Cryptocurrency scams are very easy to come by these days. Some projects even go as far as branding themselves as an initiative closely tied to an existing cryptocurrency. Project Ethereum, for example, is one of those projects that will raise a lot of eyebrows among Ethereum users. It does not appear any Ethereum developer has ties with this project, and the entire concept looks like a clear MLM scheme.
Project Ethereum is not the Ethereum you are Looking For
It has to be said, the name Project Ethereum is quite clever. This is especially true when trying to trick novice users into investing in this MLM scheme. Considering how the official Ethereum’s website is EthereumProject.com, it is not hard to see why the two could get confused at some point. It appears the people behind this new MLM want to take advantage of the possible confusion.
Project Ethereum has very little to do with the development of the Ethereum ecosystem, though. Instead, the project positions itself as a “gateway to spread wealth and humanity around the world.” A noble thought, although it is still a multi-level marketing matrix, and there will be very little humanity-spreading involved. It is all about turning money into more money. Not that there is anything wrong with that, but this byline can be seen as dishonest advertising.
Even though Project Ethereum claims to have a cause, it is highly doubtful any of the money generated will go to a good cause. The team claims to have strong ties with Choice Humanitarian. This seems like a strange relationship for a cryptocurrency MLM scheme, but it is important to try something new every now and then. Even so, the correlation between this good cause and the MLM scheme we are looking at remains utterly vague.
One possible explanation can be found in the project’s FAQ. Users who receive the first two donations in each level will need to upgrade their level. It also appears 15$ of top Corporate spot donations will be donated to Choice Humanitarian as well. There is also a reference to Humanitarian Expeditions, which costs $2,000 per person plus plane tickets. Using a good cause to promote an MLM matrix is quite distasteful, but it appears the company is getting away with this method without repercussions.
It is important to note multi-level marketing schemes are not illegal by any means. Most people may never see a profit from investing in such a matrix, though, unless they put in quite a few hours of work. The bigger issue here is how the project uses the “Ethereum” name in the hopes of getting a lot of attention. Moreover, it does not appear Choice Humanitarian has any ties with Project Ethereum, according to their website. The marketing tactics used by this MLM are rather shady, which raises some concerns. Moreover, there are concerns over “Ethereum” being trademarked as well.
For now, it is best to be very wary of Project Ethereum and their quest to attract investors. A lot of people can get burned from getting involved in this MLM program. The project’s intentions are unclear, and there seems to be some wrong information being spread to the masses. Rest assured there will be some people defending the company on the internet and possibly in the comments below this article. Always do your own research before making any investment whatsoever.
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Laugh out loud. Multi Level Marketing? When it comes to the stock market how ignorant are you? The inventor of Ethereum met with Putin for two days last week. Russia is thinking about making a national crypto currency. Ethereum is Bitcoin’s biggest rival how the fuck could it be MLM? Is Bitcoin a MLM as well? Horrible “reporting.” You shouldn’t write articles on things you dont know two shits about.
u might wanna give that another skim…
The Ethereum Project was founded by Vitalik. He met with Putin, and that project is real. Project Ethereum came up with a similar name to get people to buy into their MLM scheme. Ethereum (the real one) is also nothing like stocks. Please do your research and read the article before commenting.
Consider yourself warned. We in the cryptocurrency community will not be fooled by your attempt to rip off the success of the Ethereum Foundation. And no (real) lawyer I ever knew liked posting threats in the freaking comments section instead of directly contacting the party in question- something you would know if you were actually a lawyer. This article is not free speech and is libel? You must be kidding me. Stop scamming and do something productive.
Very well! So nice to know that your “real, professional” lawyer (though somehow unendorsed, unreviewed, and unmentioned by anyone on the internet) makes his email and phone number public! I expect he’ll be getting some messages from a few more people besides me!
By the way, I also love the fact that the email is completely fake and connects to no domain- when I emailed your “real lawyer”, it failed. When I tried to verify if that (mikemansfield@yahoo.com) was a real email (using the many resources online (all top 20 sites when you Google “email verifier”), all came back bad. Coincidence? Or maybe something you want to “fix”? Whether you’re a scam or not, you must admit that this looks pretty bad…
Your lawyer wrote this note and they couldn’t even deliver it for you through courier, postal service, or any other official means of communication? They also are okay with you delivering a note they wrote to a random website site that you’re now having a confrontation with in a public forum? And you’re paying them?
