OneCoin launch OneLife (pointless?), still no merchants
Unlike OneCoin affiliates, I wasn’t expecting much to be announced at their London CoinRush event.
My thinking was if they had the merchants (100,000 “ready to go” or otherwise), they’d have gone live with them back in May as originally promised.
So, what did happen at the CoinRush event?
OneCoin launched OneLife, which appears to be a pointless rebranding attempt. Well, sort of.
The old OneCoin domain is live, with a new website design – so I’m not really sure what the point of OneLife is. A visit to the OneLife website reveals it’s pretty much the same as the OneCoin website, just a different design.
The OneCoin website meanwhile has been updated with a whole bunch of new cryptocurrency rhetoric. The irony continues, with OneCoin not being publicly tradeable, listed on any public exchange or useable for anything other than internal transfer between investors.
Affiliate complaints on the OneCoin Facebook page suggest converting OneCoin to cash and withdrawing is still all but impossible, with OneCoin affiliates only earning on the recruitment of new affiliates.
We’ll keep you updated if anything else eventuates, but for now it appears people flew to London and paid 200 EUR just to hear about a new website. Could have been done via press-release in all of five minutes.
The merchants don’t exist, despite the previous promises.
So they’re going to get affiliates to pitch replicated mobile apps to merchants.
Basically Lyoness’ model, recruit business owners as affiliates. Still no public merchants.
Also… Tom Jones for Ruja Ignatova’s private birthday gig, and the local highschool dance-troupe for affiliates?
Geez, they’re not at all coy about where they’re spending investor funds…
THWACK!!
^^ that was the collective onecoin affiliate ass that hit the floor hard, after travelling all the way to london with the belief that ruja was going to give them the bestest news of their onecoin life!
SMACK!!
^^that’s the eggs hittin’ ken labine’s face!!
there were no merchants at 30% coins mined, and labine moved the goal post to – just you wait for the london event! rujamama is going to make half a million merchants strut on the wembley stage!
but, alas.
neither are onecoiners able to ‘trade’ their onecoins for cash on rujas personal private ‘exchange’, and neither will they be able to use their onecoins for any real business transaction.
at the most ken labine’s local flower shop who signs up under him, will give him a small discount for being a fellow onecoiner, which has nothing to do with the ‘value’ of onecoin.
but, at least these poor suckers got to sit their ass in the arena wembley, and can go home and stare at the ‘doubled’ coins on their computer screens for comfort. i mean, c’mon! it’s not ALL bad! 🙂
All the fanfare for a new website and a new name. Yet Onecoiners were calling Ruja the “greatest mind of the century” afterwards (that’s an actual quote).
I don’t get it. Do they know it’s a scam and are trying to hype it up, or are they blind and truly believe it? I’m just wondering what people will be saying once everyone is being interviewed by the police.
I truly believe Ruja and her henchmen set up OneCoin to be a scam, but it got too big for them. I think they are trying to make it legit out of fear.
Is it a standing ovation if some guy has to order everyone to stand up and command a timed applause?
Scarcity is certainly a primary metric when determining value in supply and demand commodity based market systems.
The invented “value” of a single Onecoin is $7.05 today. Ruja just doubled everyone’s coins making people believe they now possess $14.05 on every unit they own today.
Circulation cap just went from 2.1 B to 120 B, an increase of 57.14x.
Based on simple math, don’t people realize the alleged value of their coins actually just lost 96.5% if it’s value!!
They’re now worth $0.25 each according to the Laws of Economics.
Ruja is so amazing she bends entire mathematic principals!
what oz!
as if the sheeple know when to stand and when to applaud!
they have to be guided and all.
as it is they have been holding their collective breath for so long now, waiting for ruja to come to london and say : Breathe!
but alas.
all she’s giving them is some silly apps.
poor suckers have gone blue in the face and all.
it’s those ball gowns.
they do Magic.
A Onecoin pumper I follow on Fbook proclaimed today that he just became a millionaire. He said he was trembling with excitement.
The poor fool thinks he has finally arrived after years of failure in MLM. Sad.
(Reposting my question on this new thread)
Did I understand that everybody gets double from now AND INCLUDING up until Oct even on new purchases upgrades, etc.? Or was it only what they had til today?
If the former, this of course encourages existing believers to dump even more money into it. This is much easier than convincing new members and usual for Ponzis.
Notice it’s all about the future, coming soon, in the next year or two, hopefully, when……..
Rujamama’s presentation:
youtube.com/watch?v=eTqZCjUx1UI
Just started watching it, hip waders recommended.
@Char
Exactly. They are also encouraging multiple positions to incentivize existing investors to invest more. It is so out of control. How can anyone not realize this garbage is completely illegal and a scam?
WOW how pathetic! But comes as no big surprise… one thing we can all be sure of… they seem to be following right along with the monopoly money scam playbook.. they are getting desperate now!
Just as UFUN did with their phony UTOKENS when they pulled the same exact stunt with their UBTMALL. The ubt mall was also hyped up as a membership platform where members could spend their UTOKENS on items in the mall.
I really feel very sorry for these people that have fallen for the Onecoin scam. But what really upsets me more are these so called “leaders” that were also involved in UTOKEN and scammed by them.
Either they really are not to smart, just plain gullible or they just don’t care as long as they are making money by recruiting.
In any case…shame on them. Because there is no way in hell that they can not see how this Onecoin scam is identical to UTOKEN.
LMAO!!! I gotta admit…part of the reason I love coming here is for the humor! Too funny!
A bit after the 27 minute mark in the video in my previous post is where Ruja gets into the coins doubling thing. It’s hilarious.
You see there simply aren’t enough onecoins for merchants or further expansion so they need to lift their cap from 2 odd billion to 120 billion.
