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Friday, 29 July 2016

OneCoin/OneLife - More blatant lies

OneCoin's YouTube channel suspended


As time goes by OneCoin is getting more and more setbacks and blows. Just recently the YouTube channel of OneLife got suspended with the following notification from YouTube: 
"This account has been suspended due to multiple or severe violations of YouTube's policy against spam, gaming, misleading content, or other Terms of Service violations."
https://www.youtube.com/channel/UCHL9x-EinWKNEv1_ONRwW1g

The channel is still suspended. However OneCoin has directed its traffic to another YouTube channel.


The Huffington Post "article"


Yesterday OneCoin/OneLife and its fanatics were spreading a link to the Huffington Post's web site claiming that it had an article vastly praising OneCoin as a cryptocurrency of the future. As OneCoin itself announced on its Facebook page: 
"Onecoin – A new kind of revolutionary digitial asset, attracting investors of all kinds.Read the Full Article on Huffington Post on how quickly Onecoin became the second largest cryptocurrency in the world 



However it was not an article from the paper but a blog post from Huffington Post's Blogs section from blog writer Jose Florez. The Blog section is hosted on the Huffington Post’s Contributor platform. Contributors control their own work and post freely to the site.

As soon as the blog post got attention from OneCoin ponzi antagonists (including me) I bet the Huffington Post received several e-mails about the blog marketing a ponzi scheme. It didn't take long after the blog post was deleted and replaced with the editor's note: "This post has been removed at the request of the blogger." OneCoin was soon to follow by removing the link from its Facebook page to avoid awkward questions about the missing content.



How to steal from muslims



OneCoin adds Shariah-compliant option for Coinsafe

Islamic finance is one of the fastest-growing financial areas, which presents a financial system governed by the principles of Shariah law. In order to improve its services for OneCoin users in muslim countries, which have been increasing exponentially over the past year, the company has implemented changes to the Coinsafe option, which will now allow people from those countries to use it without overstepping the boundaries of the Shariah law.

According to this financial system, money is simply a medium of exchange. Each unit is equal in value to another unit of the same denomination and you are not allowed to make a profit by exchanging cash with another person. This system do not allow benefitting from lending money or receiving money from someone, i.e. receive interest.

To comply with these rules, OneCoin has made changes to its Coinsafe option, which would usually generate interest. Now users can choose to tick a “Shariah-compliant account” box in their Coinsafe account. That way the user will receive gift coins in return for storing their mined OneCoins in Coinsafe, instead of interest.

If you would like to switch to the Shariah-compliant Coinsafe account, log in to your back-end and tick the “Shariah-compliant account” box.
- So let's call it "a gift" instead of interest. - Let's call it "education" instead of ponzi.



Message for the Leadership Summit on Islamic Finance and Cryptocurrency, 25.07.2016



0:20
Bullshitting constantly takes its toll by drying her mouth.

1:15 
"OneCoin targets the usability of cryptocurrency." - Well, no, it does not.

1:23
"OneCoin's strategy always was to create a cryptocurrency for the people. - People like you and me who do not have a lot of IT knowledge. Who do not want to make huge investments in hardware to mine coins."

- So the CryptoQueen, the great mind behind the revolutionary and ground breaking cryptocurrency reveals that she has not much knowledge in IT. I wonder when will she admit that she sucks in economics as well.

She also preaches yet again about banking the unbanked. This conflicts with OneCoin's strict policy to insist all onecoiners to identify themselves with proper documents. In fact Ignatova has already said many times that people unwilling to identify themselves are not welcomed to OneCoin.


Friday, 22 July 2016

OneCoin / OneLife: Lies in Tokyo, Ruja's part

Before going to the Ruja's presentation I must repeat something from my previous blog post because it really makes it absolutely clear that we are talking about a pure scam: 

As mentioned in my previous blog post OneCoin has gone presenting numbers that are obvious lies. The figures Sebastian Greenwood announced in Tokyo are totally lunatic and they simply can't be true. 

(This part updated 30 September after checking OneCoins compensation plan.) According to the numbers presented OneCoin needs to pay 168 million euros each week just to cover what sums up for commissions to the 8.000 top promoters. There would have to be over 120.000 people buying at least a Tycoon Trader package of 5500 euros each month for OneCoin to cover those expenses.

The slide Greenwood was showing also revealed us that 2.500 members have millions on coin value. This means that a tiny minority of 0,125 percent of the claimed 2 million members must own over half of the mined coins. 2.500 x 1 million adds up to 2.5 billion and that's over half of the total marketcap OneCoin claims to have.

It looks like they have not calculated anything before announcing those figures. They seem to just pick up random numbers that look arousing enough to build up the religious trance that the members are suffering.


Ruja Ignatova's presentation in Tokyo





Well, it's quite boring in fact. It's mostly what we have heard her preaching before.

There are lots of things that are confusing though. Ignatova talks about usability a lot as a key factor for a cryptocurrency for the masses, but usability is precisely what onecoin doesn't have.

