Minex World: the platform requested members to invest in GH/s mining power to earn packs to earn Bitcoins without solving PoW.
Whether the pay model was actually up for scrutiny remained unclear (the typical case for people looking to get freebies from high yield projects), until Minex defaulted on payments.
Currently, the website is down. Affiliates cannot withdraw their funds (capitals and profits), which remains the issue with over-the-counter crypto brokers. Often, the investors fall for the clichéd locked vault à la offshore rigs rhetoric of MLM, losing their money in the long run.
The fraudulent cohorts of OneCoin, Chainmine, Watermine, and Finiko have one thing in common: Ponzi. Such sites promise affiliates high returns on relatively minute investments. However, the end is writ in tears since the PR gang always makes away with the chunk of deposits bandied around as profits.
Minex World is only one in a long line of crypto scammers. As it happens, lots of people have lost money to this trope on the slipshod excuse of earning Bitcoin via GH/s speed miners. How does this play out in the long run? We answer the question in this article.
Read on below for details.
Table of Contents
Minex World: What It offered to Affiliates
Minex offered two-fold investments to prospects. Below are the available options:
- Cloud Mining,
- In-platform cryptocurrency, and
- MLM membership compensation grids (with bonuses and other reward ticks).
Most of the PR vids about the cloud mining part come across as gibberish _ nothing coherent about actual rigs for BTC mining. Promoters switched to the affiliate loyalty rewards cache, perhaps realizing that the pitch is not catching on with clients.
As per the Minex World endorsed crypto, it does not brook much discussion in the public light since it isn’t even a thing in the first place. The token might’ve booted an ICO (Initial Coin Offering) round, pumping membership funds into a valueless cryptocurrency.
Investors had access to a profit calculator, with a console adjusting fee deductions and net gains. What’s there to calculate in the first place, though? Supposedly, members could earn automatically from the advertised GH/s performance/output packs. However, no customer/subscriber feedback platform contains any positive reviews about the console.
Was there a Captcha challenge to solve?
Since the advent of BTC in non-fiat media (blockchain), Web3 programmers and software builders intend to lower the tremendous tasks of solving a Proof of Work (PoW). Instead of slogging out the period with a high-power processor, miners can now earn treacle tokens from faucets.
Still, other less-demanding tasks exist. One of them is the reverse captcha Challenge. All you have to do is solve a string of challenges on a fairly powerful processor to win cryptocurrencies as rewards.
Minex World promised members they could earn more tokens than the PoW miners by simply investing in their offshore rigs.
Accruals depend on an affiliate’s investment volumes, also tacked to referral downlines and membership participation in the pyramid grid.
How it Works on Minex World
The deal is to sell packet mining power to subscribers. By GH/s, Minex investors have stakes in overall yield hash rates.
Ultimately, it boils down to buying up credit points _ the more you buy, the more credit-worthy you become. Note that the GH (G is Giga, one billion of a basic unit) is the preferred calibration on Minex.
Besides subscribing to hash packs, members can also earn profits in GH units via the MLM recruitment cache. You earn fifty (50) GH/s when you refer one person to the website.
Subsequently, weighted points for referral bonuses determine percentage accruals on an affiliate’s downline. In this way, you can earn up to fourteen (14) percent of the investments culminating from your downlines.
Below are the membership packages available on the website.
Free Plan _ remits 1%
Three of a Kind _ 2%
Straight _ pays 3%
Flush _ earns you 4%
Full House _ accrues 5%
Also, Four of a Kind pays 6% profits in GH/s.
Straight Flush _ remits 7%
Royal Flush _ gets you 7.5%
Red flags: Minex Remains a Scam, Nonetheless
Minex World remains an anonymously-run cheap shot at MLM crypto Ponzi. You can always determine the red flags before the site clashes by checking the points below.
Scammers generally don’t attach feedback to their website because they don’t have any worthwhile investments.
However, some fringe over-compensating Ponzi execs sometimes provide dubbed stock photos as testimonials from satisfied customers. Minex World does the same thing.
No Shred of Protection
It doesn’t what an affiliate’s profits accumulates on the platform since Minex World pulls the string in the long run.
On the flip side, offering potential profit margins in the guise of Defi is akin to evading security regulations. Minex execs would have to operate the profit-making rigs, making its monetization an underhand affair.
Learn more here: sec.gov/reportspubs/
No Proof of Profits realized on the Backend
Minex World does not provide any proof of making profits from the so-called offshore mining rigs on its grounds.
What’s there to show, anyway? Minex does not have any rigs at all. Currently, the website is down.