9 Shares2 Comments
uFun uToken Review
Update July 2015 – it seems the Ufun / Utoken operation is now operating under the Unascos brand name. We will update everything else we find there and leave this page as is in light of all of the negative attention and stories circulating about Ufun.
Were you one of the millions who watched by the sidelines as Bitcoin appeared, rose to its full glory, and made millions for those lucky early investors? That digital payment currency started out at less than a dollar, then it rose to over a thousand dollars, then eased back to a few hundred…still generating fortunes for anyone who got on the Bitcoin train back before anyone knew about it.
Well now you may have another chance at it: only this time it’s U-Token. Whether it’s going to follow the glorious path of Bitcoin or stumble along in anonymity has yet to be seen. In the meantime…how does it work, is it safe, and what are the opportunities for enterprising marketers such as yourself? We begin with the basics…
What is uToken?
uToken is a digital currency system which allows “payment” for goods and services wherever it’s accepted. Merchants and individuals may also use uToken for bartering exchanges amongst eachother.
Basically, it’s Bitcoin.
The real-money value of uTokens are backed up at a rate of 22% with accounts at UDBP Bank , BDG Bank and NICO Finance. There is $100,000,000 USD invested in UDBP Bank to shore up the uTokens.
There are currently 600 million UTokens available. There were originally 100 million, but after 2 splits, the number grew. Owners of those original 100 million now have 6 times the value.
Where Does One Get uTokens?
You can buy uTokens at their website, or you may acquire them through bartering your goods or services. Purchasing them from the website requires a member login, which is free.
You may also acquire them through the uFun system, which is the referral program for uTokens.
Where Can uFUN’s uTokens be Used?
Well, there’s the “UBT Mall”, which has a website and serves as a shopping portal for merchants who accept the uTokens.
It’s a bit different from your average portal, however, since products are listed under the guise of the UBT Mall rather than any retail names. You won’t see Macy’s or UnderArmour here.
In fact, some of the product pictures look a bit like eBay photos…stretched out, homespun and badly lit.
But shopping for jeans with your uToken isn’t why you’re here. There’s possibly a Bitcoin-like investment opportunity, so let’s check that out.
uFun: the uToken Opportunity
Joining the program means choosing your level of “investment” from a 1 Star to a 5 Star membership:
- 1 Star Level: $500 (7% referral bonus)
- 2 Stars Level: $1,000 (8%)
- 3 Stars Level: $5,000 (9%)
- 4 Stars Level: $10,000 (10%)
- 5 Stars Level: $50,000 (12%)
So, if you get someone to join at the 2 Star level, you get 8% of their investment after 20% has been taken out to fill the coffers of the uToken Reserve Ltd account*.
$1000 * .8 = $800. 8% * $800 = $64
If you were at the 4 Star level yourself, your commission on that same signup as above, would be $80.
For you, the difference between entering the uFun system at a 2 Star Level and the 4 Star Level is pretty significant: $1,000 price tag vs. $10,000 price tag. And the difference, as you saw in the above example, is only $16 in commission!
But join at the lower 2 Star level and get someone to join at 3 Stars…and your commission skyrockets to $320.
Clearly, the way to make money is join at a lower Star Level, then get higher Star Level referrals to sign up.
uFun has put a joy-killing rule into their compensation structure: the Star Level you’re at will have a limit on what you can earn each day.
So, if your teams do fantastically and you make tons of money one day, too bad because you can only make so much per day at that Star Level. To get your full commission, you’ll have to upgrade to the next Star Level…which as you know costs thousands (see the list earlier in this article).
Basically, they’re saying, if you do really well one day, we get to keep the profits.
How Your Bonuses Get Distributed to You
30% goes to your UPoint Wallet, which is what you use to buy UTokens.
70% goes to your Bonus Wallet, which can be withdrawn as cash once there’s $100 in it.
Therefore, if you have no use for UTokens, you’re losing immediate and secure access to 30% of the “cash” you earned.
The uToken may sound exciting in light of what happened with Bitcoin, but the uFun compensation plan is a little tricky. Granted, the commissions are exciting but it’s going to be a lot of work convincing people to invest in a Bitcoin imitator just now, especially with a company so new (less than 2 years old). Keep an eye on this, but be wary.
*There has to be cash there to back up the value of the uTokens and meet BASEL guidelines, which are international regulations designed to strengthen the banking system by requiring certain levels of actual cash to back up systems like uToken, for example.