Mining city is a popular cryptocurrency MLM in Asia. Obviously, you are here to find out Is Mining City A Scam?
All indication is the primary countries targeted by Mining City are South Korea, Japan, and Vietnam.
If you are considering investing with this platform and you want to know if it is legit, you have come to the right place.
You will find all you need to know about this company in this brief post.
Once you are done reading, you can tell if it is legit and if it is worth your precious time.
Is Mining City A Scam – Quick Summary
- Company name: Mining city
- Registration cost: $300 – $12,600
- Model of Business: MLM, recruitment
- Overall rating: 0/10
- Recommendation: Not recommended
Mining City is a pyramid scheme and a Ponzi scheme, nothing more.
There is no information about who runs or owns Mining City.
The domain registration was updated on December 20th, 2018, with “Prophetek”, an apparent shell company attached to Mining City, listed as the domain owner.
The business is listed as originating in Cypress with an incomplete address.
Another problem is that Cyprus has been known as a scam-friendly jurisdiction.
There is a strong probability that Mining City is being operated from Poland, according to Rogowski’s LinkedIn profile.
It appears like they get some revenue from cryptocurrency mining, but the real source of this money is from investment from new members (this is why you are paid to recruit).
The issue here is that recruitment of new members will decrease, and there will not be enough money to settle investors when this happens.
Thus, the platform will collapse, and people will end up losing their funds.
What Is Mining City About
Mining city is an MLM crypto mining platform owned by Gregory Rogowski.
Asian countries like South Korea and Japan are the main targets of this platform. It appears to be targeting Brazil as well.
As an MLM platform, the main way to earn is to recruit people and have them recruit people as well.
You have a down line when this happens, and you earn commissions each time people in your down line invest.
I spotted a lot of red flags with this platform.
One of the biggest red flags is that Mining city is not registered to offer securities.
Any company that wants to register with appropriate agencies to sell securities will have to prove their source of revenue and how they plan to pay investors.
Any company that fails to do this is typically a Ponzi scheme since recruitment is their only source of revenue.
Note, selling securities without registering with relevant agencies is an illegal act.
The issue here is that this platform is not operating outside its target countries.
Therefore, if the platform should collapse and people lose their funds, nothing can be done.
Similarly, no help or assistance will likely come from the Polish government.
Is Mining City a Pyramid Scheme?
Mining City is a pyramid scheme.
Their only source of revenue is through investment from new members.
There is no product or service to sell.
Once member recruitment decreases, there will not be enough money to pay investors.
A lot of people will lose their money eventually when the platform collapses due to slow recruitment.
Is Mining City a Ponzi Scheme?
How can you recognize a Ponzi scheme?
They are not registered by appropriate bodies to sell securities.
This is because they cannot show any other source of revenue aside from recruiting new investors (they use money from new investors to pay existing investors).
Ponzi schemes are illegal in all countries, and they are bound to collapse, just like pyramid schemes.
Once investment stops coming, the platform will collapse, and a lot of people will suffer loss.
Cost to join Mining City
You will have to pay money to join; the money you pay is tied to an investment plan. The different available levels include:
- Primary ($300)
- Standard ($600)
- Bronze ($1200)
- Silver ($2400)
- Gold ($4200)
- Platinum ($12,600)
Mining City Pros and Cons
There is absolutely nothing good I can say about this “business opportunity.”
- Not registered. If they are not operating as a Ponzi scheme, then they should have registered with relevant securities firms. This is a clue to show how they are misleading people.
- Pyramid scheme/recruitment. There is no product or service to sell. The only way to earn on this platform is to recruit people.
- You will lose money. In the event of a collapse, your money is gone. And you have no one to hold responsible or accountable.
Is Mining City Legit?
No. Mining city is a scam, and I suggest you avoid this platform by all means.
There is no product or service to sell, and the only way you can earn is when you recruit people to join.
All these red flags are a huge turnoff.
I do not recommend this platform. Do not join or invest.
What we have in Mining City is a securities investment fraud scheme.
In this case, the experienced scammers are of eastern European background and are targeting gullible Asian investors out of their money.
The nature of Mining City’s investment scheme is passive, which qualifies it as a security.
The Polish Financial Supervision Authority is the body that regulates securities in Poland.
Both South Korea and Vietnam have government agencies that supposedly
In South Korea it’s the Financial Services Commission and in Vietnam its called the State Securities Commission.
The HUGE red flag among many red flags is that Mining City cannot provide any evidence that it has registered its securities program with any government regulators
What this means is Mining City is an illegal operation in all of the countries in which it’s attempting to do business
Mining City is similar to other Crypto/Bitcoin scams I’ve reviewed on this blog such as:
Becoming Successful With MLM’s Is Difficult
Unlike Mining City, there are lots of MLMs out there that are legal and legitimate.
But still, it is difficult to succeed.
Why? The reason is that recruiting people to join is no easy task.
People making lots of cash from MLMs have a lot of people registered under them.
To use MLM lingo, they have a lot of people they have “bought into the business.”
Before you join ANY multi-level marketing organization, ask yourself this question:
How many people can I get to register?
Realistically, how many people do you think will want to join a multi-level marketing organization today, especially a cryptocurrency one?
How many people today, in this age of COVID-19, will even want to be bothered with a MLM business?
Because the recruitment process is difficult, most people who join MLMs end up losing their money.
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