ICFO Archive of OneCoin Ponzi Scheme 5
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(Comments Tim Tayshun)
Speaking objectively and as the Devil’s advocate-
Most of the information bloggers who claim Onecoin is scam borders on “possibilities and probabilities” of events happening or not happening in the future..
Some points to ponder: Was bitcoin sanctioned by any government before it was circulated among tech-savvy people? Cryptocurrency whose underlying technology is blockchain technology spans above regulating bodies and governments in a globalized world today. It was people who started creating and exchanging with it when they lost faith in the US dollar during the 2008 financial crisis. First time in 30 years of US financial history, the federal banks printed so much currency in a year or two out of greed, which they never did in past 30 years (not going into details), which led to the financial collapse and the reduction in the purchasing power of US dollars. Blockchain technology and bitcoin were invented as a counter digital currency, which is 1000 times more secure than present-day financial IT systems. Just search on youtube to understand what is blockchain technology. Later from tech savvy IT people, to the elite, even merchants came on board to accept bitcoins, which increased its usability factor further, then finally today it is available in exchanges across the world. Though I really don’t have time to go into great details here, some brief facts to get some perspectives clear.
Apple Inc spent a whooping 1.8 Billion Dollars on advertisements in 2014. So do we say mathematics is not feasible to spend so much on ads? Similarly, MLM companies pay off customers a part of the advertising fund for referring products to other people, which another company would have spent in huge numbers in media today.
Today onecoin has 20 lakh investors in over 200 countries. Approximately 730 million coins have been already mined.
The credibility of Dr. Ruja – There are many points to say here, but I will only shoot one arrow.
Ruja was one of the chosen guest speaker in the fourth EU- SOUTHEAST EUROPE SUMMIT with below-distinguished members:
President of Bulgaria- Rosen Plevneliev,
Minister of the economy – Bojidar Loukarski
A senior representative for International Monetary Fund – Bas Bakker
Former Prime Minister of Sweden – Carl Bildt
RM of Google Inc, Europe
Directors of Power Corp,
Consultant or of “Economist” magazine
GM of VISA Europe,
Country Manager of WORLD BANK,
Economist Intelligence Unit,
General Manager of UBER,
National Energy Security Fund Russia,
Minister of Power etc.,
And of course Dr.Ruja Ignatova (founder of Onecoin)
Now please go through the video URL on the Youtube for those who may feel this also is a lie:
The above link is published on an economist website (in case someone thinks the youtube video is also fraud) and you can see that Dr.Ruja is one of the guest speakers among the distinguished crowd of academicians, economists, ministers, etc.
Now did Dr.Ruja managed to steal across the backstage and bump into the podium to address the distinguished people at the economic forum or it is of common sense that obviously Dr.Ruja has built a solid reputation to be invited to address at this EU summit.
Regarding the auditor done by Semper Fortis on the blockchain technology, anyone can access the full video with the auditor in the URLs below
Now the reason Onecoin references to Bitcoin is basically to first introduce most people who are unaware of the world of digital currency. So bitcoin comes as a refresh reference being the first cryptocurrency in the world with blockchain technology. However, being the first in the digital world doesn’t mean you will always be in number 1 position, just like Orkut today has been replaced by Facebook, Onecoin is gearing up to be a bitcoin killer.
PURE UNDILUTED FACT – Approx Only 250,000 people in the world own more than 1 Bitcoin.
BITCOIN blockchain can produce at the most only 21 million, out of which 15 million have been mined. 21 million is not enough to make bitcoin a global currency which sees trillions of dollars worth transactions happening every day. Hence, onecoin has come with the blockchain with a total capacity to mine 120 billion coins, out of which 730 million coins have already been mined. By January 2017, Dr.Ruja has announced openly at an event in London, Onecoin is going to tie up with 1.2 Million Merchants worldwide. So let’s wait and watch before we jump to conclusions too soon.
Today OnePay Card of onecoin is tied up with MAster CArd. One can deposit onecoins to your one payment card and shop at outlets and have had dinner also where ever master card is accepted. So your one coin cryptocurrency is very real.
