Reddit reacts to “bullshit scam” OneCoin
The Reddit Bitcoin subreddit has 173,813 subscribers. It’s a hub of activity for all things bitcoin, with ten or more topics published every hour.
Up for discussion is of course bitcoin, along with the technology behind it.
/r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem.
What I’m getting at is it’s not unreasonable to suggest that collectively, the Bitcoin subreddit subscriber base knows a thing or two about cryptocurrencies.
Prompted by recruitment pitches from friends, yesterday a member of the BitCoin subreddit community started a discussion about OneCoin.
Here’s how the members of Reddit reacted to it…
The original post in the discussion is titled “The OneCoin ponzi scheme is gaining a lot of traction in scandinavia. Please let people know they are a bullshit scam.”
I’ve heard about it from two friends now so i checked google trends and apperently scandinavia is where its getting popular. Please help spread the word about what a bullshit company they are running.
Please mods for the sake of peoples finances and for the sake of cryptocurrency let this post stay up even though it does not relate directly to bitcoin.
The subreddit mod obliged, with several readers sharing their opinions of OneCoin, some of which had also been approached by friends about it.
Its sad as fuck. A friend of mine actually believes their crap.
Theese people actually think there will be demand for their 2 Billion onecoins or whatever. The sad part: There is no free market and there probably never will be.
I’ve had to warn several people about this scam in recent months after they attended OneCoin seminars and then came to me for advice on whether or not they should participate.
It’s a real problem.
Others who are passionate enough about the cryptocurrency sphere to host or attend local meetups, spoke of OneCoin affiliates rocking up to the events:
A few friends and I organize a local Bitcoin/Blockchain meetup and last time there was a person who came and wanted to talk about OneCoin. We told him that we will talk about it after we address other people’s questions.
When we finished (we talked about the fundamental ideas and technology behind Bitcoin) he was no longer willing to speak about it. He understood that we are not “fertile” ground – we just knew too much.
They have been to our local bitcoin meetup. All Bitcoiners need to unite to get the word out about this scam.
Two posts were of particular interest. The first from a reader in Bulgaria:
I am from Bulgaria, where the face of OneCoin – Dr. Ruja Ignatova – comes from. I can confirm it is a proven scam. I know they are converting their money to high street properties in Sofia.
They bought the Forbes cover.
No one in the local cryptocurrency community takes them seriously, primarily due to their inability to prove that they know anything about cryptocurrency.
They started a topic in the local Bitcoin forum BitcoinBG.eu and were simply obliterated by the knowledgeable members there.
The other was from a purported blogger in Germany:
can confirm this (germany). had an article on my blog, got post from onecoin lawyers, had to change my article.
For some month nearly every day onecoin brothers and sisters came on my blog to promote their coin. The claim “it’s the next bitcoin” while having obviously no clue about cryptocurrencies.
Most of what they say would make anybody here lol.
E. G. one said that it’s part of the cryptocurrency-algorithm that participants are only allowed to pay out some percent of onecoins central plattform.
Another one said that onecoin has to perform better than bitcoin because there are more units.
I assume they learn this things in the video-courses that are part of the onecoin paket.
What content the poster had on his blog that prompted contact from OneCoin’s lawyers is unclear.
The clear consensus among Reddit’s bitcoin community however is that OneCoin is a joke. And that’s putting it politely.
Playing devil’s advocate, I suspect, rather than address any concerns raised, that OneCoin investors will simply dismiss criticism from BitCoin users.
Ask a OneCoin investor why the bitcoin community thinks OneCoin is a joke, and you’ll probably get an answer like “lulz, they just fear us. We’re the next Bitcoin!”.
The fact of the matter however is that OneCoin and legitimate cryptocurrencies couldn’t be farther apart.
Bitcoin is traded in the open market, can be used as an actual currency and its value is determined by real world use and demand for the coin.
OneCoin? It’s only use is as an investor recruitment tool. You can’t use it as a currency and its value is arbitrarily raised by OneCoin staff every few weeks.
