OneCoin under regulatory investigation in Germany
Regulatory investigations of OneCoin are spreading across Europe, with Germany the latest country to launch an investigation into the suspected Ponzi scheme.
The Federal Financial Supervisory Authority (commonly known as BaFin), is Germany’s banking, insurance, securities and money laundering regulator.
Yesterday Der Spiegel, one of Europe’s largest media publications, reported that BaFin have opened up an investigation into OneCoin.
The financial authority BaFin has the internet currency OneCoin in their sights.
The authority shall consider whether the company OneCoin Ltd., founded by the Bulgarian Ruja Ignatova, requires authorization to conduct financial transactions in Germany.
The BaFin investigation could be a significant blow for OneCoin, who since March have solicited affiliate investment through Commerzbank AG.
Commerzbank is Germany’s second-largest bank, holding a nationwide network of branch offices, numerous offshore branch offices and representations in more than 50 countries globally which employs a total of 51,782 employees as of June 2014.
It offers its clients retail and commercial financing services, investment banking services, asset management, and private banking services. (Wikipedia)
Whether OneCoin’s previous account with Kreissparkasse Steinfurt was shut down voluntarily is unknown.
After OneCoin affiliate funds are deposited with CommerzBank, what happens next is murky.
Back in March Finnish media reported Ignatova launders OneCoin money through shell companies registered in her mother’s name.
As is typical with regulatory investigations, BaFin offered “no comment” to Der Spiegel when asked for additional information.
OneCoin is currently under investigation in Sweden and Finland. The Austrian Consumer Protection Association has also issued a warning against OneCoin investment.
Last week OneCoin announced they will be holding a gala event in London, at the Wembley Arena (also known as the SSE Arena).
At the time of publication, whether OneCoin is under regulatory investigation in the UK is unknown.
Tickets to the Wembley Arena event cost up to 200 EUR, with OneCoin’s public management and top investors expected to attend.
Attempts to verify OneCoin’s announcement with Wembley Arena staff last week have thus far gone unanswered.
Update 6th June 2016 – I just received the following email reply from Wembley Arena staff regarding the purported June 11th booking:
On Saturday 11 June The SSE Arena, Wembley has been hired for a private event.
Customers will receive details about the event from the hirer directly.
Hopefully that puts to rest discussion of whether the OneCoin Coin Rush event is taking place there or not.
It’s starting to fall apart and collapse. More and more countries, banks, and agencies are starting to ban them or issue official warnings.
Members are starting to complain about the inability to sell small amounts of the coin and the long awaited list of merchants is nowhere to be seen.
Philosophically speaking, why does a crypto currency need a bank account? How does a crypto currency acquire funds to put into the bank account?
A Cryptocurrency does not need a bank account. The currency can be bought in ATMS designed for this, as well as other locations online where a transaction can be made in various ways, including cash.
It can be withdrawn as cash via various Visa and Mastercard plastic cards used just for this.
John, you did not answer my question. My question wasn’t about acquiring a crypto currency.
OneCoin has a bank account. Why? Why would the crypto currency itself require a bank account?
Too bad “OneCon” isn’t a real cryptocurrency. Those poor sheep, spending their own money to fly to London, etc.
I contacted Wembley Arena, they have no events on that date at all so more lies.
The bank accounts are most likely being used the same way they were used for UTOKEN… They use the bank accounts for the purchase of their plagiarized education packages.
The person buying the packages needs to purchase them with real money… that money needs to be sent somewhere!
With UTOKEN the same thing happened. We were given banking instructions to send the real money to their bank. The bank accounts also kept getting opened and closed with them as well.
@Doug
Did you perchance give them the CoinRush website? If there is indeed no event booked at any of their venues, how on Earth is this being legitimately promoted by OneCoin?
How many Onecoiners does it take to change a lightbulb?
-Onecoin is building the largest lightbulb-changing team in the entire world. This will change the way lightbulbs are changed for ever. Everybody who participates will become a millionaire.
Actual lightbulb changing will start after 80% of two billion lightbulb tokens have been mined. In the meantime give us your lightbulb money and become part of the dream!
@oz
Yes I told them, they said nobody from the company had tried to book any venue
Adding a tidbit of info:
I called the Wembley Hilton. They have no event at the Arena on their books, nor do they have any booking or corporate rate offered for OneCoin guests.
