Italian regulator orders OneCoin affiliates to stop promotion
Slowly but surely, regulators in Europe are starting to tackle the OneCoin problem.
Back in September it was confirmed that London police were investigating the scheme.
Last week a criminal complaint was filed against one of Belgium’s top OneCoin promoters.
Now in Italy, the Italian Antitrust and Consumer Protection Authority (AGCM) has ordered local affiliates to stop promoting OneCoin.
Over the past week Italian OneCoin affiliates of an unspecified number began receiving letters from AGCM.
The regulator appears to be investigating OneCoin and has requested specific information from local affiliates.
How the regulator identified affiliates to send their correspondence to is unclear.
Nonetheless those that received communication from the AGCM were informed that ‘there are reasonable elements to declare Onecoin a deceitful Ponzi scheme‘.
The regulator went on to demand affiliates turn over information about their OneCoin businesses. Including revenue generated, information on who they have recruited and related invoices and contracts.
Affiliates have been purportedly threatened with heavy fines if they do not comply.
Seemingly in an effort to get to the bottom of OneCoin’s pseudo-compliance, the regulator has also asked for detailed information on OneCoin’s so-called “educational packages”.
Whether a OneCoin affiliate invests €5500 or €225,000 EUR, the “education package” they receive is the same.
If OneCoin compliance is to be believed, bundling an education with affiliate investment somehow legitimizes Ponzi fraud.
While the AGCM continue to investigate OneCoin, recipients of the recent letter have been ordered to stop promoting the scheme.
Sulla base degli elementi agli atti sussistono i presupposti perché l’Autorità deliberi, ai sensi dell’art. 27 comma 3 del Codice del Consumo (Decreto 6 settembre 2005, n. 206) la sospensione provvisoria della pratica commerciale.
TruffaCoin, who obtained a copy of the AGCM letter, translate the above as;
Based on elements already in our possession, the conditions are satisfied for the Authority to decide the temporary suspension of the commercial activity, according to art 27 comma 3 of the Comsuner’s Protection code (Decree 206 of sep 6th 2005).
Essentially, what they say is “give us all these documents, but even without them we are confident enough to say that you have to stop selling Onecoin, because at first glance is seems a deceitful Ponzi.
If – from your documents – we’ll see otherwise, you might start selling again”.
TruffaCoin report that in the aftermath of the AGCM’s letter being sent out, several Italian websites promoting OneCoin have since shut down.
Stay tuned…
Update 31st December 2016 – banningAGCM have issued an interim injunction the promotion of OneCoin in Italy.
Wow, go europe.
Now more countrys needs to follow this example. This scam has gone on long enough.
Innocent untill proven guilty. You are publishing this nonsense since 2015. where is the result?
Just started investigation is not enough. What London police did to onecoin? they have opened two more offices in UK.
#WinterIsComing
@Descent
OneCoin’s business model defines it as a Ponzi scheme. The outcome is inevitable.
You’ve just finished reading about the latest chapter of “the result”. It’s an ongoing saga.
Nothing yet, they’re still investigating.
Random affiliates leasing office space != OneCoin having offices in the UK.
Some random affiliate leasing an office is not any sort of official presence. By that token, Herbalife have bazillion offices around the country with their “diet clubs”. Except these clubs are not even allowed to use the Herbalife logo.
The more affiliates go blatant, the faster they fall, due to the extra attention they attract. Ever notice that the guys who really talk about the hotness of the opportunity, i.e. those speakers at those “seminars”, don’t open offices? No, they have their minions open offices and spending money. They sit back and enjoy the commissions.
Pablo Munoz will come out of hiding early next year, he’s headlining the January 14th Swedish event.
This investigation in Italy is relevant, moreover because it might trigger similar actions in other countries.
I’m still working on my own investigation, hopefully the results can be used by regulators when it’s complete.