Finance itself is a very vast field and becomes even more complex when coupled with technology. One may be a financial expert when it comes to accounting, but to discern the currency markets, the impact of current and future technologies at the global macro-economic business environment requires expertise in that subject which goes beyond CPA, PLLC and other certificates. So let us wait and watch before we rush to IRS by labeling One coin scam.
For a more in-depth study of onecoin and if the links I have posted have somehow been disabled or hidden by the website moderators, please type Dr. Ruja EU summit on Youtube to watch her videos and many others.
RE: “Now did Dr.Ruja managed to steal across the backstage and bump into the podium to address the distinguished people at the economic forum or it is of common sense that obviously Dr.Ruja has built a solid reputation to be invited to address at this EU summit.”
This is covered and referenced in my Investigative Report/ Interview on bitcoin.com.
Ruja purchased the Title “Platinum” Sponsorship Package (with Ponzi funds) for that Conference Event. Nothing more. There was no vetting. Any company can buy such a package and be allowed to speak or sit on panels. She was NOT “invited.” Anyone who knows the Conferences Routine can attest to how this works. Or, you can Google that Event for yourself and look at the packages yourself.
Onecoin does not use “blockchain technology,” as it is a distributed ledger system.
The “new blockchain” implementation announced for October 1st would be their first if in fact they even actually implement one. By the way, by definition, this would be a “new coin,” altogether (ie., Onecoin 3.0 [Bigcoin was “Onecoin 1.0])
What other questions do you have?says:
Belgian Regulators Issue Warning About OneCoin Investment Scheme http://www.coindesk.com/belgium-onecoin-investment-warning/
Onecoin retiring their old ‘blockchain’ and launching a new one in October to make more Onecoins! https://www.reddit.com/r/Bitcoin/comments/4smxzo/onecoin_retiring_their_old_blockchain_and/
OneCoin openly promoted as an investment in the US despite ban http://behindmlm.com/companies/onecoin/onecoin-openly-promoted-as-an-investment-in-the-us-despite-ban/
OneCoin seminar “disrupted” by Bitcoin enthusiasts http://behindmlm.com/companies/onecoin/onecoin-seminar-disrupted-by-bitcoin-enthusiasts/
OneCoin claims business is an “investment opportunity” http://behindmlm.com/companies/onecoin/onecoin-claims-business-is-an-investment-opportunity/
A top affiliate promotes OneCoin as an investment in Japan http://behindmlm.com/companies/onecoin/top-investor-promotes-onecoin-as-an-investement-in-japan/
How The State Of Bitcoin Will Have Major Effects On Society This is how Bitcoin is changing the way we think of money. http://www.inc.com/chirag-kulkarni/how-the-state-of-bitcoin-will-have-major-effects-on-society.html
The Onecoin scam is really running rampant in the Caribbean – Warning to new Users https://www.reddit.com/r/Bitcoin/comments/4tg326/the_onecoin_scam_is_really_running_rampant_in_the/
New video with live presentation/training of OneCoin scam from a “top affiliate”. What complete BS, we have to stop OneCoin before more people get scammed. https://www.reddit.com/r/Bitcoin/comments/4tlpk5/new_video_with_live_presentationtraning_of/
My family invested in Onecoin https://www.reddit.com/r/Bitcoin/comments/4thlit/my_family_invested_in_onecoin/
The idea for stopping the Onecoin scam https://www.reddit.com/r/Bitcoin/comments/4tmrv3/idea_for_stopping_the_onecoin_scam/
Ken Labine proofs he is malicious Onecoin scammer, not a naive enthusiast https://www.reddit.com/r/Bitcoin/comments/4trt2z/ken_labine_proofs_he_is_malicous_onecoin_scammer/
You said this isn’t going on in the USA because the SEC would go after them. I just saw a post on a friend’s page on Facebook that he is now a One Coin Trader. We both live in Oklahoma. He’s been giving his money away for years for other health-related Ponzi scams like Zeal. It looks like he’s gotten into another deal where he will be recruiting new sales associates who will be ripped off again! Sheesh!!