So on October 1st they’re going to take the website offline and install a brand spanking new blockchain (because you need to take the website offline for that sort of thing).
The new blockchain will just be like super terrific and all that.
As a side effect all coins and tokens in existence at that point will spontaneously double with absolutely no reduction in unit value.
Because that’s how economics work.
OK, what does this really mean? For one thing there will be zero merchants until at least October first (not enough coins for them) but she later slid that back a bit to the patented OneCoin “end of the year.”
Yes, this contradicts what they were saying about small merchants and the OneCoin app but people were still clapping about their coins doubling so I doubt they noticed.
Also, the magic doubling coins thing really is a good sales pitch to try and counter their sales slump, at least until October.
One funny moment from a different video. The reason the hall wasn’t fully filled and why there didn’t seem to be many people from China? Visa problems. Seems if you were in China and wanted to come to London, they wouldn’t give you a visa.
And people fell for it.
All of it.
Just watched the video.. so they are going to retire the blockchain… Then in October 2016 switch off the website for a few hours.
Then they will begin mining coins on a new blockchain.. a better faster one… They will double the members coins… wow.. this woman is pure evil.
Squeezing these members for even more money… and they cant even see it. I can’t wait to see this woman in handcuffs..
hahaha omg.
is the guy who invites rujamama onstage with a preplanned applause attack, sebastian greenwood? the video not is not very clear, but it looks like him.
it will be really weird if it is greenwood, because he says: let’s give a warm applause for our creator, our founder, our lovely dr ruja,.. my sister … these days..’
why did he qualify ‘my sister’… with ..’these days’? what was she Before ‘these days’ greenwood, because we sure heard some very naughty rumours! 🙂
would have been more believable if they said the people were all in the bathroom.
The Great Stall of China.
A question for Mr. Labine (after he gets home and shakes off the jet lag):
What does Ruja mean when she says there are not enough coins to add merchants? How does that make even a lick of sense?
You have affiliates with coins in their wallets and (to keep this simple) merchants with ecommerce websites. The merchant adds a “pay with OneCoin” doodad on their site the same way they could add a “pay with bitcoin” or “pay with MasterCard” doodad.
Ownership of the coins transfers from the OneCoin affiliate to the merchant and in exchange they provide the goods or service purchased.
This, in and of it’s self does not change the total number of OneCoins in existence it just changes who owns some of them. This would be true if there were 2 billion coins or 200.
And with bitcoin being valued at over $600 (currently) they rather smartly made it possible to transact fractions of bitcoins. That way if you buy something that costs $100 you don’t lose the extra $500.
Can’t OneCoin do the same?
At present it is estimated that there are 14+ million bitcoins mined, compare that to over 707 million OneCoins “mined.” How can there be enough bitcoins for merchants but not enough OneCoins?
I guess what I’m asking you Ken is do you believe Dr. Ruja? You had to know they weren’t going to introduce thousands and thousands of merchants like you hoped (we sure did). But don’t you feel this current set of excuses is just a little insulting to your intelligence?
at 13:13 in the video ruja announced that they are a ‘global currency’ and have ‘clearance’ in china, india, europe and latin america and worldwide…
really! i guess arrests in china and investigations/warnings in european countries, and running away from the USA, translate as ‘clearance’ to rujamama’s brain. banks around the world throwing her out time and again, probably make her feel very ‘global currency’ like.
have ruja’s brains turned to jelly? are those heavy hair extensions responsible for this cretinous state?
@GlimDropper –
Great points. As I illustrated earlier, if I buy a $6.00 fancy coffee drink at the coffee shop which accepts bitcoin, I pay exactly 0.01 BTC (or 10 mili-bits).
Ruja has stated in the past that Onecoin was also divisible to the equivalent of a satoshi (0.00000001 BTC/ OC). We now know that this was a lie. That Onecoin is not yet a Cryptocurrency, and therefore has no Blockchain.
But, what’s insulting is that the Crypto Queen, “EXPERT” in Cryptocurrency and who “studied economics at Oxford, failed to tell anyone that were bitcoin to hypothetically become a world currency, developers would introduce the addition of one or more decimal points to the satoshi, which would not devalue 1.0 BTC, BUT SIMPLY MAKE IT 10x more divisible for each decimal place it were moved over.
This would also be an easily and unanimously agreed upon “soft fork” in the code. In fact, if Bitcoin added 3 decimal places, it could accomplish nearly twice the amount of units contained in 210 billion Onecoin. Again, without devaluing anyone’s holdings.
What Ruja just did today in London was an EPIC FAIL OF MONUMENTAL CONSEQUENCE AND PROPORTIONS!!
By increasing the current total distribution of OC by 117.9 BILLION coins, she just deflated the value by 96 1/2% down to just under $0.25 per coin!!
So, a holding of 1,000 Ponzi coins at their current invented value of $7.05 each ($7,050), lead the sheep to believe they now have twice the coins, worth $14,100. But, in fact, they have each LOST $6,450 in coins, and their 2000 coins are now only worth $500, all together (well, we all know they are worth zero, but The Grand Wizard done went and messed up, causing even their fake value to head quickly towards that mark!).
Sweet justice was seeing the people in the audience flashing hand signs of that same value, which will ironically become a reality much, much sooner, than before this event.
Let’s say Ken had about $100,000 worth of coins before the event – skip the fact that whether he has 10 coins or a million, the value is roughly the same. Anyway, he spent his hard swindled Ponzi pimp money for the airfare for two, a hotel and for he and his lovely lady to enjoy some nice Brittish tea, crumpets and cuisine, and then pay $400 for seats to an event, only to learn that his $100,000 bank is now worth just $3,500 (or $10,000 now only worth $3,500, etc).
