Skill Dragon Mine – Read Before Investing
A friend of mine told me about a business opportunity meeting she attended in South Africa.
She asked me if I knew anything about My Life Style Galaxy Company that had just launched a bitcoin mining business opportunity for people who wanted to invest in bitcoins.
She said the name of the mine is Skill Dragon.
I told her I would conduct a quick online investigation on Google and advise her accordingly if she should invest her funds into Skill Dragon Mine or not.
Upon completion of my quick search about Skill Dragon Mine, I concluded that unless you know or learn how to recruit people into a business opportunity, then it is not worth investing into the company.
That's how this Skill Dragon Mine review came about. The review is rather long because of the necessity to run-through other business opportunities linked to Skill Dragon Mine for you to understand how I reached my conclusion.
1. Background - Smart Media Technologies
My Galaxy Life Style is a new brand name that seems to have been adopted in promoting multi-level marketing business opportunities that fall under the umbrella of the parent company called Smart Media Technologies.
The structure of this company is confusing to an outsider like me, as it seems to have more than one official website, as well as sales funnels for marketing different types of business opportunities.
My internet search revealed that the company is privately owned and was started by David Martin in 2007. The company has developed a number of online games and applications under a social network called YOBSN; and recently, Skill Dragon Entertainment.
2. YOBSN (Your Own Social Branding Network)
YOBSN Social Network is described as a world class technology company whose business model is the same as Facebook and Google. The difference is that YOBSN shares its revenue with its members and users, the website claims.
The official YOBSN Social Network website states YOBSN does the following:
- Gives away free but valuable products and services to the global internet community.
- Offers top-quality, family friendly, entertaining and educational online games for free. On top of that it allows players to win gems, social points and other prizes such as iPads and laptops.
- Sells digital advertising just like Facebook, Google and other top internet companies.
Becoming an affiliate member of YOBSN costs $50 to $600 once off joining fee, depending on the chosen package.
Depending on the chosen package, you may be required to pay a monthly fee of $30 for “website hosting and other back office costs”.
Once you’re a paid up affiliate member of YOBSN there are several ways to earn money including:
· Points for sharing and giving away free games and other applications to free members.
· Advertising revenues
· Direct and indirect bonuses for selling packages to new members.
Perhaps the YOBSN advertising model used to work in 2008 but it certainly does not work now.
Traffic Monsoon and many other advertising and revenue sharing programs such as My Advertising Pays (MAP) have shown that genuine businesses do not advertise in revenue sharing programs because of their extremely poor quality of traffic.
Therefore, in reality, many advertising and revenue sharing programs are glorified Ponzi schemes, members buy advertising packs and advertise to each other by watching and clicking each other’s adverts.
If the same is happening to YOBSN, then there is probably very little advertising revenue from outside sources, hence the need for members to pay the $30 monthly fee to sustain a system that is supposedly generating revenue.
I mean if there is really revenue from digital advertising and other sources, why should members pay the monthly fee?
However, in other MLM discussion forums a few former members express some dissatisfaction. One member had difficulty getting his refund processed although he had cancelled his membership within the 7 day prescribed period. The reason for the cancellation was the belief that one would to invest an extra hundreds if not thousands of dollars into YOBSN to start earning a reasonable amount of money. Happy YOBSN members argued that those who were criticizing YOBSN were just lazy not prepared to get off of their butt to promote their business.
My personal experience with YOBSN was when someone tried to sell me a YOBSN package for $400 in a wealth seminar I had been attending in 2014. He said all I had to do to generate easy cash was share the games with my friends on social networks such as Facebook.
Looking back now, I am glad I never accepted his offer as promoting YOBSN is not as easy as he was making it out to be.
What I find discomforting about YOBSN is that it is obsessed with trying to elevate its social network (See picture below) to the level of the blue chip companies such as Facebook, Google, Twitter and Youtube.
It is disingenuous and misleading to potential recruits to continually and repeatedly compare YOBSN social network to Google and Twitter when it is obvious that the latter are 100 times better than the YOBSN social network.
