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.
Brief Update On Mining city
As of 10/20/2021 Mining City disabled the ability for anyone to withdraw funds.
This type of behavior is not uncommon for unregulated investment companies.
If you don’t want to lose money stay away from any unregulated cryptocurrency Investment platforms.
These types of so-called businesses abuse the regulations to steal as much money as they can then they disappear to start another SCAM.
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 its 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, that 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, it’s 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 MLMs 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 who 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 an MLM business?
Because the recruitment process is difficult, most people who join MLMs end up losing their money.
Apparently, you are reading this blog post because you’re looking for a way to make not just pocket change, but a life-changing income.
Here’s Something You Need To
Having your own online business is the best way to create an income that can truly give you choices in life.
With an online business, you can learn how to make more money in 1 month than most people make in 1 year.
Hundreds of thousands of ordinary people like you nd I have done it and are doing it now.
The best platform I know of to help you build your own online business is Wealthy Affiliate.
Wealthy Affiliate has everything you need, all in ONE place so you can build your own online business.
Wealthy Affiliate is a step-by-step program that takes you by the hand and teaches you how to build an affiliate marketing business.
With Wealthy Affiliate, you can quickly start to achieve your goals of making money online.
Wealthy Affiliate makes the whole process of building an online business just that much easier.
Each module or lesson contains a complete analysis of what’s working today.
This will allow you to easily and almost instantly gain an understanding of how affiliate marketing works.
In return this allows you to create a high-converting website of your own in a fraction of the time.
Check out a few of the ordinary people who’ve had extraordinary results with Wealthy Affiliate:
What You Need To Do Next:
OK…Here’s what you need to do next – It’s very simple:
First: STOP making excuses for taking action! You’re BROKE!
Your finances are a JOKE.
Second: Sign up for a FREE account at Wealthy Affiliate
Third: Get to work!
Why You Need To Do This:
You need to do this so you can give yourself and your family a better quality of life.
It’s as simple as that.
You need to do this to be financially shielded from the next “crisis” that’s looming on the horizon.
Make the decision to TAKE ACTION TODAY…so you won’t have serious regrets tomorrow.