Something tells me that this FACT of Basic Economics 101 will allude him. Ya think?
I don’t care about the fake media publicity and all the lies anymore. THIS is the official nail in the coffin of Onecoin. I just wonder if this was exactly Ruja’s devious plan!?!?!?
at 23:30 in the video ruja says that no regulator or government will allow a cryptocurrency without KYC requirements, and that she believes cryptocurrency must have KYC. this is all fine, and she can believe anything she likes.
but then, she gets all pompous and says – for everybody that tells me i violate the philosophy of cryptocurrency…. guys, we are the bigger community, we decide what the philosophy of cryptocurrency is!
really! so, what does the crypto world think of rujamama’s ‘philosophy’?
cointelegraph, a leading publication of the cryptoworld, denounced onecoin as a ponzi/MLM scam, and put it on the list of the top 5 bitcoin related scams of 2015.
so, good luck to ruja and her dream of getting the cryptoworld to Bow to her ‘philosophy of cryptocurrency’.
i mean, just because she’s wearing a flashy gown with a trail that was sweeping the floor of the wembley arena, doesn’t mean she can make sweeping statements!
ruja really takes her self appointed ‘cryptoqueen’ title, a tad tooo seriously.
earth to ruja .
Signs of sociopathy.
I must have been out to lunch when the US outlawed bitcoin…
I interpreted this as OneCoin will only accept merchants who invest first (sign up as affiliates).
The problem with this is currently is OneCoin’s Ponzi points script is backed up. They’re going to reconfigure it to generate more points per minute.
This fits with the “few hours” of downtime. They have to disconnect the script database from the backoffice. Upload the modified script and then hook it back up. An hour or two of testing and off they go.
Totally not a legit cryptocurrency. You cannot manipulate legitimate blockchains like this.
It’s narcissism with a capital “N”
@Oz –
Correctomundo! A Blockchain is “AN IMMUTABLE LEDGER.”
I have NO DOUBT that the video and analysis by myself and others of their provenly FAKE current Blockchain hit her desk a few days before the Event, and she had to wing it.
I don’t think that this was an original plan. It was a reactive, not proactive maneuver, and it will cost them.
@Tim
Brother, I appreciate your passion, but come down from your high horse for a moment and understand: the vast majority of people invested in Onecoin simply DO NOT CARE about the ins and outs of blockchains.
If they did, they wouldn’t have joined.
You’re doing a great job pitching facts as you see them, but you’re missing the point – this isn’t about facts, it’s about illusion.
Stage magic is all about misdirection. What do you think the ball gowns are for 😉
If I’ve got this right and they’ve just doubled everyone’s coins, my bet is that is going to cause them problems they’ve not thought through.
The bulk of the deleted fb posts complaining people can’t cash out seem to be from, let’s say, ‘financial minorities’.
If these guys suddenly think they’ve got twice as many coins they will be LESS likely to hold them, and more likely to want to sell them off to either get some of their investment back, or make a profit.
So the attempt at sales will rise and the complaints with it.
If I’m misunderstanding, and the declaration is that their account coins will double in number in October, then that’s a pretty smart move, as it will feed the greed and encourage the peeps to hold a few more months before trying to sell.
@RT
I’m not familiar with MLM Ponzi scams. I’m familiar with Cryptocurrency.
In my world we use facts to prove or disprove something to ourselves or others. That said, I get your point though, and point taken.
Half of what I post is so readers have a bit more knowledge on the subject, just like you and others are educating me as to how the Ponzi world operates.
But, what this also seems to means is we really can’t do ANYTHING, it seems, until the money runs dry 🙁
This means financial devastation and even suicides until this is stopped!! This makes me sad.
@ RT
Agreed. Plus, the vast majority of the people selling OneCoin DO NOT CARE about it either.
As long as they keep getting paid on Monday with REAL dollars or Euros, they will continue to pump the ponzi.
Almost all of the top earners are serial ponzi professionals and have done the same thing over and over again.
Top Pumpers understand the worse that will probably happen is he has to give back some of his ponzi profits.
As it turns out, in the world of ponzi schemes, the music continues to play…..they just change partners.
Is the next song on the play list Wipe Out?
It’s time the regulators Drum all of these Ponzi Pumpers out of the business. Hopefully, they will Snare a few of them too.
Yes, it’s sad. However, people have to live their lives and learn their lessons.
Including us 😉
Ha, ha this is crazy. Watched Rujas interview where she states, that OneCoin is immune to inflation, since there is a set limit to number of Onecoins. And now they increase the number and yet the value will most likely continue to increase;-)
All this soon, soon, soon crap is just a diversion to keep the ball rolling.
Onecoin: “The Future of Payments”:
upload.wikimedia.org/wikipedia/commons/3/3e/Zimbabwe_$100_trillion_2009_Obverse.jpg
Now this is illegal. You can’t increase the number of coins if you state that there will be a fix amount of them.
Do you remember when onecoin reps stated that onecoin is different then fiat currency because no central authority can change the total amount this was part of there videos.
I know that the scam they are running is that they sell ‘education’ and that onecoin is play money, but this move should be good for an indictment. File an official complaint to your financial regulators.
O and Ruja came to stage with song Girl On Fire song playing in the background. O trust me when this collapses onecoin customers are going to burn he as a witch.
Ruja has got one year and two months on probation in Germany! Gusswerk Waltenhofen case!
gusswerk.bplaced.net/files/news.php?readmore=8
@ it’s 2.1 billion not 210 billion max for onecoin…. 100 times more than bitcoin who max is 21 million….
This conversation I have a lot of interest in. My opinion is that we need both for now BUT this isn’t where we need to be. Let me explain. My goal is to get everyone to be in the (A) crowd.
