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Saturday, 18 November 2017

OneCoin Checkup - November 2017



A lot has happened after my last post about OneCoin. The ponzi-pyramid has been badly decomposing for months and the recent happenings only reflect the stinky state of the scam. 

There has been top scammers leaving the sinking boat. The fairly fresh CEO of OneCoin, Pierre Arens, quitted after barely six months of managing the ponzi. A scamvention was held in Lisbon in October. OneCoin launched an ICO website in an obvious haste.

But let's start with the Lisbon event that gathered the top scammers together. The weekend started with a gala dinner on Friday 6th of October.


Pierre Arens didn't show up at the scamvention.



Gala Dinner, Lisbon 6 October


During a Gala Dinner day before the event day, Global Master Distributor Sebastian Greenwood wasn't too happy with the failing DealShaker platform.


Greenwood admits the failure of DealShaker


21:30

"I think we set a goal in the beginning where we said: One million merchants in one year's time. - Okay, I have to slap everybody on the wrist. You know why? We have about 50.000 merchants and it has been six months. 
We are really failing here guys... We are failing on the merchants side."

- Well, you really didn't surprise anyone outside the cult with this. After all, there's a reason why the platform has been mocked as a DealShitter.

Alexa.com shows continuously decreasing traffic to DealShaker:







The Lisbon Event


Greenwood keeps on pushing the audience to do better.

8:00


"You only have 355 days to go. (before the launch of the coin)" ... "So if God called you and said you have only 355 days to live."

- I'm not sure if the best way to reassure victims of this ponzi is a metaphor implying that it's all going to end after 355 days.


"You are the supply of the coin."

- Yes, that's pretty much obvious to every onecoiner. No one seems to care though that there is no demand for the coin, nor there ever will be.


"Xcoinx was a very very basic platform, only for you guys to kind of understand how this cryptocurrency works."

- Well, funny that you put it that way, because Xcoinx was a disaster and it was very far from helping to understand how a cryptocurrency works.

Despite Greenwood belittles Xcoinx.com, the way the platform was marketed to the members during its launch begs to differ. This is how the official newsletter of OneCoin was praising the platform on its launch in November 2016:
"This is first step the toward making the OneCoin cryptocurrency PUBLICLY TRADED! The state-of-the-art currency exchange platform, which allows users to buy, sell and exchange cryptocurrency. Open 24 hours a day, 5 days a week, xcoinx meets all the needs of users, willing to delve into the innovative world of trading."

In reality the platform was full of expiring deals after the large majority of members were trying desperately to sell their coins. This lasted for a month or two until the platform was suddenly closed.


Greenwood continues: 
"That is not the platform (referring to Xcoinx) that this coin is gonna be traded on. So this is an exchange for the whole world. This exchange needs to have a license behind it. Any exchange today who exchange multiple cryptocurrencies or one cryptocurrencies needs a license."

- Pierre Arens had very different ideas about Xcoinx in July: 
"Xcoinx will be open again, and it will be open to the general public. Of course we will work like any other regulated company and we are working a lots of this to have the regulation in place."

OneCoin being a laughing stock around the world and a known ponzi might cause some problems getting it into any exchange platform. But then again, I really doubt that this charade will last long enough that missing an exchange will ever turn out to be a problem.

It's also worth noticing that even the management of the scam has different views on what to lie to the members and they have been constantly changing their game plan.





European Ambassador Kari Wahlroos, Lisbon 2017





So far I have found this part of the event only on Facebook:
https://www.facebook.com/1coinpower/videos/1601074009954846/

Like Greenwood also Wahlroos addresses his concerns about the amount of merchants registered in DealShaker platform.

Surprisingly Wahlroos brings up OneCoin's problems with keeping its leaders together and how some of the "big big boys" have left the boat.
"Yes, some are leaving. - Thank God! Do you know what, by the way? People are afraid. Do you know what happened actually? We made the best months ever. The company is breaking records again this year."
- What? Sorry, can't hear you from the crumbling ponzi-pyramid!



Wahlroos sets an example of violence



Wahlroos: 
"If somebody comes to say to me that: "OneLife is a scam." - Do you know what I do? I punch the face!" 
He ends the sentence by underlining it with punching his hand. Disturbingly there's some laughter from the audience and applauses.

Kari, this might come as a shock to you, but people who run legitimate businesses don't go threatening others with violence. In fact, as far as I know this is already the second time you have publicly threatened anyone opposing the scam with your fists. The previous documented threatening was in Munich November 2016.

Let it be known for the second time that I would have no problems whatsoever to tell my thoughts about OneCoin straight to Kari Wahlroos's face. - This is not a threat but a promise.



OneCoin's comical IPO failure


This is so ridiculous that I'm just amazed how some onecoiners still take the company seriously. OneCoin has been marketing its IPO plans heavily since the start of this year. In September they just quietly dropped the plans without explanation.

This is how it started. OneCoin published a video where Ruja Ignatova explained the IPO plans:
"This is why we're sharing our plans about 15 months in advance with you, so we all can prepare for the IPO of OneCoin. So we want to list the company OneCoin on the stock exchange in Asia, because currently still the majority of our customers is in Asia, China, Japan, Korea, Vietnam, Thailand, a lot of countries." ... " This is why we chose Asia for the stock exchange."

This is how Kari Wahlroos was marketing the IPO in April:
2 April 2017 Wahlroos: 
"I believe personally, it's going to be the world's biggest IPO ever."

... until completely changing his mind in November:


3 November 2017
Wahlroos answering questions on Facebook:

I don't think the company has yet officially brought up the dropping its IPO plans. The awkward news was first delivered by Muhammad Zafar via livestreaming on Facebook while visiting the HQ of OneCoin in Sofia.