Seriously Oz it’s like you never heard of Ruja and Onecoin. I am surprised they aren’t selling magic beans at this point.
@Carneades lightbulb jock best I heard in a while all props to you.
O yes and Ken if you want to buy some magic beans I have some cheap 1 for 10000 euros.
Remember how Jack profited from his deal you can too. Only I don’t except OneCoins sorry.
About the event I have asked several OneCoin promoters what time the event is being held. I have received 3 different messages, 3pm, 4pm and 6pm.
The company has not announced the time yet. If you go to the Coinrushlondon website the performers section still says “to be announced”.
This is all very strange. If there is an event it must have been booked in another name, but if they expect thousands of guests, surely the Arena would be able to figure out what event people are calling about.
Onecoin’s Facebook page has a cover photo showing 4:00 pm – 8:00 pm for the Coinrush event.
I’m just thinking about the logistical nightmare of the OneCoin event occurring at the same time as the massive concert across the street at Wembley Stadium.
Zayn, Will.i.am, Flo Rida, Ariana Grande, Mike Posner, Nick Jonas, and quite a few others will be performing. I wonder if OneCoin just bought a lot of tickets to the Wembley Stadium event and are scalping those tickets as a ticket to a OneCoin event.
Probably isn’t true, but makes me laugh thinking about it.
PS- I have contacted politicians in London to start getting their awareness.
@Doug
Have they confirmed any events are taking place?
We know OneCoin has like thirty shell companies to play with. If it is booked it’s probably under “Ruja’s Knickerbockers INC.” or some such.
I still haven’t ruled out Symbol Media Group or a local event management company in the UK booking it for them.
ed ludbrook was appointed as the onecoin ‘chief learning officer’ [whatever that means], in march 2016.
11 hours ago ludbrook posted a video begging onecoin affiliates to attend the onecoin london event on june 11th.
ludbrook does not disclose the location of the event in london. as chief learning officer he is surely privy to where the evnt is being held!!
what ludbrooks video implies, is that onecoin affiliates should not worry about the costs of travelling to london and attending the event, because attendance will give them so much ‘confidence’ that they will go back and recruit like crazy and get 4/5 tycoon level recruits under them. so they will end up making more money than they spend on their trip to london!
so, 5 days before the event, we have a onecoin top honcho begging affiliates to attend, which shows that onecoin is having trouble selling out their event seats!
and we have ludbrook selling onecoin for the recruitment based scam that it is!
a few hours ago this was posted on FB:
maybe some techie can check this out.
I noticed since they launched the site that you can’t actually buy any tickets. Nothing is clickable…
If you look at the website source-code, you’ll also see they just edited out the SSE Arena logo, they didn’t actually remove the code.
The logo is still hosted on the CoinRush website: coinrushlondon.com/wp-content/uploads/2016/05/Layer-25.jpg
/wp-content/whatever?
That thing was done on WordPress?
Yeah, it’s a standard WordPress + theme install.
This is the only place I can find to buy tickets online: tickettailor.com/checkout/view-event/id/54528/chk/b86b/
Supposedly you need to become a member before being able to buy tickets through the OneCoin website.
I’ve requested SSE Arena to provide me instructions on how to buy tickets to the June 11 event. I’m still awaiting a response.
Article updated with response to my email from Wembley Arena staff.
Note my email was neutral in nature and just requesting information on how to get to the event. I didn’t mention anything about OneCoin being a Ponzi scheme, nor do I intend to.
Members can Buy Tickets here with money from Cash Account: onecoin.eu/backend/london_event/buy_tickets
Why not with OneCoins? I mean 1 onecoin is represented as being equal to 5 something EUR isn’t it?
Wembley Arena have confirmed there is not any event of any kind for that date.
They should know because they would need to have it fully staffed or maybe its in a broom cupboard.
@Doug
See reply from Wembley Arena staff to my email (sent less than an hour ago).
I just received this email from Wembley Arena…
Same reply I got.
They must have kept all the OneCoin enquiry emails over the last week and are in the process of sending out that email to everyone who wrote in.
OneCoin must have spent enough such that Wembley Arena don’t mind being associated with Ponzi fraud.
That’s right Oz, just like the V&A museum and the Banqueting House (and Tom Jones).
They don’t care where it comes from, just gimme the money (rather like OneCoin investors really).
Also, of course, on what basis would they deny a lucrative booking? The say so of a few e mails?