(A) It’s an endless chain recruitment opportunity. I don’t care what your product is. I don’t need to know.
(B) Lets discuss the product facts to prove or disprove that this endless chain recruitment opp is bogus.
I believe the scammers i.e. founders, leaders, and promoters of recruitment based opportunities use the product, in this case cypto to confuse people. The ‘details’ make everything plausible, make it seem that’s it’s really about this new cypto, and open it up for debate (Labine). This is a strategy to defraud.
Ultimately, we need to get all honest people to think like the (A) crowd to avoid this same senario over and over again e.g., ASD, Telexfree, Zeek, Vemma, and OneCoin to name only a few. You’ll note that these are all different products.
For now, it’s a NECESSARY WASTE OF TIME to discuss the ‘product’. And sadly, entertainment value for me and others.
Case in point, I don’t know shit about cyptocurrency but I knew it was a scam.
At around the 29:30 mark of the video mentioned above, Ruja states they will be increasing the amount of coins up to 120 billion. SMH
Sly, have you taken basic economic classes to understand supply and demand?
Assuming demand stays the same, as supply goes up the value goes down. Creating a coin that has supply that is 100 times more than Bitcoin only devalues your coin.
Having a massive supply with restrictive demand only devalues the coin even more. 2.1 billion coins for less than 2 million people vs 21 million for greater than 7 billion people.
So from an investment standpoint, increasing supply is not good unless it is increasing to match demand. Even if OneCoin fulfills its goal of having 10 million people in the next two years, the value of the coin will be small because it’s oversupplied.
OneCoin will never exceed the value of Bitcoin. The only way OneCoin can surpass Bitcoin is to become easier to spend in the marketplace or Bitcoin gets hacked and people lose everything.
To be able to be easier to spend in the marketplace, the exchanges need to be open source and not proprietary. Having a product that is proprietary limits the demand for that product as proprietary products cost more to use.
However, I am not sure saying that Bitcoin has a max of 21 million vs OneCoin max of 2.1 Billion is comparing apples to apples. It seems as though it’s comparing apples to oranges.
21 million coins that can be sold in fractions vs 2.1 billion coins that can only be traded whole.
Mhh … I talked with a friend of mine (he invested in OC). I confronted him with what you have found out here. Guess what he said?
He said: Know what? Even if OC might go broke, I already made my money & I cashed my investment out a few days ago …
Furthermore, he told me that he brought many followers to OC and that he benefited from them by getting some kind of extra bonuses …
So … That’s what OC is about 😉
@ Mr. ponzi scheme
(Ozedit: offtopic derail attempt removed)
offer and demand is not for you to decide it’s up to the buyers and believe me many times there is no logic in there…
for me my hope is when it goes public not before that….
@sly
Sorry to be the bearer of bad news sly but that’s NEVER going to happen.
@Tim
Don’t get discouraged..There are many people questioning this scam. Even labine himself has said that because of bloggers and people here it’s harder to get people involved in onecoin.
Smart people are checking things out, not just taking the word of self confessed so called leaders. It’s those people that we are helping.
Ruja knows this. That was exactly what she had in the back of her mind when she made the “double coins” announcement.
She knows in the back of her sick pathetic mind that she needs to keep the money flowing for as long as she can. And what better easier way then to pull this stunt with the suckers she already has on her hook.
Sadly, we can’t wake these people up. Even if they secretly admit to this being a scam… this is their livelihood. They are all in this together.. Ruja herself keeps telling them that.
To me, these recruiters are just as guilty as her. But we can keep spreading the word. You have been instrumental in bringing to the light what is really happening here. Many people have thought twice about throwing their hard earned money into this scam.
Even though this may seem like an uphill battle at times, people you will never even know have been helped because of your diligence and everyone heres. And thats what matters most right now. 🙂
I’ve just discover this website. Behind mlm should provide me some usefull informations about any sort of mlm networks and what I’m seeing here instead of any usefull recomendadtion (Ozedit: Snip, there’s your problem. We don’t provide personal MLM opportunity recommendations.)
@Sly
You are not grasping the reality of the situation. Try this exercise:
Imagine a group of adults playing the game Monopoly. Those same adults are having a VERY REAL discussion about how many guests they expect in the hotel they just bought. They are also hoping that REAL merchants will begin accepting their little bills they just accumulated.
Observing from a distance, I’m sure that would sound nonsensical to you. You might even call those adults delusional, absurd, and downright silly.
Unfortunately, you are that adult in the game of OneCoin. Nothing about it is real for the umteenth time. Hoping for it to go public is the same as discussing taxes you might have to pay in real life now that you own Boardwalk – because you bought it while playing Monopoly. RIDICULOUS!!!!!
Comprende?
This cobbled together nonsense about a “new blockchain storing KYC data”, a “merchant app” and the desperately repetitive editing re “auditing” is getting mauled on various FB posts, most of which seem to be coming from believers.
Latrine’s take?
A sad way to live.
I also caught a live vid feed of Wahlroos baldly stating “I don’t listen to anything else, I just keep selling, that’s all you should do, just keep selling”.
Keep pushing guys, they’re vulnerable and panicking….. 120 billion lies take a lot of covering up lol.
You know she *is* already a convicted felon?
14 months in Germany for fraudulent bankruptcy. Killed some 100 jobs. Unfortunately she got probation.
Exactly the person you want to create a currency.
Hi guys,
Did you see what’s happening below the latest OneCoin post (about the “great news”) on their Facebook page? I’ve never seen so many negative comments and I have no idea why they have not been deleted yet. Some of them:
Sly, in my opinion once OneCoin goes public it will fail because Bitcoin will be too entrenched in the marketplace to be replaced.