The members were just left baffled about what happens to their OFC's (future certificates) that they had bought using onecoins. Now they don't even know how many worthless onecoins they will get with their OFC's.



Departure of Pierre Arens



After some serious thumb twiddling and not showing up at the Lisbon event Pierre Arens finally stated in late October that he had left the company. As Arens himself puts it, he considered having "a lack of leeway as a leader". 


I believe the real reason was Arens's total incompetence of being a ponzi CEO. I think he just didn't have the experience in scamming that was required to operate as a convincing and successful ponzi leader. No wonder he looked the whole time like holding a giant fart.


Pierre Arens sitting beside the queen of ponzi.



The departure of Arens was also commented by the company: 
"Official Statement from OneCoin Corporate Management This week OneCoin CEO Mr. Pierre Arens will officially step down from the position of OneCoin CEO. The decision was made after a mutual agreement and Mr. Arens, who will be ensuring the smooth transition of all projects undertaken during his management. The successor of Mr. Arens will be announced soon.​"
- Anyone else interested in ruining his reputation?




Forgotten Pablo Munoz



Pablo Munoz, the CEO of OneLife, unofficially not the CEO of OneLife.


Strangely the CEO of OneLife, Pablo Munoz, just disappeared from the management without the company giving any explanation. Neither has Pablo Munoz given a reason for his departure.



OneCoin launches an ICO that is not an ICO


After failing with its IPO strategy OneCoin obviously needed something big to distract the members from all the mind boggling things raising awkward questions.

Thus an ICO plan was rushed online: www.onecoinico.com. ... Strangely the company itself was quiet about all this. It seemed like OneCoin's scam-management was relying on rumours and to the network of scammers on letting the whole thing sink in to the victims.

Before launching the site there was a counter counting the remaining time for the big event:



And what happened after the time ran out of that counter? - A new counter was presented!



On October 25 the website was finally launched presenting the ICO plans of OneCoin by a new shell company, Golden Gate Investments.

However, it quickly became obvious that the website was published in quite a hurry. As opposers of the scam were proofreading the website and commenting about it, a lot of corrections seemed to been made shortly after their findings. 

What's left is still a mess.

The ICO website was supposed to start the ICO by letting anyone to register to the program. Yet there's still no way on the website to participate the ICO despite stated otherwise on Onecoinico's FAQ section:

"HOW TO REGISTER FOR THE COIN OFFERING?To register for the Coin Offering and receive OFCs, please go to www.onecoinico.io and click Sign In or Join. Then follow the steps of the registration process. Please select whether you prefer to participate as a company or an individual – depending on your choice you will be asked to submit the relevant KYC/KYB information."


The ICO website was launch by Golden Gate Investments LCC, which is a company just recently registered in Dubai. 

According to Kari Wahlroos on 3 November: 
"The Coin Offering is organized by Golden Gate LLC. This is an independent company of OneCoin and OneLife Network."

However, it didn't take long after Golden Gate Investments LCC was practically buried. A couple of days ago a new shell company was introduced. Now SILO Capital Group was supposed to manage the coin offering instead of Golden Gate Investments. The company informs on the website: 
"The involvement of Golden Gate Investments will be limited, supervising the communication activities of the Coin Offering." 

I'd suspect that OneCoin is yet again having problems with its shell companies, even though freshly incorporated. It's funny though that despite SILO Capital Group being in charge now, the website still has all the old information implying that GGI is the company running the show. 


The Terms & Conditions section let's us know that this isn't an ICO after all by stating: 
"The GGI offering performed will not include or in any other way involve issuance of any currency, securities (whether equity securities or otherwise) or other kind of investment certificates and/or instruments. The OFCs to be sold during the offering are merely cryptographic units, that enable the usage of and interactions with services enabled, if successfully completed and deployed."
- Okay. Then why is it called COIN offering? Why is OneCoin referred as a cryptoCURRENCY for example on onecoin.eu?


The announcement published by SILO Capital Group also states:  
"The structure of the Coin Offering and the Token Model will be described in the White Paper, published in Q1 2018." 

What? I thought there already was a white paper? I suppose there's a new blockchain coming in the beginning of 2018 then.

3 comments:

  1. Regarding the chance of new blockchain coming in at the time of ICO:
    We've heard several indications about that. I've seen affiliates talking about incoming "better blockchain technology" as well as this gem:

    https://youtu.be/3fp5bLXuz6I?t=3m35s

    "The blockchain is getting full"
    First "there's not enough coins for merchants" - a'la Ruja Ignatova (what did the merchants need coins for? To give back change for the buyers?!?).
    And now the blockchain is getting full. :D
    You can't make this kind of stuff up, I'm telling you!

    My expectation is that they'll launch their first actual blockchain (i.e. not a SQL database) and have it public, distributed, everything that the BitCoin is, everything that OneCoin is not and everything that was supposed to be worse in Bitcoin.
    Then the coins go to open exchange and rest can be seen in the NanoCoin scam where coins were sold for the face value of 6.35 euros / coin.
    The open trading started and almost immediately the coins were sold for less than one euro...
    ...then for 0.34 euros...
    ...0.30 euros...
    ...0.28 euros...
    ...0.14 euros...
    The last closed deal before they pulled the plug from the scam was at 0.04 euros / nanocoin and the daily sales volumes were negiligible as nobody wanted to sell for price that low (and no buyers for a price any higher).

    ReplyDelete
    Replies
    1. This certainly is ridiculous stuff, and it's coming directly from Greenwood.

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