GreenZap - the latest pyramid scam/ponzi scheme to hit the Internet!
They have two different programs you can participate in.
Program #1: When you sign up, you get 25 in what they’re calling “webcash” (not to be confused with real money - hereafter referred to as WC).
For every person you refer, they get 25WC and you get 5WC.
Program #2: If you upgrade to “gold” status by sending them $100.00 (via cashier’s check or electronic funds transfer) you get a credit of
100WC to your account and all of the following will also apply:
* If you get 5 to 9 people you referred to upgrade to “gold” (by getting them to send in $100.00) they get 100WC credited
to their accounts and you get $1.00 and 4WC for each person that upgraded.
* If you get 10 to 19 people you referred to upgrade to “gold” they get 100WC credited to them and you get $2.00 and 8WC for each person
that upgraded.
* If you get 20 to 29 people you referred to upgrade to “gold” they get 100WC credited to them and you get $4.00 and 16WC for each person
that upgraded.
* If you get 30 or more people that you referred to upgrade to “gold” they get 100WC credited to them and you get $6.00 and 24WC for each
person that upgraded.
* If any of the people you referred that upgraded to “gold” get 5 or more of the people THEY refer to upgrade, you will get a portion of the rewards
as outlined as follows (taken directly from user agreement):
GreenZap will reward you for everyone in your community and will continue doing so until another member in your community begins to
earn community rewards. From that point, and just for that particular member, you will begin to share your reward. For example, if you
personally referred 30+ GreenZap Gold account members, and someone in your community (say, John Smith) has personally referred
10 GreenZap Gold account members, then you would continue to earn the difference of $20 from every Gold Account member in
John Smith’s community i.e. $30 - $10 = $20. Further if you have personally referred 30+ GreenZap account members, and John Smith
also refers 30+ GreenZap Gold account members, you will continue to be rewarded with a minimum of $5 per Gold account member in
John Smith’s community. However, if John Smith has someone he directly or indirectly referred who also reaches 30+ GreenZap Gold
account members, this would be your cut-off point for shared rewards.
NOTE: the payouts are paid out as follows: 20% as “cash” and 80% as “webcash”.
All of this “webcash” is only spendable at merchants that are willing to accept it. In addition, it doesnt convert to “real money” and
cannot be withdrawn as real money, even by the merchant that accepted it.
If you buy $20 worth of items from John Smith Hardware, and he accepts 20WC (webcash) as payment for the item, he will then have
a balance of 20WC which CANNOT be withdrawn. It can only be spent at other places accepting “webcash” payments.
They’re claiming to have corporate sponsorship, but what actually is occuring is that they have arranged to be affiliates for various
companies and people will be able to spend a tiny portion of their “webcash” at these places. The amount will vary, but in all
cases it will be equal to or less than the amount that greenzap will get paid in commissions from the sale as an affiliate.
For example, if the arrangement is with Target.com, the item is going to sell for $100.00 and the commission that greenzap will
get from the referral is $5.00, you will be able to use up to 5WC towards the payment, and the remaining $95.00 will have to
be paid for in real money.
So, as you can see, this “webcash” is totally worthless, cannot be truly “spent” and cannot be withdrawn as real money.
Between that, and the pyramid scheme portion of the “gold” program (outlined as program #2 above) it’s a very classic
pyramid/ponzi scheme that is of no benefit to the consumer nor the merchants.
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