I have just published my second article on the Analysis of the OneCoin “blockchain” – Part 2: Transfer of Onecoins to downline IMA.
onecoinonelifefacts.blogspot.nl/2016/12/analysis-of-onecoin-blockchain-part-2.html
Transfers of Onecoins from an “upline IMA” to a Downline IMA are executed within minutes, but the transactions are not visible in the “Blockchain”. Hence the Blockchain is incomplete, worthless and unusable by definition.
Similar findings have already been reported by other readers of this website.
The next articles will cover the transfer of Onecoins from the onelife.eu backend to the xcoinx.com exchange and the execution of a Sell order of Onecoins on the exchange.
again the article is misleading , no criminal charges where filled ….this is false ..please have some ethic !!!!! a formal notice was sent to a person, that’s it , nothing more, now lets see what happens next over there……
The Belgian criminal complaint charges Laurent Louis with “pyramid selling, fraud, money laundering and violation of common and banking laws”.
That’s more than a “formal notice”.
As I understand it the charges are now being investigated. If found to be of substance the matter will be pursued by the Public Prosecutor’s Office.
I think the expression you’re looking for is: “Innocent, until proven guilty IN A COURT OF LAW”.
OneCoins’ business model is that of a ponzi scheme, court appearance or no court appearance.
Despite all these articles, I don’t see any progress. I have a friend who believes that one coin is genuine and these nonsense articles are not stopping him.
Regulators in EU are slowly clamping down on OneCoin. This isn’t nonsense, this is fact.
Whether your friend takes notice or not is neither here nor there. That’s on him.
“A great deal of intelligence can be invested in ignorance when the need for illusion is deep.”
― Saul Bellow, To Jerusalem and Back
Why is it Oz’s fault when you’re the one not keeping up?
Does anybody have a copy of one of these education packages? I would be interested to see it!
@ OZ,….. beleive me I have read everything it happens that it’s in french ( mother tongue) and any google translate is never accurate completely…
“mise en demeure” ….nothing more to say… which he did not respect that ” mise en demeure ” and nothing happened to him.
@ K’chang
please keep up on what, I have read everything in French and no where I see criminal charges against M” Louis as of yet..
That has nothing to do with the filing of a criminal complaint that charges Laurent Louis with pyramid selling, fraud, money laundering and violation of common and banking laws.
Whether Louis adhered to a directive from the Judge is a separate issue.
Those are the facts.
The PDFs were publicly available on the OneCoin server up until earlier this year.
Was mostly copied/rewritten content from Wikipedia and other third-party sources.
@OZ
show me the text… I may have missed it.
Read the original article ffs.
There, fixed it for ya.
I’m sorry, I may have overlooked your certificate of entitlement.
As Mr Ripley said: “Believe it, or not”
BOOM!!!!!!!! THIS IS THE ONECOIN BOMBSHELL!!!!!!!!!!!!
#GAMEOVER
I received the following message anonymously:
This is the new message being shared on WhatsApp, etc., throughout the Islamic Community and elsewhere:
“What is the ruling on OneCoin? Is it permissible?”
This detailed research paper attempts to determine whether it is permissible to participate in the OneCoin scheme by investigating:
– what OneCoin is
– whether OneCoin is a reputable and credible organisation or not
– the history of the founders and leaders
– the legal status of OneCoin
– its portrayal in the media
– how payments work
– whether the economic claims are valid
– the value of the educational packages
– if OneCoin is an actual cryptocurrency or not
– what the experts say regarding OneCoin
followed by a summary of the findings and, thereafter, the Islamic ruling.
Approved and endorsed by the following scholars:
Mufti Amjad Mohammed, Bradford, UK
Mufti Abdurrahman Mangera, London, UK
Mufti Faisal Niazi al-Mahmudi, Montreal, Canada
Shaykh Yusuf Shabbir, Blackburn, UK
Please note: further endorsements are pending and will be added as and when received, insha Allah
nawadir.org/is-onecoin-permissible/
I took Sharia compliance of a Ponzi scheme to be bollocks from the get go.
