Okay, so let’s talk about this Million Money matter, shall we? There has been a lot of argument for and against the scheme. If you search online, you will find a lot of sentiments ranging from ‘it is another elaborate Ponzi scheme designed to rip people off’ to ‘it’s the best thing since sliced bread’. This entry is my honest review of the Million Money scheme based on my experience so far.
In a previous entry, I listed the reasons I joined. One other reason I forgot to mention is that it was my first attempt dipping my toe in the ocean of cryptocurrencies. It just felt like a good opportunity to try it. So, when I decided to join, my perception was that I had more to gain than I had to lose. In fact, what I had to lose was negligible compared to the possible gain; and that is with the consideration of a high probability of losing. I saw it as a gamble that only costs me the prize of a box of pizza. I would not feel it, I would not dwell on it, I would not give it a second thought.
Three weeks into the scheme, do I still feel the same way? Well, keep reading to find out!
What is Million Money?
If you don’t already know about cryptocurrency, you may want to do quick research, but in a nutshell, Cryptocurrencies are digital currencies that do not exist in physical forms and can only be held in a digital wallet. They are not controlled by any government, bank or agency and are built on blockchain technology. There are a number of cryptocurrencies with varying values. The most common are Bitcoin, Ethereum, Litecoin and Ripple.
Million money describes itself as a ‘smart contract’ that provides the fastest, easiest and risk-free way to earn 1500 Eth (Ethereum) every 100 days. Note that 1Eth as at the time of this entry is $208.
In reality and based on my experience so far, it is structured like the regular multilevel marketing (MLM) platforms. In fact, it is similar to the infamous MMM in that it has no retail-able products or services. However, I think the membership of the scheme itself can be considered to be the product or service offering as is the case with several non-multilevel marketing membership platforms where people pay to become a member for specified benefits.
The entry fee to join the Million Money Smart Contract is 0.03Eth which is around $7.
How it works
Members join the scheme using a referral link of an upline. Each member is required to refer two people into the scheme. This means that if you join, you are to bring in two people and your two referrals are also required to bring in two referrals each, on and on it goes.
There are two matrixes in the structure that forms, and each matrix consists of five levels. Your two referrals (i.e. your immediate downline) form the first level of your first matrix, while the two referrals of your immediate downlines (i.e. four positions) form the second level of your first matrix. The third to fifth level continues in the same manner with the positions in each level expanding from two to four to eight to sixteen and then to thirty-two. This completes the first matrix and the process repeats itself for the second matrix.
How are members rewarded?
The image below shows how the benefit is calculated. When each member brings in their two referrals, the entry fee they contribute immediately goes into the wallet of the referee. Subsequently, you earn has the number of downlines grow.
Some things to note
- Members pay a price to move from one level to the next. What is to be paid varies for each level but uses the profit earned within the system. This means that after the initial 0.03Eth you took out of pocket, all other payments you make is from what you have earned within the system.
- After the first earnings from your direct downline, you only earn by the movement of your indirect downline through the levels. This means that your growth is dependent on the growth of your downlines. The success of your community heavily depends on each member bringing in their two referrals.
- You cannot earn from the movement of your downline to a level that you have not attained. This means that if one of your downlines just moved to level 3, you need to have attained that level for you to earn from that movement. If you have not, you lose that profit.
I agree with a blogger who called Million Money another matrix-based gifting scheme who only difference is the use of the Ethereum. The expectation is that the scheme will fall apart once the recruitment of new members slow. However, I believe Million Money stand a better chance of lasting much longer because of two main reasons.
- It is built on blockchain technology which means it can not be stopped by an individual.
- The rules of the scheme are controlled by an algorithm which makes it somewhat immune to human manipulations.
- The entry fee is low which means low risk and a higher chance of participation by prospects.
In a nutshell, the opportunity is attractive, but attaining it is an uphill task. Registering with your 0.03Eth is the easiest part.
I will not sit hear behind my computer and tell you Million Money bring guaranteed wins. That would be downright deceptive of outrightly naïve. I have approached this from the angle of a gamble; I am high from the excitement of a possible win beyond my wildest imagination and I am also aware of the chance that I may have just lost $7.
My best friend called it a Ponzi Scheme. I think I agree with him. What else will you call a scheme that offers the chance to make over $300,000 from an investment of just $7? But then, what if it actually works? What if you took the chance and it delivered on that promise? What will you do with it?
I have thought about what I would do if this works. All the ideas that I have currently has nothing to do with my personal needs. It has more to do with giving back to my society and making the lives of those around me better.
Currently, I have built a partner network of 24 people and that under three weeks. It’s not been easy – I have learnt that a lot of people have a deep mistrust for schemes such as this. Do you blame them? I certainly don’t.
However, if you are like me and you want to take this chance and see where it leads, you can email me through email@example.com. I will be happy to help you get started.