Let’s find out is 3T Network a Scam?
Ever since Bitcoin hit 10,000 dollars per coin, cryptocurrency has been in the news a lot lately. It has become a craze fueling the demand for powerful computing rigs and video cards that used to be exclusive to gamers.
To mine as many coins as possible you need a hefty investment, much like real mining companies. But what if there was a cryptocurrency that doesn’t demand any powerful hardware? Tempting right?
There’s this form of cryptocurrency going around called the 3T Networks Currency. That’s a mouthful compared to BitCoin, Monero, and Litecoin but the question is, is it a legitimate cryptocurrency platform or a scam?
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What is the 3T Network?
The craze for cryptocurrency means that even those not in the know about blockchains and hardware will want to cash in.
Many people don’t want to invest in mining equipment what needed to mine cryptocurrencies. This is where 3T Networks Currency comes in. The 3T Network operates differently than other cryptocurrencies.
While other cryptocurrencies support other functions, like functioning as a DNS or intermediate exchange, 3T works in tandem at selling travel perks via multi-level-marketing or MLM.
The US company behind 3T Network Agent LLC is registered in Nevada, the network also has offices in the US, Singapore, Thailand and the Philippines.
The Chief Executive Officer and chairman behind 3T is a guy named Daniel Schwartz who has an impressive technology-based resume, as he has been in the business of sales and marketing in the tech industry since 1984 and is responsible for over 65 million dollars in closed deals during his career.
During his stay in Thailand, he introduced the cryptocurrency called Sigmacoin. Sigmacoin, however, is currently tanking and is not even on Wikipedia’s list of cryptocurrencies.
Membership, Benefits, and Products
Like most multi-level-marketing programs, the 3T Network depends on affiliate sales.
Revenue is collected through commissions based on the number of the affiliates and sub-affiliates in the network. To enter the network, you will have to purchase a membership and become an affiliate. The perks include access to reports, travel certificates, 3T incentive points and 3T coins. The travel certificates called 3T Lifestyle Certificates are basically coupons that entitle members to discounts offered by third-party merchants. This is basically the ‘tangible’ product offered by the network aside from their offer of cryptocurrency education after becoming a member. There is, however, no specific information about the merchants within their compensation plan.
Registering as a preferred customer or an affiliate entitles members to the 3T Compensation plan where preferred customers can avail of products at discounted prices, again with no specific information. Affiliates, on the other hand, become an up-line of a binary team to which they can recruit more affiliates directly or indirectly and this is where the revenue comes from, not from cryptocurrency speculation.
Affiliates have three levels, each with respective points that translate into a certain amount.
- Basic Trader @ 100 points for $149
- Advanced Trader @250 points for $499
- Pro Trader @500 points for $999
Again, the 3T Network is more of a multi-level marketing scheme than a cryptocurrency.
It is like other MLM, where premium members are offered perks such as cash bonuses and a car bonus. How members can get to such levels are not specified.
Conclusion – Is 3T Network a Scam?
If an analogy is to be made, the blockchain for their 3T coin would be the affiliate network and the proof-of-work is the affiliate recruiting process and the 3T coin value would be their trader points.
The site even offers cloud-based mining for members for hassle-free bitcoin mining which doesn’t seem to make sense.
Basically, 3T is more of a security than a cryptocurrency as there is no real blockchain involved. The vagueness of their information on discounts and merchants is disturbing. As per the site Bitcoinexchangeguide, Sigmacoin itself doesn’t make sense as a cryptocurrency and 3T coin comes from the same person, nor is the business registered with the SEC in Nevada.
If everything about 3T Networks seems a little off, it’s best to stay away.
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