BitBest fails to supply possession or government data on its web site.
BitBest’s web site area (“bitbestdex.com”), was privately registered on June twenty sixth, 2023.
On its web site BitBest offers varied certificates for Dubai shell corporations.
This ties into BitBest representing it’s primarily based out of Dubai on social media.
With a little bit of messing round, breaking BitBest’s web site reveals it’s run by somebody who speaks Chinese language.
Be it from Dubai or someplace in Asia (usually Hong Kong or Singapore), whoever is operating BitBest has ties to China.
As for Dubai; As a result of proliferation of scams and failure to implement securities fraud regulation, BehindMLM ranks Dubai because the MLM crime capital of the world.
BehindMLM’s pointers for Dubai are:
- If somebody lives in Dubai and approaches you about an MLM alternative, they’re attempting to rip-off you.
- If an MLM firm relies out of or represents it has ties to Dubai, it’s a rip-off.
If you wish to know particularly how this is applicable to BitBest, learn on for a full overview.
BitBest’s Merchandise
BitBest has no retailable services or products.
Associates are solely in a position to market BitBest affiliate membership itself.
BitBest’s Compensation Plan
BitBest associates make investments tether (USDT).
That is carried out on the promise of marketed returns:
- select a 15 day plan and make investments 100 to 500 USDT to obtain 0.7% a day
- select a 30 day plan and make investments 100 to 5000 USDT to obtain 0.9% a day
- select a 90 day plan and make investments 100 to 25,000 USDT to obtain 1% a day
- select a 180 day plan and make investments 100 to 50,000 USDT to obtain 1.1% a day
- select a 360 day plan and make investments 100 USDT or extra to obtain 1.2% a day
BitBest returns are capped at 200%, after which new funding is required to proceed incomes.
Additionally observe that BitBest pays out a share of the every day return in BUSD, an inside shitcoin to not be confused with Binance USD.
- common and GM ranked associates obtain 35% of the ROI in BUSD and 65% in USDT
- VP ranked associates obtain 30% of the ROI in BUSD and 70 in USDT
- SVP ranked associates obtain 25% of the ROI in BUSD and 75% in USDT
- ED ranked associates obtain 20% of the ROI in BUSD and 80% in USDT
- MD ranked associates obtain 15% of the ROI in BUSD and 85% in USDT
Primarily based on BitBest’s advertising, it seems BUSD can’t instantly be cashed out:
BUSD is used to buy platform tokens on BitBest.
I consider this implies BUSD needs to be reinvested.
The MLM facet of BitBest pays on recruitment of affiliate buyers.
BitBest Affiliate Ranks
There are 5 affiliate ranks inside BitBest’s compensation plan.
Together with their respective standards, they’re as follows:
- GM – personally make investments no less than 100 USDT and generate 50,000 USDT in downline funding
- VP – personally make investments 600 USDT within the 30 day plan and have two GM or larger ranked associates in your downline
- SVP – personally make investments 5100 USDT within the 90 day plan and have two VP or larger ranked associates in your downline
- ED – personally make investments 25,100 USDT within the 180 day plan and have two SVPs or larger ranked associates in your downline
- MD – personally make investments 50,100 USDT within the 360 day plan and have two EDs or larger ranked associates in your downline
Word that required rank downline associates in your strongest recruitment leg (by funding quantity), don’t rely in direction of rank qualification.
Referral Commissions
BitBest pays a ten% referral commissions on every day returns paid down two ranges of recruitment.
Residual Commissions
BitBest pays residual commissions by way of a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the high of a unilevel workforce, with each personally recruited affiliate positioned instantly underneath them (stage 1):
If any stage 1 associates recruit new associates, they’re positioned on stage 2 of the unique affiliate’s unilevel workforce.
If any stage 2 associates recruit new associates, they’re positioned on stage 3 and so forth and so forth down a theoretical infinite variety of ranges.
Residual commissions are paid out as a share of every day returns paid to associates recruited into the unilevel workforce.
Particular residual fee charges are tied to rank:
- GM ranked associates earn a ten% residual fee charge
- VP ranked associates earn a 20% residual fee charge
- SVP ranked associates earn a 30% residual fee charge
- ED ranked associates earn a 40% residual fee charge
- MD ranked associates earn a 50% residual fee charge
Word that decreased residual commissions are paid on unilevel workforce associates at GM or larger.
E.g. if somebody in your unilevel workforce is SVP rank and you might be ED rank, you solely obtain a ten% residual fee charge on their every day ROI (your 40% minus the 30% charge at their rank).
Bonus Swimming pools
BitBest takes 10% of company-wide invested funds and pays them out by way of 5 rank-based bonus swimming pools.
- GM ranked associates obtain a share in a 3% bonus pool
- VP ranked associates obtain a share in a 2% bonus pool
- SVP ranked associates obtain a share in a 2% bonus pool
- ED ranked associates obtain a share in a 2% bonus pool
- MD ranked associates obtain a share in a 1% bonus pool
Becoming a member of BitBest
BitBest affiliate membership is free.
Full participation within the connected earnings alternative requires a minimal 100 USDT funding.
BitBest Conclusion
BitBest is a straightforward Ponzi scheme utilizing the “staking” enterprise mannequin.
In a nutshell, BitBest associates make investments USDT. Regardless of the returns pitched, solely a share of the marketed quantities is paid out.
The remainder is dumped in BUSD, which is nugatory outdoors of BitBest.
By pegging the ratio of BUSD paid out to rank, it being nothing greater than a instrument to limit withdrawals change into apparent.
SimilarWeb tracked roughly ~41,000 visits to BitBest’s web site in November 2023. Regardless of this comparatively low quantity, BitBest claims it has two million registered customers on its web site.
Because it stands the one verifiable income coming into BitBest is new funding.
Utilizing new funding to pay affiliate withdrawals would make BitBest a Ponzi scheme.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
It will starve BitBest of ROI income, finally prompting a collapse.
The mathematics behind Ponzi schemes ensures that once they collapse, the vast majority of contributors lose cash.