Welcome to my DoubleWay review.
What is this Ethereum platform all about? How is it related to CryptoHands (CryptoHands.org)? How do these two projects work hand in hand to complement each other?
How does attracting referrals help you to earn in this ‘structure of infinity’ that is said to be risk-free?
How is it possible that even when the project website ceases to exist, the eternal work of the system is guaranteed by the smart contract put in place?
Most importantly, is this an elaborate setup meant to scam you of your hard-earned money? You will find out here, in my honest and in-depth review of this investment platform.
Without further ado, let’s dive right in now!
- What is DoubleWay (and CryptoHands)
- How DoubleWay.io Works
- Red flags in DoubleWay and CryptoHands
- Pros and cons
- An alternative
DoubleWay Review Summary
Product: DoubleWay (linked to CryptoHands)
Product type: Ethereum investment platform
Price: 0.08 ETH to start (equivalent to about US$11 at the time of this writing)
Rating: 1 out of 5
Scam / Legit? : Not legitimate
Recommended or not? : NOT recommended
DoubleWay is a cryptocurrency gifting scheme disguised as some smart contract that will never fail you, for eternity. There is no such thing, do not believe anyone who tries to convince you such a smart contract exists.
The mathematics behind this is such that majority of participants will lose money, for a few at the top positions to make a huge killing.
Such a scheme is also not legal, as it is exploitative and lures the vulnerable in with fake promises.
What is DoubleWay
To find out what is DoubleWay, let us first take a look at its website:
As you can see, it is quite obvious that this is a gifting scheme. To start participating, send 0.08 ETH (Ethereum) to your upline every 2 months.
Your referrals will do the same: send you the funds once they join, and every 2 months.
It is also stated that to get referrals, you attract your own, or they may ‘overflow’ from your upline’s matrix (which is very unlikely), or you wait until the system brings you free referrals by itself (even more unlikely, in my opinion).
The last way to get referrals into DoubleWay is when you have referrals from CryptoHands – they become your referrals in DoubleWay automatically.
What exactly is the relationship between DoubleWay and CryptoHands
Well, these two programs CryptoHands.org and DoubleWay.io are supposed to go hand in hand.
According to what is stated on the DoubleWay website, CryptoHands is a one-time investment for the long term, as you move up the levels only in a year or so. Hence there is a long pause before you can proceed to the next level.
Enters DoubleWay, to fill those gaps thus allowing you to earn more frequently.
The amazing thing is that as your referrals fill up the matrix in one program, the same structure is duplicated in the other program, as they expand alongside each other.
How DoubleWay Really Works
Now, let’s get into the nuts and bolts of this program.
DoubleWay is basically a 2 x 8 matrix that allows you to earn as referrals fill the positions in the matrix.
When you pay 0.08 ETH to your upline, you enter level 1 of the matrix, with two positions to fill. From these, each branches out into another two positions, at level 2 of the matrix.
This goes on for 8 levels, each with double the number of positions to fill, compared to the previous level. At level 8, there are 256 positions to fill.
As you progress through the levels, you will have to gift a progressively larger amount of Ethereum to your upline in order to start earning at that level.
Here are the numbers:
Gift 0.08 ETH and receive 0.08 ETH from each of the 2 referrals (total 0.16 ETH).
Gift 0.16 ETH and receive 0.16 ETH from each of the 4 referrals (total 0.64 ETH).
Gift 0.32 ETH and receive 0.32 ETH from each of the 8 referrals (total 2.56 ETH).
Gift 0.64 ETH and receive 0.64 ETH from each of the 16 referrals (total 10.24 ETH).
Gift 1.28 ETH and receive 1.28 ETH from each of the 32 referrals (total 40.96 ETH).
Gift 2.56 ETH and receive 2.56 ETH from each of the 64 referrals (total 163.84 ETH).
Gift 5.12 ETH and receive 5.12 ETH from each of the 128 referrals (total 655.36 ETH).
Gift 10.24 ETH and receive 10.24 ETH from each of the 256 referrals (total 2621.44 ETH).
By the time you reach level 8, you would really be quite rich, if anyone ever gets there.
Though this structure looks like a sure-win for anyone participating in this gifting scheme, the truth is anything but.
Why you would still lose
Let’s just consider the first two levels, as most people do not go beyond that.
To enter level 1, you pay 0.08 ETH, and earn 0.16 ETH.
It sounds good, but do not forget that your net earnings at this stage is only 0.08 ETH, and yet you need to ‘invest’ 0.16 ETH to enter level 2.