London has always welcomed thieves, liars and conmen, no more so than these days. Just so long as you pay your bill, you can do whatever you want.
I assume Wembley Arena as been alerted that OneCoin is a fraud and no doubt paying their fee with stolen funds? I’m curious if the hire fee would be subject to clawbacks? Maybe we should put that thought in their head.
Also, the press (what’s his name that ran the last story) NEEDS to run an article that SSE (the sponsor) at Wembley will be hosting such an event.
Clarifying. Not SSE hosting. Just that their name is on the Wembley Arena and might not appeciate the association.
Just saying… Why would you want to waste your coins? Aren’t they expecting its value to rise…
If you remember that pizza that was paid with Bitcoins… Its value was low at the time. Was the value about 1 000 000 $ now!?
I checked something, too… Members only and their quests.
@WB
Issue points you assign an ever-increasing value to, accept legitimate currency for the points and hope those you issue the points to never cash out?
Uh yeah, sounds like a bulletproof business strategy to me.
Bitcoins and every legitimate cryptocurrency in the planet aren’t issued by a sole entity that also assigns it a value.
@Char
If it’s in the hundreds of thousands of dollars range, I get the feeling I’m going to be covering this exact thing in regulatory filings a couple of years from now.
We’re only just now seeing the same happen in TelexFree this year…
The reporter I was referring to is Andrew Penman at The Mirror.
He already ran one story on OneCoin: mirror.co.uk/news/uk-news/who-wants-onecoin-millionaire-you-7346558
Contact info: investigate(at)mirror.co.uk
I JUST CONFIRMED THAT THE EVENT “COINRUSH” IS TAKING PLACE THIS SATURDAY!!!!!!!
(Ozedit: Phone number removed)
I told the lady that I “have tickets for a Private Event and wish to confirm that the Event is taking place!”
After some…. challenges, she confirmed the event, but also concluded that I did not actually have tickets.
I notified here of what is REALLY going on, and she said, “you are not letting me get a word in edge-wise..”
AND SHE HUNG UP ON ME!
I CALLED BACK! 3x = no answer
4th time, she just (5 minutes ago) was the same person whom I spoke with!! I was able to speak with her!!
I implored her to have someone contact me! She agreed!
She also asked how she did not know that I Was a scam, myself!
I acknowledged that there was no way to know this for sure, but that am only interested in providing real and legitimate documentatoin and proof TO SOMEONE IN AUTHORITY THERE that Onecoin is a giant and devastating Ponzi Scam, and that I would furnish ANY AND ALL information neccesarry to prove that!
She PROMISED ME. as she took my number down, that she would ABSOLUTELY have someone contact me!
Soon!
I implore any of you to give the same information!!
THIS EVENT IS CONFIRMED FOR TAKING PALCE ON THE 7TH AT SSE ARENA (though they are NOT selling any of the tickets)
This is considered a “Private Event,” but the date and event have now been confirmed!! PLEASE, blow this line up, and send any emails to SSE that you can, if we want to make an impact on this event!!!
It was really strange the way she (the customer service rep) spoke with me. I am SURE that someone “pitched her” that there would be nay-sayers or something.
She stated that she was NOT familiar with either anything having to do with cryptocurrency or bitcoin (she had never heard of either), but she was oddly defensive of the event.
Nevertheless, this event is CONFIRMED! I had called two numbers before reaching this lady. This event IS DEFINITELY taking place this weekend!! There is no doubt about it!
I will report back if I receive a call from them!!
Apparently, the event may be held in the sub-terrain, lower level, straight across from the janitor’s closet and housekeepers’ restrooms, next to the emergency exit.
No wonder no one knows anything about that event.
there has been no warning from regulators in the UK about onecoin. there is no information in the public domain, whether UK authorities are investigating onecoin.
so, from the perspective of the wembley arena, there is no valid reason for them to refuse a booking from onecoin management. it is not their job to check the credentials of every private company before hiring out their space.
they may consider the emails and calls they have received, regarding onecoins ponzi business, to be the work of alarmists or crazies.
it seems press reports in the UK are not taken seriously by regulators. i mean, look at the ‘my advertising pays’ ponzi/pyramid which is running along just fine, inspite of press coverage of their scam. so the andrew pennman article about onecoin must have not gotten much traction either.
like many european countries and even like in india, authorities do not step in unless they receive complaints from victims. and businesses are not held liable for providing services to scam companies.
all this said, it is shocking that a world class event center like the SSE arena wembley can be so callous about their brand and image, that they cannot perform even simple due diligence into the client they are receiving warnings about. money must be tight or something.
