MineBase is the most recent brainchild from Harald Seiz.
Seiz, a German nationwide, is greatest identified within the MLM trade for ripping off a ton of individuals via Karatbars Worldwide.
Karatbars Worldwide started in 2011 as a gold-themed pyramid scheme.
Circa 2017-2018, Seiz partnered up Gold Customary Financial institution and proprietor Josip Heit.
This partnership noticed Karatbars transition into cryptocurrency fraud.
Karatbars Worldwide’s first documented occasion of crypto fraud was the KaratBank ICO in early 2018.
KaratBank flopped however ultimately Seiz and Heit acquired KaratGold Coin (KBC) off the bottom.
After months of hyping Karatbars Worldwide buyers on the promise 100 KBC can be redeemable for 1 gram of gold, KBC publicly launched on July 4th, 2019.
KBC’s launch was a catastrophe. Seiz’s 1 gram of gold promise wasn’t honored and KBC dumped 62% in a couple of days.
Sitting on funds they’d milked buyers out of, Seiz and Heit laid low for many of 2019 and 2020.
Someday in 2020 “Gold Customary” was launched, and together with it yet one more token reboot. This time it was G999.
By September these plans had fallen via. Harald Seiz started selling Freebay and V999, a derivative of the G999 token.
Someday between Gold Customary being introduced and Freebay (mid 2020 or so), Harald Seiz and Josip Heit had a falling out.
Heit break up from Karatbars and went on to launch a GSPartners with the G999 token in direction of the top of 2020.
By the top of 2020 Freebay collapsed, prompting Seiz to have a really public meltdown.
What adopted was six months of radio silence. Seiz ultimately resurfaced with Lifebase in June 2021.
Lifebase collapsed after a couple of months. In December 2021 Seiz despatched out an e-mail to his victims, promising a correct Karatbars Worldwide reboot.
That by no means occurred.
As an alternative in April 2022, Karatbars Worldwide victims had been contacted by Acua Wellington.
The specifics of Acua Wellington stay murky. BehindMLM wrote it off as an apparent restoration rip-off, probably capable of goal Karatbars victims as a result of Seiz offered the affiliate database.
Lastly in August 2022 MineBase emerged.
The unique launch was so comically unhealthy that I assumed I used to be one other restoration rip-off.
Whereas Seiz seems to be answerable for MineBase, the preliminary restoration rip-off nature of the its launch suggests he’s working with Russian scammers.
MineBase operates from two identified web site domains:
- “minebase.io” (main) – privately registered on Might 1st, 2022
- “minebase.com” – first registered in 2014, non-public registration final up to date April twenty eighth, 2023
Quick ahead to mid 2023 and MineBase remains to be chugging alongside. The MLM facet of the enterprise is extra fleshed out, prompting requests for an official BehindMLM evaluate.
It needs to be famous that within the lead as much as MineBase, Harald Seiz’s varied schemes have attracted the next regulatory consideration:
Seiz, initially from Germany, fled the nation for Thailand in some unspecified time in the future. This turned identified following a German court docket issuing a warrant for Seiz’s arrest a couple of months in the past.
There haven’t been any additional updates so presumably Seiz remains to be needed by German authorities.
BehindMLM can’t affirm Seiz’s present standing as occurring the run coincided along with his abandoning of social media (FaceBook in 2021 and Instagram final yr).
Learn on for a full evaluate of MineBase’s MLM alternative.
MineBase’s Merchandise
MineBase’s advertising and marketing particulars a number of product classes:
None of those have something to do with MineBase’s MLM alternative.
MineBase’s Compensation Plan
MineBase associates make investments tether (USDT) into MBASE tokens. That is finished on the promise of a 500% ROI paid after 18 months.
- 1 Star Bundle – make investments 100 USDT, obtain 250 MBASE tokens and obtain 500 USDT after 18 months
- 2 Star Bundle – make investments 500 USDT, obtain 1250 MBASE tokens and obtain 2500 USDT after 18 months
- 3 Star Bundle – make investments 1000 USDT, obtain 2500 MBASE tokens and gather 5000 USDT after 18 months
- 4 Star Bundle – make investments 3000 USDT, obtain 7500 MBASE tokens and gather 1500 USDT after 18 months
- 5 Star Bundle – make investments 5000 USDT, obtain 12,500 MBASE tokens and gather 25,000 USDT after 18 months
The MLM facet of MineBase pays on recruitment of affiliate buyers.
MineBase Affiliate Ranks
There are 5 affiliate ranks inside MineBase’s compensation plan.
Together with their respective qualification standards, they’re as follows:
- Diamond – “you want factors to get a fee” (???)
- Black Pearl – recruit ten associates who collectively have invested in at the very least 10,000 MBASE tokens
- Technology – recruit at the very least twenty associates
- Royal Crown – generate a downline who collectively have invested in at the very least 10 million MBASE tokens
- Royal Crown President – “you should attain the very best degree in every enterprise middle” (be aware this doesn’t make any sense)
Referral Commissions
MineBase associates earn 10% of funds invested into MBASE tokens by personally recruited associates.
Residual Commissions
MineBase pays residual commissions through a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the prime of a unilevel crew, with each personally recruited affiliate positioned straight beneath them (degree 1):
If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel crew.
If any degree 2 associates recruit new associates, they’re positioned on degree 3 and so forth and so forth down a theoretical infinite variety of ranges.
To qualify for residual commissions, a MineBase affiliate should recruit at the very least two associates who’ve invested in MBASE tokens.
Residual commissions are paid as a proportion of complete downline MBASE token funding every week.