Neither is poolminers.com. Once you go in the USA then SEC will shut you down immediately.
OneCoin steals “thousands of dollars” from another affiliate http://behindmlm.com/companies/onecoin/onecoin-steals-thousands-of-dollars-from-another-affiliate/
Praying this will all come to an end. It’s gone on for too long. I have a good friend that was lost to this scam. He’s been scammed with other Ponzi schemes. This time, he is not trying to recruit anyone cuz I think he knows it’s criminal to do so. Supposedly, he has made 10s of millions of dollars. Sure, right…..in OneCoin fake coins. But, he must be making some real money or he would have quit already. The sad thing is that I saw a friend of his, in a picture standing next to Dr. Ignatova. That’s scary cuz it could mean that she is very close to the top guns and could end up in jail. Argh!!!
Direct Selling Momentum Ranks July 2016 https://www.businessforhome.org/2016/07/direct-selling-momentum-ranks-july-2016/
How not to blockchain – a look at OneCoin https://tpbit.blogspot.my/2016/07/how-not-to-blockchain-look-at-onecoin.html
OneCoin’s OneLife YouTube channel terminated (scam policy) http://behindmlm.com/companies/onecoin/onecoins-onelife-youtube-channel-terminated-scam-policy/
OneCoin debut €118,000 EUR investment package http://behindmlm.com/companies/onecoin/onecoin-debut-e118000-eur-investment-package/
Onecoin fake blockchain scam still going strong https://www.reddit.com/r/Bitcoin/comments/4ujafa/onecoin_fake_blockchain_scam_still_going_strong/
OneCoin threaten to sue YouTube over account termination http://behindmlm.com/companies/onecoin/onecoin-threaten-to-sue-youtube-over-account-termination/
OneCoin a “fraud company” according to Indian cybercrime police http://behindmlm.com/mlm/regulation/onecoin-a-fraud-company-according-to-indian-cyber-crime-police/
Floridian thieves use local bitcoin exchange service to rob their customers http://bitcoinist.net/floridian-thieves-use-local-bitcoin-exchange-service-to-rob-their-customers/
BehindMLM Reports: OneCoin’s OneLife YouTube channel terminated (scam policy)
YouTube has removed the OneCoin video for violating their policy on ‘spam, deceptive practices and scams‘. http://mlmhelpdesk.com/behindmlm-reports-onecoins-onelife-youtube-channel-terminated-scam-policy/
I got into onecoin in February after I did a good amount of research on it and concluded that it was pretty likely that it was a legitimate attempt to make a successful new cryptocurrency. I got involved knowing that 1) it might not succeed and 2) it could be a scam though I didn’t think that was likely. Now, 6 months later, I’m less confident, They’ve increased the total coins from 12 billion to 120 billion – a ten-fold increase which is huge. I don’t see how that cannot lower its value. And if you live in the US where it’s not sanctioned, you end up saying you live in the US Virgin Islands because that’s the only way US citizens can sign up. They have to lie to even join.
People thought that onecoin would get US approval last year, but that didn’t happen and then we thought it would happen a few months later. But now, no one even talks about that anymore so I’m beginning to think it might never be approved in the US. Also, although people said you could sell your tokens, it turns out you can’t – and in fact, you’ve never have been able to. And while you can sell your coins, there is a limit of selling 19 coins a day (5 days a week only). Not many people are buying though so only about 20 -25% of my offers to sell have garnered a buyer. I’m also troubled by the high bonuses.