3. Skill Dragon Entertainment
As stated earlier, Skill Dragon Entertainment is another branch of Smart Media Technologies. Skill Dragon Entertainment is in the business of producing and monetizing online multiple players games, and then using members to distribute the games to the public and attract players to take part in what is known as eSports.
The revenue generated by the eSports is shared with the members. To become a member you must buy a business package at a cost of $405. Once you are a paid up member, you will be entitled to your own website for hosting Skill Dragon games. You will also be provided with material for attracting players to your website, and for recruiting new members.
There are several ways to earn revenue as a Skill Dragon Entertainment paid up member. Paid up members earn revenue from signing up and hosting players; and inviting new members and growing their teams.
I am not in a position state whether this business model is profitable or not. I can, however, state that members who are able to bring in new members to the business opportunity will be compensated well.
This is based on their 7 ways compensation plan posted on the Skill Dragon Entertainment website. Out of the 7 compensation plans, only the first one is based on revenue from eSports, that is revenue from players.
The 6 other compensation plans reward members for bringing in new people and building their teams.
4. Skill Dragon Mine
Skill Dragon Mine is a new addition to Smart Media Technologies business. The Bitcoin and Ethereum mining operation started in March and April 2016 respectively, with 2 data warehouses located somewhere in the US.
Unfortunately, those interested in mining bitcoins and Ethereum with Skill Dragon Mine must first acquire Skill Dragon Entertainment membership at a cost of $405. Only then can you be able to buy of the mining contract package to start mining bitcoins.
The cheapest package cost just about $500 whereas the most expensive one will set you back a whopping $10 000 as shown in the packages options below.
Bitcoin earnings are paid out daily to investors. Investors have a choice of withdrawing their bitcoins or compounding by way of reinvesting by buying more mining power.
The founders of the Skill Dragon Mine are not wiling to state how much 'investment return' miners can expect. However, I have seen at least one website promoting Dragon Mine specifying 5% to 10% per month as the expected mining return to investors.
I have read another more detailed review about Skill Dragon Mine that believes in a worst case scenario, there’s no mining taking place. In a best case scenario, there is mining taking place but some investment funds are still recycled as returns pay-outs.
Though I believe that 99% of bitcoin mines that sell membership packages are just Ponzi schemes or scams.. With the information I’ve read and have seen I am convinced that Skill Dragon mine is real – i.e. there is actual mining of bitcoins and ethereum taking place.
For more details about the mine, you can read this positive review about Skill Dragon Mine.
The question is would I advise my friend to invest in Skill Dragon mine? The answer will have to be a big NO. Why would I would I invest my money in a business opportunity in which I am not told how much return my investment is going to make? The following 2 sections explain other reasons I would not advise my friend to join Dragon mine.
5. YOBSN Leaders Arrests At a Hotel in India
I read a blog post in which it was reported that 4 YOBSN leaders were arrested at a hotel in India on the 3rd of December 2014. According to the post, the leaders were arrested for, and I quote:
…explaining, advertising and collecting enrolment fee from new victims of YOBSN SOCIAL MEDIA NETWORK MLM fraud web based company (hosted from US) and run through a website www.socialmediatechnologies.com..
You can read more details about the case from patrickpretty website from which the above picture was taken.
I don’t know if the allegations above are true or not, and if they were proven in a court of law or not, but I would not be comfortable investing in a company that has a history of arrests associated with it.
6. TUB (The Ultimate Business) association with Skill Dragon Mine
The involvement of TUB (The Ultimate Business) in this project is another reason I do not have interest in buying any of their mining packages.
For those of you who don’t know what TUB is, I will give you a brief explanation. TUB (The Ultimate Business) is an MLM network of leaders who claim that they have a formula for creating passive income for ordinary members of the public.
When, for the first time, I attended their meeting in Johannesburg late last year, I was excited and thinking that their business formula was going to help me print money.
