This isn’t your normal BehindMLM assessment since MyCOM purposely omits information about their Amway potential in their marketing.
Hiding information is frequent in many aspects of parent firm Tesora Financial’s business, making it difficult to complete this grade.
Only for this reason, I would suggest avoiding MyCOM and Tesora Financial. MLM organizations will only go to such efforts to conceal facts if they are doing something wrong.
Continue reading to discover more about Tesora Financial and MyCOM.
Jaime Villagomez is the founder and CEO of MyCOM.
Tesora Financial Group (dba Tesora International) and its subsidiaries were likewise created and are led by Villagomez.
Villagomez is the founder and CEO of MyCOM and Tesora Financial Group in Utah, USA.
MyCOM was founded in 2017 as an ecommerce platform for multi-level marketing.
Four years later, here’s how things stand:
Every quantifiable indicator points to MyCOM’s marketplace’s downfall. As a result, it’s not unexpected that Tesora Financial and Villagomez have embraced cryptocurrency.
But first, let me explain the concept of MyCOM.
Essentially, you’re looking at a cashback ecommerce platform. Affiliates, consumers, and companies are paid in COMS, which Villagomez maintains is “not a cryptocurrency.”
This is incorrect because COM points appear to have had a crypto component at some point:
Apart from that, COMS might very well be a MyCOM currency.
Retail shoppers gain COMS when they purchase things from MyCOM’s empty marketplace. They are unable to remove them.
Retailers are compensated in the form of COMS, which may be swapped for cash.
It is unclear whether MyCOM affiliates can pay COMs, although it appears that they can (hush hush).
Oh, and COMS may be directly invested in for reasons other than income generation for MyCOM.
It is unknown whether commissions are paid on MyCOM investments in terms of MLM.
We do know that MyCOM collects merchant fees, which are then utilized to give out incentives (dubbed “shareback” for obvious reasons).
MyCOM retains 30% of the payback charge and pays the rest 70%.
30% goes to the customer, and the MyCOM affiliate who introduced the buyer gets 1% to 4%. (depending on how much they pay in fees).
4% of the profits go to the store’s MyCOM Pro Advisor.
15% of the budget is designated for “regional managers.”
20% by way of a ten-level deep unilevel team
MyCOM has purposefully concealed this unilevel compensation structure. It’s nowhere to be seen on the internet or in their marketing videos.
According to what I’ve learned, MyCOM does not want to be labeled as an MLM firm. They believe that by doing so, they will be better able to attract merchants (see screenshot above, things are looking up).
Apart from questionable business tactics, MyCOM’s Marketplace collapsed due to an out-of-date model.
MyCOM charges consumers three levels of access fees:
Fundamental – uncompensated
In addition, $60 each year
A year’s VIP membership costs $120.
The more money you pay, the more COM points you get.
You must also be referred as a potential customer by an existing MyCOM salesperson.
In comparison, there are a plethora of free applications and browser cashback/voucher extensions available, many of which support a significantly greater number of retailers.
Joining ecosystems has no costs or limits, and some even provide rewards.
That is the business model against which MyCOM’s Marketplace competes. As a result, it’s hardly unexpected that the concept fell flat.
This is any MLM ecommerce cashback platform’s Achilles’ heel. Fees must be collected in some way or no commissions will be paid.
MyCOM charges the following affiliate fees:
A business consultant earns $360 per year.
As a Professional Representative, you will earn $600 per year.
MyPoint Pro costs $900 per year.
Your spending choices, once again, have a direct influence on your income potential.
MyCOM’s business fees are as follows:
Shareback Plus – $100 per year, with a $50,000 maximum. Shareback VIP – $300 per year, with a $150,000 maximum. Shareback is free, with a maximum shareback of $500.
The same thing happened.
MyPoint membership is $900 per year or $75 per month. It looks to be a membership fee aimed only at “raising your revenue potential.”
