How does OneCoin work?
To understand Onecoin and Onecoin vision it is important to read this Article carefully
The first question you ask your self whether some business is legit or scam is when it was established. If it was established few months ago the risk of being scam is very high. But then you can start educating your self directly with people involved with it. Get to know them in person, feel the energy, understand the vision. Scams usually collapse in a few months, maximum six months. People often tend to mistake good projects that failed because of bad decisions with scam.
So since today is two and a half years of Onecoin’s existence, seems like it is not a scam after all. It does bring a risk with it that is sure. But tell me one business that has no risk.
Onecoin is actually an ICO (Initial Coin Offering) that will last for about 4 years, until around mid 2018.
It is a Saturn shot project of making stable and centrally regulated cryptocurrency that will be used by masses and especially on unbanked markets like some Asia, Africa, South America.
This is its first problem. For now, all we know cryptocurrency can be only decentralized and it needs to be listed on a private website CryptoCurrency Market Capitalizations. First of all, no ICO coin or token can be publicly traded during ICO and thus can not be listed on the coinmarketcap.com. You will find many decentralized cryptocurrencies out there that will yell how Onecoin is not cryptocurrency cause it is centralized. I don’t think they get to decide that. People do. Governments do. Russia is finalizing a law that will only allow centralized cryptocurrencies that can track coin owners inside blockchain. Onecoin has all of that implemented already.
There are also many centralized cryptocurrencies listed on coinmarketcap and the most known is Ripple, on the third place. No one talks about them. They slander Onecoin cause they want to ruin their ICO that is going extremely well. If Onecoin was stupid project with no value, no one would care to slander it for more than 2 years.
The main problem with decentralized cryptocurrency open market is that it is subjected to big speculators that have skills and means to inflate coin prices to make big profit thus making coin values volatile. I wrote my findings here How credible BITCOIN's "value" is.
Onecoin does not want to be just one more speculative cryptocurrency. They want to be central entity that will regulate value of its coin by not allowing large dumps and pumps by having their own exchange and impose limits and trade order expirations. You can call it economically illogical all you want but they want to make stable coin that people will be able to use to buy services and goods.
Onecoin already has more than 40000 merchants and people already can spend coins on DealShaker.com.
It started in Feb 2017 and of course haters will say website is bad because they saw bad deals. As if amazon and ebay worked perfectly in their beginnings. Alibaba owner Jack Ma bought all deals from his website for the first 30 days.
Onecoin is slandered for not having open blockchain, not able to sell and exchange. That is normal for ICO. Any ICO that is making its own blockchain does not have fully open public blockchain except for those ICOs that run on Ethereum blockchain. Most of ICOs do not even have a blockchain during ICO and even after ICO is finished (Tezos.com and EOS.io) and of course no ICO is publicly traded.
The same is with Onecoin, they will be open and publicly traded after ICO is finished in 2018.
They want to make critical mass, make user base, merchants and usability, and then go out public 2nd-4rd qtr 2018 and it will have its own exchange xcoinx.com at the first.
Also the company wants to go IPO (Initial Public Offering) to be the first public cryptocurrency company listed on an actual stock exchange and that takes time so end of ICO can not be determined.
OneCoin is a scam... promoting this is a bad idea.