Oct.11, 2017 in MLM Reviews
WesternCoin provide no information on their website about who owns or runs the business.
The WesternCoin website domain (“westerncoin.co”) was privately registered on September 14th, 2017.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
WesternCoin has no retailable products or services, with affiliates only able to market WesternCoin affiliate membership itself.
WesternCoin affiliates invest in the WNC crypocurrency on the promise of monthly ROIs of up to 45%.
At the end of the maturity period WesternCoin also pay out the initially invested amount.
Referral commissions are paid on invested funds and ROI payments via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
WesternCoin cap payable unilevel levels at ten, with commissions paid out as follows:
WesternCoin affiliate membership is free, however affiliates must invest in at least $100 worth of WNC to participate in the attached income opportunity.
WesternCoin is yet another altcoin propped up by Ponzi fraud.
The ruse sees affiliates initially invest with in premined WNC, which are owned by the WesternCoin admin(s).
Through this exchange the WesternCoin admin(s) receive real money in exchange for a worthless cryptocurrency.
To sweeten the deal they’ve attached an investment plan, through which they shuffle a percentage of money they receive from new investors to pay off existing investors.
This is otherwise known as a Ponzi scheme.
WNC itself is worthless outside of the income opportunity, with the only people investing being those keen to participate in the attached Ponzi scheme.
WesternCoin run their own internal exchange, through which WNC can be obtained either directly from the company or from other WesternCoin affiliates.
Bought coins are then parked back with the company, which completes the Ponzi ROI circle.
Referral commissions on invested funds and ROI payments adds an additional pyramid layer to the scheme.
At the time of publication WNC is only tradeable internally. It might feature on a public exchange at some point (WNC in and of itself is a legitimate cryptocurrency), however expect a bottom-of-the-barrel exchange listing.
Once WesternCoin affiliate recruitment slows down, so too will new funds entering the scheme. This will see WesternCoin unable to meet its ROI obligations, prompting a collapse.
Affiliates will be left with losses and a worthless WNC balance, which outside of the income opportunity holds no value.
Unfortunately by that stage the anonymous scammers running WesternCoin will be long gone, along with everyone’s money.