It’s not so much that bitcoin users are worried about competition. With so many people new to cryptocurrencies purportedly investing in OneCoin, a collapse or regulatory shut down will translate into an awful lot of fallout.
Anyone really into cryptocurrencies will never fall for OneCoin. However, many who are flirting with this new technology are potential victims.
Cryptocurrency enthusiasts see that storm coming… and it’s a shame because when it does hit, the legitimacy of the cryptocurrency industry as a whole is going to take a massive hit.
Onecoin’s new terms and conditions released today:
onecoin.eu/page/details/terms_and_conditions
And a new bank account:
Why is OneCoin using the account name “IMS International Marketing Services GmbH”?
Nothing suss…
From sitetalkcashback dot com:
Old friends.
This is actually a good thing. Assuming Dr. Ignatova paid fair market it means in the event of any court mandated asset liquidation OneCoin’s victims will receive a substantial amount of the money Ruja paid for them.
It’s hard to stuff real estate into a suitcase and drive to the boarder with it when you see the cops coming.
So what, they bought SiteTalk/OPN just to use their business name to fool banks?
How long did their account with Kreissparkasse Steinfurt Bank last, less than two months?
Wow. They’ve been changing banks like a baby changes diapers!
This article NAILS it, BTW. Anyone actually involved in the crypto-community can listen to Ruja or ANY of the Onecon Decepticons and immediately recognize that they know NOTHING about how a cryptocurrency works and operates. It is simply and painfully obvious.
One of the biggest jokes is that Ruja calls herself “The Crypto Queen” (in some instances stating that she started following bitcoin in 2010; while in other interviews she states 2009 [note, to have participated in bitcoin in late 2009/ early 2010 you would have needed to be a very advanced computer geek, and you would know and likely be friends with MANY of the prominent players in this space – it has only gotten easier for common folks more recently]).
I THOUGHT THIS INFORMATION AND QUOTES WOULD BE INTERESTING:
Earlier today Ruja spoke at the “Live Onecoin State of the Nation Address (what is she, POTUS now?),” she made several more bombastic claims:
Just LOL – She cannot even string together two sentences about crypto which don’t come out awkward or outright wrong!
This is just crazy talk! and has no basis in technological reality.
ALSO: She is now quoted referring to investments, not “educational packages,” which means their CEO is now on-record as selling unlicensed securities.
WHAAAATT!?!?
I’m just blown away by her arrogance and the ignorance she perpetuates and how she is trying to cast another 3 years onto this scam to make naive people feel like they still “got in early!”
BUT THIS IS PERHAPS THE MOST TELLING:
This is not a scam ***promise. Believe us. PLEEEASE!
^^^BLATANT “AVOID LEARNING ABOUT OTHER CRYPTO-CURRENCIES” ATTEMPT.
SOURCE PROOF: youtube.com/watch?v=trtFJ9G1oWM
I think this information speaks for itself.
The new terms and conditions indicate that from now on onecoiners should acquire an entrepreneur status to fulfill Onecoin’s requirements for IMA:
Not too hard if they just put up the real estate as collateral and take out a loan from the bank. Voila, cash for the border.
Hah! As if there’s a “certification” for such.
In response to all my posts at MMG exposing this Ponzi, the lead promoter there Rune F posted this latest from OC, and I quote:
Now what really stood out for me was this line, and again I quote:
2008 Really? Too funny! Haven’t had time to dig into his profile to see how much is true and how much is utter BS, but you know there is a lot of BS in this bio.
This won’t end well for Mr. Ludbrook. He was a big wig in direct sales, but being this tight with OneCoin means he’s gonna get dragged down with it, much like Grimes and Nehra and other big names see their name equated with mud after Zeek.
Maybe he figured he’ll make a big score before retiring, or they made him an offer he can’t refuse.
Well it is quite common for MLM schemes to insist their “inpedendent what-so-ever-partners” to acquire entrepreneur status. It’s just a way to stall payments.
Sometimes these “IMAs” don’t even realize they have to be registered entrepreneurs until it’s too late.
