So, MSCHF's Next Drop Is a Pyramid Scheme
Another day, another wild MSCHF drop. This time, hot on the heels of its Kid Cudi sneaker, collaborative Crocs Boot, and lil' Louis Vuitton bag, the Brooklyn-based collective has created its own pyramid scheme. Yes, a pyramid scheme. The name of MSCHF's new scheme? Pyramid Chat, of course.
MSCHF's Pyramid Chat is the brand's "first-ever pyramid scheme," as proudly defined on its website. And here's how it works: fans can sign up for access to an exclusive Discord chat for $8 and earn $5 for every new member that they recruit.
You'll be given a personal referral link upon signing up for MSCHF's Pyramid Chat. So, anyone who joins the group through your link equals money in your pocket ($5, to be specific). It's classic multilevel marketing (MLM) scheme stuff and it's your opportunity to turn your friends into cash.
Payouts are issued every Friday. But here's the catch: Say you become good at this recruitment stuff and earn $600 or more from signing up suckers. MSCHF's Pyramid Chat will then issue you a W-9 tax form to complete so you can legally file your earnings.
This move aligns with the IRS' recent $600 rule, where you have to report earnings of $600 or more for the transaction of goods and services through third-party payment platforms and which goes into effect for the 2024 filing season. Previously, it was $20,000 or more.
Having experienced several run-ins with the law, even MSCHF knows the IRS is not to be reckoned with. Maybe an update for the MSCHF tax software is in order.
According to the brand, MSCHF will invite "elite" Pyramid Chat members to an annual Pyramid Chat Leadership Summit in Memphis, Tennessee. Details to come, we're assuming, but expect something along the lines of those freaky conferences that MLM companies hold for top earners.
Otherwise, MSCHF's Pyramid Chat will be launching "soon," per the collective. And for those wondering if the Pyramid Chat is really just the soft-launch of the MSCHF cult, well, the collective suggests you find out for yourself by joining.
Curious why MSCHF opted into a pyramid scheme as its next stunt? The answer is simple: "to help idiots make a quick buck."