Bitcoin is already accepted within the US at Amazon, Overstock, TigerDirect, Home Depot, Sears, KMart, PayPal, OneCoin, etc. The longer OneCoin waits, the more difficult it will be to overtake the marketplace that Bitcoin is entrenched in and expanding in.
OneCoin needs to go public now if it’s to be successful as a crypto currency. Otherwise it will be left behind with no market. You will have 2 million people who can use their OneCoin to get a haircut at some barbershop.
a onecoin affiliate has posted this summary of the wembley event:
Announcements by Dr. Ruja to establish OneCoin as the market leader of 2016 and onwards
-Merchant program will start end of this year & existing members will also make money out of it. Over 1 million merchants will come on board in next 2 years…[ yeah right. only some small businesses who want a slice of the recruitment action will join up]
-OneCoin will go to Share Market end of this year while merchant launch…….[ o lordy , every frigging scam these days makes promises of getting listed! so, at some point will ruja convert affiliates onecoins into ‘shares’ to avoid making ponzi payments ? we’ve seen this before with utoken, IIRC]
-On 1st October, OneCoin will adopt the biggest ever blockchain of history with capacity of 120 billion coins…[ yeah right. cryptocurrency experts like tim tayshun are saying this is not possible for a legitimate cryptocurrency ]
-On 1st October, all existing member’s coin will be DUBLE as a gift from Dr Ruja regardless the split procedure, just because we are the pioneer of OneCoin….[ yeah right. recruitment in onecoin is flatlining and ruja needs fresh recruitment funds real quick !]
-From 1st October mining time will be reduced to 1-2 weeks only….[ hohoho, let’s see if onecoiners are able to trade their coins for money after october. ruja is very ingenious and will find a way to stall ponzi payments ]
-OneLife” umbrella has been created …[omg! this has onecoiners fainting from excitement. a new name . a new name!! ]
-OneCoin Launched a new physical product for members – “Onelife tablet”…. [ can onecoiners pay for this ‘‘tablet’ with onecoins? of course not, silly me! ]
-Onelife app will be launched in a few weeks to initiate merchant program…..[ a new little app! the world will never be the same. all hail the crypto’app’queen!! ]
-New unhakeable websites launched with latest technology….[ um, onecoiners are saying the login page has a malware alert ]
-Hacking challenge: if anyone of whole world can hack our website will win €100,000…[ boy o boy, cryptocurrency/computer enthusiasts should really take up this challenge. ruja is getting too big for her er, stiletto’s! ]
ken labine has commented on the grand wembley event :
the ‘hugest news’ is the doubling of coins in oct?
oh wait. it means labine can go into a ‘recruitment overdrive’ till oct, and line his pockets by stealing from people.
no wonder he’s bursting at the seams with excitement.
arm a thief with a weapon to steal and …
Another hugely impressive “first” is the tablet on offer onelife.eu/en/onetablet, the spec of which is pretty similar to mid range MaPan models, e.g. maixin-china.com/view.asp?ProID=874
The main difference, apart from no doubt a OneCoin logo, is the price.
580 euros from OC plays 53 euros from Alibaba….
That’s one expensive tablet!
Your link returns 404 btw.
Here’s an interesting little tidbit straight from OneCoin’s official YouTube account back in March 2015 … youtu.be/7NnBdCBDqW4 titled OneCoin – Web presentation in English
At about the 6:30 mark, the screenshare is talking about how the algorithm works and it states:
If I were one of you haterz, I might be inclined to say that OneCoin just labeled themselves as an illegal money game.
OMG, now this scam has convinced one of my friends to join this crap!
I have tried to educate him how the block chain works sent him the web site to weusecoins and he still did not get it.
So, Chris bailey do you think OneCoin is a Crypto? are you in this scam if so how many suckers have you fooled into joining you?
After watching the latest video I just can`t believe how many uneducated people are taking part of this scam or are all those involved scammers as well?
OneCoin is starting to turn into a Flexkom type scam with its apps, very expensive tablets, and non existent merchants .
But wait JohnH there’s more.
FK on the cover of Monemaker Magazine – OC Financial IT
FK and bogus business awards – RuHaHa business woman award
FK and charity – OC charity
FK rebrand to Weeconomy – OneLife
FK certification – OC education
FK Galas – Wembley
FK Tom McMurrain – OC Tom McMurrain (convicted felon)
FK recruitment based – OC recruitment based
I’ll stop there.
OneCoin believers should look at the video on this page. Sly?:)
flexcom.com/eng/
It will show how much the scammer script is the same. And for the love of Pete onecoiners, don’t believe any of it and sign up.
They have stolen from so many by making people believe that their ‘vision’ is going to revolutionize the world by being the fastest growing NWM opportunity out there.
Sound familiar? Don’t believe me? Have a look. It’s scary similar!
@ Char
Great point and thanks for sharing the comparison.
The problem, to date….there has been no regulatory follow up to this obvious ponzi scheme called FlexKom in the USA.
All of the money collected here in the USA went to Germany and that was that. Of course, the Ponzi Pumpers got paid their share of the loot.
ALL of the major promoters of that ponzi scheme have simply moved on to the next “partner”…bringing a lot of their sheeple with them. Each time, the Top Ponzi Pumpers make a lot of money and their sheeple lose theirs.
With OneCoin….all of their sheeple “believe” their are IN PROFIT this time. They are trying to remain patient even though they cannot access their FUNDS. Plus, they know if they rock the boat too hard, they run the risk of being terminated and lose any hope of getting their investment back.
How long will that be the case?
When will the sheeple realize these Ponzi Pumpers are just lazy scammers (who don’t want to get a Real Job – most couldn’t qualify anyway) and don’t give a damn about anyone other than themselves.
