OneCoin seminar “disrupted” by Bitcoin enthusiasts
Despite not officially operating in the US, on July 13th OneCoin US affiliates held a recruitment event in Miami Florida.
In attendance were Joshua Unseth and Chris DeRose, two Bitcoin enthusiasts who run a South Florida Bitcoin meetup group every week.
DeRose and Unseth recorded their attendance at the event, which revealed Carl Wilt and other affiliates promoting OneCoin as an investment opportunity.
A few hours ago DeRose and Unseth released an audio recording from the event. The recording, which is hard to make out at times, showcases OneCoin affiliates unable to respond to claims OneCoin is a Ponzi scheme.
The recording begins with what sounds like general chatter among those in attendance. A few minutes in however, DeRose snaps.
[8:05] What they’re doing is they’re taking your money, they’re very quickly telling you you can have more money, but they’re promising you more money than they have in their bank.
[8:14] You are running a Ponzi scheme. It’s an obvious Ponzi, you’re ripping these people off, you’re telling them to pay more than their 401k, you’re never going to do that. You’re a scammer.
One of the OneCoin affiliates in attendance responds that guests can trust him because he appeared on the cover of “American Banker” magazine.
[8:30] A couple of Ponzi scammers like this guys, they’re robbing your for a liability that far exceeds their deposits.
They’re giving you lies, they’re telling you they’re going to double, triple, quadruple your money.
Well guess what, that money isn’t there. They are running infact a Ponzi.
You will probably go to jail. Doctor Ruja will probably be on the run.
A OneCoin affiliate then tries to show DeRose something.
[3:53] The unfortunate thing sir is that … you can show me … but the unfortunate thing is you believe it yourself.
You are entertaining the liabilities for all of the people you’re bringing in. So I believe that you fully believe what you’re saying.
The OneCoin affiliate retorts he’s “helping these people profit”.
[4:06] They’re not profiting. They’re numbers on a webpage that will disappear along with OneCoin.
Another OneCoin affiliate responds with “you can sell them everyday”.
[4:14] Correct, because you’re making numbers up.
I’m sure you’re selling every day. Their (the guests) deposits will go into your bank. You will show them a number that is due. That is a classic Ponzi.
You’re offering far greater rates than Bernie Madoff!
OneCoin affiliate: Everybody here has paper earnings. (indecipherable) Who you gunna trust, the government? The shit on the internet?
DeRose: How many people here have actually taken their money out? How many people here have actually tried to withdraw?
One. Anyone else? Two, three.
The recording is garbled for ten seconds or so. After that a OneCoin affiliate appears to be asking DeRose if he’s “an authority”. The affiliate accuses DeRose of being “a rookie” and threatens to call the police.
[5:15] You can call the police, this is a Ponzi scheme.
Another affiliate then asks how DeRose knows OneCoin is a Ponzi scheme.
[5:20] Because (ROI) liabilities far exceed the deposits people. It’s not hard, it’s that simple.
They’re telling us (indecipherable)… to decentralize (indecipherable)… it’s not, you’re routing your money out of the country to god knows.
What country is this based out of?
OneCoin affiliate: Bulgaria.
DeRose: Bulgaria! You’re sending funds to Bulgaria where there’s absolutely no control, no regulation.
The liabilities are growing far faster than the deposits.
Your presenting the (OneCoin) blockchain like it’s some magic money factory but it’s not.
Dollars need to go into the facility in order for dollars to come out.
Rather than address DeRose’s claims or call the police, the US OneCoin affiliates hosting the event instead ask DeRose to leave.
[6:01] All the OneCoin reps just want me to leave. They don’t want the noobs, you guys that are new to this to (indecipherable).
We’ll go. Guys you were warned.
An audibly angry OneCoin affiliate can be heard telling DeRose to “get the fuck out of here”.
At no point in the conversation does a OneCoin affiliate explain how using newly invested funds to pay off existing investors isn’t a Ponzi scheme.
What OneCoin affiliates immediately told guests still in attendance after DeRose left is unclear.
In an interview with BitCoin.com, DeRose claims
a lot of them (40%) were already ‘in’ at a basic package before they got there. And I think most of those people were not persuaded by us.
I know the organizers called up these people afterward and told them that we ‘were sent by Bitcoin to disrupt the meeting.’ Which might be true. Hahahaha.
Joshua Unseth closes out the podcast by recommending others follow their example.
[7:35] If you have OneCoin meetups in your area, please consider going. Do something similar.
Don’t let them take money from old people. Don’t let them take money from unsuspecting young people.
We as a community need to police ourselves.
If I might add personally, just ask a OneCoin affiliate how using newly invested funds to pay off existing investors isn’t a Ponzi scheme.
And if they try to tell you earnings aren’t guaranteed, ask them how many OneCoins they have. Next ask what the current inhouse value of a OneCoin is.
Do the math to work out the ROI (coins times current value per coin). Then tell them they’re full of shit.