onecoin-logoOn their website, Software University in Bulgaria describe themselves as an ‘educational center that creates real professionals in the world of programming.

Recently, Software University listed an upcoming lecture by Ivan Kashukeev (Иван Кашукеев), titled “ONE COIN – revolutionary cryptocurrency”.

The listed description of the lecture suspiciously reads like OneCoin marketing PR:

Project OneCoin is a new kind of cryptocurrency generated by the success of Bitcoin.

This is not previously obtained currency. Members of the project will create market will dig coins and get profit.

OneCoin will be traded on a public exchange and design could help you achieve high yield through a simple and fair  Compensation Plan. OneCoin will become the next successful cryptocurrency on the market!

The description goes on to list a number of points, in support of “Why ONECOIN is better than BITCOIN”.

What OneCoin, a Ponzi points MLM business opportunity, has to do with programming I have no idea. And I’m not the only one, with at least one student questioning the nature of the scheduled lecture.

Rather than engage their student body and address lectures promoting Ponzi schemes though, Software University instead silenced them.

Like most organizations, Software University has a Facebook page and it was here that student Iskren Ivanov first learnt of the OneCoin lecture.

Ivanov claims upon learning of the lecture, that they were ‘dumbfounded when SoftUni published an event for a lecture related to the Ponzi scheme (read financial pyramid) OneCoin‘.

In response to the listing, Ivanov raised the question of whether

Is it possible that a serious and authoritative organization, in my opinion, such as SoftUni is promoting a Ponzi scheme?

After posting his comment, Ivanov claims he was ‘immediately banned from the page and can no longer access the event from their Software University’s Facebook profile‘.

Ivanov has since complained about the university’s action on the official Software University forum. In his post, Ivanov goes into greater detail about his thoughts on OneCoin;

The creators of this Ponzi scheme are people who have extensive experience in the creation of Ponzi schemes.

The new thing is that they’ve used a Bulgarian citizen, Dr. Ruja,  in order to register the company in Bulgaria. Because here you can escape prosecution (not as white countries have corrupt judiciary and ridiculous fines 10,000 lev for organizing Ponzi scheme).

The scheme works as follows. Attract people who pay certain amounts of money (some packages reach € 19,000 !!!) in exchange for receiving tokens, onecoin (read: tsifrichki computer) and some training for cryptocurrency.

Every few months the price of OneCoin increases and the amount of OneCoins doubles (money out of thin air?!?!).

Accordingly, the founders organized exchange where participants can sell OneCoin. The money for the payment of profits come only from newly attracted investors (Ponzi scheme).

For the moment, the exchange works because the creators artificially create market demand and buying coins to people who are smart enough to get out of the pyramid in time, using money from new investors.

According to the description of OneCoin, when harvested all 2 billion coins, the exchange will go public (I suspect that will happen earlier) and then the price of onecoin will be determined by the ratio of market demand / market offering.

Only that all investors so far and most will no longer have an incentive to keep their coins because there is no guaranteed increase in the price of onecoin and decide to sell and get their profits.

The bad is that no one will want to buy onecoin (makers will already be on an island and will not buy), but in the real economy onecoin not be used according to the law of supply and demand. The price will head to zero, which is exactly what the logo of OneCoin is.

The genius here is that creators will escape prosecution because the accused will market dropped in price, and it really is so naive and investors will be to blame themselves because of their low financial literacy.

Regarding the joke of a centralized cryptocurrency I will not comment, the topic of fraud and deception is more important.

So this is my opinion on OneCoin.

Ivanov ends his post with a call for Software University’s approval of the OneCoin lecture to be repealed.

Other students have since commented on the post, in support of Ivanov’s thoughts.

Writes one;

I fully support (your) writing.

Centralized currency without open source to “I the club” to buy some ‘gold / silver’ packs do not know how much money and get one …. MEP (literally).

There are a whole bunch of extras where familiar and not so familiar talk of this pyramid (I can not call it ‘currency’).

And another;

Absolutely true. There are various cryptocurrency, all began in a similar way and (when the) bubble finally bursts the creator decided to sell everything.

There is nothing revolutionary in such currency. There are hundreds of other currencies. This is not a nothing special.

To me the lecture description is highly suspicious. It reads more like a OneCoin recruitment event than an actual university lecture.

I get the feeling Ivan Kashukeev is more trying to sell you on the idea of OneCoin, as opposed to providing general educational information to the Software University student body.

Whether Kashukeev is a OneCoin investor is unclear, but there’s probably an affiliate link between him and whoever approved the lecture somewhere.

Unless money changes hands, reactions to OneCoin are more typical of Software University’s students. A lecture gushing about how great OneCoin seems suspiciously out-of-place.

As it stands Kashukeev’s OneCoin lecture is scheduled for the Saturday the 27th of February between 5 and 7pm. Entry is free, with 34 out of a maximum 150 attendees registered.


Update 25th February 2016 – Looks like Software University has pulled the plug on Ivan Kashukeev’s planned Ponzi pitch.

In response to Iskren Ivanov’s forum complaint, Software University team member “Nakov” writes:

Colleagues, we understand your indignation and respond promptly. Thank you for your fast response.

The seminar is changed to ” open discussion on cryptocurrency”.

After the presentation of some basic concepts in cryptocurrency such as block chain, decentralization, anonymity, cryptography, digging coins, and several known cryptocurrencies such as as Bitcoin, Litecoin, Ethereum, Ripple and others, the lecture will go into open discussion about cryptocurrency.

A post by Software University on their Facebook page goes provides additional details:

Due to the controversial reputation One coin currency, we, the team of SoftUni and lecturer Ivan Kashukeev, have decided to change the theme of the seminar “Open discussion about cryptocurrency.”

The day and time remain the same. See you there!

Kashkukeev meanwhile appears to be a staunch supporter of OneCoin. Two hours before Software University announced his OneCoin pitch would not go ahead, Kashukeev told students:

Colleagues like you’re not familiar with things please do not mislead others with false information!

All references to OneCoin have since been removed from Kashukeev’s lecture description.