Over the past few years, a lot of people have made a strategic investment in a “cryptocurrency” called OneCoin. The people operating this scam claim OneCoin is far superior to Bitcoin in every aspect, yet they have very little to show for it. Every time someone tells how great OneCoin is, rest assured they are either lying through their teeth or have not looked into the program properly. OneCoin is lying to its users in several ways, as you can read below.
#3 Onecoin is a currency
Unlike Bitcoin which is not tangible, but does exist, OneCoin is nothing more than vaporware. There is no OneCoin currency, simply because the people responsible for this scheme have never bothered to create it. What does exist, however, is a multi-level marketing scheme that is borderline Ponzi Scheme, where people who invest their money will eventually end up with nothing to show for it.
On the surface, MLM schemes are perfectly legitimate, and people can earn a decent amount of money from them. With OneCoin, however, they took the aspect of cryptocurrency and slapped it on the MLM business model. That does not make it more – or less- legitimate by any means, but it seems to obfuscate the truth by quite a bit.
#2 Onecoin has a blockchain
Anyone who has ever heard a OneCoin representative talk to other people may have noticed they keep referring to a blockchain. When asking these people what a blockchain entails exactly, they seem to dodge the question and not give a straight answer. Even the people in charge of OneCoin are incapable of explaining how their program’s blockchain is supposed to work.
That should not come as a surprise to anyone, as there is no OneCoin blockchain. After all, why should there be, as there is no OneCoin currency either. OneCoin is the overarching name of this MLM scheme, but it is not a cryptocurrency, despite what most of their representatives may want the world to believe. The lack of a Blockchain and the lack of a use make OneCoin nothing more than a fancy name, rather than an actual currency.
#1 OneCoin Is Better Than Bitcoin
Don’t be tricked into believing OneCoin is a legitimate currency by any means. Although this MLM scheme provides some limited services and products to people who are brainwashed into joining this program, it is not a way to improve financial inclusion on a global scale. That privilege can only be granted to Bitcoin and the handful of other legitimate cryptocurrencies in existence. OneCoin is not one of them.
That being said, virtually every OneCoin supporter will gladly tell you how this MLM scheme is superior to Bitcoin in every regard. These statements should be ignored, as they are based on half-truths and biased information. Members of this scheme are indoctrinated in such a way they tend to forget all common sense. Most of these people have never even used Bitcoin, so they can’t begin to compare the two systems. Rest assured OneCoin is not superior to Bitcoin in any way. In fact, they can’t even be compared, as one of them is real, and the other is a fraud.
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I am very glad to see the OneCoin scam being exposed here.
Keep spreading these rumours . Writers like you write rubbish articles like these , since onecoin is growing crazily.
It’s a scam which now grows mainly in Africa and Pakistan any more.
Onecoin’s situation:
Cant sell the coin,no real user2user transfer,cant check transactions from blockchain, no mobile wallet, no private keys, no working exchange, no knowledge of total coins “mined”, no market defined value, no known developers.
No tech white papers, no industry expert support, no finance world recognition, OneCoin operates with shell companies, no public bank accounts anymore.
OneLife acquired dozens of failed MLM pyramids, lots of convicted and shady people as top leaders. Ruja and Sebastian Greenwood were in similar BigCoin scam before. Ruja is a convicted criminal of multiple frauds in Germany last year from her other business..
The list goes on and on.. How stupid, ignorant and blind must a peson to be, in order to believe in this scum???
Hey SK – let’s believe in pink invisible unicorns and go with your theory that Onecoin is real and 1.0 ONE = 7.85€. Okay. How many (fake) coins are minted each MINUTE? Answer: 50,000.
THEREFORE: 7.85€ x 50,000 coins p/min. = 392,500€ every minute!
So, in THREE MINUTES Onecoin has brought >1,000,000€ into existence.
In less than 48 hours > 1,000,000,000€ has been created from thin air.
Since October 1st (new *blockchain day) Onecoin has created a value of ~3/4 TRILLION EURO(!!!!)
…but wait
THERE IS NO EXCHANGE!!! NOT EVEN A CLOSED MARKET EXCHANGE UNTIL MID 2018 WHEN ONECOIN MARKET CAP WILL EXCEED 2.5 TRILLION EURO!
Sounds legit. Where do I sign up?
Ps. At that time, the coin is supposed to be worth 25€ each! giving a market cap of a little under 10,000,000,000,000 EURO
JUST LOL!! YOU SUCKERS!!!!
show as the growth !!! I can tell you that my dick grows 1 inch every year and you will believe it without seeing it ?
@sk, I am having a difficult time believing people like you are truly this delusional. I am starting to believe those posting in defense of Onecoin are participating in the scam, trying to lure gullible people into the system in the hope of earning commissions or sustaining the pyramid scheme with the hope of getting some of your money back. Tim Tayshun’s post below is spot on: Onecoin leaders claim to be mining these massive amounts of the “currency”and ascribing a value that is not at all verified in the free market, and thus claiming a huge market capitalization. Does it occur to you that the Onecoin leaders can simply say anything they want regarding how many “coins” they are mining or what the value of those “coins” is? The coins are not exchangeable for real currency, or for any legitimate cryptocurrency like Bitcoin as most trades requested in their private exchange expire without going through and there is a strict cap on the % of your account you can even try to sell. Even having a basic concept of supply and demand would lead you to call them out on the value. Even if one Onecoin was indeed worth EUR 7 now, after generating billions of them it should be obvious that the value per coin would plummet due to excess supply. You don’t need college economics to understand that basic concept.
Onecoin are not even capable of being traded or sold at all anymore. The only exchange which offered victims the capability to sell was Xcoinx, which was shut down around January 15 and will not open back up until ~spring/summer of 2018 when the company “goes public” (read: NEVER). Ruja actually stated that the company wouldn’t go public until 80% of the *coins were mined, which would be in 2020.
what a bullshit me from Holland also grooing here stop with this nonsense spreading!!!!
http://everything-pr.com/onecoin-offense-cryptocurrency-pr-wars/88490/
https://thecryptoproezine.com/2017/05/24/the-european-union-changes-the-law-of-cryptocurrency/
https://steemit.com/dxmarkets/@onecoin/onecoin-was-the-victim-of-an-extensive-and-massive-slander-campaign-pierre-arens-ceo-of-onecoin
ONECOIN BE AWARE OF THE SCAM.
I came across a ‘recruiter’ in
Bulgaria that followed me like a plague to get me create a profile for
Onecoin. She was restless, and it seemed to me talked and behaved like a
brainwashed person. She claimed she has recruited 770 people who paid
her for package deal from Onecoin to buy tokens. And this is only one
person fishing and taking people’s money. I know for a fact she alone
has invested thousands of euros believing and hoping to earn millions
in year or two. I am aware she deposits the collected money in a bank
account in Sofia, Bulgaria with the promises that in 2018 people would
be able to buy shares and physical goods such as cars and properties. I
truly believe she (the recruiter) is so delusional and believes Onecoin
is legitimate and honest organization. I personally doubt that. The
worst thing is that recruiters build a pyramid under their profile,
layers of relatives and friends and anyone who is naive enough to give
money for those tokens. PLEASE STOP THIS CHAIN OF TAKING PEOPLES’ MONEY
AWAY AND GIVING THEM TO RUJA IGNATOVA AND ASSOCIATES. ONE COINS IS A
SCAM. CRIME AGAINST HUMANITY.
If you can obtain the banking information we may be able to get the account frozen.
Do you need the name of the account holder?
Yes please
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