With sign up bonuses of 10-20% that sometimes go 4 levels deep, I don’t see how Onecoin can also pay a 10% network bonus down to infinity (even if it is only on the weaker leg) – not with over 1 million members and growing. Even though most people are not sponsoring other people, I just don’t see how each new member is bringing enough money to pay such large commissions and bonuses. And if it turns out the new members are not bringing in enough to cover all those bonuses, then that money has to come from somewhere else…. which is the basic structure of a Ponzi or pyramid scheme. It can grow for a while but ultimately the high payouts are unsustainable and the whole thing falls apart. So the more I’m learning, the less I believe in it. I hope I’m wrong, but I have enough concerns that I’m no longer recommending it to anyone. I would hate for anyone to lose money because they joined based on my recommendation. I
Also, I think all the people involved are so enamored with being millionaires in a few years that they refuse to see the red flags. I hope my post makes some people think twice before they join. I’ll close by saying that I could be wrong. It’s still possible that this is a legitimate program and maybe they will upstage bitcoin as the most preferred cryptocurrency, but personally, I’m not very confident in that happening anymore. So if anyone still wants to get into it, I hope they only invest what they can afford to lose – just in case it doesn’t work out.
Thanks, Terry for your sharing. I especially like your “So the more I’m learning, the less I believe in it. I hope I’m wrong, but I have enough concerns that I’m no longer recommending it to anyone.”
OneCoin recruitment gig in Australia disrupted (awkward) http://behindmlm.com/companies/onecoin/onecoin-recruitment-gig-in-australia-disrupted-awkward/
Ed Ludbrook explains Onecoins new amazing Blockchain https://www.reddit.com/r/Bitcoin/comments/4vc0cs/ed_ludbrook_explains_onecoins_new_amazing/
Ed Ludbrook promoting scam cryptocurrency Onecoin seminar Melbourne https://www.reddit.com/r/Bitcoin/comments/4vbtlf/ed_ludbrook_promoting_scam_cryptocurrency_onecoin/
OneCoin openly promoted as an investment in the US despite ban http://behindmlm.com/companies/onecoin/onecoin-openly-promoted-as-an-investment-in-the-us-despite-ban/
love makhijani Hello this business is fraud or right business plz give detail
Surely we already have enough expert comments and opinions posted to answer your question. As for me Avoid, Pass. Invest only in something you that understand and you will have a better chance of avoiding the Scams and Fraud
Ethereum dev: “OneCoin is a pure scam” http://behindmlm.com/companies/onecoin/ethereum-dev-onecoin-is-a-pure-scam/
Onecoin scam_Blockchain tech is so complex we can’t even explain it to you https://www.reddit.com/r/Bitcoin/comments/4vi146/onecoin_scam_blockchain_tech_is_so_complex_we/
PSA: Why OneCoin is One Big Scam https://www.reddit.com/r/Bitcoin/comments/4vkbd9/psa_why_onecoin_is_one_big_scam/
More valuable Onecoin insights by ex-investment banker, Ed Ludbrook https://www.reddit.com/r/Bitcoin/comments/4vgmjv/more_valuable_onecoin_insights_by_ex_investment/
OneCoin biggest event on Impact Arena Bangkok Thailand. Ideas on how to prevent it? https://www.reddit.com/r/Bitcoin/comments/4vt4ql/onecoin_biggest_event_on_impact_arena_bangkok/
Onecoin reps using the Bitfenix Hack to deter people from Bitcoin https://www.reddit.com/r/Bitcoin/comments/4vwtmc/onecoin_reps_using_the_bitfenix_hack_to_deter/
BehindMLM Reports: Ethereum dev: “OneCoin is a pure scam” Bob Summer will made the remark in a recent Reddit thread OneCoin is a pure scam http://mlmhelpdesk.com/behindmlm-reports-ethereum-dev-onecoin-is-a-pure-scam/
150,000 Reps Per Month Join OneCoin – OneLife https://www.businessforhome.org/2016/08/150000-reps-per-month-join-onecoin-onelife/
Negative Bitcoin Press is Fueling The OneCoin Machine http://themerkle.com/negative-bitcoin-press-is-fueling-the-onecoin-machine/
Monika Wiedmann My dad invested a small sum into One coin about a year or so ago, quite early on. He doubled it in a ‘split’ and withdrew his original investment which he got back without a problem. He now works with the surplus. I have to add he has been a lifelong and mainly successful investor. I feel skeptical about it myself, but so far so good it seems.