It all comes down to one word – HOPE. These investment-based ponzi schemes offer “hope” to the people who otherwise have little to hope for. They hit their charge cards and take a shot. They are told there is no recruiting or retailing needed. Just buy-in and sit back and get rich. In their world, they don’t have that much to lose.
We have seen one of our favorite scammers even use the words LEARN SLEEP EARN in their sales pitch. I am not making that up either. Just purchase your Education Package, Go to Sleep and Earn a lot of money!
The reality is…..the regulatory bodies don’t have the resources nor ability to go after all of them. Plus, it’s getting to the point where I doubt they even care that much about it. If people are so stupid as to invest their money into obvious scams, well then so be it.
In my opinion, as it stands today, OneCoin will eventually die due to its own failed business model. That being, (as Oz constantly points out) using newly recruited investors to pay return on investment to earlier investors.
And, when it dies, it will be the same as FlexKom and Bonofa. A new one will pop up, the Ponzi Pumpers will join and bring their sheeple with them.
And these hopeless sheeple will gladly part with their money yet once again.
One additional note, Financial IT’s Chris Principe was onstage for OneCoin yesterday and gave a presentation. It seems that Chris is cutting into Ted Nuyten’s “positive and non-disparaging information and reviews concerning” OneCoin market (maybe it’s big enough for both of them).
His opening joke was something to the effect of “the number of people robbing banks is down 37% in the last year but banks robbing people are up 100%”.
A little ironic given the stage he was speaking from.
I do hope history, and Google searches will accurately reflect the role Mr. Principe and the magazine he publishes, Financial IT, played in helping promote the financial fraud that is OneCoin.
A video of Chris’ presentation:
youtu.be/drRzTHzVbV4
bullshit, bullshit, bullshit…
OneCoin – Blockchain and Usability
youtube.com/watch?v=hjoVT1yDi-Y&feature=share
Dr. Ruja Ignatova: The New Home of the Network
youtube.com/watch?v=qSUztB9axtk
comments from bewildered affiliates after rujamama’s grand opera performance in wembley:
on june 10, 2016 tim tayshun commented on the FB page ‘onecoin exposed’:
we know that ruja doesn’t allow affiliates to withdraw cash against their ponzi points, ie most ‘trades’ on her private exchange don’t go through, and coins remain stuck in ‘mining’.
now it appears that recruitment commissions, which are the bloodline of ruja’s scam, are running into trouble.
her loyal workers like ken labine will have to rush around gathering cash nectar for ruja the queen bee.
if recruitment commissions start failing, onecoin will collapse faster than it expanded into this monstrous size.
LMAO.
Ummm. No on both questions.
Simply pointing out that OC is contradicting themselves by creating another 118 billion coins when they clearly stated early on that legitimate currencies have a fixed and finite amount of coins available.
This alone should wake up anybody that has any common sense.
Couple that with what we all knew would be no announcement of merchants and those still buying in are simply far too emotionally invested to be saved.
How cute, FlexKom has a “backoffice” as well.
Did you see this video? (Ruja talking on blockchain and usability) youtube.com/watch?v=hjoVT1yDi-Y
Haha, absolutely ridiculous and I am really surprised since I’ve known Ruja personally to see her so tired, bored and listless talking about the “amazing OneCoin”. She’s always been so arrogant and often unpleasant.
Just watched that link from Stormrage, an excellent monday morning laugh.
Two priceless (pun intended) quotes
(Attempting to diss Bitcoin, but summing up OC perfectly)
I fell off my chair with that one…A new number? I wonder what it will be? 42 maybe?
I just want to thank Behind MLM:
You’re providing a very important and absolutely necessary aspect to a paradigm shift: Resistance!
Thank you!
She doesn’t even have a clue what’s she talking about anymore. Mixing bitcoin and onecoin all over.
Example: youtube.com/watch?v=eTqZCjUx1UI – 25 minute, she talks about bitcoin blockchain being slow and needing 10 minutes for transaction.
youtube.com/watch?v=hjoVT1yDi-Y – 3:39, now its onecoin blockchain that is 10 minutes slow.
You are forgetting that they are not actually claiming of adding the amount of OneCoins to the script, what they say is that they are replacing the current script with new one that can create different amount of coins than the previous script.
Hence while their claim sounds contradictory, it is actually not. It is still a fixed number, just with different script.
Hence nothing lol.
If the number of coins can be changed anytime they want with a “different script”, then it isn’t a fixed amount, is it?
I don’t know about a resistance… I like to think of it as a journey through bullshit together.
It’s been a long road fam.
FTFY.
So the amazingly intelligent Ruja and her cohorts go to the trouble of creating this so called cryptocurrency thing that’s going to dominate the entire cryptocurrency world, and only now at the eleventh hour decide they need merchants, that their victims must now schlep around door to door to find.
It looks to me as if they are making this thing up as they go along.
Quote from Ruja (Around 3:07 in the video ):
m.youtube.com/watch?v=hjoVT1yDi-Y
So let me rephrase this:
“We really do want to be a real cryptocurrency, but we admit that the coin, the concept, and the block chain, as it currently exists, wasn’t designed to be a real crypto currency (even though we’ve been saying the opposite all a long).
However, if you will just TRUST us, we will not only make a true cryptocurrency, but we will be the biggest (because I decided biggest is best).”
Eleventy two and a half
So, according to this image posted by Ken Labine, postimg.org/image/hsit6hsgh/ there’s a Hacking Challenge… 100,000 Euro to anyone that hacks the new website… Would love to see that website taken down…
FYI, uploaded the image to Postimg just in case Ken deletes the post or something.
They made it up from the beginning. Lol
You apparently didn’t listen very carefully. Dr. Ruja was talking about Cryptocurrencies in general specifically OneCoin, not Bitcoin.