14:40

"Litecoin, number four. Why is Litecoin so small? Why? What is going on?" She continues by stating that the reason for other cryptocurrencies being so small is because they can't be used. "Has anybody seen an opportunity to use Litecoins?" 

Well, how come OneCoin is so big when it can't be used either? Let me answer that question: It's because OneCoin being the second largest cryptocurrency is a lie. The coin lacks usability and has no real value. That's why you can't find OneCoin in any other charts but the ones OneCoin or its promoters are presenting. That's why there are no newspapers reporting of this new ground breaking cryptocurrency. Instead newspapers are reporting about a ponzi scheme called OneCoin.

Then we hear again about the greedy and evil banks. She uses an imaginary bank as an example to compare why Onecoin is so superior: "Now a bank launches a cryptocurreny." ... "They will not provide this for free." She says that of course banks will charge their clients and adds: "There's no such thing as a free lunch." - Funny that she uses that phrase. OneCoin certainly doesn't offer any free lunches.

18:14

"The second - I think a success factor for a cryptocurrency... I believe that one of Bitcoin's biggest issues is the anonymity that they have created." Then she states again - like many times before - that if you want anonymity you are not welcomed to OneCoin. - Screw you unbanked people!


20:53

"The third thing, that's very very exciting about cryptocurrency... in my opinion is the merchants" She states that OneCoin has much more users than Bitcoin. Users? Who can use onecoins?

She also praises their new blockchain which they claim to start in 1st October. This only proves that as OneCoin is a dictatorship, their queen can do what she pleases. She can even double everyone's coins with her magic wand and make all twice as rich. However, for an obvious reason she takes special care not to use her magic wand before 1st October. So in theory it could be possible to buy so much educational packages that the final amount of 120 billion onecoins would be exceeded when Ignatova uses her magic. Isn't this amazing?

About transparency

"Nobody knows who created Bitcoin. Everybody knows who created OneCoin."
- Well, not exactly. The Finnish county manager Tommi Vuorinen has explained the birth of OneCoin. According to him the algorithm that OneCoin uses was coded/invented by five Indian mathematicians. Now Ignatova apparently claims that she possesses some magical coding skills and she's the sole person behind the coin.

Wednesday, 20 July 2016

OneCoin Circus in Tokyo Japan 15th July

Last weekend OneCoin circus was visiting Japan to set up the ground for stealing money from the Japanese. I watched a clip in YouTube showing the parts of Chris Principe and Sebastian Greenwood giving their speeches at the event in Tokyo. Let's go through their presentations and analyse them a bit, shall we!


Chris Ponzipe... sorry, Principe:


By now it's obvious that Chris Principe is a loyal servant of Ruja Ignatova and OneCoin. He was a speaker in the London event and now he continues to travel with the OneCoin circus to Tokyo shamelessly promoting the ponzi scheme.

At the Tokyo event he goes through a slide show painting us a picture of a future with cars without drivers, phones installed under our skin, and of course everybody using cryptocurrency.

"Everyone in this room. Everyone in OneCoin is a pioneer. Pioneers of the new financial future... Everybody here who is a pioneer, give yourself applause!" Then he continues by bashing banks and governments as a danger. Apparently OneCoin is the savior.

Then Principe jokes about all the money OneCoin has stolen:


"Now, you could load all your money in a truck and take it to the bank... This might be Juha's truck." (Referring to Juha Parhiala who makes 4 million dollars each month according to OneCoin.)








"Or you could find another way of saving your money... I think that's Sebastian's bed."






"We are today the barbarians at the gate. The establishment is afraid of what it is we're about to do and aren't doing and can do."


Well, I haven't heard anything about anyone being afraid about what onecoiners can do with their ponzi coins. However, barbarians and onecoiners have something in common, they both know about equally as much about cryptocurrency.








He continues to talk about the four key uses and benefits of cryptocurrencies. Needless to say OneCoin has none of those. Anyway Chris Principe isn't there to convince people but to confuse them with mixing up facts from real cryptocurrencies to the ponzi currency.

He emphasizes the first one, banking the unbanked, because "it's closest to Ruja's heart". It's funny though that she has already stated that no one without proper documents for identification can be part of OneCoin/OneLife.

About devaluation of money

"You went to sleep at night and woke up the next day with less money. It doesn't happen in cryptocurrency." Yeah, he really claims that investing in cryptocurrency is all safe and the value of your investment simply won't go down. Well, I have to admit that this might even be true what comes to onecoin because its value is based solely on rainbows and unicorns.

After 19 minutes he urges and rushes people to act (to invest in OneCoin) because: "Six months from now... even a month from now by not taking action today you might lose the opportunity." Then he blurts out couple of the favorite examples of onecoiners: Microsoft and Google. "If you had bought shares of those companies when they started you could now be a millionaire or maybe even more." Well, anyone can be a smartass after something has already happened. That's why so few of us are millionaires, because we simply don't know the right numbers before lottery.



Warning! Greenwood and astronomical figures ahead!


