IS ONECOIN A SCAM AND WHAT IS THE EVIDENCE THAT PROVE THAT
I was made to think that onecoin is a scam, so I decided to do my own research and be open minded to the possibility that it is. After about 48 hours of going through a series of different articles and some videos online concerning onecoin being a scam I came across a few things that might be of concern but no evidence to prove onecoin being a scam.
Here am going to write on what I have found and what I think about it and I would like to invite you that is reading to play an active role with your comments and your vote to open this concern to broader discussion.
1. Onecoin is considered to be a scam mainly because it use MLM in it business: For me I see nothing wrong with MLM, I think it give more people the chance at financial freedom than the traditional business that higher a sales team pay them a flat salary and a small commission and keeps most of the profit for themselves. With MLM a person that would like to own a business and cannot afford to do so has a chance through an MLM opportunity. I know most people don't succeed in MLM and is not because something is wrong with MLM but mainly because they don't put out the work they need to in order to succeed, we can say the same thing for life, relationship and so many other things.
2. In onecoin there are a few persons that had been in charge of a few online ventures that did not succeed in the event of that many people lost money: Now I know it is hard to lose money, but I don't believe that these opportunities was design to scam people their hard earn money but rather to give others opportunity and as we know even with traditional business 90% of them close down within 5 years or less and in this same scenario many people lose money. I think people should remember that in life there is no guarantee, every investment has risk and returns, when you decide to participate in an opportunity you are agreeing to accept them both.
3. Talks about Dr Ruja Ignatova being apart of a cryptocurrency call Bigcoin before this one and how it failed which has a similar concept to this one: according to what Dr Ruja Ignatova publish about herself she admit to working with other cryptocurrency company before decided to create onecoin, she also admitted to taking some of the advantage she saw with some of those other cryptocurrency and bring it together with onecoin.
4. There is also comments that onecoin is currently under investigation by different country: As we all know when a company or individual begins to get rich at a quick paste there is always room for concerns. Because of the resources these country have I believe if onecoin was a real scam they would have be penalize by now. There is also talks of one investor into onecoin from China being arrested.
5. claims also that onecoin is a cult and that Dr Ruja Ignatova is a witch
6. There is also talks about the 4 million dollar house Dr Ruja Ignatova recently bought: Let me say this if today or tomorrow I am able to setup a successful business and could afford to buy a million dollar house I will, how about you.
I most say that after going through all the information I was expose to it cause to be a bit concern but I am sticking with onecoin because with all this finding there is no evidence of wrong doing. As I mention nothing in life is guaranteed so with my stands am accepting the risk as well as the potential return that comes with this opportunity with onecoin. If onecoin was to really succeed the reward is way way way better that the price to be paid. I really see the potential in onecoin to bring to people the kind of returns bitcoin did.
If you up for the challenge you can follow the link and join me here https://www.onelife.eu/signup/edwardsabi8
It is very obvious this is a scam. I spend half a day almost every day studying coins, mining and trading. This is very obvious and the sad part is this kind of vulture preys on people that do not understand what is going on and are just hopeful to improve their lives.
Thank you to whistleblower for being patient and taking his time to try to educate you and save you from this scam! He did a fantastic job laying this out so you could understand and so others would not be taken advantage of.
OneCoin sells educational packages that give free tokens that are cashed back into them, to mine.
Plus, no public blockchain.
Its a scam... same as PlatinCoin.
100% False. Onecoin is a scam because there is no way to see the blockchain. No blockchain, no transparency, no cryptocurrency. Show all the transactions back to the very beginning and maybe its not a scam.
I have been reading up on the blockchain and I kinder have a small understanding about it but as to what it look like not to sure however base on my research I understand the blockchain could be centralize or decentralize however in onecoin case it is centralize. I also understand a decentralize blookchain could be problematic if you have trouble makers with it. centralize could be better if the people controlling is trust worthy and trouble makers could be put out easily . In both cases it seems to have its good and bad. I think we should wait and see the future for onecoin before we make judgement on them being a scam. I rather take my chances with them and try not to miss an opportunity if there really turns out to be one however if I lose well we know that is part of life to.