Yes, that’s what I was saying: they will just email people to confirm that the event is truly at SSE Arena.
But SINCE they are AFRAID of the authorities. regulators & media having the knowledge and confirmation BEFOREHAND, they just book it as a “PRIVATE” event!
EVERYTHING the OneCoin Corporate Mob does is SUSPECT!
Horrible m.o. with these MOBSTER-ZOMBIES!
Over. . . .
xo~A
Now here’s a brilliant marketing idea: Let’s announce to everyone publicly that we are going to be holding a major event in London, but we can’t tell you where it is going to be. You have to order your tickets to find out where and when it will take place.
And oh by the way, you can only invite your guests that are not “haters,” “negative people,” “naysayers,” or “trolls” wanting to harm to OneCoin. Never mind that we are going to charge you excessive ticket prices.
Remember, all the information you will learn will enable you to go back home and immediately signup friends and family at the executive level which will pay for your trip.
Ticket sales must be really hurting.
Info about event in London, also about bank change in Germany.
us9.campaign-archive1.com/?u=cf9659fd672fe664d487e7e1b&id=1cc82d8b43&e=97abf74a55
us9.campaign-archive1.com/?u=cf9659fd672fe664d487e7e1b&id=1cc82d8b43&e=97abf74a55
^^^Press Release reminding that the event is just 5 days away, and also that the German banking “details have changed.”
Curiously, no reason given. I honk I saw something around here about that 😉
Well, I guess we already know there is no truth in media with this crew.
What are they going to say @Sly? – Sorry Members, our 15th (?) Bank has kicked us to the curb again. This time it was the dam Germans, who are another country of probably a dozen now, investigating is for being a ponzi. But, pay no attention to PPP’s, PCP’s, hater bloggers or Federal Authorities. They’re just feel and jealous. Have faith in Ruja.
She is literally extolled as a God. Read that disgusting message. “Ruja the ‘Crypto-Queen’herself showed up for her own birthday…”
Just WTF!?!?
A for profit organization is not going to turn down a profit. So it does not surprise me that the SSE Arena does not care what the private event on June 11 is.
So that is why I have been in contact with politicians to get them to start putting pressure on the securities enforcement within their government to begin an investigation.
i do not live in London or the UK so I do not know if they really care what I say though. So far Mark Fields of the House of Commons has been most responsive.
@Tim
I saw your comments under the Mirror article. Have you reached out recently to Andrew Penman about covering this event about to take place?
I hope Penman can then phone Wembley for comment. And report on how much of the dirty money is being accepted for rental of the arena.
The brainwashing and hero worship is crazy. These people are international criminals who are destroying people’s lives and those people love them.
One guy I have followed on FB said this about Onescam earlier today:
You wouldn’t believe the things he posts daily. He isn’t trying to deceive either. He is just naive, too trusting and not the sharpest tool in the shed.
Link for barber shop accepting onecoin as payment in Austria: youtube.com/watch?v=0TKzmMsEPBw
OneCoin affiliate accepting internal OneCoin transfers from their backoffice != merchant accepting OneCoin.
The only people who can send this man OneCoin are OneCoin affiliates, that’s not how currency works.
Just reading through this ticket site (tickettailor.com/checkout/view-event/id/54528/chk/b86b/) seems to me as though they are full of dull tools!
The grammar and spelling alone would make me doubt how legitimate of a business it really is! Who the hell writes and puts these things together!!
Seems to be the trend with Onecoin members.. either they are a bit off their rocker like Labine or just plain illiterate.
Use the following link to report fraud within London.
actionfraud.police.uk/report_fraud
Use the following link to report investment fraud within the UK.
fca.org.uk/consumers/scams/report-scam/investment-scams-form
LMAO!!!..You have got to be kidding me!…
UFUN’S UTOKEN members did the same exact thing before they were all arrested!… “Look we are real! This barber shop takes onecoins!”
Amazing how predictable this ponzi is. Everything is copied from some other scam! Next they will be posting pictures of their fake gold mines with Ruja wearing a hardhat and holding a mining drill!..sickening…
@ Oz and Jodi … IKR! the last thing I want to see happen is more people get hurt, including my friends and family.