Proving OneCoin isn’t Sharia compliant, to me, is a waste of time. But I suppose fair enough to the people it actually matters to.
@Oz – NO! OPEN THE DOCUMENT. IT IS MUCH BIGGER THAN THAT
I did. It’s a huge-ass summary of what we already know (???)
The Islamic bit is at the end on pages 15 to 17.
@Oz – Correct. Of course! BUT, for the OneCULTists who are no longer permitted to follow us “PPP’s” and “PCP’s” it is a one-stop-shop of devastating line-by-line, bullet-after-bullet, 3rd Party FLYING-PILEDRIVER-HAMMERFIST-SUPLEX-MANEUVARS-FROM-THE-TOP-ROPE.
Not put together by the normal “haters” (ie., not by the so-called “Bitcoin Loyalists” such as myself and 99.9999% [AGC pun} of the rest of the cryptocurrency industry who are “threatened” by Onecoin; nor by the co-called “penny-chasing-parasite bloggers,” like you, Ari Widell, Truffacoin, Ethan V., whatever, etc., who only do what you do to ‘seek out, chase down and destroy success stories’).
This Research Paper would not have been possible without you, the reader/ commenters here, and many many others. Obviously.
My point is that THIS is now the single most comprehensive and consolidated piece of material (to my knowledge) which covers ALMOST EVERYTHING from start to finish – at least to date.
@Tim
Nice collection. Any reactions from muslim affilates yet.
i mean how will they act upon this. stop promoting? close accounts? remit their money back to Ruja? and so on.. How and will they really?
Can commenters or apologists, such as (in)Decent Lerry ABOVE, or Lily’s friend, possibly refute or rebut ANY of this?
(…and I’m not insinuating OneCULTists can effectively rebut ANY of your blog articles – I’m just say’n, it’s a pretty BRUTAL and concise knock-out-blow IMHO, caeteris paribus!)
@MOI
None yet, but I will carpet bomb tonight on FB. I received this only moments before posting it here. I really hope it goes viral. I don’t see how Labile or anyone else can possibly spin this one, as a whole (though I’d be surprised if they didn’t try).
We do know that Onecoin has been promoted heavily in the Muslim community over the past 6 months, with a pseudo-Sharia Compliance granted (this was specifically for “Coin[un]Safe” only), The Islamic Channel coverage, semi-celebrity Yusef Chambers promoting, as well as the many new Diamonds and Rubies we’ve seen from Pakistan and thereabouts with dubious “Dr.” Titles in their names.
From my personal interactions with Onecoinists at all levels, I’d say the majority are victims. Maybe 90-95%. Although the higher up the pecking order you go, the less likely they are to not be scamming, of course.
Nevertheless, there are many recently defecting and who have stopped promoting something they don’t believe in. Any frequent reader of Oz’ blog knows more than 95% about the company than OC’ers. Most victims are already groomed to distrust such responsible and credible sources anyway, so would go here only as a last resort; unfortunately.
So, if I understand how MLM works by now, I will (“we can”) use the “pyramid of information dispersal” to instill the appropriate FUD which is warranted, and people, by nature, will want (I assume) to be the first to spread it like wildfire; particularly if they were on the fence, to start an uprising!
(okay, I’m waaaay too optimistic, but this is a mission I [we] can adopt)
There is not much mincing of words in this Research Paper. Look at the powerful verbiage asserted for the CONCLUSION (Summary) of each subject/ category:
TT NOTES: C’mon guys? I’d say that’s pretty damn POWERFUL!
that’s a great summarized version of all onecoin information to date!
it will be interesting to see the response of recruiters like labine, boughey, zafar etc to this document.
i suspect they are going to ignore it completely, like they have been doing lately for any bad news regarding banks or the non functioning of xcoinx etc.
I guess, they will make some “statement”, that everything and everyone is against them, which makes they stronger etc., just to make foolish people be more foolish and more confident about OneCoin.
