The Far-Out Claims Behind Onecoin: The Self-Described ‘Bitcoin Killer’

The Far-Out Claims Behind Onecoin: The Self-Described ‘Bitcoin Killer’

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As Onecoin “mastermind” Dr. Ruja Ignatov comes onto stage last year to deliver a speech called “The Blockchain”, fire is shot from the stage and fog machines are deployed as a big pop song proclaims its refrain – “this girl is on fire” – over and over. Those in attendance scream and applaud.

How did the founders of a ghostly cryptocurrency that is not even listed on the popular cryptocurrency ranking website Coinmarketcap, gain so much attention?

Related: Buyer Beware! The Definitive OneCoin Ponzi Exposé

Blockchain Propaganda 101

“The English follow the principle that when one lies, it should be a big lie, and one should stick to it. They keep up their lies, even at the risk of looking ridiculous.” – Josef Goebbels

Onecoin: The Birth of a Self-Described 'Bitcoin Killer'A sense of urgency delivered in glossy speeches, and liberal use of superlative grammar (a popular practice with Ponzi schemes and dictators), have brought the fintech company much attention, and even provided smoke and mirrors for the more sinister aspects of the project.

“The company does not warrant that product descriptions or other content is accurate, complete, reliable, current, or error-free,” the terms of service on the Onecoin website reads. “The company reserves the right to, at any given time, change the Onecoin Compensation Plan.”

Onecoin claims other cryptocurrencies can “never” be as successful as it has been. What makes it so great?

“We keep our promises to people,” says Ms. Ignatov.

Possibly due to questionable marketing techniques, one bitcoin billionaire recently stated that he does not promote Onecoin.

“We can confirm that Sir Richard Branson does not endorse and does not have any association with Onecoin,” a Virgin Management spokesperson told Mirror.co.uk after a well-known Onecoin evangelist used a photo of Sir Branson making an “A-ok” sign with his hands, closely resembling Onecoin’s official hand gesture.

The get-rich-quick scheme claims to have created 300 millionaires among its three million users. Onecoin evangelists sell the coin with religious zeal. Buy just a little and it will make you “filthy rich,” they claim.

Obsessed with trash-talking Bitcoin, adherents claim their crypto-currency is kind of like Bitcoin, but more attractive to merchants. Onecoin, however, is not currently accepted by any merchants (except at Dealshaker, the company’s own ecommerce solution for its members) nor is it traded on cryptocurrency exchanges.

Still, Onecoin “has the potential to become the biggest cryptocurrency on the market,” reads a slide from the Kuala Lumpur version of the ‘Bitcoin Killer’ presentation.

“Only the biggest and best [cryptocurrencies] will survive,” says Ms. Ignatov, painting a picture of an arm’s race of cryptocurrency. For Onecoin supporters, Bitcoin contains a weakness.

“Bitcoin cannot go aggressively into payment systems because they cannot do the transactions that they need to do,” Ms. Ignatov instructs. “Let’s say I have a small flower shop and want to take bitcoins. The customer needs to wait 10 minutes while the transaction is processed. Now, do you want to wait ten minutes to buy some flowers?” 

The crowd ripostes loudly: “NO!”

This is why, according to Ms. Ignatov, Bitcoin is “not for the masses.” (Forget that Washington State merchants accept Bitcoin for a particular type of combustible flower, very popular globally).

Onecoin’s Plan to Exploit Bitcoin’s Fungibility Deficits

Onecoin planned to do this by “simply” retiring its original blockchain and mining coins on a blockchain that produces more onecoins. The switch to the new blockchain was completed in October 2016.

“So we will switch off the website for a few hours,” Ms. Ignatova explained beforehand. “Switch off the old blockchain that runs currently at the back office, switch on the new blockchain, mine the coins in the first block, give them to your account and switch them on again.”

She assures: “So, what this means for you, for us, for all of us, is first of all of course we can continue our expansion, our growth, and really make it number one worldwide.” Applause.

“We will make the wait list [to receive coins] very, very short – 3 to 6 days.” That’s compared with the current three-to-six month wait time.

Plans to IPO in 2018

Ms. Ignatova announced Onecoin’s forthcoming IPO last month in a YouTube video. She claims the fintech company has done what “no other cryptocurrency has done.” 

She declares: “Definitely Onecoin has been one of the biggest success stories out there. It’s time for us to go public and open up to the world.”