She said, and I quote, (starting at minute 8:26) “… The second thing that makes a coin valuable is the usability. If you can use cryptocurrency then it’s a valuable asset. Otherwise it’s just speculation.
You can by another asset – why does the price grow? Because somebody told me. But if you use an asset, it has a value inside – and Cryptocurrency is a payment method for borderless and quick transactions.
This is how our coin is to be used – the merchants, remitances, this is where we go. And without increasing the number of the coins, we cannot plug in merchants currently…”
Nowhere does she suggest that Bitcoin is not fulfill these requirements, only that in order for OneCoin to reach the levels that she wants it to, it has to be more available to both the consumer and the merchant. She wasn’t “dissing” anyone.
If you fell off your chair because of the new algorithm, then you should pick yourself up and do some more careful thinking.
She said she was retiring the old blockchain and creating a new blockchain with a new algorithm. This is perfectly legitimate, if perhaps risky, and shows both the pluses and minuses of being a centralized rather than a distributed system.
A distributed system could never do that, which has its advantages and disadvantages, but the disadvantage is obviously the inability to expand to changing requirements.
No doubt that there are potential pitfalls to the centralized model, but these should be discussed by people who can listen carefully.
No legitimate third-party merchant is going to touch a centralized points currency with an arbitrarily determined value.
This is not how legitimate blockchains work. You can’t just retire one, load points into a new one and fire it up. The only way you can achieve that is via manipulation of the blockchain, which goes against the fundamental principle of a blockchain being a ledger you can’t tamper with.
If you’ve got script you can just invent coins through, it’s not cryptocurrency. You’re running a point generation script and allocating these points to investors as you see fit.
Combine that with a ROI per point pegged to the whim of the issuer of the points, and you’ve got yourself a Ponzi scheme that has nothing to do with cryptocurrency.
“I have invested in an inflation-protected and innovative cryptocurrency” – Onecoiner landing page with numerous OC Propaganda (pre- CoinRush, 2016).
“Onecoin is better than Bitcoin” – Ruja
“Our founder Ruja took away all the problems from bitcoin and made a better coin” – Juha Pariah
A quick Google Search will give you all of the DISadvantages to using Onecoin over bitcoin (which Onecoin mistakenly labelS “advantages”)
In fact, Onecoin is “so much ‘better’ than bitcoin and other cryptocurrencies” and Ruja is such an expert in cc and visionary that they are the ONLY cryptocurrency ever to be so good that they have to completely ditch their current (non-existent) blockchain and start from scratch!
Listening to Ruja try to explain how cryptocurrency and a blockchain works is like having your dog “teach you” how to build a boat.
Just a random thought, perhaps I’ve been assessing OneCoin’s over all plan wrong. The standard ponzi point playbook calls for the company to redeem a good number of the points they’ve sold for cash, it’s more or less the sine qua non of the scheme.
The problem of course being that each new investment carries the promise of an increased return and eventually redemption requests outpace fresh investments and it all goes *poof*.
There is of course the well worn slow pay playbook, the little games they play to say “we will pay you, only not today.” I have been assuming that OneCoin was using their faux KYC and other similar tactics in a preemptive attempt to slow down cashouts.
But what if they never intend to repurchase their coins from their affiliates? At least on any significant scale.
Bitcoin, the centralized company that does not exist does not purchase coins from the people who own them, their value is an expression of what other people are willing to pay for them.
For all the delusional bull crap Ruja says about and wants her followers to believe about cryptocurrencies is it possible that the biggest of them all is that it will be people outside of OneCoin who are going to be the ones who buy the coins (at their imaginary value) from the affiliates?
Sure, they might need to make a few token purchases (not purchases of their tokens) to give a situational illusion of liquidity but even this is largely irrelevant until they “go public.”
This would almost render them not a ponzi scheme but rather an amazing form of securities (commodities?) fraud and a huge pyramid scheme (no one is paying thousands of Euro for the crappy educational PDFs).
I honestly wonder if the plan all along has been to never repurchase more than a fraction of a percent of their coins back from their affiliates.
I had the same thought. Perhaps Ruja´s game is a sort of virtual counterfeiting rather than an honest Ponzi fraud.
Why wait for the collapse of the scheme if you can steal *all* the money outright?
Just a thought. Looks to me like Ruja and company have just set up the exit strategy complete with a date.
To go public and make the coin viable you need merchants. It’s up to the affiliates to get the merchants.
Guess what will happen when they fail to get enough? And it will all be the affiliates fault. Poor Ruja really really tried but the affiliates just didn’t do their part.
They never did. The idea was always for the old members to ‘cash out’ by selling their coins to the new members in the “exchange”. And the old members are leftovers from BigCoin who never put money into this scheme.
Phil Ming Xu used this script to in his WCM scam. PMX however, got too greedy and reloaded his scam in China despite previous failures and victims.
I must admit that listening carefully to meaningless bullsh*t has never been a strength of mine, but to address the two points you make
1) new blockchain and new algorithm = new coin.
2) decentralized crypto can adapt to scaling problems, just as Bitcoin is doing currently, thru the process of consensus and forks. This is what Ignatova misses completely: ironically, the value of a trust free system is trust.
Trust that every part of it is independently verifiable, not by some bogus “auditor” or according to a Queen Bee, but by miners and users who become, in effect, part of the coin.
She bandies about the one million merchant figure as if the only obstacle to achieving that goal is the size of her (non existent) blockchain.
As Oz points out, there are rather more fundamental reasons for its impossibility.
Legitimate, You Keep Using That Word, I Do Not Think It Means What You Think It Means.
