April 28 June 21, 2017 (See the July 6 update Here)
I had to update my post, Is iProNework a Scam. Here are the salient points:
Let’s start with “ponzi”. As I see it, iProNetwork (IPN) is not a ponzi. The company says it intends to produce real products with real value – which is something that a ponzi doesn’t have. I say intends because as I write, IPN has just entered pre-launch.
The products, which were originally scheduled to become available in May, actually became available in early June. They were somewhat delayed by the unexpected difficulty of migrating somewhere in the neighborhood of 10,000 member into the network all at one time while keeping the geneologies straight. That has been accomplished and $2 million in commissions have been processed and paid out. Commissions will be fully caught up by July 3, 2017 as the data ages and certain follow-on calculations are executed.
One of the most valuable products they plan, they won’t be charging money for. That is their “shopping portal” application, through which consumers can shop online stores (real, recognizable brands … Priceline, Amazon, Walmart and over 4,000 more) and receive rebate rewards in the form of the PRO cryptocurrency (PROC). It has now been announced that the PRO Rewards personal shopping app will be released by the end of the month (June, 2017).
Up to 100% rebates are possible, but only when you buy online education coursework directly from IPN itself; not when you use the online shopping app to make purchases your other personal or business needs. Essentially that makes these courses free, so if you ever thought you wanted to sell stuff online, here’s a chance to learn how to do it. Actually it’s better than free because during June the coin rewards being offered with purchase of IPN education packages are calculated at $0.07, and during July they will calculate at $0.10. For further information, use the submittal form below.
A little bit of the PRO currency is being traded online already, on Cryptopia, and I think a couple of other exchanges; and it has been trading at between $0.18 – $0.35. So the current promotions at $0.07 and $0.10 is pretty appealing it seems to me.
It is intended that as the user-base and ecosystem for the PRO grows, more and more exchanges will be accepting it, and more and more online merchants will be offering the rebates, and more and more merchants will be accepting it as payment for their goods (See their White Paper).
The IPN app that will be used for new merchants coming into the system is called PRO Merchant, and was originally scheduled to start development in 4th quarter of 2017. The schedule has now been move forward, and the first functional version is scheduled to be completed in the next 90 days.
As for the MLM aspect, the company offers a free membership that allows use of the above described app. Those that are interested can also purchase online courses, and/or can pay an activation fee for the rights to work the business. All business-activated participants are eligible for various typical MLM commissions. Ponzi? You decide. But ponzi-like or not, this all looks like standard MLM practice to me (and I am familiar with MLM). And they do seem to have that lawyer they promised, who is familiar with United States MLM code.
So by the end of June we should get to usd that shopping app! We have already seen a demo, and personally I have been holding off buying some things I need at home so that when I shop I can get Pro Currency rewarded into my wallet. The wallet is also ready, and I have already downloaded mine and I am waiting to load it up with lots of PRO and let it grow (if it will, which I expect it will).
That leads us to one final complaint that behind MLM raises: that the value of PRO ecurrency is expected to rise. They say it must be a security because folks will want to own it while it rises in value. Oh, only securities are held for appreciation? Actually people compare cryptocurrency with gold – not securities – since like gold, cryptocurrencies typically have a finite number of coins that will ultimately be mined (virtual mining inside computers). Gold is not a security. You can buy gold bars. You can buy gold coins. You can buy rare and collectible gold coins. For that matter you can buy rare coins fabricated of any material. And you can hope that the value of any of these will rise. None of these are securities. behind MLM is completely wrong to say that PRO must be a security.
Maybe behind MLM is just unhappy that the PRO ecurrency is expected to appreciate. It is bad to coin a new currency that will catch on because it has superior features and marketing, and will meet a real need, and will make lots of money for its early adopters? Cry me a river!
On balance, I have to disagree with behind MLM that IPN is a scam. IPN may be risky right now because it’s a startup. But a scam? I don’t think so! And for that matter it is a whole lot less risky now in June than it was in April and May.
And for full disclosure, I for one see great potential for this startup and decided to join. So if you have become interested in learning more about this ecurrency or this network marketing opportunity, (or if you just want the free shopping app!), please use the form below.
Thanks for reading!
- Is iProNetwork a Scam Update II
- Preview the Shopping Rewards App
- Gateway to Cryptocurrency
- Meet the New Money