Hello Crypto Fans,
Today I want to tell you about the new platform I am trying out, called CryptoHands.
I have this tendency recently to FOMO myself on lots of various platforms, it often happens very late at night, when my mind is barely functioning :)
But nevertheless sometimes my experiments are paying off, and I usually try to experiment only with funds that i earned elsewhere (trading, arbitraging, etc..).
Now don't get me wrong, I do make sure to do my own research before throwing even one satoshi out (at least most of the time:)), but to be honest, it feels that there is no way to completely avoid loss if you trying to make some gains in the crypto space...in any financial space in that matter.
So today I joined an MLM :)
For those of you that are not familiar with the term - MLM is an acronym for Multi-level marketing.
This form of marketing has many names like pyramid selling, referral marketing, network marketing and so on...but the idea is the same.
The idea behind most Multi-Level Marketing scheme is Recruiting & Building Distributor Network.
Basically, the distributor or the marketer gets a percentage of the income that include their own sale and percentage of the sales coming from the group of people they recruit...which commonly known as their ‘Downline’.
There are many examples of huge legit companies based on MLM business model that are quite successful and wide spread, on the other hand there are numerous examples of how this whole thing can easily turn into a Pyramid scheme and leave you with nothing, in fact there is a very thin, often no-existing line between an MLM and a blunt Pyramid Scheme.
But let's talk specifically about the platform I why i have decided to join it, disregarding all the red flags.
“Cryptohands - The easiest and fastest way to make money in crypto industry” - or is it?!
So cryptohands claim to be the first blockchain based MLM.
The idea is simple, according to their website, all you need to do is register an account, transfer 0.05 ETH to the smart contract and join the “game”.
This 0.05 ETH will go to the first user in your Upline (the referrals above you in the line).
The next user that will come after you, will send the 0.05 ETH back to you.
After that, you will be earning on every subsequent user that signs up.
Or as they explain it on their website:
“To register and simultaneously receive the 1st level in the System, send 0.05 ETH to your upline. And the first user, that will come after you, will send this amount back to you. This is 1 time action at all. All other transfers are made at the expense of already earned funds. "
Do i have to spam the internet for referrals, or can i earn just by signing up?
That is a question I asked myself when first signing up to the platform...according to their website, you can actively fill up your downlines by gathering referrals or you can wait for referrals to come to you…
You basically get the “downfalls” of the referrals in your upper lines - to be honest i am not 100% sure yet how this works, but apparently you can get paid without doing nothing.
Now why the Hell have i signed up for such a shady platform? And send my hard earned ETH there?
Well the simple answer is that i like experiments ;), and this is another one of those crypto experiments.
Regular, "real-world" based MLM's usually have a weak link ingrained in them - the founders and the early adopters are usually the ones to reap the big profits.
And as the system cannot continue to recruit new participants forever, it eventually, inevitably falls apart.
Its not much different with cryptohands...the early adopters will still get the biggest chunk...the only difference is that cryptohands is based on smart contracts running on the ETH blockchain, meaning that it pretty much cant fall apart and will continue running, without any single person or company able to shut it down.
So as long as there will be new recruits to the platform, it will keep generating or shall we say re-transferring more and more ETH.
The second reason that i have decided to join cryptohands, and trust me there are many platforms I consider joining on a daily basis, is the fact that in its short lifetime this platform was recently posted on dappradar, and has already climbed the ranks to the 5’th spot of the most popular dapps on the Ethereum blockchain….and one shouldn’t take that lightly.
Also consider the fact that there are currently only 15397 people signed up and sent money to the smart contract, currently circulating about 2124 ETH….
So there is plenty more time and place for expansion (until it explodes?!😵)
Before transferring anything there, i have tried to research and figure out if the platform actually pays out, and after talking to several users and reading about it in blogs over the internet, it seems that currently it pays indeed, and some people have already made some significant earnings.
Now it is important to clarify that there are no promises here ...any smart contract can have holes within it, invisible to the naked eye", allowing the hackers/founders grabbing all the money from the sweet smart-silver-contract-plate with free ETH lying all over it...and f$%k off...
In a better case scenario,the smart contract and the platform is legit and it will run for a while, paying some great rewards to the early adopters, leaving everybody else with 0.05 ETH short.
But in the best case scenario, it will run for a long time, eventually looping on itself and somehow giving everybody profit ;))
That being of course impossible, i can only hope that I have signed up early enough to atleast get my 0.05 ETH back :)
So if you are interested in participating with me in this experiment, all you need to do is head over to cryptohands website and signup using your Metamask wallet.
Then you will need to transfer 0.05 ETH (currently about 10$) to this smart contract and that's it, you are part of an existing line.
To get your ETH back and then some, you will be required to bring referrals of your own, to sign up under you and so on…
The first 3 signups under you will give you 0.05 ETH each, the next 9 will give you a percentage and so on...to be honest I didnt understand the distribution system all that well, but according to their crazy claim you can go up to 10000 ETH and then repeat it every year :))
Its all sounds to good to be true, and it probably is...i encourage you to do your own research and only invest if you are not afraid of loosing it.
But if you have 0.05 spare ETH lying around, and some referral gathering skills, you might want to consider signing up...as it is still very early and you just might reap some profits, but if you value your coins you should probably stick to less adventurous methods of earning ;)
P.S : If you do decide to sign up, I will appreciate you using my affiliate link as i really miss my 0.05 eth :)...and you will be joining me on my line, so we get to hang out ;)