I’ve talked til I’m blue in the face and still I’m labeled a hater. So, I just smile and tell them I love them and then I pray in silence.
These people I speak of genuinely believe the onecoin will b worth what ruja is telling them and they would b doing the world a dis-service by not sharing what they believe to b the next big thing (Bitcoin).
It’s hard to believe someone saying scam to what you believe is your saving grace and is presently the biggest cash funnel you have ever experienced.
Does anyone get credit for pure intentions? I hope so.
Geez, if OneCoin is the most honest company he’s ever been a part of, the others must have been doozies.
tell me why are they # 5 in ranking momentum if it’s not legit ???
Ohhh I don’t know. Maybe too many idiots ignoring the plethora of evidence presented here that everything about OneCoin is bogus.
Or, and just a wild guess, silly masses of people believing that this recruitment based opportunity is different from every single opportunity before it that has failed, collapsed, and made off with people’s money for one reason or another.
Presumably you refer to Nuyten’s site here.
Looking at his criteria for “momentum”, there is no weighting for legit or not legit, merely how “hot” things are. OC is plenty hot atm.
I don’t go to that site very often, it’s pointless industry spam as Oz has pointed out, but I had a quick browse and glad I did because it’s quite funny.
I had a look at the Top 100 list, self submitted vanity stuff dominated by OCer’s led by the loathsome Parhiala, and then I found a link to the long unmentioned Aurum Gold Coin:
Also, The Founder, Owner of Aurum Coin® at goldvault.co/en/our-people. The internet doesn’t forget.
alexa.com/siteinfo/onecoin.eu
How could they even have a “momentum ranking” if they are literally flat-lining for the entire month, and for the first time, despite being only days before their biggest annual CoinRush London Event and a showing their “Split Barometer” recruitment desperation tool going through the roof!?!
Hasn’t Le’Beans always relied mainly on Alexa Rating metrics (even to judge a bank. Lol)?
Better look up “bandwagon fallacy” first.
Sly, ask yourself 2 questions.
(1) why would a legit crypto currency exclude one of the largest consumers in the world? By that I mean, people in the USA cannot sign up to participate Onecoin.
(2) where is the value (profit) coming from if only those who have joined Onecoin can purchase and use Onecoin?
Commodity value is based on supply and demand. By excluding non-Onecoin members from participating, you are driving down demand.
Onecoin has a supply according to their numbers that is 58 times the supply of Bitcoin. So it has less demand, and more supply than Bitcoin. It’s value is very small.
Why would someone want to invest in a crypto currency that forces you to sell memberships is exclusive and you cannot use it anywhere instead of investing/mining Bitcoins?
So there really is not a lot to be gained from Onecoin itself as an investment in crypto currency. Where people are making their money in Onecoin is in selling tokens to new people.
So to summarize, for a commodity (currency is a commodity) to have value, it needs to have limited supply and a large demand. Onecoin has neither.
The only wealth that one has is the cash they have on hand. Everything else is just funny money that has no value.
Looks like AXS is selling tickets to CoinRush London
tickets.axs.com/eventShopperV3UK.html?wr=GEN-1c2d-4b58-af3e-a40e26477a36
for those that do not know, AXS is owned by Anschutz Entertainment Group which is a large and legit promoter.
I am waiting with my popcorn to see if this event actually happens and if people get arrested! Should be fun!
@ Oz, K Chang & others
Several “geniuses” who are still seeking investors for the OneCoin ponzi scheme suggest that Germany is ONLY investigating OneCoin due to their size and amount of money involved. Nothing more!
For example, John Reilly posted this comment on Social Media:
Is what John Reilly said true?
How often do these investigations, like the one taking place now in Germany into OneCoin, find NO fraud or illegal activity?
Typical conspiracy mongering. Seem to recall TVI Express adherents claimed we’re a part of the Illuminati to keep the poor in their place because we’re attacking TVI Express that’ll make them rich.
@ K. Chang
“Typical conspiracy mongering. Seem to recall TVI Express adherents claimed we’re a part of the Illuminati to keep the poor in their place because we’re attacking TVI Express that’ll make them rich.”
Agreed.
My question was more about how often do these investigations turn up nothing?
It would seem they rarely (if ever) make public announcement of the “investigation” if they didn’t ALREADY have evidence of wrong doing.