They talked TUB members into investing in 6 'businesses'. By February 2016 virtually all but one of the so called 'businesses' they were selling to Tub members had failed. Those of you who know something about HYIP’s will recognize the businesses as listed below as HYIP's:
Scam - Website Shutdown
Scam - Website Shutdown
Scam - Website Shutdown
Unprofitable Mining Contracts
Ponzi Scheme - Funds and Profits Frozen
MLM selling overpriced membership and gold
Now that I think about it, I should have actually claimed a refund for the fees I paid to attend the 2 TUB seminars. I paid R 3000 for the first seminar, and R 1000 for the second one. I know that other members of the public paid as much as R 5000 or R 10 000 just to attend a single seminar; a seminar about investing in Ponzi schemes.
I had zero knowledge about HIYP programs before attending TUB seminars, TUB introduced me and taught me to invest in HYIP programs. So why would I want to invest in Skill Dragon Mine when it is recommended by dubious MLM business leaders I cannot trust?
On the flip side though, it is quite possible that TUB leaders have now learned their lesson and are wiser now. So it is up to you to decide if you want to take this factor into account when deciding whether to buy a Dragon Mine package.
7. The Good Stuff about Skill Dragon Mine
· There is strong evidence the bitcoin and Ethereum mining is actually taking place in the US.
· There are faces behind the mine – Skill Dragon South Africa leaders and TUB leaders.
· Great opportunity and support for people who are willing to recruit others.
The sort of suggested return on investment of 5% to 10% per month is pretty good compared to what other crypto currency mines are achieving.
8. The Bad Staff About Skill Dragon Mine
· If something goes wrong, there's not much you can do to recover your money as you would have contributed in BTC to buy mining equipment.
· If you buy a cheap package, then you will feel the impact of the membership fee - $405.
· There is no guarantee that the mine will be profitable.
· Even if the mine is profitable, there is no guarantee that you will get your money back, you would have handed over control of your money to Smart Media or Skill Dragon. I would not want my money to be at the mercy of people who have a questionable past.
· It is not clear whether bitcoin mining investors are required to pay the $30 monthly membership fee. If it is required, then it will diminish your monthly mining income.
· If you’re not in good recruiting new members, you will earn peanuts. Leaders on the other hand, will make a killing through multiple bonuses for building their teams.
If you're not a leader, a sizable investment sum will be required to earn a decent monthly return.
9. Final Thoughts
Skill Dragon Mine maybe the most secure bitcoin mine in the world as its leaders claim, but that does not change the fact that Skill Dragon Mine is primarily a Multi-Level Marketing business opportunity.
People who bring in new people are rewarded handsomely through multiple special bonuses. Unless you plan on becoming a leader and go on a recruitment drive as well, then it is not worth buying a Skill Dragon Mining package.
A member in an MLM discussion forum summarized the essence of Multi Level Marketing businesses nicely:
The general rule with MLMs is that you might be able to make money, but only if you can live with overpriced products, guilt of overselling your business model to your downlines, and dubious money, seeming to come from nowhere. You really need to be thick (or maybe just naive) to do this stuff.
In any case, as a matter of principle, I don’t recommend joining any bitcoin mining company as 99% of them are Ponzi schemes or will not be profitable at all. Whether they are Ponzi Schemes or not, it really does not matter as the result is almost always the same – majority of investors don’t make any profit and eventually lose a big portion of their money.
10. Alternative To Mining Bitcoins
In my opinion it is preferable to rather buy and hold bitcoins or Ethereum in a safe place with the hope that over time the price will increase as predicted by many bitcoin experts.
Dragon Skill investors who bought mining package between March and May 2016 could have had a return of up to 50% by the 4th of July 2016 had they opted to keep their bitcoins to themselves instead.
If you want to invest in bitcoin, do not mine it, buy it. Experts believe bitcoin has a bright future; its price is expected to skyrocket in the next few years.
Therefore, making bitcoin part of your investment portfolio is a great investment strategy. You can invest in bitcoins by buying them
Having said that however, if you truly believe in the future bitcoins, you can leverage your limited cash by investing in bitcoins through a registered bitcoin trader such as eToro.
Having setup an account, look for bitcoin under the currencies trading column, then open (buy) a bitcoin position at a leverage of up to 5 times the value of bitcoin.
eToro has thousands of professional forex traders from which to select a trader to copy.
Read the eToro Copy Trading post and learn more about how to profit from forex without any trading knowledge or experience.