The way I see it any stands I take I could win or lose. I rather take my chances inside. Hey thanks for taking time to read and respond and let us work hard and build steemit as well. but wait I cannot see steemit blockchain eighter
OneCoin is 100% scam. There are many proofs, but I present here one:
You can buy the new Ultimate package with 118 000 euros. Ruja says that it will generate over 2 million OneCoins:
OneCoin price is not decided by public market, rather the company decides the coin value. At the moment the coin value is 6.95€. So, with 118 000 euro Ultimate package, you will get according to Ruja, over 2000 000 onecoins *6.95€= over 13.9 million euros, just like that. This doesn't need any coin price increase or anyting. Just investing 118 000 euros will according to Ruja generate over 13.9 million euro worth of OneCoins , 117 times the amount of Ultimate package price. All this with the current 6.95€ coin price.
But there are even wilders figures from onecoinfo.com:
With the combo package Tycoon+Premium+Ultimate, you pay 139 280 euros, and it generates about 2.4 million OneCoins, which in euros is 2.4*6,95€= 16.6 million euros.
This "small" 119 times value increase with the SAME coin price is just the start. The fun part is the coin price increase predictions..
With 100€ coin price, the investment value is already 2.4*100€=240 million euros as you can see from the chart.
The coin value increase in this calculation is about 14-16 times, but the investment value increase is way over 1700 times!! How is that possible? The answer is simple - it is not possible.
Also, couple of days ago the fake market-cap of OneCoin increased about half a billion euros in 1 second, when Ruja decided to raise the coin price from 6.25€ -> 6.95€. The market-cap of OneCoin is totally fake, because it is not based on public market. 1st of Oct Ruja will double everybody's OneCoins, but the coin value is expected not to drop, but just continue to grow. OneCoin will change the blockchain and increase maximum coins to 120 billion, and they will generate for everybody double the amount of their current coins. This should also instantly double the fake market-cap.
OneCoin will also start producing coins with increased speed. According to Ken Labine 10000 coins every 1 minute, instead of every 10 minutes (currently). So after 1 of October they will produce 14.4 million coins a day and around 438 million coins per month. Per month with the current 6.95€ coin price, that is over 3 billion euros worth of OneCoins in a month, and way over 36.5 billion euros in a year (in fact much more because the coin price will only increase) which is simply said ridiculous.
There are so many things which show OneCoin is a scam, that there would be enough material for a book already. But the point is, that it looks like you have a lot of wealth on your OneCoin account, but due to selling restrictions, it is pretty much impossible to transfer the OneCoins to euros, and you can't buy anything with your OneCoins either.
And because of the above things, and many many other reasons, like a very bad reputation, it is extremely unlikely that we will see any serious merchants supporting OneCoin, even if you could transfer your coins to a merchant. At the moment the coin transfer is not even possible, other than between your multi-level-marketing down/up -line..
There is absolutely no doubt. OneCoin is a scam.
these point that you are making are very strong and could be right however they could be wrong as well these point are not evidence but speculation. The company blockchain is centralize and therefore the price is set by the company. However what will determine future price is the demand for the coin if and when the company goes public.
The market cap of the company are from sales of it package and not based on the value of the coins. I don't have any coins yet and I only spend 140 euro so far. However you have to look at both scenarios. What the company are projecting right now could actually happen and what would be the story then. Am looking for evidence and not speculation, thanks anyway for your comments it was well received.
Interesting you say whisleblowerfin's points are "speculation". He is giving you facts. Troubling facts if you sank your money into the onecoin scam, but facts nonetheless. Even if you ignore the mountains of other evidence that Onecoin is a fraud, consider his first point above: the company says Onecoin is worth EUR 6.95 /ea and yet sells it to gullible, ignorant "investors" for a deep discount from that, in fact less than 100 times what they say it is "worth". That makes absolutely no sense at all. Something is worth what someone else will pay you for it. Period. Something is not worth 100 times more than they charge you simply because these fraudsters say it is. If that doesn't convince you Onecoin is a fraud, then nothing will convince you until you realize your money is gone (and even then maybe you won't get it). But it gets much, much worse. Some people that have been tricked into buying a package on are FB looking for buyers and offering their Onecoins at less than 1 EUR each! Think about it. Just look at the facts, open your eyes, and use your mind.