29:50

- This is actually quite funny. Greenwood explains why Conligus, OPN, UniverTeam and BNG were attracted to join OneCoin: "Companies who have failed. Companies who said: we pay out too much commissions, we can not afford to run a network." So basically he described those companies as pyramid scams - which they truly were. But for the Ponzi's sake, don't say it out loud, Mr. Greenwood!


37:00

"We have more than 8.000 people making 35.000 euros a week - every Monday." 
(My commen updated 30 September after checking OneCoin's compensation plan.)
- So each Monday OneCoin pays 280 million euros to those 8.000 affiliates, and that sums up to 1.1 billion each month! This certainly is some expensive education people are buying. 

- To cover the expenses of the commissions to the 8.000 top promoters OneCoin needs at least 168 million euros every week. (Only 60 % of commissions go to cash accounts. So 0,6 x 35.000 is 21.000 euros. 21.000 x 8000 = 168 million). That's 672.000.000 euros each month. They would have to sell at least 122.000 Tycoon packages each month just to cover those expenses. Those figures just don't add up with the reality.

Sebastian Greenwood:
"Now all of you in here can make 35.000 euros a week - easily!"
- Really?


0,125 % of OneCoin members own over half of the onecoins.




The slide behind Greenwood states:

"320 millionaires on commissions."
- By knowing OneCoin this figure is most likely total bullshit but let us humor our selves, so over 320 million euros stolen by the top scammers already.

"2500 millionaires on coin value!" = at least 2.5 billion euros worth of ponzi coins. By the way, OneCoin's marketcap on xcoinx.com is about 4.8 billion. That been said a tiny minority of 0,125 % (2.500/2.000.000 = 0,125 %) of the members own over half of the onecoins . Is this a coin for an elite or what!

"120.955 members with more than 1.000 euro total bonus earned."
- I'm not sure what this "total bonus" means but at least it's in euros. Who want's those coins anyway?


48:50

"Now the question is how many coin millionaires can we create? - Many!"
"Make sure your business grows! Make me proud! Make Dr. Ruja proud!"


Link to the video

Monday, 4 July 2016

OneCoin en français / OneCoin in French + updated blog statistics

Je ne parle pas français mais voici quelques informations sur OneCoin en français (translated in English: I don't speak French but here's some information about OneCoin in French):

http://www.lelibrepenseur.org/du-bigcoin-au-onecoin-de-la-genese-de-larnaque-ponzienne-par-p-roussel/

http://www.lelibrepenseur.org/suivez-la-voie-de-lemancipation-et-realisez-vos-reves-en-rejoignant-le-reseau-onecoin-amen/

English speakers can try to use Google translate on those links but I'm sorry to say that the translations suck. However I can say that there's probably nothing much new to anyone who's done his homework about OneCoin.

Blog Statistics


Let's have a look on my new blog statistics after almost two months have passed since the last time we checked them (11 May).


Pageviews by Countries

Schematic, where the most read blogs
TargetPageviews
United States
1407
Finnish
912
Great Britain
630
Swedish
387
France
305
Germany
181
Ireland
133
Romania
112
India
73
Belgium
67


As you can see United States have reached the pole position. People seem to search information about this ponzi and that's a good thing. Too bad that Asian people are hard to reach because of the language barrier and differences in search engine preferences. Nevertheless there has been some visitors from all over the world including Eastern Asia. I can see from my stats that some are trying to breach through language barrier by using Google translate.

The total amount of page views has reached above 6000. For those onecoiners worried about my staggering incomes from exploiting OneCoin's humongous popularity I have some words of consolation. My Google AdSense account shows balance of 5 euros and 38 cents. The minimum amount that can be transferred to a bank account is 70 euros, so that won't be happening soon... if at all. As you can see I have no financial gain to achieve by criticising OneCoin. I can also assure you that I don't get commissions from everyone who turns down the ponzi membership.

Saturday, 2 July 2016

OneCoin no longer accept onecoins for payments

As mentioned in my earlier blog text OneCoin's members had an option to choose onecoins as a payment method for purchasing OneTablets or gift codes for education packages. That option made it clear that OneCoin itself valued their coins to 0,5 euros per piece when actually using them to make a purchase. 

It's somewhat bizarre that OneCoin had this option available in the first place. To accept their own coin would be a groundbreaker for any company that had developed a centralised crypto currency. Yet they did not mention anywhere that onecoins could be used as a payment. It's hard to understand what purpose did that option serve as the value of the coins was set so low. Why to accept coins at all when setting the value so low? - This also conflicts heavily with the value they publicly claim the coin to have. 

Now the possibility to use coins has been blocked. I'd assume that many members chose to use that loophole to change their worthless coins to something which has at least some real value - as the crappy tablet might have. Judging the specs of the tablet it was generally valued as being a low budget tablet of maybe 50 euros at most. However OneCoin is charging staggering 580 euros for it. As masses of members were to spend their worthless coins it came a tremendous burden for OneCoin and they quietly turned the off switch to prevent further damage:



A good question that everyone involved in OneCoin should ask themselves is: Why isn't OneCoin accepting onecoins as a payment method for its own products, event tickets etc? Why was the value of a coin set to 0,5 euros per piece when the loophole existed?