Some ppl are really brainwashed… Its pretty hard to investigate this kind of ponzi/pyramid “company”. It just needs some time and I am starting to think about, that this “company” is slowly sinking (I really pray for that…).
Yes, it’s interesting to see how Boughey, Labile etc. explain that now even several Islamic scholars with their own names are against OneCoin and release so far the most extensive summary of the scam. Not bloggers, not “pictureless profile pricks”, not bitcoiners.
Also the amount of reference links is huge. I don’t believe Ken Labile will be doing a video going through this document, because it will just draw more of his victims’ attention to it. And even with Labile’s lying and bullshitting skills, I think he doesn’t want victims to read the document. There is just too much information with links.
An excellent summary and cumulative layout of the garbage OC has spewed, so a good tool for using with people on the fence.
In reality, it may not change much.
Most people will look for evidence which supports their own opinions and whichever way they are already leaning.
As for how OC supporters will spin this, a lot of the wording is very similar to the wording you frightened bitcoiners use in all anti-OC stuff. 😉
So you have some buddies high enough on the Islamic food chain to have a paper like this created and released just like OC was able to have CoinSafe deemed Sharia compliant by a group in the same type of position.
At the very least, that’s probably how a good portion of the non-Islamic community will view it or be convinced to view it.
People are people, no matter what religion. Some are greedy and will believe whatever they need to believe to justify their actions.
Swedish TV4 News report about OneCoin: OneCoin A New Pyramid Scheme:
English subtitles.
Swedish TV4 News – OneCoin A New Pyramid Scheme
It’s hilarous they would refer to it as “new”!!
Indeed, I think it’s massive. Comprehensive, well structured, well documented. And it comes from a neutral source.
At least this should compensate for the Sharia-compliant certification of Coinsafe, which was used as a marketing tool by the OneLife promoters.
OneCoin just issued a new Press Release across the News Wires today
HERE: newswire.ca/news-releases/onecoin-offers-digital-money-for-all-through-global-cryptocurrency-604313126.html
I called The Press Agency and was given an email address to make a complaint, as they told me they do not have a policy of printing known scams, etc.
The email address to issue a complaint against this release is: cnwtor@newswire.’s
I will include the Research Paper with a brief summary and will see what happens
^
I think Tim has a typo there. The email address is cnwtor@newswire.ca
It seems OneLife/OneCoin is trying to achieve credibility by submitting a press release to this site hosting legit news of different companies.
Oldschool PR marketing. Hardly effective as most get done for duplicate content.
OneCoin paid some PR company to come up with a press kit. To date not one legitimate publication has used it for anything. Guess this is the alternative.
Standby for “As featured on (insert spammy press-release site here)!” spam soon.
It seems OneCoin is sending “press releases” to some other new sites as well:
en.prnasia.com/story/165342-0.shtml
prnewswire.co.uk/news-releases/onecoin-offers-digital-money-for-all-through-global-cryptocurrency-604260026.html
prw.kyodonews.jp/opn/release/201612026841/
yonhapnews.co.kr/international/2016/12/02/0619000000AKR20161202147300009.HTML
news.zum.com/articles/34622095?c=04
Usually you pay some Fivver schmuck to “syndicate” your press-release to a bunch of sites.
SEO agencies also offer the service to unsuspecting clients.
A few sites popped up in my news feed this morning in different languages too.
Just for fun, for everybody with a Onelife account, the direct hyperlink and the screenshot of Block #0, the genesis block, “mined” during the MasterMind event in Bangkok on Saturday 1 October 2016.
Link to the backend/blockchain page:
NOLINK://onelife.eu/backend/blockchain/block/9da2f0dd582b38e49bea35b87cded46fe8550d4d259e40c14812d8f404f3954f
Screenshot:
i.imgur.com/NAlxlue.jpg
1 Transaction for 1,986,580,000.00 “mined” coins, including the coin doubling in all accounts, very “credible”, isn’t it?