It is uncertain whether commissions are paid on the above-mentioned membership costs. I’d suppose so, given what MyCOM is doing with those money.
Anyway, now that we’ve established what MyCOM is and why it failed, let’s move on to Tesora Financial’s next phase: crypto shitcoins.
Tesora Financial has a swarm of shell businesses, of which just a few have been examined.
Bitcoin Trust, Tesora Trust, Tesora Custody, and Tesora Exchange are the key firms we’ll discuss.
Bitcoin Trust is Tesora Financial’s flagship shitcoin.
Bitcoin Trust (BCT) is an ERC-20 shitcoin, according to the company’s ambitions.
On te Ethereum blockchain, ERC-20 shitcoins may be created in around five minutes for little to no cost.
MyCOM affiliates can invest in BCT directly through their backoffice.
Teora Financial distributes BCT to affiliates for 0.9994 USDT per, according to the prior sample from Jaime Villagomez’s backoffice.
According to Tesora Financial’s marketing, the key motive for BCT investment is the expectation that affiliate investors will eventually be able to withdraw more than they invested.
I was unable to determine whether commissions are paid on BCT investments due to the aforementioned confidentiality.
BCT is parked with the corporation after being invested in. Tesora Financial compensates affiliate investors with additional BTC. Internal value grows, and partners reap more benefits than they invest.
To put it another way, BCT is a standard multi-level marketing bitcoin passive investment program.
This includes a shitcoin factory (why stop at one shitcoin? ), which appears to be tied to themed smart-contracts.
One of these nonsense tokens is the “mobility token”:
My ECOM offers in an August 2020 mobility token commercial film that “you can drive your perfect automobile, for free.”
Affiliates invest in mobility tokens, earning additional tokens in exchange, cashing out other people’s money, and using that money to pay off the car loan.
Mobility tokens are classified as “AutoMobility” on the Tesora Financial website.
On that page, there is a link to another website, “automobility.it.”
Auto Mobility, as far as I can determine, is a different Italian firm that existed before to MyCOM.
The Auto Mobility website, however, makes no mention of a mobility token.
The only mention I could find was in August 2020 on Auto Mobility’s official Facebook page.
It’s noteworthy that Auto Mobility’s website doesn’t plaster free cars all over it.
Other theme-related nonsensical tokens Tesora Financial promotes entrepreneurship and real estate investing (power house). Invest in tokens, park tokens, earn more tokens, and cash out – it’s all free.
Tesora Trust is a relatively unknown passive investing option. It’s stated on myCOM’s website, however the corporation is purposefully vague about the details:
“Holding assets” looks to be yet another way for tokens to be parked, earned, and paid out.
The website domain provided, “tesora.io,” is definitely dormant.
myCOM’s Tesora Custody is a bitcoin investment option.
Place your bitcoin in Tesora Custody to gain additional coins!
Holding bitcoins without exchanging them makes no sense; instead, deposit them and let them work for you!
This looks to be a common Ponzi scam ploy in bitcoin trading.
Finally, “Mining Farm by Tesora Group” is a passive investment choice.
Tesora Group’s Mining Farm enables community members to engage without having to deal with technology by using Tesora currency [sic].
This is the only reference I found to a “tesora token.”
Tesora Financial Group and Jaime Villagomez have created and are marketing a range of securities products through their MLM opportunity or elsewhere.
With all of this going on in the United States, the Securities and Exchange Commission requires myCOM and Tesora Financial Group to register their securities offerings (SEC).
Jamie Villagomez, MyCOM, Tesora Financial Group, or any of the known shell firms have not been registered with the SEC.
Now you understand why everything is kept hidden and softly promoted behind closed doors.
Tesora Financial Group, myCOM’s parent firm, has jumped on the crypto bandwagon, creating many passive investment schemes; neither myCOM nor Tesora Financial Group is registered with the SEC, implying that the company is committing securities fraud and operating unlawfully.
You’re used to the routine. This is not going to work out.