmine 369 a legit business opportunity or a scam?
Looking at all of the facts, I can certainly say this is a SCAM
The company promises you
Do not forget, they have no retail product or service to offer; thus, they function as a pyramid scheme.
And if they offer passive returns on investment, which is considered as securities, the company should be registered with FCA.
Are they registered with the FCA?
Not at all. Instead, they have an excuse to support why they are not registered:
Here is the excuse:
Because Goldmine369.com offers a credit-free environment, and because it deals in the absolute ownership of hash power blocks acquired on the crypto market, and not paper-based contractual rights extending beyond the normal settlement period of the crypto market, it falls outside the defined scope of formal financial services regulation and by the United Kingdom’s Financial Services Authority.Goldmine369
Stay Away From Goldmine369
There is no regulation for platforms like this in the United Kingdom; thus, people are easily duped, and the scammers go free without any punishment.
If Goldmine369 was incorporated in the United States, I am sure the SEC would have gone after them.
Heard of BitClub Network and Bitconnect, they experienced this.
Personally, I don’t think
Since they promise ROI, then they need to be registered with the FCA since it constitutes securities.
Instead of Goldmine369 registering with the FCA and function as a legit business opportunity, they conceal their operations under non-regulation in the UK.
Is Goldmine369 A Ponzi Scheme?
If at all they are truly paying members on the platform through mining operations, then registering with relevant authorities, like the SEC and FCA, should not be a problem.
If they did, they would need to provide proof that affiliates on the platform are paid from external revenue generated.
Regardless of Goldmine’s income source, the company is guilty of securities fraud, and they operate like a Ponzi scheme since there is no retail product or service to offer.
Goldmine369 cannot deny their operations as a pyramid scheme; their income source or revenue are derived from investments from affiliates.
You need to be careful about this platform; they can come up with any excuse if investment from new recruits stops or relevant authorities take necessary action against the company.
To avoid falling victim, I strongly advise that you stay away.
However, it’s obvious you are reading this post because you’re looking for a way to make money online.
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P.S: You should always include a P.S.
Even when you’re writing a report or an article.
Lots of people scroll down to the end of the article before reading the whole thing.
…And the P.S. is a great place to restate your main point.
In case you’re one of the people (like me) who skim to the P.S. before you read the page,
here’s what this is about:
1. Multi-level marketing is a poor business model and a breeding place for scammers.
2. Build your own cool affiliate marketing business and sell the stuff YOU choose to sell.