Hence you would still be short of 0.08 ETH after buying yourself into level 2. That brings you back to square one – when you used 0.08 ETH to buy into level 1.
And you would have contributed two new referrals to DoubleWay. Yet, your financial situation is not better off than when you first started out.
To find a third referral to join you in this scheme (so that the real earnings can start to snowball), it might be a steeper uphill task than you imagined.
Cash gifting schemes like this are illegal, and people know it.
There is no product or service, no value in the initial 0.08 ETH that you pay for, except for the hope of profiting as more people get lured into the scheme.
This is unethical and unsustainable.
It will collapse in a matter of time.
There are only that many people who will be interested in joining programs like DoubleWay. And when recruitment gets exhausted, the scheme collapses.
When the inevitable happens, majority of people will lose money, as dictated by the math behind it.
You see, for you to start profiting, you will need at least 3 referrals under you (two in level 1, and the first position filled in level 2). We are only talking about breaking even here.
Even then, you can’t receive your earnings until the entire level 2 is completely filled.
At any instant in time, if you were to freeze the scheme and dissect the matrix, you will find majority of participants have not been able to recoup their losses yet.
There will be a few high earners, most probably linked to the program creator, all profiting at the expense of a huge number of innocent and vulnerable people who are just trying to earn some money. Simply because they know their internet marketing stuff, and are able to find a large base of targeted audience to join them.
When the scheme collapses in a matter of months, these crooks simply move on to set up a brand new scheme that runs on an identical structure, doing what they do well at – taking people’s money.
In fact, that’s what we are seeing here with CryptoHands transiting into DoubleWay.
More Red Flags in DoubleWay
1. DoubleWay is the reboot of CryptoHands
The domain of CryptoHands.org was registered in January 2019.
DoubleWay.io was registered in September 2019, about the right time that CryptoHands would be facing its imminent death.
That is precisely the reason why they state it on the DoubleWay website that CryptoHands has a long pause before you can progress to the next level. It is exactly because recruitment has come to a standstill. No one is filling up the positions, it’s as plain as that.
2. They define ‘smart contract’ in their own terms
Smart contract, in reality, is used to protect both parties involved in the agreement, such that no one will be exploited.
For instance, between a freelance writer and an employer, a smart contract can require the employer to deposit a fund before the writer starts work. It can also allow for the employer to check through the quality of the job before finally letting the payment go through.
No one can modify the smart contract once it is agreed upon. The thing is, it has to protect the interests of both parties.
In the case of DoubleWay, its members were never involved in drafting the smart contract. The people behind the scheme could have written it to only benefit them, nobody will know.
The fact that no one can change a badly written contract that has the odds stacked against you to begin with really does not help you in any way.
The other fact that the smart contract will remain on the internet for eternity is inconsequential, when it would have died a natural death, no one else is joining the scheme, no one is earning, it’s as good as gone off the face of this planet.
So you see, these are the things that these people say, just to create a false sense of credibility and security around their program.
To round up this article, let me recap and summarize the pros and cons, before I finally make my conclusion.
Pros of DoubleWay
1. Possible to make some money
It is possible to make some money from such gifting schemes, if you join at the right time – early on, when the program was just launched.
Or if you know your internet marketing stuff such that you are able to reach out to a broad base of highly targeted audience who are all open to such a program, then you would have landed a goldmine.
But bear in mind that you would be earning at the expense of many others who lack the marketing skills to profit from the scheme.
Cons of DoubleWay
1. It is illegal
There is nothing of value here, except buying the hope of making money.
2. Its structure is designed for majority of participants to lose money
And yet they are able to twist the plot to make it look like a sure-win. That is where the danger lies, if one is not careful.
Is DoubleWay Scam or Legit?
DoubleWay is not a legitimate program. It should not be allowed to exist, as it is detrimental to society.
I know you want to be rich. Believe me, I do too.
It’s a very natural thing, that’s just human nature. I mean, find me someone who doesn’t want to get rich fast, and with minimum effort.
I wasn’t spared of all the temptations on the internet, hopping from one shiny object to the next.
But when I realized those empty promises are only going to make other people rich, and not me, I stopped looking for shiny objects.
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Versus the fast and easy way to empty your pockets and get you nowhere.
Which would you choose?
I think I can guess your choice. 🙂
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If you have any concerns or questions regarding this DoubleWay review, do comment below, and we will start a conversation from there.