Anyway as far as I understood this new agreement, Onecoin does not have to pay anything unless their IMA has a registered business.
Usually registeration of a business is quite easy to check from a database so I would presume that there are no new documents or “utility bills” required.
WOW! Very nice brifing!
Dr Ruja = cryptoqueen?? WHAT A FUC*ING JOKE!
Like I mentioned earlier. even though the negative publicity and The Onecoin being exposed…they will continue as the nothing has happened.
RUJA IGNATOVA THE SCAM QUEEN!
And when the Univerteam joined they added simply 100.000 more users
114.000 new users + 100.000 from nowhere.
NOLINK://docs.google.com/spreadsheets/d/1UPuhJAZ_NuEdLJYgtmvQPDbli83YxYGtuLLnrCBasbg/edit#gid=359026164
so they added 467.000+114.000=581.000
Counting flags…1.464.788-581.000=883.788 ACCOUNTS.
People can have up to tens of accounts..so we are not even close to one million members!
This could be a blessing if Bitcoin people are truly worried. We need another advocate group, like what MADD did for drunk driving, to stop recruitment-based scams. Then these groups need to ban together, perhaps with someone like Ackman, to launch an even larger campaign.
Onecoin has nothing to do with cryptocurrency in reality, and could’ve chosen hot dogs (or weight loss products) as their pseudo product instead.
Bitcoin’s strategy/campaign should focus on explaining the fraud surrounding all recruitment-based opportunities and how they work. OneCoin would then automatically fall right into that category, and not be taken seriously no matter what they sell.
but right now they would allegedly be 1.7 millionth in line.
What are your thoughts about Ilgamos it seems like a better mlm than Onecoin.
The coins have gone up in value significantly. Just about to get in on it.
behindmlm.com/mlm-reviews/ilgamos-review-opr-ponzi-points-the-ilcoin-cryptocurrency/
You need some serious deprogramming mate.
There’s a big difference in investing in a legit security/business and just handing over your money to criminals.
Which both are run by ponzi scammers.
@TimTayshun – you nailed it. When I heard all her rubbish my ear felt off … and I havn’t found the yet.
and I find it so striking, that a “big” company like OC are so poor in their marketing that their “videos” sucks audio and video vise.
How hard could it be???
Just sent this to the hotel they are holding their big scamming meeting in tomorrow. Could a few others do the same and we may be able to get the plug pulled on it!
Please can someone give some real proof….instead of saying it is a scam because they feel it in their bones, or it is a scam because someone else said so….without proof…..
remember some of the same negative people here also said Bitcoin was a scam too.Yes the company may have employed some people who were involved in other scams, most of these people have moved on (sacked).
This happens with lots of big companies,even the FBI has had some peopleof the same nature.
Please produce proof or F-off.
Harry
OneCoin use newly invested funds to pay off existing investors, making it a Ponzi scheme.
The “proof” hasn’t changed since 2014 – https://behindmlm.com/mlm-reviews/onecoin-review-100-5000-eur-ponzi-point-cryptocurrency
While we’re waiting, how about you go out and buy us all a coffee with your OneCoins, then explain where the money is coming from to pay investors while we’re drinking it ??
@Harry
What is it with OC members who cannot make a post without using profanity? Guess you slept through the Dale Carnegie course too like all the others.
As for proof, all has been provided to you with all the information you need to see it is a Ponzi. We can’t do your thinking for you so you understand it.
Just try critical thinking, logic and common sense. Surely you have one of these abilities. Sadly the good Dr. doesn’t have any of them, so not sure if anyone in OC does either since they believe her lies. She operates under the old saying if you can’t dazzle them with brilliance, baffle them with BS, and she is good at BS.
But like all good OC believer’s instead of proving what we say are lies, you just call people names or swear. You can prove everything that has been said is a lie with proof, right?
@”Lynn” – Spot on
@ Harry – See Oz link: https://behindmlm.com/mlm-reviews/onecoin-review-100-5000-eur-ponzi-point-cryptocurrency
There are now over 1,200+ comments in that thread whic literally provide a library of information and also the chronology of the scam as well as new documentation revealing it for what it is.