Why do you insists on saying MLM schemes? MLM are not schemes. Schemes are schemes Ponzi schemes, pyramid schemes. MLM is a legitimate business model. Why people insists on being disparaging on things they do not understand and most likely can’t succeed in is beyond me.
Frankly to be honest with you after reading the article I thought it was just another over exaggerated article in the cryptocurrencies world. However after reading everything in the comments and seeing how little decorum was used in handling a potential serious legal situation I personally would never trust your company and would certainly never let you anywhere near anything of mine that involved commodities.
You can rest assured that this site isn’t ruining your companies reputation, but your comments and actions are. Next time let your lawyer do their job because after seeing how you handle things I will be making recommendations against your company as well and directing people to the comment section, not article, for examples why they should avoid associating with your company.
I, like, many other have been scammed by MLM’s so this is why its sometimes thought of as a scheme. Everyone knows that in most MLM’s only those first adopters win. So those who come in last usually do not get the same results as those Diamonds in the rough above them. The team work is only in the beginning and then as everyone becomes wealthy at the top the later adopters get those who are having to work 5X as hard just to make a dividend.
So while I agree MLM in and of it self is not a scheme and completely legal. Many have used this platform to get rich while taking from those less aware of such things or those being promised some Work from Home idea. They quit their jobs (foolish) and end up further in debt. Most MLM offer a product that you are required to use and buy in order to get in.. which really is shameless unless you want the product.
You did not actually read did you? Sounds like a tantrum. READ before you comment.
No, your business should do more research in how the crypto world reacts to MLM “businesses” and what has happened in the past. See the latest court case regarding GAW miners. Welcome to crypto, if you are already butthurt by this article, then just go home.
You might consider asking your lawyer, if perhaps, it is slightly misleading to call your project – “Project (insert generic name of a crypto currency)” the name alone will lead a new comer to think that your business is indeed -THE- Ether, as in the eth foundation ect. Not just a business that happens to be doing MLM with a dash of charity and for the greater good using crypto. A step forward would be the correct disclaimers that distance yourself from any offical ETH organization, however currently this is lacking on your business site. Currently this is the impression to anyone that has a brain “PROJECT (put generic name of tech here)” add some MLM add some charity to get the good feelings going and build trust, add crypto because it is hot. Nice attempt but every single time there is an attempt to mislead people, or people are mislead (by pure chance as I am sure that is the case here , oh of course!) then you will get backlash, in fact this is maybe some of the best free marketing you can get, but it is done now. You are in defense mode and well……… done.
I’m sorry you think the MLM you’re in is legit.. you’ll figure out what MLM’s are all about someday I suppose.. have fun with your scheme.. 🙁
Avon has been around for years so I guess that’s a scheme as well :-/ Schemes of any nature are illegal but direct sales and referring is completely legal. Walmart, Kmart, Amazon etc all have affiliate (referral marketing) marketing. People getting paid to refer and sell their products. Its the same concept. I am proud to get paid 5 ways and be apart of Total Life Changes. Helping people health wise and financially so Im not sure which company you joined years ago or I should say who you joined that turned you off but the whole industry should not be blamed for whoever you partnered with. I have helped tons of people be able to make ends meet or put extra money in their pockets and I do my research before I join anything. I join the person not the company and thats from a learning experience. Best decision of my life IJS 2005-Present Proud Network Marketer
very true Thats why its so important to align yourself with the right person and company or its not going to work out and end up wasting your time and money. I learned that long ago thats why I started my business to help people find the right companies too join.
This is the schemeist, scammiest site ever, they add fake names to the matrix of people who did not even pay to come in. Before making any money, they offer to allow you to pay again or be pushed to the bottom of the pile of nothingness that you are making any way. They provide complicated and incomprehensible explanations. Bottom line…..keep sending more and you will have more opportunity with no money in return. This is disgusting.