The friend leaves the “scam bitcoin” to go for Onecoin https://www.reddit.com/r/Bitcoin/comments/4x5uk8/friend_leaves_the_scam_bitcoin_to_go_for_onecoin/
ACK Hi I’m from Indonesia, and this scam has entered and started brainwashing people. in fact, I came across OneCoin as a friend of mine who joined the Tycoon package (at a staggering amount of Euro 5500). I went to one of the seminars which were super dodgy and they couldn’t explain to me what mining is, what difficulty is. Little did I know anything about cryptocurrency. All they said was basically promises and high return etc and how they are new and doing well and a lot of people claiming them to be a scam. I really wanted to help out people not to jump into this.
German consumer organization issues OneCoin & SwissCoin warning http://behindmlm.com/companies/onecoin/german-consumer-organization-issues-onecoin-swisscoin-warning/
Super Oncidium The question is, is there actually a blockchain, is One Coin a Cryptocurrency? How do you get proof or confirmation of this? If someone creates something that cannot be copied, then that item is given value, by investment, then that item now has a value, a worth.
Is this correct ?, I am no expert.
Onecoin CLAIMS to show Onecoin’s blockchain in their back office, but let’s analyze this. I will walk you through the proof that the blockchain showing in the back office is bogus, step-by-step! Take a look at this. SCREENSHOT: http://3.bp.blogspot.com/-UEXH6vKWYFM/VOXrlomgGhI/AAAAAAAADJc/lllk95YQEDg/s1600/oc%2Bblockchain.jpg
You all recognize this screen.
So, let’s all follow along now.
Bottom Right TITLE: “Current Block is Mining From”
Here is the fake “blockchain” as seen in your back office. This is simply a looped counter (banner) VIDEO pasted over a looped video source,
So, the above-looped video with the counter inserted over of it for “blocks mined” that flashes every ten minutes, which you all see, only gives the “appearance” of something technical happening, but of course, it’s all just smoke and mirrors.
BUT WAIT! THERE’S MORE!
TOP LEFT, COLUMN ONE “Block Height” – nothing wrong here. This is simply the block count since the alleged Genesis block.
COLUMN TWO: AGE – There is little deviation from 10 minute block times.
This doesn’t make sense FOR TWO REASONS:
) There is zero “difficulty” within a closed-loop system – REASON: a closed system does not “compete” with others. It is a self-satisfying reward EVERY TIME.
b.) If it were not a closed system than there WOULD be competition. As such, while the block times should AVERAGE 10 minutes, it is only an average. You would definitely see 3 minutes, as well as 15-20 minute block times occasionally because computers are literally “guessing” solutions, and USUALLY, the amount of Peta-hashes looking for such solutions would be similar to the amount of coin flips it would take to land on heads 10x in a row. After about ten minutes, one of the consecutive flips might do it. However, it is unlikely, but possible it could take 20 minutes or one minute. So, such little deviation is definitely “faked” and I have looked at MANY examples in the back office of block times and have never personally seen more than a minute of difference.
COLUMN THREE: TRANSACTIONS – Just Lol for numerous reasons:
) I have never seen more than one transaction posted here.
WHAT DOES THAT IMPLY? Well, as you know, there are an alleged 1.85MM people who have traded tokens for mining. The distribution of those tokens would come from the blockchain (unless they have created in Excel Spreadsheets [which they seem to be]). So, there should be NUMEROUS, MAYBE HUNDREDS of transactions per block!
) S-Systems HERE: http://www.s-sys.eu/
This is Onecoin’s fake auditor (similar to their fake exchange, xcoinx, and operated by Onecoin themselves) who has not published an audit for this “transparent” company since January, despite OC’s “monthly audits/ transparency” claims. In their ‘joke’ of an Audit – which has ZERO TECHNICAL DATA (WHICH IS WHAT AN “AUDIT” IS!), which reads more like a Letter of Recommendation to oneself, they state, “There are no transactions not included in the Blockchain.” – well, as I just demonstrated, this is a lie
Thanks, for Reading “ICFO Archive: OneCoin Ponzi Scheme 5 [Video]”
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