April 28, 2017
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. It 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 is not even in pre-launch yet. 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 others have been named) and receive rebate rewards in the form of the PRO cryptocurrency. Up to 100% rebates are possible, but I think only when you buy IPN’s own educational products. IPN offers education coursework on online marketing, and the courses come with a 100% reward. 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.
The cryptocurrency itself, the PRO ecurrency (PROC), as the company promised, is now listed on cryptocurrency exchanges (only a few so far), under the symbol, PROC. It won’t be trading though until after the company enters pre-launch, on May 1.
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).
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, or 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 they do seem to have that lawyer. I know he was slated to show up during April at at least one of the iProNetwork pre-launch events.
Late in May, 2017, we should get to see that shopping app! 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.
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, since each currency has a finite number of coins that will ultimately be mined. 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 it will catch on because it has superior features and marketing 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 full disclosure, I for one decided to sign up. 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!), click Two Ideas, or use the form below.
Thanks for reading!
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