Additionally, if you’d been paying any attention, new OC revelations are coming out on a monthly or even recently, bi-weekly basis which are posted here.
Unlike much “Dr.” Ruja’s sordid and undocumented, but apparently “accomplished” history and works in cryptocurrency or as “an author,” “lawyer,” “crypt-consultant,” “Bulgaria’s Business Woman of the Year in 2012 (and some OC sites proclaim in 2014 also …and while Jehu Pariah has even proclaimed on a video that she was “the EU’s WOTY”), and additionally her “MENSA Membership,” “history in bitcoin” since 2009 (or 2010 depending which video you are watching), along with her claiming that “OC will bank the unbanked” (meanwhile implementing the longest KYC procedures in modern banking history, which literally ELIMINATES the possibility of “banking the unbanked” by KYC’s very nature); and along with OC claiming her, their CEO, “was featured on the cover of Forbes international (or Forbes Bulgaria, depending on the video you watch) which was proven to be a lie and was eventually retracted, OR most recently when with OC claiming her, their CEO, “was featured on the cover of Financial IT Winter Edition (with a tiny distribution and nano-circulation of approx. 2,000 (including both print AND digital)(but which is only issued Quarterly, and the “February” issue is not even a circulated issue, but the same as Brand Voice, only a molecule the size or stature) and were therefore both proven to be bald-faced lies; or maybe that OC claimed that Ruja was acquiring 180 banks around the world’ would be launching OC on an open market last year (or when it hits 30% “mined”, no 50% mined, no now its been pushed back again…), or that their exchange xcoinx, which was registered on March 27th, 2014 (the same day as onecoin.eu), but “not affiliated, although it is the only website listing a value and market cap for OC (which by definition, there can be no market cap if there is no market, which there isn’t), and for which that site has the entire content of their FAQ’s plagiarized verbatim from a functioning cryptocurrency exchange called Bitstamp (which along with any other “crypto exchange” in the world does not list OC, while it places it tightly in the #2 position, above Ethereum [LMFAO] at > $3 Billion Value – although it can’t be spent ANYWHERE [but is ‘better than bitcoin which can be used at 160,000+ merchants online and has an ACTUAL trading volume of over $100,000,000 USD equivalent per day and a hash rate of 1,242,260,736.78 GH/s and is 100x more scarce and 100,000x more secure, as well as being the first ‘programmable money’…… see HERE for what an actual “blockchain” is: blockchain.info/ ), but for which Ruja states in almost every video its (OC’s) “value is based on mining difficulty,” as opposed to free-market economics (you know, here having a law degree in that subject and all)….
@ Harry, is THAT the type of “proof or F-off” you want, because there is an entire fleet of wheel barrows more, as well, as the above really only scratched the surface!
But, alas, we’re not going to do ALL your Due Diligence for you. We’ve already presented this many facts. Take a look at the comments if you want to start a wiki or something.
Oh yeah, and as Oz said, most importantly, besides all that little petty, inconvenient “stuff,” “OneCoin use newly invested funds to pay off existing investors, making it a Ponzi scheme. THAT “proof” hasn’t changed since 2014” – but a whole shit-ton more evidence and proof that you are dealing with dirty lying rotten scoundrels certainly HAS been revealed and proven since that time.
(edit) I meant to say that, “we following this scandal actually SOURCE our material nearly always (or make it available), Unlike much “Dr.” Ruja’s sordid and undocumented, but apparently “accomplished” history… etc.
Ignoring evidence given does not make it fade out of existence, it merely vanish from your own thought bubble. Good thing the real world does not run from your thought bubble.
How much proof do you need? Feel free to send a email to the FBI to query their thoughts on this.
The facts are very simple. You pay money for a product you can’t ever really use. Have you ever questioned why the company doesn’t even value the money of the coin they say it is worth to allow members to even buy other packages with the coin they say is worth the amount? Meaning how many coins does it take to buy a 5030 euro pack in OneCoin?
