Banner Bit Scam
Not many people dream of becoming an on line entrepreneur. Of those that do, many fail because of their experiences with online dream killers.
Banner Bit is one of the big killers
The reasons for these dream killers is not always greed, some do it because they can, not because they need the money.
There are many people wanting a way out of living a regulated life.
People want something better, and online is one place they will try to find that greener patch of grass.
A common trait among budding entrepreneurs is, they start with good intentions, and then, because the internet is full of distractions, they see opportunities where there are none.
A bit like…the Holy Grail has arrived. Lets jump in.
They are commonly called Shiny Object Syndrome.
Money & Scams
Probably number one for killing online dreams is money (or lack of it). Looking for way’s to make quick money online, then coming unstuck.
Some lose their life savings. A recent scam that caught hundreds of thousands was Binary Options Trading.
This caused hardship to so many people. People once well off, lost a large share of their wealth (or all of it), in this scam.
Many unable to get whatever money they had in their accounts back, because the website disappeared and their “overseas” offices were only a telephone diverting service.
Too often people who fall for one scam sign up for another.
Promises of the key to unlock untold wealth by the end of the week, all designed to trap those searching the internet for El Dorado.
They come in different forms, the latest whiz bang product, Pyramid schemes.
The Shiny Object Syndrome is exploited very well by scammers.
Scammers move through various trends, and create a product within that trend to capitalize on that market.
A professional business like web-page, expert SEO, mass email marketing, and goggle ads telling a story of unbelievable riches or love.
Sign up and your money is on autopilot…To them, and they are off to the races.
Ad flipping is a scam that preys on people by promising easy money.
BannerBit is the creator of this one. A look down in the footer of their website shows an address in Cyprus. Interesting !,
That is where most of the Binary trading scams were based !
It is also a hot spot for fake dating sites.
Banner Bit follows a similar track to Binary options trading.
With Binary options you were betting on an option (a call or a put ) increasing or decreasing in value based on the underlying share price of that company.
Unlike option trading on the share or commodity market, which have strike prices going out months or even years.
Binary trading was short term, minutes, hours, a day. They had longer term options, but really if you were serious you would use a stock broker.
To see how Binary Options worked take a look at this video. Binary options
The Ad Spiel for Banner Bit.
Quote “BannerBit is the first platform designed for ad flipping”.
This means any user is able to purchase, profit and then sell banner ads on the platform in order to generate income.
There is even a Affiliate program you can sign up to.
I left it for the unscrupulous. I have no desire to be making overseas calls all hours of the day (or night), coaxing people to part with their money.
Which is what their affiliates do!
Big consumer brands like Adidas, Nike, McDonalds, Mercedes, Toyota and much more can be found on BannerBit’s marketplace.
But that is just name dropping. Those companies have no affiliation with Banner Bit.
Quote. “….users are able to browse through hundreds of ad placements. Then after buying an ad on the platform, it will run on a network of publisher websites, reaching a huge number of ad impressions and worldwide users.” unquote.
Right! Lets do a butterfly strangle and go long the Nike 680 sq pixel ad, and short the Nike 1200 x 1080 pixel ad?
It Looks respectable. From their website.
To quote. “As the owner of the ad, a user is able to receive instant income with every click the ad generates. Another great feature of the BannerBit platform is the ability to sell an ad after purchase or even short sell an ad that they did not even own.
Each user is able to put the already-purchased ads on the BannerBit marketplace and reach thousands of members that are willing to buy them.
Taking short positions on ads means that each customer is able to anticipate and speculate on a future drop in price. ( where have I heard this before? ). With this unique advanced feature, the user can profit, even if the ad price goes down. (Commodity banners?).
A unique and profitable online passive income opportunity in now available through the Banner Bit platform. With so many people excited to learn more about what is Banner Bit, you must start right away ( minimum $250.00 ), and see how anyone can generate extra income from the comfort of their home without any prior experience, by simply flipping ads.”
Unquote. I have added comments ( in brackets).
It all Seems So Legit.
If at this point you are still interested then click on the get started in 3 easy steps where a pop up will ask for your email address.
Then shortly after you will receive forms to fill out ( they all look quite legit.)
” In order to be approved for withdrawals, a marketer must upload a valid ID such as their passport or driver’s license, a banking statement or utility bill that shows name, address, the issuers name and logo along with both the front and back of the credit card used to make their deposits” .
Hmmm. Usual legal stuff normally required by your stockbroker.
Then “buy” some
options ads you think will rise in price due to increased clicks or decrease in price due to decreased clicks. Now, a warning, this is money you can expect to never see again.!
Try, and you will go through a lot of hassle getting it back. Your credit card issuer can only do so much to recover your losses.
What you really should be doing is getting out of there and finding something else to occupy your mind.
I never signed up for this, It had the smell of a rat written all over it. I mean.
Who on earth trades in how many clicks an Ad will get? . What are we talking about here? Gann charts, Elliot Wave oscillations or candle stick patterns to trade an ad? Spare me.
A web site and take bets on two flies up a wall. Anyone?
Lack of Confidence, Losing Faith
Money is Gone.
Which way now.? Well back to the day job tomorrow and pay some off the credit card.
There are ways to earn online that don’t cost a fortune and where you are guided in your progress towards your goal, instead of being asked for more money each time you log in.
Sadly though, many online programs are scams.
Slow cash flows, lack of support are two of the most common reasons that discourage the new online entrepreneur.
Eventually people give up the dream.
The loss of focus, failure to keep to a plan, feeling overwhelmed, hard to prioritise, working alone.
Searching for the holy grail.
I write about work from home a lot and there are only a couple of opportunities for steady income.
If you like to gamble, this link has a data base and you can see the rankings of various online gambling sites.
Another could be anything you are good at and like doing. Making things, raising chickens, bee keeping, financial advice, Content writing, tourist ventures / travel. etc.
Another good one Here.
Whatever you like to do, getting the help you need, with out being fleeced by criminals is available to anyone who is diligent enough to put in some work.
Check out the stories at this link. https://bit.ly/2F40wvE
As You Know Hope is not a Strategy.
There are other issues I am not including, one being many people sign up for something and shelve it.
Do nothing with it, and just forget about it. Mysterious, often it is not scammy things they signed up for.
I have a friend who will buy a “How to Speak Spanish” course every 2 or 3 years.
He has DVDs, Videos he has never even opened.
Some things to look for if you are contemplating an online business.
Predictability:- Follow A,B,C and you will start to earn money
Support:- Working alone has many drawbacks. If the support also includes a community of like minded people, you have a forum to discuss tactics, ask questions and receive answers on areas where you may be struggling.
Low Fixed Costs:- keeping the overheads to a minimum while you are building up the business.
Ability to build in Resilience:- To keep your site abreast of trends as they evolve.
High profit Potential:- All businesses take time to scale. Because of the fickle nature of the internet, some niches will do better than others and (initially at least), they can be hard to build benchmarks into. However if you follow the above criteria you are giving yourself the best chance.
Low Start up Cost:- This is probably the number one requirement when starting any business. Compared to a brick and mortar business, an internet business can be free to start.
There plenty of options to select a dedicated Affiliate marketing training course. I ‘ve mentioned Click Bank before, See Here and also others.
The one that satisfy’s all the above criteria for me is Wealthy Affiliate. Particularly as it is free to start, you don’t need a website and you have as much time as you need to make a decision as to whether or not it is likely to work for you.
Remember. Always check the footer of any opportunity you are looking at. Here is another online dream killer.
XXXXXX Enterprises Limited is in Liquidation.
Belfast Customers of the company will be contacted in the coming days with further information.