Slovenian consumer association issues OneCoin warning
In contrast to the speed of which European authorities are investigating the scheme, OneCoin warnings from consumer protection agencies continue to roll in.
The latest is a January 25th warning from Slovenia’s Consumer Association.
According to their website, the Slovenian Consumer Association is ‘an independent, non-profit organization that Slovenian consumers to better and safer shopping‘.
The association observes that locally, OneCoin is advertised as ‘an attractive business opportunity with a big return‘.
As per BehindMLM’s OneCoin review, affiliate investors sign up and deposit funds with OneCoin on the expectation of a ROI. The ROI is set by OneCoin and only obtainable through their internal exchange.
The ROI, exclusively paid out by OneCoin through their internal exchange, is funded by subsequent affiliate investment. Earlier this month OneCoin suspended internal exchange withdrawals altogether.
Emphasizing a distinction between legitimate cryptocurrencies and OneCoin, the Consumer Association warns
Onecoin is unlike Bitcoin (in that it is) managed centrally. Its value can not be estimated, because (OneCoin is) not traded on the open market (and) at nothing can be bought with it.
The association goes on to warn consumers that OneCoin is marketed on a “cult of personality”.
SwissCoin also gets a mention, with the association claiming both OneCoin and SwissCoin ‘closely resemble a pyramid scheme‘.
If someone recommends the purchase of digital currencies, such as OneCoin or SwissCoin, you should know they probably also have a financial interest in your purchase.
Business models based on a system of “invite friends and family” closely resemble a pyramid scheme. As a rule only those at the very top of the hierarchy earn a profit, at the expense of other participants.
SwissCoin is essentially a clone of OneCoin’s Ponzi points business model.
The two companies have previously appeared in warnings by the Nigerian SEC and German consumer organization Stiftung Warentest.
Should this not be in the OneCoin category?
That it should. I must have forgotten to set the category (defaults to mlm-reviews). Thanks for catching that.
With all the lukewarm warnings like “resembles pyramid” on the radar. It’s nice to see an article taking a strong stand on OneCoin lies in The Merkle, today.
themerkle(dot)com/top-3-onecoin-lies/
Other than the Wonderful BehindMLM, that is…
I hear One Coin/One Life/Deal Shaker no longer allows US members. I guess you guys are on to something.
Ruja’s scam is doomed. Glad I did not get on board.
Yep I noticed that as I went into the options to see what this dealshaker looks like from the inside.
“Scam Detector” Ari Widell updated his blog called, “Onecoin: What’s going on behind the scenes” to include his observation that the Italian Facebook page for Onecoin up and disappeared, despite being ~1,400 members strong.
Ari: “Update 26th January 2017:
The Italian Facebook group has been deleted just recently – maybe even today. Maybe Italian authorities are closing in on the scammers there?”
SOURCE: kusetukset.blogspot.com/2016/12/onecoin-whats-happening-behind-curtains.html
That injunction stands until they’ve concluded their investigation. We’ll know more then.
Hi all!
I’m from Slovenia.
I wrote a local newspaper article about OneCoin in november 2016 and back then I asked ZPS for an opinion. I was very disappointed with what I’ve got back and I only used one sentence, just to reference them.
Now I see their views haven’t change much. I’ve wrote to the author of this warning Boštjan Krisper, because I’m sick and tired of them putting these scams in the same basket as real legit crypto.
I hope he will correct the few mistakes in his article.
By the way: OneCoin was also reported to the Market Inspectorate of Republic of Slovenia and there’s an ongoing investigation.
Convert OFC -option is now available in OneCoin account.
It’s ToS is a mess with no spacing:
OFC ToS screen capture
Added spacing to make it readable:
OFC ToS with spacing @MuroBBS
There’s lots of interesting things in the ToS, but this is maybe the most important:
9. FUNCTIONALITY NOTIFICATIONS/THE NATURE OF THE OFC
..
9.1.3. Are NOT a financial instrumentor an equivalent;
..
9.1.7. Hold NO monetary value;
9.1.8. Are NOT an asset;
..
9.1.10. Are ONLY accessible on the independent platform (onecoinofc.com) provided through the OneLife Network official website as hereto stated – onelife.eu;
MikeR will have probably an interesting report soon.
There was about 26.5 hour delay according to timestamps, between blocks 171066 and 171067, however MikeR was able to mine coins during this time, and coins appeared in the OneCoin account. Meaning there was coins created outside the blockchain.
