onecoin-logoThe 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 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.