Yesterday was quite an interesting day in the world of Bitcoin scams and Ponzi Schemes. OneCoin, the world’s biggest pyramid scheme to date, doubled all user coins last night. This brings the total supply of “coins” to 2 billion, which is ridiculous. In fact, this means that OneCoin is now a bigger cryptocurrency than Bitcoin, according to OneCoin CEO, Ruja Whatsherface.
OneCoin Is A Scam Regardless Of What They Tell You
The allure presented by this global pyramid scheme should not be underestimated. People from all over the world are falling for what OneCoin promises, even though they have no blockchain or coins in existence to speak of. The scheme entails the distribution of incoming funds to early investors, whereas new members have to recruit hard to make money.
Now that all of the non-existent Onecoin balances have been doubled, the Ponzi Scheme camp is over the moon regarding its success. Creating a 100% value increase out of thin air is ludicrous, yet millions of people seem to fall for it anyway. In fact, the team claims that their market cap is now bigger than Bitcoin’s.
To put this into perspective, OneCoin’s new “blockchain” will allow for 50,000 new coins to be generated every minute. The team is also planning to “go public” with the coin come 2018. How this will be achieved is anybody’s guess, as there is no OneCoin blockchain or coins to speak of in the first place.
What is rather worrisome is how every OneCoin is valued at nearly 7 euros per piece. Keeping in mind how this is all vaporware, one can see that the team is making big money off the backs of gullible people. In this day and age, fooling people with financial promises has become very easy, especially when it’s related to “virtual currencies”.
Anyone who still believes OneCoin is a legitimate scheme will be in for a rude awakening very soon. Governments and law enforcement agencies all over the world are looking to investigate what this cult is offering its members, and it will be shut down sooner or later. Everyone who has funds in OneCoin should pull them out as soon as possible and see if they can pay out. In most cases that will not be possible.
Image credit 1
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
It’s gonna be HUGE. Put everything you have into it while you still can! Lol this kind of thing wouldn’t keep happening if people weren’t so stupid.
I’ve been a monopoly money millionaire since age 6.. and it only cost $19.95 to buy the game and get the money. Poor onecoin millionaires will spend REAL money to be left with the same kind of play money. 2018 vendors will accept the onecoin? LOL .. yeah.. right.
Thanks for the information about Onecoin, today I have read about Onecoin news in other social network site ‘Site talk’. I have not remembered that I have heard about Onecoin previously. After reading your article, nobody will invest in Onecoin.
The above two paragraphs is not enough to prove about one coin whether it is scam or really legit. If more than 800 existing digital currencies can have block chain then why one coin doesn’t have same. The company which has already more than 3 million users and more than 40 thousand merchants and growing more every hour who are accepting one coin, can or can’t be scam. This is a matter to look closely yourself to understand the reality than just reading two paragraph above and decide. The only thing people are blaming saying one coin is scam is because it is still private and has not gone to public exchange like other currencies. And the company has already declared that one coin going to public on Oct. 2018 which has mentioned above as well. Second thing one coin is in the world market following MLM which is the best way to educate about virtual currency through it ‘s ONE ACADEMY that no one has started yet to aware people.
Now the question is;
Is one coin fake or without block chain because it is not yet in public exchange?
is MLM system is illegal which one coin has followed?
So I would like to request to all to invest your few hours and do research what actually one coin is doing in the world market instead of following others views to make decision. Everyone knows there are competitors in the market where already more than 800 digital currencies are there to prove them self the best. Some people works hard to prove them self the best same time some people blame others instead improving them self to prove them self better.
I can predict now what the one coin criticiser will blog later once one coin goes in public, they will say it has gone public but it won’t work. So nothing will end.
How do I start my own personal website and how much does it cost?