The BitPayProfits website domain, bitpayprofits.com, was registered on February 1st, 2017. Byron McCorriston of Hawaii is listed as the domain owner. This registration has not been updated since its creation.
McCorriston has a history with dubious ventures. He recently promoted the Billion Coin Ponzi scheme. In late 2016, he was involved with the Easy 1up gifting scheme. Back in 2015, McCorriston was an affiliate for the TVC Matrix pyramid scheme. It remains unclear if he still controls BitPayProfits.
Johnny Ganoza, an administrator known for promoting suspect schemes, was recently attempting to sell BitPayProfits. Ganoza has been linked to numerous questionable operations, including Hustle With Us, which was previously reviewed.
BitPayProfits offers no products or services for resale. Affiliates can only market membership in BitPayProfits itself. This structure is characteristic of pyramid or Ponzi schemes where revenue comes solely from new member recruitment.
The compensation plan operates on a 2x2 five-tier matrix cycler. Affiliates buy into $45 positions. A 2x2 matrix has an initial two positions below the affiliate, and these expand to four positions on the second level. Filling these positions requires recruiting new BitPayProfits affiliates.
Each matrix level has an unlock fee. Payment of this fee sends funds directly to other BitPayProfits affiliates. The cycler pays out based on positions filled:
Phase 1, level 1 pays $45 per position, totaling $90.
Phase 1, level 2 requires a $45 unlock fee and pays $45 per position, totaling $180.
Phase 2, level 1 requires a $100 unlock fee and pays $100 per position, totaling $200.
Phase 2, level 2 requires a $100 unlock fee and pays $100 per position, totaling $400.
Phase 3, level 1 requires a $200 unlock fee and pays $200 per position, totaling $400.
Phase 3, level 2 requires a $200 unlock fee and pays $200 per position, totaling $800.
Phase 4, level 1 requires a $400 unlock fee and pays $400 per position, totaling $800.
Phase 4, level 2 requires a $400 unlock fee and pays $400 per position, totaling $1600.
Phase 5, level 1 requires a $1000 unlock fee and pays $1000 per position, totaling $2000.
Phase 5, level 2 requires a $1000 unlock fee and pays $1000 per position, totaling $4000.
Additionally, BitPayProfits affiliates receive a $10 recruitment fee for each affiliate they personally recruit.
Joining BitPayProfits costs $65. This fee is allocated as $10 for administration, $10 for recruitment commissions, and $45 for a matrix cycler position. All payments within BitPayProfits are made directly between affiliates.
The Federal Trade Commission warns that if a company makes money only by recruiting new members, it is likely a pyramid scheme. Such schemes inevitably collapse when recruitment slows down, leaving most participants with significant losses.