Governments are run by people with egos too and, unlike some MLMers, they try to avoid the embarrassment of having egg on their face.
@MLM
In the grand scale of global business, OneCoin isn’t a blip on the radar. Banks like to make money, and they make it on their larger clients.
The “we’re too big” crap is a Ponzi trope. I’ve seen it trotted out over and over again for years (Zeek Rewards, TelexFree they all did it).
In my experience MLM companies are only investigated by financial regulators when there are strong suspicions of money laundering, typically reported by their bank.
The catch will be whether or not German authorities can act on their findings, or if they’ll have to continue to observe like Finland are doing.
At the very least BaFin will be able to make sure OneCoin aren’t banking in Germany, although that might take a while due to the plethora of shell companies they use.
Bulgaria doesn’t seem to have a strong financial fraud regulator, which isn’t helping.
look at the forex exchange, trading currencies, (Ozedit: Offtopic derail attempts removed)
That’s what I wanted to confirm. The investigation by the BaFin in Germany isn’t a routine run-of-the-mill review of OneCoin.
Keyword is “Investigation” which is defined as “the action of investigating something or someone; formal or systematic examination or research.”
What we have here is a “formal investigation”.
Regulatory investigations into MLM companies are never “routine”. Yet you’ll see this trotted out over and over again by the MLM underbelly.
John Reilly, and others seeking investors in the OneCoin ponzi scheme, doesn’t seem to understand that the origin of most regulatory investigations is consumer complaints.
For example –
Noreen P. is only one of many OneCoin investors who cannot sell their coins. She posted this comment on the OneCoin main Facebook page:
We’ve been reading similar complaints by frustrated OneCoin investors for a long time now.
Is it possible some of them have taken their anger with OneCoin to the “next step” and called the various regulators? Is this what could have prompted the “formal” investigation by many countries?
I would love to see some of our favorite Ponzi Promoters offer up a reasonable answer to people like Noreen P as to why they cannot sell their coins.
The obvious answer?
OneCoin has no intention of giving back the money they took from investors to buy $30million in real estate, Tom Jones private parties, expensive cars, trips, clothes, luxury homes and pay millions to the top securities reps who brought in the most money.
Everyone else is just a victum even though most don’t realize it yet.
Ruja has publishd a new book “Learning for profit”. “We take a very active approach in shaping the future of money” Let me laugh!
linkedin.com/in/dr-ruja-ignatova-74417161
They’ve created a “universe” hahahahhaa
A universe of zombie ponzi-pimps!! hahaaha
no accolades for you! No substanence, Anyone find anything more substantial?
Holy cow. What a joke!
linkedin.com/in/ruja-ignatova-45a016108
she has a HUGE presence on Linkedin.
lol
I have a Premium LinkedIn account, and this is a poor showing.
The problem is more like: what can Germans do about a business that’s not in Germany except using a German bank?
But since Germany is a part of EuroZone, a mere “warning” from BarFin should be make OneCoin or related entities enough of a “hot potato” for NO European bank to touch them, and by extension, most major American and Asian banks that follows such security bulletins.
But just watch their tune if Germans do find something. Before BarFin they’re touting how banking in Dubai means they have to be Shariah Compliant (they are not), and banking in Germany means they have to be following all Eurozone laws (nein!).
If the Germans do find something, and Ruja move banks, they’ll claim “overzealous German regulators who don’t understand cybercurrency and don’t want us to succeed” or something like that.
Yayyyyyy!!! OneCoin updated their website. Now they are 100% transparent with everything being proprietary.
I think I must have been wrong this whole time. Everything on their website now ensures that they are not a Ponzi scheme by making statements to the contrary.
Video from London event:
facebook.com/roYalAnWAr/videos/973598399422925/?pnref=story.unseen-section&__mref=message
m.facebook.com/OneCoin1/photos/a.518173371650109.1073741827.500131093454337/837946846339425/?type=3&source=48
Read and someone cache this thread!!
Onecoin website down. Small revolt happening it seems!
Onecoin site is down! What is going on!?!
Oh my God, they are now chanting the words “1 million merchants!”
But really, there is NOT the kind of enthusiasm you would expect from this crowd! There is a palpable feeling of worried anxiety in the crowd. The participation is negligible.
