OneCoin warning issued by Austrian Consumer Protection
Accompanied by a visual representation of a thief stealing money, yesterday saw Austria’s Federal Ministry of Labour, Social Affairs and Consumer Protection issue a warning against OneCoin.
For those unfamiliar with the Ministry,
it has a total of five departments and around 30 members of staff, of whom around half are legal specialists.
The Consumer Protection department is “AK Steiermark”.
AK Steiermark (AK) titled their warning “Real loss through virtual money”.
AK described OneCoin as a “new virtual money machine that supposedly functions similarly to Bitcoin”. Pointing out the difference between OneCoin and legitimate cryptocurrencies however, AK noted
Bitcoin actually has a market value established by supply and demand and a fluctuating exchange rate like real currencies.
Whether Onecoin will also go in this direction is doubtful. Free trade has so far not been established despite (OneCoin’s) supposedly great performance.
AK are referring to the inhouse value of OneCoin, which is set by OneCoin themselves. Unlike a legitimate cryptocurrency based on public supply and demand, OneCoin’s value has artificially only increased.
As part of their investigation into OneCoin, staff from AK attended various OneCoin presentations in Austria.
Interested people attending a (OneCoin) meeting in Western Austria were told “Those who jump in early can earn great money”.
Whoever buys Onecoins can benefit from the (coin’s) great performance. Traders who sell Onecoins are the front-runners to benefit from this performance.
“Accumulating a lot of points has a snowballing effect”, warns Mag. Bettina Schrittwieser, director of AK-consumer protection.
Obtaining preliminary information (on OneCoin) for those interested is currently not possible, because the Austrian Onecoin website has been offline since Friday.
“According to our information new investment is required to grow initial investment”.
BehindMLM reviewed OneCoin back in September, 2014. Based on OneCoin’s business model, which sees newly invested funds used to pay of existing investors, we concluded it was a Ponzi scheme.
I checked Ken Labine’s FB page and there was no mention of the news about the OneCoin warning issued by Austrian Consumer Protection.
I guess he was too busy making videos.
Kevin Foster, Tom McMurrain, Carl Wilt, Glenn Smith, Jason Mangan and others were mum on their sites too.
I did hear Milo the Cat is asking for her money back. Ken was heartbroken!
Being the LEADERS these guys claim to be, I am sure they will alert their members to this news tomorrow.
Stay tuned!
@MLM Broken Model:
Could you, please, shed light on that? Preferebly, with links. And who is Milo, by the way?
@Passing By
Just another innocent victim that let greed and visions of grandeur (and catnip) replace rational thinking and common sense.
The good news is Milo the Cat has 9 lives whereas most of the participants (humans) only get ONE SHOT at it. When this deal comes tumbling down, it will be interesting to see who is around after the dust settles.
As Ricky told Lucy so many times…….they will have ” a lotta splaining to do!” to friends, family and business associates.
You asked for links. All of this information is available on public sites.
Love the analogy!!…lol
Milo is his cat. NOLINK://youtu.be/guwsz5pOdi0
Ken Labine avoided most important questions in his latest videos…
1. Why OneCoin Master Cards are turned off from 2 months (same with sending and activating new cards) ?
2. Why more and more people are reporting on OneCoin FB page (before they are blocked) and in the groups, that they cant sell their coins or receive money from it on their bank accounts for weeks!?
I am quite sure when he does answer those questions it will be another lame a$$ excuse like Juha and Ruja uses and he will just vomit out the same illogical responses….
Ken Labine is only scammer clown
Kevin Foster is one of the Top Promoters of OneCoin in the USA. He’s quick to point out the error of believing anything posted here on BehindMLM that might question the validity of his “source of income”.
Earlier today, he shared the video below with his Investors, Fellow Investment Advisors and Followers and added the comment below:
HERE’S A LINK TO THE VIDEO: NOLINK://youtube.com/watch?v=clBR3FSP5nI
Sure, it sounds (almost) believable and it certainly fits the Crypto-currency narrative of “thinking (wayyyyy) outside the box”.
But, like most adults, I’m not that easily convinced. I’m a firm believer of this quote, attributed to Benjamin Franklin, “Believe NONE of what you hear and only HALF of what you see”.
So, as any reasonably prudent person would do, I head over to Snopes.com and searched the term “Indian man at bank.”
The result?
Here’s the link: NOLINK://snopes.com/parking-vijay-mallya-joke/
WHOOT! WHOOT! It’s a myth Kevin!
Will Kevin Foster leave that silly little post on his Facebook Page or remove it? Stay tuned!
You can’t make this stuff up folks. 🙂
Another Labine video marathon underway. 1 hour and counting.
NOLINK://youtu.be/UYjRuao9ldE
I guess we can add Austria to the growing list of countries who have publicly announced their “concerns” about OneCoin.
NOLINK://en.wikipedia.org/wiki/Onecoin
Interesting article about some Belgian politician who the writer thinks will go to jail for OneCoin involvement:
nordpresse.be/vraie-info-laurent-louis-va-finir-prison-a-cause-de-nouvelle-arnaque/
China Harbin Meeting is just turned down by Government & Police. Recent News from China!