BitSports AI – Reviews Exposed the Truth of this Ponzi Scheme (2023)
In the MLM space for cryptocurrencies, Bitsports AI is active. The business uses the domain name (“bitsports.ai”) that was privately registered on March 16, 2023. Hugo Rodriguez Salgado, a Colombian, is the CEO of Bitsports AI.
“Experience in network marketing” is mentioned in the Bitsports AI corporate biography of both Rodriguez and Sarmiento. I was unable to locate any MLM-related content on either.
I’m not sure if my lack of language proficiency is to blame or if Rodriguez and Sarmiento are being used as scapegoats. The latter is supported by marketing videos for Bitsports AI that feature a robot voice dub as the narration.
What I do know is that during the past year, Colombia has been a hub for MLM-related cryptocurrency fraud.
An “official” Facebook page for Bitsports AI offers a Lithuanian business address, even though the website does not link to it.
Even though this page was made two days after Bitsports AI’s domain was registered, I’m not convinced it is “official” in every way. Bitsports AI may also be connected to Dubai.
The rules set forth by BehindMLM for Dubai are as follows:
-You are being conned if a Dubai resident approaches you about an MLM opportunity.
How exactly does a Ponzi scheme operate?
An investment fraud known as a Ponzi scheme draws investors with claims of great returns and no risk but fails to invest the money as stated. Instead, it pays off earlier investors with money from future investors while maybe keeping a portion of the profits. These schemes typically fail when recruiting investors becomes challenging or when multiple investors attempt to cash out. They depend on a steady flow of new buyers to operate. They are called after Charles Ponzi, who ran a similar scam using postal stamps in the 1920s.
-An MLM business is fraudulent if it claims to be based in Dubai or to have connections there.
Continue reading for detailed analysis if you want to know particularly how this relates to Bitsports AI.
Bitsports AI doesn’t offer any resaleable goods or services. Only the Bitsports AI affiliate membership itself may be promoted by affiliates.
The compensation plan for BitSports
On the promise of advertised profits, Bitsports affiliates invest cryptocurrency equivalents to US dollars.
|Elite||$10 to $999||0.7% to 1.2%||a day|
|Pro||$1000 to $9999||1.3% to 1.8%||a day|
|Max||$10,000 to $100,000||1.9% to 2.4%||a day|
Except for Mondays, Bitsports AI pays out returns every day. Bitsports AI set a 300% return maximum, which takes MLM commissions into account. Reinvestment is needed to keep earning after this cap is reached.
Keep in mind that daily logins and button clicks are prerequisites for Bitsports AI affiliates. If they fail to achieve this, the ROI rate for the ensuing week falls to 0.3%. The Bitsports AI MLM division compensates for the acquisition of affiliate investors.
Affiliate Ranks for BitSports
The pay structure at Bitsports has eight affiliate ranks. They are as follows, along with their respective qualification standards:
|Bronze||$10,000 in downline investment is required|
|Silver||bring in $20,000 from your downline|
|Gold||Your binary team must have one Bronze-ranked affiliate on each side and must produce $50,000 in downline investment volume|
|Sapphire||Your binary team must consist of one Silver-ranked affiliate on each side, and your downline investment volume must total $150,000|
|Ruby||Produce $300,000 in downline investment volume and have one Gold-ranked affiliate on each side of your binary team|
|Emerald||Obtain a Sapphire-ranked affiliate on either side of your binary team and earn a downline investment volume of $1,000,000 using this strategy|
|Diamond||Your binary team must have one Emerald on either side to produce $3,000,000 in downline investment volume|
|Ambassador||Personal referral of a Diamond-rated affiliate and $5,000,000 in downline investment volume|
Keep in mind that at least one of the needed rated downline affiliates must be personally recruited.
Commissions for Referrals
When personally recruited affiliates to invest in cryptocurrency, Bitsports.AI provides a referral commission.
The level of investment made by a recruited affiliate affects the referral commission rates:
-Get 8% of what an Elite tier affiliate invests when you bring them on.
-Get 9% of what a Pro tier affiliate invests by referring them.
-Receive 10% of what a Max Tier Affiliate invests when you refer them.
Bitsports.AI uses a binary compensation scheme to pay residual commissions. An affiliate is positioned at the head of a binary team that is divided into two sides (left and right) by a binary remuneration structure:
The binary team’s first level has two slots. By dividing these initial two slots into two more positions each (4 positions total), the binary team’s second level is created. The binary team is formed in stages, with each stage containing twice as many slots as the preceding stage.
Direct and indirect affiliate recruitment is used to fill positions on the binary team. The depth to which a binary team can grow is unbounded. Each day’s fresh investment volume on both sides of the binary team is totaled by Bitsports AI at the end of the day.
Affiliates receive payment as a proportion of all new investments made on the side of their binary team that is less strong. The amount a Bitsports AI affiliate has invested affects the percentage given out:
-Affiliates in the elite category are paid an 8% residual commission rate.
-Affiliates in the pro tier are paid a residual commission of 9%.
-Affiliates on the top tier are paid a residual commission of 10%.
The investment volume is matched against the stronger binary team side and flushed after being paid out. On the side of the more powerful binary team, carried-over volume is present.
The following one-time Rank Achievement Bonuses are given by Bitsports AI to affiliates that meet the requirements at the Bronze level and higher:
Joining in BitSports
The Bitsports AI affiliate program is free to join. The associated income opportunity has a $10 minimum commitment required for full participation. Investment in various cryptocurrencies is sought after by Bitsports AI.
According to Bitsports AI, it features an AI bot that wagers on sporting events.
|The first platform for real-time arbitrage that is AI-driven is Bitsports AI.|
To invest the right amount, we consider historical performance, player statistics, weather, volumes, locations, participant numbers, and even the possibility that the same entry will be repeated.
There is no proof that Bitsports AI owns or makes money from such a bot. The Ponzi logic test does not pass for Bitsports AI‘ business model.
If Bitsports AI had a bot that could produce up to 2.4% each day for themselves, they would use it. Why do they require your funds? Offering their bot to the public for as little as $10 makes no sense for Bitsports AI.
However, Bitsports AI is just another MLM cryptocurrency Ponzi scheme. Only to the extent that Bitsports AI intends to profit from the present AI trend does “AI” form part of its business plan. On the regulatory aspect, Bitsports AI is unable to show that the company has registered with any financial regulators.
This implies that Bitsports AI is at the very least engaging in securities fraud. A Ponzi scheme can be operated with ease if MLM and securities fraud are involved. As with all MLM Ponzi scams, the fresh investment will cease as soon as affiliate recruiting does.
This will deprive Bitsports AI of ROI income, leading to its eventual demise. The mathematics underlying Ponzi schemes ensures that when they fail, the majority of investors lose money.