HOLY SHIT!! CHRIS PRINCIPE, PUBLISHER OF “FINANCIAL IT MAGAZINE” JUST CAME UP ON STAGE!!!!! THIS IS ALL THE PROOF THAT IS NEEDED!! HE IS COMPLICIT IN THE CRIME!!!
@Tim
OneCoin has rebranded itself OneLife.
Doesn’t appear to be any reason for it, other than to dump the toxic brand name.
Same strategy OneCoin use with their banks… don’t use the term “OneCoin”.
Scammers aren’t very original. OneLife is Flexkom.
Small business owners are the targets not as OC merchants, but to really sign them up with an affiliate package. Might as well get in on the action, right?
The App to drive one coiners nearby to their business. Ask FK merchants how that worked out.
I am so sick and tired of the same old shit and recruitment based opps that I can’t even type right now…….
With OneCoin gobbling up Euro scams left, right and center, there’s probably more than a few ex-Flexkom affiliates on board.
The whole app thing to acquire merchants has been done before… and flopped. Legitimate third-party merchants aren’t going to trade real-world revenue with a system propped up by Ponzi investment… unless they become investors themselves.
…which defeats the purpose of trying to acquire legitimate third-party merchants.
Another obstacle they have to overcome is that the Ponzi investors they’ve thus far attracted don’t even care about merchants. They just want to invest in points, withdraw and reinvest, withdraw etc…. which OneCoin are currently stopping them from doing. (I think not addressing this was behind the lack of enthusiasm and stone-faced audience at the CoinRush event).
OMG!!
@OZ – I AM LMAO!!
I’m watching the video (almost done). The Grand Wizard just announced that they are “retiring the old blockchain” and launching “a NEW ‘blockchain’ on October 1st” I wonder if this could be due to the fact that WE HAVE PROVEN THAT AS OF NOW THERE IS NO BLOCKCHAIN!!!!
What’s even more spectacular? This insanely hyper-inflationary “coin” which produced 144,000,000 coins a day with a cap of 2.1 billion has just announced that they are DOUBLING everyone’s coins and that they need more in order to accommodate “the Africans, Indians and new merchants (for which they are now saying will be 1 million)!”
But here the kicker which any Austrian economist would snack his head with a brick: THEY ARE GOING TO PRODUCE NOT 2.1 BILLION COINS, BUT 120 BILLION COINS!!!!!!! YOU CAN’T MAKE THIS SHIT UP! ***AND THE CROWD GOES WILD (I am positive I can hear Kan Le’Beans voice @ 11 minutes before the end of this video just ‘whoot-whooting’ in extract over this insane announcement)
So, if I get this straight, what it appears will happen is that everyone coins double. So if you have $100 in ponzi coins now you have $200. This will be despite the fact that there is no longer 2.1 billion coins, but literally 50x that many.
Rather than devaluing the coins accordingly by 1/50th the price, which is logic, these lunatics are making up brand new laws of economics.
The video is so full of BS my jaw is on the ground. Mind you, if I buy coffee with bitcoin, I spend 0.01 BTC (equally stated, “that will be ten milibits, please”).
Ruja is TOTALLY lost when it comes to crypto. She has ABSOLUTELY NO CLUE!
On stage in London she reflected on the members wanting to enable bitcoin and she started that it took her administration 3 days to ” download the blockchain so that they could accept bitcoin. ” just LOL!! Any bitchin wallet can be downloaded and working WITHIN THREE MINUTES!!
The hits just keep coming! I’m going back for more popcorn now!
Cheers.
Yasir Mirza posted several videos from the London meeting on his Facebook account. I took the time to listen to Ruja address the audience and was blown away by BS factor of her pitch.
I guess that’s why she received only “forced” applause. It was noteworthy that the overwhelming majority just sat there with this expressionless look on their faces.
My favorite part was when she FINALLY got to the announcement about the much anticipated merchant platform.
Ruja, “we are borderless, easy and safe to use”.
Ruja, “our blockchain can do more transactions than Visa & MasterCard together today”.
Ruja, “this is something that I want to do. I want to be the biggest cryptocurrency out there, a payment system…..transform lives of unbanked people, small businesses, big businesses….and just really grow huge”.
Ruja, “but, but…..the question is….can we do it as we are right now?”
