Gensminers provides no information on its website about who owns or runs the company.
Gensminers’ website domain (“gensminers.com”) was privately registered on June 2nd, 2020.
In an attempt to appear legitimate, GensMiners provides two blurry UK incorporation certificates on its website.
UK incorporation is dirt cheap and effectively unregulated. It is a favored jurisdiction for scammers looking to incorporate dodgy companies.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
GensMiners has no retailable products or services, with affiliates only able to market GensMiners affiliate membership itself.
GensMiners’ Compensation Plan
GensMiners affiliates invest funds on the promise of advertised returns:
- Beginner – invest $100 to $499 and receive a 105% ROI paid after 24 hours
- Premium – invest $500 to $1499 and receive a 110% ROI paid after 24 hours
- Expert – invest $1500 to $1999 and receive a 130% ROI paid after 24 hours
Referral commissions on invested funds are paid down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 5%
- level 2 – 10%
- level 3 – 15%
GensMiners affiliate membership is free.
Full participation in the attached income opportunity however requires a minimum $100 investment.
GensMiners represents is generates external revenue via “mining farms”.
No evidence of GensMiners operating mining farms is provided. Nor is there any evidence of GensMiners generating any other form of external revenue.
Furthermore, GensMiners’ business model fails the Ponzi logic test.
If the company’s anonymous owner(s) was/were able to legitimately generate a consistent 130% a day, what do they need your money for?
As it stands, the only verifiable source of revenue entering GensMiners is new investment.
Using new investment to pay existing affiliates a daily return makes GensMiners a Ponzi scheme.
Despite this, and the inclusion of UK incorporation certificates on its website, GensMiners claims to be
a fully licensed company with all the required documents to run a cryptocurrency business.
We are Registered in the United State, with our head office in 102 Kuhl Avenue, Atlanta, Georgia.
Being passive in nature, the investment side of GensMiners constitutes a securities offering.
Securities in the US are regulated by the SEC. GensMiners is not registered with the SEC, meaning it is committing securities fraud.
As for that Atlanta, Georgia address, it doesn’t appear to be an actual address.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.