With a lot of individuals and companies getting into crypto and the blockchain, it’s become increasingly hard to determine which crypto-related services are legitimate or not. Unsurprisingly, there have been a few individuals who have taken advantage of crypto’s increasing popularity by introducing schemes where you could supposedly earn a lot of cryptocurrency just by joining their programs. The reviews that I have made about services like Hyperfund and BitLocity prove that not all things related to crypto are worth joining. Will it be the same for GSPartners?
It’s sort of been a recurring theme with the services that I’ve been reviewing, most notably in crypto, where they don’t include any information regarding any of the top executives in the company. Which is weird, to be honest. It’s not like these services came out of nowhere. Though sometimes it feels like they did. What I found out is that the company is an offshoot of the Gold Standard brand, which was founded by Josip Heit. Josip was previously an executive at a company called Karatbars. Karatbars fizzled out after multiple securities fraud notices were launched against the company’s cryptocurrency.
The weird thing about crypto-related multi-level marketing schemes is there’s not really a thing that they offer that ordinary people can buy. Crypto does mainly exist in a digital space, so it’s not really that much of a surprise. But I’m amazed, and concerned, that a lot of people were somehow sucked into putting their money into it.
If you look at their website, you can’t really tell exactly what they’re selling to you. I can understand what the words mean individually, but together it doesn’t really make any sense. In the third paragraph they mention the words “network marketing,” which is really just a slightly more palatable term for multi-level marketing. Still, they don’t really explicitly say what the fuck they’re offering as a service. If you scroll down, they somehow have their own telecommunications firm? And an e-mail client? They also somehow sell debit cards made out of real metal? And you have to pay for it with cryptocurrency?
With a little bit more digging, I found out that it costs 99 USDT in order to become an affiliate member of GSPartners. The membership fee that you’re paying gives you access to their educational platform called the Blockchain Academy. It’s basically a video-based course that will teach you more about the blockchain and crypto. Though there’s probably a few websites that offer similar information about crypto for free.
Once you buy into the GSPartners membership program, you can also pay 275 USDT in order to invest into company’s own cryptocurrency. There’s somehow a compensation plan involved in this. And you can only receive compensation when you’ve recruited other people to sign in as an affiliate member and pay the investment fee. It seems kind of weird that the only thing driving up the value of GSPartner’s cryptocurrency is when people invest into the company through the affiliate membership. What if the flow of people signing up stops, then what happens to the value of the cryptocurrency?
A lot of multi-level marketing schemes are reliant on the constant flow of people taking part of the scheme. When fewer people join, the flow of money through those multiple levels will dwindle. That’s how all of these schemes manage to pay people that are part of the scheme. If the structure of you and your affiliates don’t manage to get to people to join, you wouldn’t really be earning commissions from the lower levels.
Cryptocurrency MLMs are riskier than a lot of the more common MLM schemes, because the product that you’re investing in is also the thing that you will get paid in. And you can only really “earn” if people keep putting money into the currency. If nobody has invested in that currency, the value will drop. This is why a lot of similar cryptocurrency MLM schemes often use the pump and dump method to make it seem like that currency is valued higher than it actually is. It’s also a main reason why crypto MLMs often get included in a lot of securities fraud notices from different countries. Most of the time, it’s because they’re not registered to sell you any financial products in those countries. And cryptocurrency counts as a financial product, regardless of where it exists.
Half of the people who join any type of MLM scheme leave within the year. They no longer view it as something they can do long-term. Almost half of them lose all of their money from partaking in MLMs. So it never seemed like the best place to put your money into.