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SoBuy was submitted for review today in response to a reader request.

My first stop was the business’s website.

Ruh-roh.

Further investigation finds that SoBuy advocates assert that the firm shut down just over a week ago (yes, I know, I’m a little behind on reviews):

Janice Giesinger, a SoBuy promoter, provided the following testimony in a video that she posted to her “Internet Marketing Nomad” channel on March 17th;

[0:9] I also want you to know that I am bringing this video to you out of a little amount of guilt for how I promoted it. I suppose with a little humility as well.

In my marketing career thus far, this is most likely the worst thing that have occurred.

{1:13] Therefore, I simply wanted to convey that I cannot in any way grin about this. Neither am I particularly proud of it.

I sincerely apologize for falling for the SoBuy fraud, thinking it was the real deal, and promoting it as such. Because I genuinely thought it was real.

I feel doubly worse for the few individuals who shared my conviction that this was true.

Even one would have been too many, even if I had only funded one. I feel like I’m a bag of chips. I am unable to utter the term on YouTube. I feel like a huge sack of cat litter. Okay?

I’ve had a lot of emotional impact from it. Not because I lost money in it, but rather more so because other people also lost money.

In addition to thousands of you guys that lost money in SoBuy, that didn’t only follow me there.

Even though Giesinger’s apology seems sincere, her channel video history makes it seem hollow.

I any case, former SoBuy affiliates assert that PerRank has been founded by the crooks that ran SoBuy.

Instead of reviewing SoBuy, we’ll discuss PerRank.

On its website, PerRank omits to provide corporate ownership or leadership information.

PerRank’s website renders on a dummy mobile phone in what looks to be a tribute to SoBuy soliciting investors through an app:

On February 15, 2022, the domain name “perrank.com” for the PerRank website was registered.

An partial address in China is given, indicating that whomever is in charge of the business is headquartered there or at the very least has connections there.

As a point of reference, the domain for SoBuy’s website was privately registered on December 21, 2021.

The fact that PerRank’s domain was registered in the middle of February implies that the proprietors knew SoBuy would fail weeks before they took the website offline.

Always consider joining and/or giving any money to an MLM firm very carefully if it is not transparent about who owns or runs it.

Products from PerRank
No retailable goods or services are offered by PerRank.

The PerRank affiliate membership itself is the only thing that affiliates may promote.

The Compensation Plan for PerRank
In order to attract investment, PerRank advertises returns:

Receive $4 every day for two days as a Free Member who joins for no fee.
Spend $30 and get $1.5 each day for five days as a trial member.
SVIP1: Make a $100 investment and get $150 each month for 180 days.
SVIP2: Put $300 down and get $450 every month for 180 days.
SVIP3 offers a $900 investment and $1350 each month for 180 days.
Invest $2000 and get $3000 each month for 180 days with SVIP4
Invest $5100 to receive $7650 per month for 180 days with SVIP5
Not disclosed: SVIP6
Not disclosed: SVIP7
Not disclosed: SVIP8
Keep in mind that after 2 or 5 days, Free and Trial users must spend at an SVIP tier in order to continue earning.

After 180 days, VIP investment tiers require reinvestment to keep earning.

The MLM component of PerRank pays on monies invested by and returns given to affiliates who have been recruited.

Affiliate Ranks PerRank
The payout structure of PerRank has four affiliate ranks.

They are as follows, along with their respective qualifying standards:

Affiliate: register as a PerRank affiliate and make a financial commitment Captain: bring in fifteen affiliates
Manager: Five Captains I myself recruited Manager: Five Supervisors I personally recruited
Regional Manager: Five Managers whom I directly recruited.
Affiliates who have been recruited must have made an investment. It’s unclear if there are any other investment tier limitations.

Advisory Commissions
Down three tiers of recruiting, PerRank provides referral fees on invested capital (unilevel):

Level 1 (affiliates that I directly recruited): 6% Level 2: 4% Level 3: 2%
ROI Sync
On returns paid down three layers of recruiting, PerRank pays a ROI match:

on level 1, 3%
on level 2, 2%
on level 3, 1%
Bonuses for achieving Ranks
PerRank offers the following Rank Achievement Bonuses to affiliates that meet the requirements for Captain and higher:

If you meet the requirements at Captain, you can get a free SVIP1 investment position for a year and $2000 AUD each month.
if you meet the requirements at Supervisor, you’ll get $8000 AUD each month and a free SVIP2 investment position for a year.
Qualified at Manager and obtain a year-long free SVIP3 investing position along with $20,000 AUD each month.
If you meet the requirements for Regional Manager, you can earn $80,000 AUD each month and a free SVIP4 investing position for a year.
As higher rankings are eligible for, a single free SVIP investment position is improved.

enrolling in PerRank
The cost of a PerRank affiliate membership ranges from $30 to $5100 at first.

Affiliates in the Free and Trial tiers are required to upgrade to an SVIP tier after two and five days, respectively.

PerRank Verdict
PerRank is the traditional Ponzi scheme of “perform a pointless chore,” but it uses bitcoin.

“Virtual orders” are the absurdity that underpins the Ponzi scam used by SoBuy and PerRank.

By conducting virtual orders for the items with relatively low sales volume to improve product sales and visibility, the Sobuy platform’s core business is to assist the four major e-commerce platform merchants in increasing their product sales and praise rates.

The Sobuy platform’s corporate office receives product sales orders from the e-commerce platform.

The product will be delivered to the platform’s task center by the Sobuy platform.

On the Sobuy platform, VIP users assist in completing goods transactions.

The VIP members that assist Sobuy in completing the sales assignment will receive a portion of the commission.

Virtual orders do not need payment and serve just to enhance sales and awareness for items on the four main platforms; the product will not be dispatched.

You won’t need to use any of your own funds to buy the product since the SOBUY platform will cover the cost.

It all comes down to pressing buttons to get a monthly return that is paid daily.

Consideration of the following factors renders PerRank’s Ponzi scheme invalid:

Why would an e-commerce platform pay anybody for virtual orders if external income was being created via e-commerce platforms? Why do SoBuy/PerReve affiliates need to spend since creating virtual orders accomplishes nothing for an e-commerce platform and is not a revenue producing activity as such?
When you consider that the businesses SoBuy and PerRank represent are connected e-commerce platforms, the situation becomes even more absurd:

Really? Amazon and Etsy?

SoBuy advertised that it worked with big Australian shops while operating with an Australian flair:

Just to be quite clear, none of these businesses are associated with SoBuy or PerRev.

If you’re especially credulous, feel free to contact these businesses and be sure for yourself.

Now that everything is out of the way, basic math explains why SoBuy only lasted a short while.

The same arithmetic will ensure that PerRank also collapses. We could be talking a few weeks, as reboot Ponzis often don’t endure as long as their predecessors.

Although Alexa rates traffic to the SoBuy website domain as coming from Mexico (37%), Honduras (27%) and the US (14%), PerRank’s website is too young for data.

As with other MLM Ponzi scams, fresh investment will stop once recruiting does.

As a result, PerRank will ultimately experience a collapse due to a lack of ROI revenue.

The mathematics behind Ponzi schemes ensures that when they fail, the majority of investors lose money.

Update: PerRank has collapsed as of June 13, 2022.

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