Here’s MikeR’s post on MuroBBS:
murobbs.muropaketti.com/posts/1718181535/
I wish there was a way these scammers could be stopped far quicker. So many lives are getting ruined by fraud and theft via onecoin. It always seems to me that they have to ultimately collapse before the authorities finally step in and by then it’s too late.
Well done BehindMLM for keep us updated.
Indeed, this is an unexpected golden opportunity to deliver more evidence that the “mining process” and the “Blockchain” are completely fake.
A Onecoiner’s video about OFC conversion process. Nobody seems to know how much of their Onecoins they should convert to OFCs, it’s all guessing for members. There’s no information what so ever what amount of stock shares would be available initially with certain amount of OFCs. Labine clueless too, asking for help.
OFC Options On Future Certificates With OneCoin
It’s the same SiteTalk IPO scam yet again, even with the same people; Sebastian Greenwood, Kenny Nordlund, Frank Ricketts..
Here is a long 2011 interview with Frank Ricketts/investigative piece about SiteTalk OFC in Slovenian newspaper Finance: finance.si/316132
Ricketts is now one of the leading figures in OneCoin/OneLife scam and so we see a lot of SiteTalk history repeating itself.
The members were awarded a certain amount of OFC after buying various packages or products in the SiteTalk/Unaico shop.
According to Ricketts, the OFCs held no value, titles, a share in profit, voting; they were only a means to recognise members’ success in sales. So Ricketts distanced himself and the management from OFC.
However, in reality the members were buying into several positions to stockpile OFC. Every once in a while, the OFC were split so members held to a larger amount of OFC stock at the same total value. The value of OFCs was artificially determined by the management.
It is safe to assume one can expect something similar with the OneCoin OFC.
There’s a copy-paste at MuroBBS of a Facebook post by Tommi Vuorinen from Onecoin leaders’ leagal meetin in Germany.
– According to the post, XcoinX will remain closed until Q2 2018. (As some already expected)
– DealShaker is a discount coupon, and as onecoins are an opportunity and can’t be exchanged to euros until Q2 2018, a dealer should consider the euro-amount of his/her deal accordingly.
Here is Ari Widell’s take on some of the recent happenings in Onecoin scam:
OneCoin – the deathwatch continues
Couple of Ken Labine’s claims and factual answer to them.
Ken Labine claim 1 & answer
Ken Labine claim 2 & answer
Paul Hardingham posted a quick little youtube video titled: onecoin scam collapsing: youtube(dot)com/watch?v=2OA57j-Azcg
I saved it to my favorites. 🙂
Traffic ratings of OneLife.eu and OneCoin.eu are going down. People are trying to desperately reach XcoinX.
Too bad it’s closed at least 1,5 years according to Onecoin leader Tommi Vuorinen, and will probably never open again.
Alexa traffic ratings of onecoin.eu, onelife.eu and xcoinx.com
It’s now confirmed in onecoinofc.com FAQ that XcoinX keeps closed, according to Onecoin until Q2 2018 IPO.
onecoinofc FAQ: XcoinX keeps closed until IPO.”
Maybe @MikeR can take a large view screenshot of that FAQ, because it seems there’s no direct link to it for everybody to see(?), you need a transaction password to get in the site (I dont have it available atm).
FAQ screenshot:
Onecoin OFC FAQ: XcoinX – IPO – Exchange”
This FAQ is only visible if you’re logged in indeed.
Screenshot of the Onecoinofc FAQ (thanks MikeR).
Onecoinofc FAQ
I love the illiquid comment in the FAQ. They are all but admitting that the value of OneCoins will crash once it goes public and you will either not be able to sell or will need to take a substantial loss to sell. But I doubt most people who are still invested in OneCoin understand liquid/illiquid markets.
What I don’t understand is how a currency can be listed on a stock exchange or why they would want to. Why would anybody want to own shares of a USD when you can fully own a USD?
It looks like the scamers are running there last round, this is an article in famouse bulgarian newspaper:
capital.bg/biznes/finansi/2016/12/09/2879358_doktor_ruja_i_menidjurut_ot_moderno_predgradie/
The main info is that Ruja Ignatova transfer the ownership of most of her companies to a 25 year old boy, who is living in a poor neigborhood in sofia and he is most likely selling his id and identitiy for money, cause he did put his name in the central registry like owner of few companies right before they file for buncrupcy.
Ruja’s mother Veska Ignatov owns these companies, not Ruja. The change involves the replacement of Director Momchil Nikov with this 25 year old “boy”.