I needed this for my analysis of the Blockchain and Transaction data. I used a Firefix plugin (Selenium IDE) which is a tool for automated testing, to automatically browse through the complete blockchain via the PREVIOUS BLOCK hyperlink. This process took about two days, several restarts were necessary, but overall it went OK.
@MikeR
What is even more credible is that apparently every block in the blockchain gets rewritten when the mining difficulty changes.
Or how do you explain it that the “guh-nee-sis” block has difficulty factor 79 – the one which was set just week ago? 😉
If we assume the data shown in web page reflects to the actual blockchain (shall it exist), we have to accept the fact the entire blockchain can be modified afterwards which means that the blockchain is by definition not a valid blockchain.
I would add that observation into the list of reasons why the blockchain is not valid and most likely does not even exist.
Yes thanks, I will do that for sure.
I already saved a number of screenshots and hyperlinks from the period when the Difficulty was 70. This finding will be included in the long list of inconsistencies and errors we found already.
TBH, Ruja et al. can always just say that there was a mistake in the web page and it did not show proper blockchain data.
(Of course it undermines yet again the (nonexistent) credibility of the thought that the OneCoin could once become “future of payments”.)
I dont know. It looks like you all are making mountains out what is clear dung.
Many of you here confuse the conduct of the marketers and the conduct of the company. I dont know if the OC thing is a scam but what I do know is the OC thing poorly planned and executed.
Im still not joining the OC thing. But if it survives all the crap against it, Ill buy the cryptocurrency for engagement in commerce.
If you still don’t know, read this summary and go through the reference links.
OneCoin research paper by M. Suhail Patel
@Tommy
Even if OneCoin were a real cryptocurrency, which it isn’t, why would ANYONE use it?
With the alleged KYC built into any transaction it would give the company the ability to both track and know all of your purchases and financial activities.
Didn’t the whole Edward Snowden exposure of the NSA spying techniques on its citizens and citizens around the world teach us anything about government overreach and the whole “Big Brother” mentality? (Not to mention the fact that you’re offering up personal identifying information [KYC] to shady characters who are documented to have lied, been deceptive, and been involved in other known and proven ponzi/ pyramid scandals many times in the past?).
What do you think scammers are going to do with that personal information? How do you think they are “securely storing it?”
Cryptocurrency is supposed to be “digital cash” and a way to exchange value LIKE CASH.
For such a COMPANY (unlicensed and un regulated) to know that you went to the liquor store at midnight last night and bought cigarettes, a bottle of Jack Daniels, condoms and lottery tickets with your alleged digital currency should not be the type of PRIVACY INFORMATION you allow companies (or anyone else) to collect – if you value your own privacy and freedoms.
xcoinx pending –expired. Watch Ari Widells catch here from someone trying to sell from different accounts. So where are the money.
kusetukset.blogspot.de/
Let’s (for the sake of argument) assume for a moment that OneCoin is not a fraud (which it is) and go to that imaginary future where OneCoin goes public in 2018 and you – as a merchant – are hopping in:
I don’t know what is your area of commerce so I’ll use an ice cream booth as an example to have things stay simple enough.
-A customer steps in and buys ice cream for a bunch people, totaling to 25€ (the “projected coin value” for end of 2017). You have now 1 OneCoin.
-After good day of sales you’re having 40 OneCoins, that is a “value” of 1000€.
-Now you need to restock, so you go to buy some more ice cream. Oops, they don’t accept OneCoin.
-No matter, just like with BitCoin you plan to just sell your OneCoins for euros.
(I’m now assuming ALL past failed promises have materialized – which they do far haven’t – and you will be able to sell coins in an open exchange without silly daily limits.)
-You try to sell your coins for 25€ each. Nobody buys them because OneLife sells “educational packages” where you get coins for 1€/coin.
Will you:
a) Make loss of 96% every time you sell ice cream?
b) Change your prices so that OneCoin has value of 1€ (thus crashing the value of coin)?
c) Refuse to use OneCoins as a tool of trade?