This move is soo stupid it makes my head hurt. You can’t just create a legitimate blockchain with an exact number of coins.
Remember the whole crypto part that must take time, how in your mind could this be done. How can they know the number of coins that is needed if you have new members coming in.
When you actually do cryptographic algorithms they take time and in a given time period you will have fix amount of coins not double of a random value.
My favorite part of the Rujas speech is when she sad that now it will take 1 min to make a coin rater then 10. Well that is the whole point of the algorithm that it takes time.
Hmmm, I can’t believe how many brainless people there are out there. If I were one of their “members” (“idiots” as Ruja used to call them in private), I would ask myself the following question:
“Ok, she just demolished the old blockchain creating a new one with much more coins to be mined, which means that going public is even further away… what if a couple of months later she did the same thing again?
Then, it seems, that this coin will never go public, which means that my coins (tripled!) have no value at all”
So at one coin per minute – how long does it take to mine 112 billion coins?
SO is the market to fully open at 80% mined or is it gradually going to happen?
112 billion coins at one per minute works out about 213,089 years.
Maybe Ruja could double the speed of coin production to make the 112 billion promised coins so it only takes 106,544 years?
Hopefully in 106,544 years they might have a million or two merchants.
Before you get carried away with the math, don’t forget that OC claims to have multiple mining pools which allegedly produce a max of 60,000 coins per hour or 1,440,000 coins per day.
Increasing that ten-fold would still put it at over 20 years to mine every coin, but since they can apparently change things whenever they feel like it, who knows. 🙂
Chris Bailey, little correction, even with mining 1,440,000 coins per day this still will take 213 years 🙂
Ruja probably can influence not only blockchain, but the age of living either 🙂
You guys, they will “mine” around 5,700 coins a minute (maybe a bit less). Ruja stated, I believe, that whatever the case mining would be extended another 3 years, so I believe this gives them until at least late 2018 before any “News” needs to be announced again. Lol.
I don’t see how they can last too long through this hyperinflation announcement though. There are a FEW Team Leaders who are beginning to see the implication of massive devaluation and are rightly asking questions and challenging this logic and Ruja’s shenanigans.
wow you guys are terrible in mathematics, you should never invest in the market or forex or you will get lost….. common this is pathetic…..
1,440,000 million per day is just over 3 years , how do you calculate….please…pathetic.
1,440,000 x 365 days = 525,600,000 per year 525,600,000 × 40 years = 21,016,000,000
so if that is 40 years
surely 112 billion is more than 3 years right?
@sly – I sure wouldn’t want to go to the school that taught you math at all. Truly Pathetic
1,440,000 Million is 1.44 Trillion. I think that’s your math error Sly. That’s less than a quarter of a day to each 120 Billion.
1.44 Million a day for 228 years (not including leap day) is 120 Billion. It would take 4 years to reach 2.1Billion. Basically 1.44 Million a day is 525 Million a year.
Using 5700 coins per minute, then that shortens the duration to about 28 years. Now what that does not take into account is that it’s actually supposed to become more difficult to mine as more coins are mined.
Bitcoin is projecting that all coins will be mined around 2040.
IMHO ya’ll are just dancing to Ruja’s tune.
I still say there is no blockchain UNTIL PROVEN OTHERWISE, and so far, there is NO reputable third-party verification that this blockchain, muchless the new and improved version, actually exists, other than a carefully “supervised” cursory inspection that could easily been faked to fool the inspector.
I was referring to the original 2.1 billion only.
@Char The Imi Shah vid is on my radar. Writeup tonight… bad timing today.
Over all conclusion is what? should we (Ozedit: This is not the place to ask for personal investment advice)
Not very on topic, but please share my amusement at this
facebook.com/oneworldfoundation.eu/posts/797277873707043
a classic “look what good guys we are” auction for charidy.
Note Ignatova bidding up the goodies, which include a *gasp* signed pic of….Ignatova. So trilled lol.
And just a further update on Wembley attendance, OLN now claiming
A quick look around the affiliates that I keep an eye on suggests distinctly underwhelmed bemusement at the “HUGE NEWS” from London, especially at the clear implication that signing up eleventy million merchants is going to be down to them.
BullshitForHome… or was it Business ForHome reported that there was 5000 in London.
I am seeing the same thing here. The usual hooting, and fantastic enthusiasm has been taken down quite a few notches upon return from London.
I explained so many times that they were just giving their money to crimininals…. oh well.
Since OC has told so many porkies about how many there are supposed to be, it really makes no difference because the real number is ZERO, NIL, Zilch, NADA, NONE, GOOSE EGG, and that’s all anyone needs to know. Ruja is blowing smoke as usual.
Just an obvious point: by October there will be about 800,000,000 “coins” mined, with a “value” of say 7 euros each.
Ignatova’s X2 Loyalty Bonus will therefore cost her around 5.6 billion Euros, ~10% of the GDP of Bulgaria.
Beautiful, stylish, clever and very generous… anyone got her phone number?
There’s a valid point how absolutely ridiculous Onecoin is. However that loyalty bonus isn’t going to cost Ruja a thing because Onecoin has no obligation to buy coins from the members.
That’s also what Ruja has said: the company does not buy coins. So it’s no wonder she’s more than happy to promise doubling nothing.
@tmpg. Mining bitcoins is expensive (computers must be cooled down).
I beat Manfred & Ruja prints OneCoins, SwissCoins on their own laptop (using Microsoft Excel:))
bellow a few links – it will help you to get an idea about the concept of crypto-currency and printing.
youtube.com/watch?v=GmOzih6I1zs
youtube.com/watch?v=YIVAluSL9SU
bitcoinmining.com
youtube.com/watch?v=r43LhSUUGTQ
Still no merchants 2 years later in 2018?