- have twenty associates in your downline and obtain a 1.8% residual fee fee
- generate accrued downline funding of at the very least 10 million MBASE tokens and obtain a further 2% residual fee fee
Word that as much as 70% of required downline associates could be counted from anybody recruitment leg.
Diamond Commissions
MineBase pays a tiered fee primarily based on downline MBASE token funding exercise.
Base Diamond Commissions are calculated weekly, primarily based on the next standards:
- Diamond (generate downline funding of at the very least 500 MBASE tokens) – 2% Diamond Fee fee
- Double Diamond (generate downline funding of at the very least 12,000 MBASE tokens) – 2.2% Diamond Fee fee
- Triple Diamond (generate downline funding of at the very least 150,000 MBASE tokens) – 2.4% Diamond Fee fee
Word that solely as much as 70% of MBASE token funding could be counted from anybody recruitment leg.
Diamond Commissions qualification standards are calculated weekly. I imagine percentages paid out are on the qualifying quantity generated every week.
Further Diamond Fee charges could be earned primarily based on the next qualification standards:
- Diamond associates obtain a further 2% if they’ve recruited ten associates who’ve every invested in at the very least 8000 MBASE tokens
- Double Diamond associates obtain a further 2% if they’ve recruited 5 associates who’ve every invested in at the very least 90,000 MBASE tokens
- Triple Diamond associates obtain a further 2% if they’ve recruited three associates who’ve every invested in at the very least 1,500,000 MBASE tokens
- a further 3% Diamond Fee is paid as soon as a MineBase affiliate generates an accrued 5 million MBASE token downline funding
Royal Crown President Bonus
If a MineBase associates earns in all the commissions and bonuses detailed above, they qualify for a share in 1% of MineBase’s company-wide funding.
Becoming a member of MineBase
MineBase affiliate membership is tied to tether funding in MBASE tokens:
- 1 Star Bundle – 100 USDT
- 2 Star Bundle – 500 USDT
- 3 Star Bundle – 1000 USDT
- 4 Star Bundle – 3000 USDT
- 5 Star Bundle – 5000 USDT
MineBase Conclusion
MineBase as an MLM alternative is a very complicated mess. And that’s earlier than we get into the hooked up 500% ROI Ponzi scheme.
I’ve finished my greatest to current as correct a breakdown of MineBase’s compensation plan as I can above. MineBase’s compensation plan didn’t cross the headache take a look at, and I’m nonetheless undecided it’s 100% correct.
MineBase exit of their approach to complicate commissions and bonuses. This begins by referring to particular person commissions and bonuses as “enterprise facilities”.
Historically in MLM a “enterprise middle” is an revenue place. That’s not the case in MineBase.
Then there’s the seemingly pointless tiers in every fee and bonus.
I suppose the concept is that the fee and bonus percentages are paid company-wide, however then that is mindless as a result of commissions and bonuses are tied to a person affiliate’s downline. So what objective do the tiers have?
Sometimes in MLM we see tiers for bonuses. These could be ranks or no matter, the purpose is a proportion is stored apart and everybody who qualifies for that tier receives a share.
MineBase seem to use this to their total compensation plan. What this creates truthfully isn’t value bothering with. And good luck making an attempt to clarify this nonsense to anybody.
I need to clarify that this isn’t somebody complaining a couple of lack of familiarity. I’ve no drawback with MLM corporations making an attempt new issues or placing their twist on conventional compensation buildings.
However that’s not what’s occurring right here.
I misplaced depend what number of instances I caught myself pondering “why?”, or “that doesn’t even make sense” whereas making an attempt to dissect MineBase’s compensation documentation. It’s that unhealthy.
After which we now have MineBase’s 500% ROI Ponzi scheme. Associates make investments tether, obtain MBASE and gather a 500% ROI on MBASE after 18 months. They then hope to money out that MBASE for tether.
Though staking isn’t talked about, I imagine that’s the Ponzi mannequin MBASE is utilizing.
It’s fairly just like what Seiz’s former companion in crime is doing along with his Swiss Valorem Financial institution Ponzi scheme (previously GSPartners).
Identical 18 month maturity interval, however Heit is simply providing 300% over Seiz’s 500%.
Anyway, finer factors apart, right here’s how MBASE goes since launch:
(CMC)
MineBase associates would possibly get 500% in nugatory MBASE tokens after 18 months, however they’re positive as hell not getting 500% on the tether they invested.
MBASE is already down 70% because it launched in late 2022. 18 months? MBASE will in all probability be properly into ‘fractions of a cent” territory by then.
To summarize, MineBase is one other crypto Ponzi scheme from a serial creator of MLM Ponzi and pyramid schemes.
Whereas Seiz is needed by German courts, sadly it’s not due to his MLM pyramid and Ponzi scamming. German authorities have been fully asleep on the wheel in terms of MLM crypto associated securities fraud.
And on account of that, Seiz continues to fleece new victims – with little question a wholesome dose of Karatbars victims hoping to recoup present losses tossed into the combination.
SimilarWeb tracked just below 800,000 visits to MineBase’s .IO web site in Might 2023. The vast majority of that site visitors originated from Venezuela (17%), the US (16%), Germany (10%), Switzerland (10%) and Ukraine (8%).
MineBase isn’t registered to supply securities in any of those jurisdictions. MLM corporations commit securities fraud as a result of they’re operating Ponzi schemes.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
It will starve MineBase of ROI income, ultimately prompting a collapse.
The mathematics behind Ponzi schemes ensures that once they collapse, the vast majority of individuals lose cash.