I will put here some of the best links to read about OneCoin scam:
https://news.bitcoin.com/beware-definitive-onecoin-ponzi/
https://tpbit.blogspot.fi/2016/07/how-not-to-blockchain-look-at-onecoin.html
https://medium.com/@BlockByBlock/why-onecoin-is-one-big-scam-555064d4f308
http://kusetukset.blogspot.fi/
http://behindmlm.com/category/companies/onecoin/
Some quick facts about Ruja Ignatova and OneCoin company:
Ruja Ignatova is a convicted criminal. She pled guilty of fraud in German court March 2016. She and her father made frauds in a German casting company Gusswerk Waltenhofen, causing the company to go bankrupt and around 100 workers to lose their jobs.
OneCoin the company has no anykind of White Paper of their "revolutionaly global world reserve currency". This should be a standard thing, but no.
OneCoin, an IT company suppose to make history and suppose to be the fastest growing company in history, has no "jobs" -section on their web-page. Is there even any phone numbers, last time I checked, no. Very strange for an IT-company.
Nobody in the cryptocurrency/blockchain scene knows any cryptocurrency/blockchain coders who work at OneCoin. Usually people in the "scene" know each others at least by name. At least somebody should know someone working at OneCoin cryptocurrency/blockchain field, but no.
LinkedIn or Google search don't find anybody working with cryptocurrency/blockchain technology at OneCoin. Very strange again.
Does OneCoin even have a CTO (Chief Technology Officer), not known. Very strange for an IT-company who says will create the biggest reserve cyrptocurrency of the world.
We see mostly MLM salesmen, many who have been in previous ponzi scams and got convicted of frauds, or are even on the run in Thailand etc. Many known criminals promote Onecoin. OneCoin must have some web-programmers and a couple of people working in support trying to explain why you can't sell your coins and why everything takes so much time.
The company doesn't reveal any financial data. (Of course not, why even expect..)
OneCoin is owned by an investing company, which is owned by another investing company which is owned by Veska Ignatov:
If you want more details about any of the above things, just ask.
I did some digging and all that you are saying is so correct and cause for concern and I think that anyone getting involve with onecoin should be very careful and understand that the risk involve is very great. However what am trying to establish is that onecoin could also be a great opportunity. I see company operating in online space as well as offline space and they have some of these same things as with onecoin presently so much negative, some people have bad to say while others have good to say but these companies are still benefiting people.
M y main concern with onecoin at this point is if they really has a block-chain but with everything else am willing to take a chance with them and see where it will head
It is fine if you take a chance by yourself. You can do with your own money what ever you want. However, considering that what I have said above is just a really small fraction of what there really is wrong and shady about OneCoin (there really is enough material for a book), I don't think it is morally right to market this scam as an MLM salesman to other people, who maybe don't have knowledge and understanding of what they are getting into, and trying to get other people to join your OneCoin downline. I think that is absolutely morally wrong.
Yesterday OneCoin lost again their bank account, which was their Deutsche Bank account in Germany. And they have to find a new bank from Europe, again. It is getting more and more difficult all the time, because OneCoin has a very bad reputation. The explanation will probably be, that banks are afraid of OneCoin, or something bulls*** like that. Last time a couple of months ago when they had to change a bank, the explanation was that they needed a bigger bank because OneCoin is growing so fast, but that card has now been played already.
They have been changing banks probably more often than drug cartels.. :D I have lost count how many bank changes there has been already.
Links to the news about OneCoin losing their Deutsche Bank account:
http://kusetukset.blogspot.fi/2016/08/onecoinonelife-changing-bank-yet-again.html
https://www.facebook.com/groups/OneCoinTeamDeutschland/permalink/1152122831518457/
If you carefully read all points posted by Whistleblowerfin and if you truly have an open mind, you will realize that indeed Onecoin is a fraud. There are not simply causes for concern. There are obvious signs if is a scam that can be seen by anyone with a truly open mind. I'm sure you think you want an open dialogue on Onecoin, but it would appear that unfortunately you have already been brainwashed by the Onecoin sales team and you were likely already a "member" when you posted this. Whatever you do with your own money is fine, but if you try to recruit others into the Onecoin trap, that is where you would cross the line morally as you would then be participating in the scam.
Oh you poor man :) If you really did a research as you said, you really must be blind. You've not considered the main points about OneCoin as a scam. Hopefully you did not loose to much of your money.
If this is how you do research, then you should be veery carefull with you money. You either don't know how to research something or this article was just an atempt of marketing for OneCoin.
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