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Million money review (is million money legit or scam?)
Million money review, over the past few months, you must have heard about million money in one way or the other, million money is one of the popular multi-level marketing (MLM) pyramid schemes that gives you a chance to make money with cryptocurrency (ethereum in this case).
So many people have been asking about million money, they want to know if it is legit or not, if it is a platform that one can invest in and make money.
There are people who think million money is a scam, and you can’t really blame them, since many people don’t have a good history with multi-level marketing scheme (like MMM, loom money).
These people believe that anything that requires them referring people is a scam and they would not want to put their money in any of such platforms again.
In this million money review, am going to be showing you everything that you will need to know about million money, if it is a legit or scam platform, if you should invest in it and some other important things I think you should know.
I want to implore you to read this million money review till the very end, so you can make a well informed decision on whether to join million money or not. You can also ask questions in the comments section and I will tend to them as soon as I possibly can.
Let’s get into it then…
What is million money?
Million money started sometime in 2018 and it is a multi-level pyramid scheme that is deployed on the ethereum blockchain. This means that it is decentralized and is not controlled by anybody, your funds are not controlled by one person, leaving you with full control of your money.
The founders of million money are not known, this is perhaps a red flag and one of the reasons some people have decided against registering on the platform.
I did a WHOIS search on the domain name and found out that it was registered in 2018 but privately, this means that you can’t trace the pyramid scheme to any particular person or people.
The argument made by some people is that, it doesn’t really matter who is behind the platform, even the creator of bitcoin “satoshi nakamoto” is not known.
Why this may be true, people tend to prefer transparency when it comes to investing their money, so you can’t really blame anybody for not wanting to register.
Since million money is built on the ethereum blockchain, it makes sense for me to tell you a little bit about ethereum.
What is ethereum?
Ethereum was created by vitalik buterin in 2014, ethereum(ETH) like bitcoin runs on blockchain technology, but ethereum and bitcoin are very different.
To really understand ethereum, you must understand how the internet works, these days our personal data, passwords & financial information are stored on cloud servers owned by big companies like google, facebook, we trust them to keep our data safe (or we have to trust them), but a hacker or government can gain access to those information, meaning they can steal or change that information.
Ethereum has the aim of replacing these internet third parties with thousands of computers around the world called “nodes”.
Read my post about ethereum
Million money products and services
Million money has no products or services; it’s system is entirely based on referrals to keep it afloat. Usually in different countries, for an MLM platform to be legal, it has to have some sort of product or offer a service.
This means that a platform like million money is considered illegal in some countries, but since it is deployed on the ethereum blockchain, it is not regulated by government laws.
This is another red flag, but then again we can choose to overlook this, and later in this post, I will tell you what I think.
How does million money work?
To get involved in million money, you will need to download the million money recommended wallet e.g trust wallet and metamask wallet.
You will also need to deposit about $5 in ethereum (it may be more than this) in the first stage, this deposit is paid to your upline i.e. the one who referred you to the platform.
In order to move up the pyramid, you need to refer two people who will pay the stage 1 amount (which of cause is paid directly to your wallet), the two people you refer will also have to refer two other people and so on.
You will also need to be paying an ever increasing amount to move to the next level, i.e. you will have to be paying an ever increasing amount to your uplines, and as long as you do this, your downlines will also pay to your wallet.
As you can see, the million money system is heavily dependent on referrals, and most people fear that, if there are no more people to refer to the platform, it will inevitably crash. That’s basically how these MLM schemes work.
How to make money on million money?
This is obviously the part, you are most interested in, and am going to break down how the million money compensation plan works
The compensation plan is constructed in a 2 tier 2*5 level matrix, that is broken down below:
The first tier compensation breakdown:
Level 1 – This level has 2 positions to fill. You can earn 0.03 ETH per position. This level requires you to pay 0.03 ETH to earn on this level.
Level 2 – This level has 4 positions to fill. You can earn 0.2 ETH per position. This level requires you to pay 0.05 ETH to earn on this level.
Level 3 – This level has 8 positions to fill. You can earn 0.8 ETH per position. This level requires you to pay 0.1 ETH to earn on this level.
Level 4 – This level has 16 positions to fill. You can earn 0.4 ETH per position. This level requires you to pay 0.4 ETH to earn on this level.
Level 5 – This level has 32 positions to fill. You can earn 1 ETH per position. This level requires you to pay 1 ETH to earn on this level.
The second tier compensation breakdown:
Level 1 – This level has 2 positions to fill. You can earn 2.5 ETH per position. This level requires you to pay 2.5 ETH to earn on this level.
Level 2 – This level has 4 positions to fill. You can earn 5 ETH per position. This level requires you to pay 5 ETH to earn on this level.
Level 3 – This level has 8 positions to fill. You can earn 10 ETH per position. This level requires you to pay 10 ETH to earn on this level.
Level 4 – This level has 16 positions to fill. You can earn 20 ETH per position. This level requires you to pay 20 ETH to earn on this level.
Level 5 – This level has 32 positions to fill. You can earn 40 ETH per position. This level requires you to pay 40 ETH to earn on this level.
That’s basically a breakdown of how you make money on million money.
The cycle is repeated every 100 days, so you have a chance to keep making a certain amount of money repeatedly.
Is million money legit or scam?
There is no straight answer to this question, many people will call million money a scam because it is doomed to crash at some point in time and they feel that the creators of the platform stand most to gain, no matter what eventually happens.
But then again, the fact that nobody has control over your money at any time and you can withdraw at any time (although that’s not advisable, as it will ruin the system flow), should give you some sort of comfort.
Nobody can abscond with your money, as there is no admin to control the system since it works with smart contract, this means that it technically can never crash.
The only fear is that once less people join, the system will become slow and tedious and will eventually crash.
My advice on million money
Should you invest on million money? Is it worth the risk?
Well, it all depends on you, as long as you have at the back of your mind that million money will not last forever and you are willing to bring more people to the platform, there is no reason why you can’t make money on the platform.
Am not saying I endorse the platform, and coinistnigeria is obviously in no way affiliated to them, but if you feel like you can convince people to join, thereby putting you at the top of the food chain, then you can ahead and register.
The truth is that, the people who will benefit from the platform are obviously those who created the platform and those who will be able to refer many people.
The people who will eventually lose are those who are not willing to refer people, they will therefore remain stuck in some levels, and if the system crashes, then they will lose money.
So, my advice on million money is that, invest if you know you can refer people otherwise, stay away from the platform.
Frequently asked questions (FAQs)
How much will I need to join million money?
You will need to deposit 0.03ETH i.e. about $5 to join the platform, you will also have to pay increasing amount of ETH to move to the next level.
Is million money a scam?
Like I earlier said, million money has its flaws, but it cannot really be termed a scam. It’s just that the system will not favor everybody, some are going to gain while some will lose.
Should I invest in million money?
This depends on you, if you know you can refer people to the platform, then you can go ahead and join otherwise I wouldn’t recommend it.
I hope you have enjoyed reading my million money review, hopefully you now know all there is to know about the million money platform.
If you have questions about million money, you can leave them in the comment section below and I will tend to them as soon as I possibly can.
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Thank you for reading.
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