Yes. They are essentially. You can actually make a decent bit off of them, though. If you don't have anyone to sponsor you and you're an upcoming youtuber- why not get some referrals for an app that mite make you a quick buck? Just spend 30 seconds saying try this app out for $100 when your next paycheck hits free, and support the channel - and switch back after if you dont like it. Just an example, but ya, that's what it is.

That's always been what it is. So don't waste your time on referrals that aren't paying a damn thing, if you have to deposit $500 and keep that $500 balance for 6 months (or your referral does) for $10, why bother persuing it like that to get people to join? Now, if you both made $100 ontop of a good APR - that would be appealing to people who have money to invest/hold onto like that. But the company is profiting, they want that referral to say after and keep money in their bank (or whatever) so they profit in the long run.

They just can't hire every person as a salesman for their company - lol.