The reason the company doesn’t give you the value for the coin and allow you to buy an equal amount of package with it is because you could buy 5030 euro packs on a weak leg and they would have to pay you 10% weak leg bonus on it plus matching bonus on a pack they really received no money on.
This would make the company not generate any ones to pay up the chain to repay other members? That in itself should que you in quickly.
Also if you can use a bit of common sense you can see the fake value of the coin in other ways.
One easy way is they raise the value of the coin on the “exchange” yet cap the amount you can withdraw. This makes the artificial value of the coin increase really mean nothing because the bleed from people trying to sell off remains the same.
Then with the freeze on bank withdraws.. the lack of even paying withdraws for months… the easy fact that if you signed in the USA they won’t even let you withdraw or change the location if you live abroad to process a KYC.
If you signed in the USA they also won’t refund those people the cost of the package after they bought it. There are many ways to see proof.
Hell You can look at some old behindmlm reports and see where Ruja herself sent me an email about the security of the cryptocoin. yet still steals members accounts.
Just because you close your eyes in a cage with a lion doesn’t mean the lion isn’t there. You can try to fool yourself to simple facts and proof but it doesn’t change the facts that you will still be lunch for the lion.
Many articles have been posted about OneCoin not only on this sight but others.
Juha is a con..so is Sebastian and Ruja. They are the top of the pyramid so you saying the cons have been sacked or left just shows your level of denial.
I don’t care if you bought into the lies but do others a favour and don’t bring them into the scam as well.
…..just a correction about the German bank
……Onecoin is still using the same bank,
but either a different account…or different branch.
(just wait to tell you about your fear tactic) wrong info….???
@harry
Yeah so that’s not what OneCoin themselves said in their update.
Now you’re just making shit up. They said they’ve changed banks and gave a new bank name to deposit with.
Maybe “Harry” didn’t get the memo. 😉
Or doesn’t know as much as he thinks he does
Or is a lot further down the pyramid than he thought
Treat this as unconfirmed for now, sourced from OneCoin’s Facebook page:
It’s kinda interesting how OneCoin infiltrated China by planting bogus stories with the media.
They managed to infiltrate Chinadaily.com.cn with a PR piece back in 30-SEP-2014. Then they managed to get a money segment to read their PR piece about their formal launch in China, which is of course, uploaded to the net as “proof” that they’ve being talked about.
However, several Chinese media have already translated the Cointelegraph warning earlier, and EastDay, a weekly news magazine, covered OneCoin as bogus back in 30-JUN-2015.
NOLINK://wap.eastday.com/node2/node3/n6/u1ai502084_t71.html
The most important part is at the end, where the writer interviewed the VP at BTCChina, Mr. Kan Ling. I’ll translated the end bits…
And back in 2015, JusticeAlwaysLate already relayed another video explainer by a fellow scambuster known as “Flying Brick Night Talk” 飛磚夜說．
NOLINK://facebook.com/JusticeAlwaysLate/photos/a.419929838185892.1073741828.419828431529366/484686471710228/?type=1&theater
I am involved into Onecoin as an investor. I have a question and hope to get answer.
Is there a way to get invested money back if not accepting the new terms and conditions now added? Is it legal to change their terms and conditions just like that?
Even if I once accepted terms and conditions upon first time registration they cannot just change the terms and conditions and force people to accept or else they will be terminated without any money refunds?
Please I would be highly thankful for any help. This is from the new terms and conditions I have not yet accepted them or logged onto my account after this.
@ChrisStone
Chris, you were the one whose account was frozen back around October, correct? How was that resolved, or was it? (if so, I imagine it was only to avoid the shitstorm you would unleash).
Can you reference what Ruja wrote about the “security?” Again, I’d imagine it is nonsense, but am very interested in any introspect as it has obviously been much less than transparent.
Do you know if it runs on SHA 256 and is simply a fork of Bitcoin protocol, or what? Does she mention the script it allegedly runs?
Thanks.
You can try to contact them but I don’t like your chances.
