Is Mining City A Scam Or Big Profit Crypto Platform?
Mining City is a popular cryptocurrency multi-level marketing platform in Asia. You are here to find out Is Mining City A Scam. All indications are 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.
Many cryptocurrency platforms are known as “pump and dump” schemes—the so-called owners “pump” as much money into the fraudulent business as they can. Then, when too many people start requesting withdrawals or the regulatory authorities start asking too many questions, they “dump” the profits they stole into their bank accounts and close up shop. These scammers have perfected the art of disappearing and starting other fraudulent cryptocurrency scams in other countries.
Is Mining City A Scam – Quick Summary
- Company name: Mining City
- Registration cost: $300 – $12,600
- Model of Business: MLM, recruitment
- Owner: Gregory Rogowski (aka Grzegorz Rogowski, Greg Strong)
- 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 the 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 Was Mining City About
Mining City was a multi-level marketing crypto-mining platform owned by Gregory Rogowski, if he is the owner. This platform’s primary targets are Asian countries, Japan, and South Korea, which also appear to be targeting Brazil. As an MLM platform, the primary way to earn is to recruit people and have them recruit people.
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 it plans 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 collapses 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
Pros:
There is absolutely nothing good I can say about this “business opportunity.”
Cons:
- 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.
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What this means is Mining City is an illegal operation in all of the countries in which it’s attempting to do business
Becoming Successful With MLM Companies 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. You are reading this blog post because you’re looking for a way to make not just pocket change, but a life-changing income.
Warning: The RED Flags of Schemes and Scams Online
These are some of the red flags that you need to watch out for with cryptocurrency multi-level marketing companies like Mining City. There are a tremendous number of scams online, and you need to know what to look out for so you don’t lose any of your hard-earned money or your valuable time.
- The Company Does NOT Offer A FREE Trial
This is a big one to look out for. Most information products are worthless, and if you could jump directly into those products and “try them out” before investing in them, you would never invest in low-quality substances. That is why they hide behind a payment. If their information is so good, should they not prove it by giving you a taste?
2. Companies That Don’t Clearly Outline Pricing
If you go to a sales page for a product and they don’t disclose the price clearly, you will likely get “duped.” Any legitimate company will offer clarity on pricing and have a pricing page on their website. MANY companies in this industry HIDE their pricing; it is unethical, and it will almost certainly scam you. Also, if the company charges hundreds or even thousands of dollars for their products or for joining their business “opportunity,” it should be of concern.
3. MLM Companies That Use Video Sales Pages / Squeeze Pages
If you visit a “sales page” and the only thing you see on the website is HYPE or promises of a HUGE ROI (return on investment), this will almost certainly be an expensive, overpriced scam. This marketing tactic is used to HIDE pricing and hide the product itself. They typically ask for your email or a small payment, and then you will be put through an extensive and expensive sales funnel.
4. Companies That Don’t Have a High TrustPilot Rating
Mining City has a horrible Trustpilot rating of 1.4! TrustPilot is where you should get real consumer reviews about products/services you plan on buying. If a company doesn’t exist on this website or has a rating lower than 4.5 out of 5 stars, then you may want to guess it second, and better programs and services will be available.
5. Multi-Level Marketing Companies That Sell “Riches” Without Telling You the Process
If you are being pushed by the idea that you are going to be “rich” or that you’ll be able to “make money in a short period ” without telling you what you will be doing to earn this money (in a specific way), then they are selling the “sizzle”…and chances are there is no “steak” after you make your purchase. Avoid programs these types of programs like the plague.
6. Companies Without an Easy Way to Contact Them
If you don’t have a direct way to contact the company to answer questions about their program, then they are hiding behind something. That is the first clue, and I recommend you test it. If the company has an email address, email it. If you don’t get a response within 48 hours at most, then that is probably the sort of help you can expect in the future.
7. Companies That Don’t Offer Direct Access/Communication with the Owners
Who owns the product? Can you get help and communicate with them directly? If NOT, then this program is more than likely in the business of taking your money. CEOs in the opportunity world who are unwilling to communicate with their customers directly have a “too good for you” mentality, which should be avoided.
8. Companies That Are Just “Information”
If they provide you with “ideas” about how you could create a business without offering you all the tools, services, and levels of ongoing support you need to succeed online, you will have a tough time succeeding. Many companies charge you for their information and then tell you you must purchase all sorts of stuff to use the techniques taught.
When you look at the evidence, cryptocurrency multi-level marketing platforms like the Mining City are “opportunities” you want to stay FAR AWAY from! My rating of this so-called “make money online opportunity” is 0 out of 8!
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- WA is not a get-rich-quick scheme
- WA offers a clear way to contact the company
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(1) Companies That Don’t Offer a Free Trial.
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(2) Companies That Dont’ Clearly Outline Pricing.
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(3) Companies That Use Video Sales Pages / Squeeze Pages.
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(4) Companies That Don’t Have a High TrustPilot Rating.
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(5) Companies That Sell “Riches”.
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(6) Companies Without an Easy Way to Contact Them.
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(7) Companies That Don’t Offer Direct Access/Communication with the Owners.
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(8) Companies That Are Just “Information”.
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Here’s Something You Need To Understand .
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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. Decide to TAKE ACTION TODAY…so you won’t have serious regrets tomorrow.
Talk Soon,
Howard
