Yes, indeed, such systems existed both 5 years ago and before the advent of the Internet, and they WORK.
However, it had several major problems:
1) Different payment systems constantly blocked the wallets of the participants.
2) Manual confirmation of transfers with all the ensuing consequences in the form of the human factor and constant proceedings, who transferred funds to whom and who did not.
3) There were restrictions. A person once created a structure and once received money, albeit relatively large. And then all the turns went deep into the structure, and the participant did not get any more.
4) Closing or hacking a site meant a system crash, and hacking sites sometimes happened.
Cryptocurrency and Ethereum solves ALL these problems:
1) Wallet can not be blocked even in theory. The reverse side of the coin: in no case do not lose control over your wallet. It will be impossible to replace your wallet with others.
2) Public transactions and instant automatic confirmations. The human factor is excluded completely.
3) We made the function "UNLIMITED LEVEL", which the participants themselves had previously requested in other systems. The structure is unlimited and so is income.
If people in your structure do not prolong their participation every year - your income increases many times over. More on the page How it works in the section "REPEAT".
4) Closing or hacking the site will in no way affect the operation of the system, since the SMARTBITPOINT smart contract is loaded into the main Ethereum network, and cannot be deleted by anyone including its developers.
This means that for the first time in the history of mankind (no matter how loud it sounds), there are real 100% guarantees that the account will not be hacked, and even theoretically when the site is closed, the Smart Contract and the System itself will continue to exist in any case.
Moreover, any programmer in the world will be able to make a NEW site based on the same smart contract, and any leader of the structure can make a site structure in the same smart contract. Therefore, the system is protected from any actions of the project administration.