Well, you know Labile reads every single one of these comments. His little pea brain is working fast!!
He’s trying to create done sorry if a’spin,” which of course will only workagainst him.
@MOI
Is it not true that if the OC xcoinx thing does not have a market with asks and bids high, low volatility and spreads xcoinx OC exchanging would expire? Maybe OC too young, too earlier for a liquid market, yeah?
@Otto
(C) I would stop accept OC for certainty. No liquid OC like no liquid ANY coin bad for business using.
(B) Wow ponzi points thing “undermining” (joke intention) my business because mining cheaper than buying OC, yes?
Thats what is true todays with my bitcoin- I started mining BTC because I getting 11 BTC month instead buying 11 BTC off market.
(A) no way I loss that much margin. Interesting it seem OC working to scam merchants too with promises of liquid market of the OC.
@TimTayshun
KYC info in possession of a known felon (ruja) is bad for certainty.
In digital sense “privacy” is dead mostly, except if you stay out of the “grid”, change name, operate through tors, human proxies, shell corps, and offshore accounts, ya ya ya.
Ruja didnt do any of that work, so maybe its bad planning and doing- maybe ruja good a cryptocurrency theories but bad at business. lol
I thhink the narrative here is that Onecoin members have about 16 months time to “mine” with ridiculously big profits.
After that profits like that are not possible anymore, at least that what Kari implies, because OneCoin will be “made public”. So you have to “join and buy now!!!”.
With the current speed OneCoins are appearing in their database, 120 billion coins will be reached in spring 2021.
If OneCoin was a real cryptocurrency (which it obviously is not), the publishing would have devastating effect, because then the value would be defined by open market.
After 16 months, the internal market-cap will be minimum of 320 billion euros (it is about 50 billion euros now, and increasing about 200 billion euros per year with the current 7,85€ coin price).
Though with the definitive internal coin price increase which Ruja makes, I expect the internal market-cap to be close to half a trillion euros after 16 months if OneCoin makes that far before the collapse.
Even a monkey should understand what would happen if they go with this kind of internal value to the open markets where there’s no sell limits..
Let’s be clear that is nothing like Bitcoin.
With Bitcoin there isn’t (and never has been) a way to toss 118 000 euros to mining equipment and have 18 000 000 euros worth of Bitcoins the very next week. But with OneCoin this has already happened with the “ultimate trader” package (and apparently with the even more expensive “supreme” package).
That is not same as gaining Bitcoins by mining, it is very direct purchase of coins from OneCoin Ltd.
@Otto
The so-called “Ultimate Package” (prior to October 1st) promised, “7 splits, a coin doubling, automatic mining and Coin(Un)Safe at 12% interest;” yielding over 2,000,000 coins @ €6.95 (at the time) for an ALMOST INSTANT RETURN of €14,000,000 overnight (but trapped for 2years).
@Tim
My bad, I didn’t go back and check the numbers I remembered from the past. You’re right that 14M€ gaining 12% annual interest for 2 years is 17.6M€ (apparently the 18M€ I remembered) but then it’s not available until 2 years later, not overnight.
My point stands:
Mining of Bitcoins could be considered as a compensation for providing real world resources (i.e. machine power and electricity) to the proof-of-work, paid by the Bitcoin community.
There is nothing comparable in OneCoin. The “investors” provide real world cash and get fixed-value coins (i.e. Ponzi points) in return.
Part three of my systematic analysis of the Onecoin “Blockchain” has just been published.
The subject is the transfer of Onecoins from the Account in the OneLife backend to the account on the Xcoinx platform. It problably doesn’t come as a surprise that none of the Transactions is visible in the “Blockchain explorer”.
NOLINK://onecoinonelifefacts.blogspot.nl/2016/12/analysis-of-onecoin-blockchain-part-3.html
Tomorrow I will try to buy and sell some Onecoins, I’m really looking forward to that 😉
@Mike R great job on the series! Loving it.
