Every cryptocurrency user in the world is well aware of the scam people know as OneCoin. Although this program is promising the stars and the moon to investors, it is an obvious Ponzi Scheme that will wreak havoc on people’s finances. The London Police are now investigating this scheme, and it is only a matter of time until it collapses.
Game Over For OneCoin In The UK?
For quite some time now a lot of people have been wondering why the OneCoin scam is still around. Despite receiving a lot of negative attention, there has never been an official investigation into the matter. Despite making false claims and cobbling together forged documents, the OneCoin team remained scot-free.
That situation has finally come to change, as the London Police launched their official OneCoin investigation. It is good to see law enforcement paying attention to these schemes, as they have the power to ruin thousands of people’s lives. Then again, everybody invested willingly into this program; making a claim to get money back may fall on deaf ears.
The official OneCoin statement by the FCA reads:
“The City of London Police are currently investigating OneCoin. If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud(link is external) or telephone them on 0300 123 2040. This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers.”
It is evident for all to see that OneCoin is not legitimate. The company even claims that it will double users’ holdings on October 1st, which should make them suddenly twice as rich. Unless you are a central bank, which OneCoin is not, creating money out of thin air at 100% inflation is impossible.
For now, it remains to be seen what this investigation will yield. Looking into the matter is one thing, but undertaking action is something different entirely. Unless people actively file complaints, it is doubtful the FCA will be able to do anything about OneCoin. Then again, people who blindly invest in obvious scams know the risks all too well.
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Great job. Again. The reputation of Onecoin (aka: OneLife) is so tarnished by the lies and deception they created themselves that no merchant will EVER touch such a pseudo-coin. Let alone the ONE MILLION MERCHANTS, which they claim they will have by next year. Damnit! A LOT of naive victims are going to be financially annihilated!!!!
OneLife network has now 2,8 million people. Many of them are going to be merchants too. I will be one of them. How many people do have Bitcoins ? Give this company a bit time.. it will come up.. how long did Bitcoin need ?
@Alex – If you read this independent and neutral 3rd Party Research Paper, investigated by a group of muslim clerics and scholars, you will understand that you are heading in the wrong direction with your life. As it does not behoove muslim clerics to issue lies and deception, the information presented is organized, powerful and conclusive. Please see: (note: The Merkle blocked my link, but please Google: “Is Onecoin Permissable” within the past month to locate the 18 page Research Paper)
If you can prove any of it wrong, you win a bitcoin prize. I am familiar with nearly all of it, but am super impressed with their Due Dilligence.
Also, I have called Ruja a LIAR and thief because of many very specific incidents in which she LIED and THIEVED. If you can proven even ONE of my accusations against Ruja #KleptoQueen false, than I’ll send you 100 mBTC. Just go ahead and prove it and then send me your mobile address to send you bitcoin (because bitcoin is actually usable and it works better than any cc in the world right now, and it is growing and appreciating rapidly).
That said, why should I believe that there are not 800,000 people and not 2.8 million. Why would anyone believe OneCULT is a trustworthy cult?
Also, as a “merchant,” what will your exchange rate be for Onecoin? Presently, the invented value is 7.85 Euro (but the company won’t pay anything for them, other than the occasionaly 0.50 Euro when they are trying to sell a 70 Euro “OneLife Tablet” for over 7,000 Euro (exactly 1,160 OC).
Also, the most obvious fault of each and every Onecoiner, without exception is that they have no grasp or education of Economics. In fact, most grade school kids have much more wisdom in this field than OneCULT members and victims.
EXAMPLE:
Let’s say ACME Company sold 1 million shares in their company. Let’s say you own 100 shares at a current value of $10 per share. Therefore, you have an asset value of exactly $1,000.
Now, the CEO makes an announcement that anyone whose name starts with the letter “A” will receive DOUBLE their shares! Exciting, right? This means that since your name is Alex, you will now have 200 of the 1 million shares, thereby doubling your investment value from $1,000 to $2,000. Sounds great! HOWEVER, moments later the CEO announces to EVERYONE that instead to issuing 1 million shares, they are going to issue an additional 56 million shares. So, unfortunately, now, rather than owning 2/10,000ths of the company (shares) you only own 2/ 570,000ths of the company (shares). This is a direct dilution to your shares by 96.5% and your $2,000 is not $2,000, it is exactly $70.00, for a net loss of $1,930.00.
Wouldn’t you feel a bit cheated? Because that is how things work in the REAL world. That is how universal laws of economics function (with very small variables).
So, again, I ask you, as a merchant, what is YOUR exchange rate per 1.0 Onecoin?
Same way bit coin was declared a scam and investigations were carried out against it and nothing was found and in time it was accepted, one coin is a baby in the cryto world and yet has made so many tremendous achivements which took bit coin more than 5 years to achieve, the difference is the marketing aggressiveness and one coin is just one year and some months. One coin is on its way up the ladder of the cryto world and sooner or later it will be so much accepted that you will take all your words back. This is a business opportunity same way is bit coin, all you need do is invest in it and get your facts right!