“What? You opened a PDF file containing our “education”? Oh dear, that means you can’t send it back to us in an unused condition.
How much has the value been diminished…? Well, how much did you initially invest?
Right, that much. Sorry but you signed the contract remember.
Have a nice day.”
No harm in trying, but ask yourself this. If you bought a TV from a guy in a dark alley, would you expect a refund if it stopped working a week later?
Point being that OneCoin isn’t a real, legal business and never was. I’m not sure I’d be expecting thieves to honor their fake contracts.
The good news is it doesn’t sound like you plan on giving them any more of your money.
The info is at this link I posted all my onecoin screenshots etc thereNOLINK://imgur.com/a/WaG7d.
I received back the 5530 euro that I had put in it because I was causing such a shitstorm on the Facebook page and other affiliate sites.
The 70000+ coins of course that supposedly was the legit currency was taken.
What they had said to me before you logging into your account is an acceptance of the terms and conditions.
Which if they did a change to the terms and agreements and you was unaware makes no sense that they try to state you are agreeing to them when you log in. There is no block you check agreeing to the terms and agreements each time you log in.
I joined this scheme i think in 2012 and the starting amount was about $350 if i am not mistaken, i never saw my money or my returns ever again i was very dissappointed because that was a lot of money and still is i dont know how my account was cancelled, i need answers because that was a lot of money i lost.
OneCoin wasn’t around in 2012…
Mr. Ape: In regard to your question about OC being able to change the TOC anytime they want, this usually is part of the original TOC at the time you signed up.
It is standard TOC in every Ponzi going. They always have the right to make any changes, at any time, and they don’t have to tell you about it or get your approval to do so. I would be shocked if OC’s original TOC did not contain this clause.
Sadly most people never read the TOC of these programs before they join. They do everything they can to make sure you don’t because they know if you did, you probably wouldn’t join.
Just another in a long list of deceit and obfuscation by OC.
As far as getting your money back, the only way I see that happening is to make such a stink they will pay you to go away. And I would raise Holy Hell to make sure they do by telling them you are going to the press, the authorities, and calling into a talk radio station to tell them about OC.
That hopefully will get their attention and get them to pay you. Not guaranteed, but I think it is your best bet and I wish you all the luck in getting back your money.
This scam didn’t kick off till 2014 . I believe it was around July or August. At the time I was around the 1552 person to sign and this was end of August of 2014.
Whichever scheme you was referring to wasn’t OneCoin, also they didn’t have that package size. If you lost money it was on a different scam besides this one.
Well I remember from the first contract I accepted they have the right to change the terms and conditions whenever they want. But is that legal to do so?
They asked me for my username and such when I asked about cancelation and refunds but I fear giving it to them.
What if they freeze my account just like that and claim I have done something wrong. It would not surprise me so I wont take any chances for now. I have lawyers looking into the contract.
The second problem is that it needs to be accepted or canceled within 14 days. 14 days from what??
The new contract version it stated to be created 17.03.2016 but they released it officially to its members 24.03.2016.
Where do the 14 day trail really start? Makes no sence to me anymore..
Nothing OneCoin has ever done has been legal. It’s all smoke and mirrors to keep people confused and not realizing it is a scam from the beginning.
Check out comment #43 above. Probably your best advice for dealing with these crooks.
Sorry for your loss.
Not to go off topic but once again I am asking for comments on Ilgamos. It is really taking off and seems to be more transparent than OC.
Perhaps Oz can take another look at it the article here on Ilgamos is old and the company has evolved. They are getting merchants to accept their coin.
Comments?
Yes, – some of the OC members have their account from earlier than when OC started due to OC has merged with other schemes ….. OPN for example….
But that didn’t make them Onecoin members back then. They were the members of whatever scheme it was they joined then not Onecoin. So therefore their OC accounts wasn’t around then.
Their OC accounts would not have started until their company merged and they received a “token account” into OneCoin as a so called member of OC.
Il gamos is a scam. Richard Keane is involved. Run to the exit. He has been robbing people on the internet for 20 yrs.
Run. Run. Run as fast as you can.