My Blockchain Life Review  –  Ponzi Scheme  –  MLM Scam

Website & Company Information

The web domain of the company was privately registered on the 10th Of January 2020. The website does not provide any information about the owner or the team behind the company.

The company’s website is nothing more than a highly customized affiliate login form.

The company is based out of the U.S.A and operating worldwide. No corporate address provided yet.

On My Blockchain Life’s official Facebook page, there are some marketing videos. These videos are hosted by Glen Williams, who identifies himself as a co-founder and CEO of My Blockchain Life.

According to his LinkedIn profile, he is based out of Ottawa, Canada. His LinkedIn profile reveals he was promoting ACN from 2007 to January 2020. He was also promoting the famous cryptocurrency Ponzi scheme, Bitconnect, in 2017. Williams abandoned the Twitter account he used to promote BitConnect

My Blockchain Life’s Products

The company has no retailable products or services, with affiliates only able to market My Blockchain Life affiliate membership itself.

My Blockchain Life’s Compensation Plan

The affiliates of the company are required to spend $3000 to purchase mining equipment, and then $1250 or $2000 for hosting.

Mining equipment is $3000 for either a Block X Miner or 77 TH/s BTC Miner. The investment maturity periods are either $1250 for 500 days or $2000 for 1000 days.

Commissions and bonuses are also paid when direct recruits end up with purchasing mining equipment and hosting plans. The company pays commissions using sales volume as opposed to raw dollars invested/spent:

  • $1250 hosting = 500 GV
  • $2000 hosting = 1000 GV
  • $3000 mining hardware purchase = 1000 GV

My Blockchain Life Affiliate Ranks

My Blockchain Life’s compensation plan has a total of nine affiliate ranks. Along with their respective qualification criteria, they are as follows:

  • Prospector — recruit and maintain two affiliates (placed one on both sides of the binary team), generate 500 PV and 5000 GV in accumulated weaker binary team side volume
  • Bronze — maintain two personally recruited affiliates and 500 PV, and generate 12,5000 GV in accumulated weaker binary team side volume
  • Silver — maintain two personally recruited affiliates, generate 1000 PV and 25,000 GV in accumulated weaker binary team side volume
  • Gold — recruit and maintain four affiliates (placed two on both sides of the binary team), generate 1000 PV and 100,000 GV in accumulated weaker binary team side volume
  • Platinum — recruit and maintain six affiliates (placed three on both sides of the binary team), maintain 1000 PV and generate 500,000 GV in accumulated weaker binary team side volume
  • Diamond — recruit and maintain eight affiliates (placed four on both sides of the binary team), maintain 1000 PV and generate 1,000,000 GV in accumulated weaker binary team side volume
  • Vice-Chairman — recruit and maintain ten affiliates (placed five on both sides of the binary team), maintain 1000 PV and generate 5,000,000 GV in accumulated weaker binary team side volume
  • Chairman — recruit and maintain twelve affiliates (placed six on both sides of the binary team), maintain 1000 PV and generate 10,000,000 GV in accumulated weaker binary team side volume
  • Global Chairman — maintain twelve personally recruited affiliates and 1000 PV, and generate 25,000,000 GV in accumulated weaker binary team side volume

PV stands for “Personal Volume” and is sales volume generated by personal purchases and that of personally recruited affiliates.

GV stands for “Group Volume” and is PV generated by an affiliate and their downline.

MLM Commission Qualification

To qualify for MLM commissions an affiliate must be at the Prospector or higher rank.

Referral Commissions

My Blockchain Life also pays referral commissions via a unilevel compensation structure, capped at five unilevel teams. Referral commissions are paid on on sales volume generated across these five levels as follows:

  • 20% on level 1 (direct recruit)
  • 10% on level 2
  • 2.5% on levels 3 to 5

Residual Commissions

The company also pays residual commissions via a binary compensation structure.

Check Match Bonus

A 10% match on residual commissions earned by personally recruited affiliates is also paid by the company.

Rank Achievement Bonus

  • qualify as Prospector and get $250
  • qualify as Bronze and get $500
  • qualify as Silver and get $1000
  • qualify as Gold and get $2500
  • qualify as Platinum and get $10,000
  • qualify as Diamond and get $25,000
  • qualify as Vice Chairman and get $125,000
  • qualify as Chairman and get $250,000
  • qualify as Global Chairman and get $1,000,000

Joining My Blockchain Life

Joining My Blockchain Life affiliate membership is free. However, full participation in the attached income opportunity requires a minimum investment of $3000+$1250.

Conclusion

The company in its so-called affiliate login page site terms itself as ‘the fastest growing and the worlds first Official Blockchain Network Marketing Company.’

Blockchain is a legitimate space but whenever the words ‘network marketing company’ is added to a legitimate term, it automatically turns Phishy!

Also, any investor who invests in the company is either pumping $4250 or $5000 into My Blockchain Life on the implied expectation of a 500 or 1000 day passive ROI. Soliciting passive income opportunity makes it a security.

As it stands My Blockchain Life is not registered with the SEC, or securities regulators in Canada. This means that the company is illegally offering securities.

My Blockchain Life also operates as a pyramid scheme because they are not offering any retail option and all the transactions are internal. As it stands, the company does not have an external source of income and it is using new funds to compensate existing affiliates. And using new funds to compensate old people makes it a Ponzi scheme. And you know what happens when new funds stop coming in!