(THEN THERE WAS A 5-7 SECOND PAUSE AND THE EXCITEMENT BUILDS. YOU COULD SEE AND HEAR THE AUDIENCE CHEERING AND CLAPPING, A LOT OF “YEAHS” AND ANTICIPATION FOR WHAT THEY THOUGHT WOULD BE THE ANSWER THAT ALL OF THE COIN ARTISTS & TOP EARNERS HAD PROMISED)
After bad-mounting the fact that Bitcoin can take up to 10 minutes to complete a transaction, she paused to steady her nerves and the next word out of her mouth was…… NO!
(You could see & hear the now frustrated crowd mouthing the words of total disbelief. They began looking at each other with that WTF look on their faces. Muffled discontent is what you heard. You could hear one guy say, Awl shit)
The Ruja response,
AT THIS POINT, Yasir Mirza stops recording and leaves the room and says, “I am going out to get a friend and will return”.
BOTTOM-LINE: There is NO Merchant Platform. Our naive Ponzi Pumpers traveled all the way to London to find out what most of us at BehindMLM already knew.
I have never seen anything quit like it. A lot of people with that feeling of “what do we do now” coming on strong.
Who will come back to the USA and do the right thing?
@Tim
As I understand it legitimate blockchains can’t be manipulated like that. OneCoin just being a point-generating script aside, how are they even going to market this as legitimate?
What, magically create a new blockchain and just “import” everyone’s old points into it? Legitimate blockchains aren’t Excel spreadsheets…
And what is the point of increasing people’s points when they can’t do anything with it? All you’re doing is increasing the ROI liability, which has already spiraled out of control (99.9% of withdrawal requests denied).
And increasing the mined coins is a pointless gesture when OneCoin themselves are the only ones issuing the points is it not?
(Typos above die to autocorrect on my phone)
Ruja just stated, “in two years no one will remember bitcoin.”
To reinforce the absurdity of the economics of going from a ridiculous distribution of 2.1B Coins to 120 B, Juha just stated, “on October 1st I am doubling the value of MY coins.”
I don’t know what gold price is exactly now, but let’s say about $1260 am ounce. What would happen if a meteorite made of pure 99.9999% 😉 gold crashed to earth increasing the extracted gold supply by 50x?? Any guesses what that would do to the price?? SMH!!!
Doubled points of everyone? How long will this keep the crowd distracted?
Sounds huge yet really its not much – you would think they would address the withdrawal problems at the very least.
SO all affiliates can say with a loud voice we can expand to 120 billion coins its still room for everyone to join and get paid.
So how difficult will it be to mine now with the doubling?
When we know there is no blockchain or true coins at all yet how will they convince people with a “new” blockchain?
120 billion is such a small number – she should go for broke and do a few Trillion coin as the space aliens need money too!!
Did I understand that everybody gets double from now AND INCLUDING up until Oct even on new purchases upgrades, whatever?
If so, 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……..
Why are you no longer affiliated with Banners Broker?
@Char
I assume Barrett never replied regarding BANNERS BROKERS as it broke up with the top brass in Canada and arrests made.
In Ireland a number of people lost a lot of money and it is alleged that a murder in October in Southern Ireland was associated with Irish guys who returned here from Australia looking for their money.
look up Finbarr Lehane in Kanturk. I have no reason to associate John with these actions but he might explain whether he helped convince these guys to invest in the first place?
One of his slogans as is about TOMS make sure they Trust you, they see the Opportunity and have the Money. Next week it may be Dick and the Harrys!!!!
The good news is that Barrett has clearly indicated he has recruited for this Pyramid scheme and was a founding member. I look forward to his civil case for defrauding.
I see he admires Dr Ruja’s intelligence (Mensa score of 200 when maximum attainable is 163!) so I guess if you average them out it might work out at about 100!!!
Finally, if any of you in Portugal have been signed up through John Barrett please think about contacting the Financial Authorities.
Here is to 2017…
Barrett got in touch and claimed he never left the June, 2016 comment. I confirmed and removed it (was comment #87).
Hi Oz
THANKS FOR THE UPDATE ANDI would be grateful if you would advise what email address was used to post his comment-you can sendto my email address if you want
Regards
Please look to post 3 and 4 as this may well be BARRETT WHO LATER GIOES ONNTO ASY HE WASN’T THE POSTER FOR 87.
oZ YOU SHOULD NOT HAVE TAKEN THIS DOWN
They might be but hey, I might be Barrett too. Such is the nature of blog comments.