On another note, there is a great article out of Latvia on OneCoin. A few statements made me laugh out loud 🙂
bmwpower.lv/article.php?id=1197
There is an upcoming event of OneLife in Manila, Philippines on December 19th in Philippine International Convention Center.
facebook.com/OneCoinRujaIgnatova/videos/606273532906615
Wondering, who is gonna be there.. Ruja?…Ken? Juha? Make sence to warn the local police
@Oz – that Press Release issued by the PR News Wire service seems to have been picked up in Labile’s home state of Edmonton, Alberta, Canada.
Apparently they’ll print anything. I guess The Edmonton Journal Didn’t get the memo that OneCoin is am international ponzi scheme and pseudo-cryptocurrency.
edmontonjournal.com/business/cnw/release.html?rkey=20161202C7501&filter=5599
Also, I’m Sure the Canadian Competition Bureau would also be interested in noting this. I wonder if Labile may have made a pitch to follow up with the Paper about the subject and Release?
Here’s the form if anyone else wants to report the scam:
competitionbureau.gc.ca/eic/site/cb-bc.nsf/frm-eng/GHÉT-7SEN3J
@Tim
Spammy press-release sites don’t publish their own content. Anyone can publish anything there.
It’s pretty clever. OneCoin puts some press-release to a service which spreads press-releaes & company announcement, like this CNW newswire. A newspaper like Edmonton Journal shows the CNW content, so it ends up in this newspaper.
Then OneCoin scammers like Labile have easy job to hype a OneCoin “article” in this newspaper -> Idiot onecoin members are in ecstasy that OneCoin was mentioned in a real newspaper, for once not in negative light.
Clever.
Hope we get that BS removed from the Edmonton Journal.
@Tim
I think also Edmonton Journal should be contacted directly about what kind of content they are serving. They may remove it faster, than going through the Competition Bureau route, though it may be good to let the newspaper know that the Competition Bureau has been notified as well.
And of course provide the Edmonton Journal enough information about the scam, for example in the form of this new research paper by M. Suhail Patel. Hell, maybe the newspaper would make even a story about OneCoin scam, that would be perfect. 😀
I think, we should wait for judgment result. Until then, we should suppose, that this scam is legal…
If one court will make a statement, that this is scam, I think many many similar decisions will appear soon in other countries. And people will finally see all BS this company claimed.
Why is that? Ponzi schemes are illegal the world over.
That doesn’t mean people can’t run them though. The same is true of any criminal act.
UK events are still taking place even though Police said no events a month back. Any ideas how to combat this?
The new Onelife.eu backend has a great new functionality. Now all Blocks contain hyperlinks to the Transactions. This is the only Transaction of the Genesis block. 1,986,580,000 ONE went to 1 “address”, probably Dr Ruja’s 😉
Screenshot: NOLINK://i.imgur.com/ix2AEB1.jpg
An average bitcoin block is capped at 1 MB in size and includes some 2000ish transactions. So just to establish the opening credits for 2 million accounts, your block would have to be 1 GB in size (without KYC, of course).
Today the procedure for Bank Wire payments is changed. After selecting a package and selecting Payment method = Bank Wire, the following text appears:
This is for an IMA in United Kingdom.
An IMA in Finland is referred to a different email address: distributor7(at)onelife.eu
An IMA in Italy to distributor12(at)onelife.eu. So apparently all regions or countries have their own distributor who will provide the Bank Account number for that region.
Apparently they claim to have at least 91585 virtual servers running in those three data centers that are supposed to do the mining of OneCoin.
Or how else should this “91584 confirmation(s)” be understood?
Thanks for the heads up MikeR.
Correct, and because of the enormous growth of the network, they add a new virtual server to their Data Center each minute. The number of Confirmations is exactly identical to the number of Blocks mined since the genesis block.
Because you know, that’s how a ultramodern centralized blockchain works: the more Confirmations, the safer the system! 😉