And so, in the second quarter of 2018, Onecoin plans to be public on an as yet unnamed stock exchange in Asia, where it claims most of its members are located. She celebrates how Onecoin will be the first fintech cryptocurrency and ecommerce company listed on a stock exchange.

Once public, every coin holder becomes a shareholder, according to Onecoin. But, here’s where the sorcery comes into play. In order to be eligible for the IPO, to take place in fourteen months, one must first sell a ONE (Onecoin’s token) for an ‘OFC’, a Onecoin futures certificate. This entitles members to receive shares in the company Onecoin once public.

“This is one of the most amazing promotions we are running,” Ms. Ignatova clarifies. She says anyone can double shares and thus their Onecoin holdings.

A Onecoin package ranges from the $100 Starter Package to $30,000 for a Special Combo Package. But this does not buy Onecoins per say, but, rather tokens which at a later date can be exchanged for Onecoins.

London Police are Investigating and Regulators have Warned about the Mysterious Digital Currency

Numerous inquiries by the Bitcoin.com team to Ruja Ignatov and Onecoin evangelists have thus far failed to receive replies. Bitcoin.com has done extensive research on Onecoin’s previous claims which can be found here and here

An inquiry to Onecoin support asking for technical details behind the cryptocurrency’s blockchain, in which Bitcoin was mentioned, did receive a reply in broken English suggesting any Bitcoin questions be directed to ‘Bitcoin’s support team’.

What do you think of Onecoin? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter


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  • Pete Milliet

    LOL LOL LOL

  • god cool heaven

    Hi

  • Fraggle222

    @justinofconnell why not call OneCoin what it is, a scam ! Your “article” could easily mislead people into thinking it is legit. You link to inquiries saying it is a scam and totally illegitimate but you don’t say that in your text. So casual reader just sees “Plans to IPO in 2018”.

  • Chris Jefferson

    This will be the biggest SUCCESS story in Crypto Currency History. All of the naysayers that are giving One Coin a bad name most like holds Onecoin’s as and Education investment now that they know OneCoin is going Public. After the 2nd Quarter of 2018 Dr. Ruja will have set the Standard and she will be the Queen Madam of Crypto Currency. Watch!

    • WhistleBlowerFin

      Onecoin is not even a crpytocurrency. It has no known crpytocurrency/blockchain developers, no known CTO, no whitepaper, nothing. Ridiculous internal value is defined by Ruja and her top fraudsters. In Q2 2018 there will be available supply of about 43-45 billion coins, with internal market cap of 0.4-1 trillion euros (depending on the internal coin value, with 25€ per coin,it’s about 1 trillion euros).

      If Onecoin becomes publicly tradable, its value will quickly drop to zero digits. There’s no demand for the coin, but lots of people wanting to become “financially independent”, and incredible amount of internal value which anybody with 2 brain cells can see will not corresbond to the public value. People are trying already desperately sell their coins in Facebook with big discounts, but nobody buys. XcoinX was closed, because there wasn’t buyers with the internal value and most sell orders expired.

      • Chris Jefferson

        Everyone! IF Onecoin is such a Big SCAM as you NaySayer’s voice, tell me why not later has Dr. Ruja not been arrested and sent to PRISON? The World knows about (OneCoin) Interpol,
        FBI, and all the Law Enforcement Agency’s all around the WORLD knows Dr. Ruja is operating her business in over 200 countries and has not been arrested or a convicted of a Ponzi? The last time I check about a real SCAM that broke all the records in America when investors lost Billions of dollars and I know everyone knows on the blog is BERNIE MADOFF. Is he in Prison (Yes) Is Dr Ruja in Prison ? I will continue to let the Naysayer’s answer that Question. We will soon see next year we she goes public and see where the Naysayers on the Blog fly to then.

        • antesithe

          What is the main purpose of using the blockchain technology? Who or what controls Bitcoin? Answer those two questions properly and ask the same of Onecoin. The answer will reveal the truth about Onecoin.

  • Zarman Ali Khan

    Great Article about onecoin. And for all Haters I must say just study onecoin history with a positive intent. World is going toward token system and Centeralise blockchsin is future of blockchain. All existing banks all over the world going to adopt centrlised blockchain because they have allready existing bank accounts.

    • antesithe

      Completely wrong. Your statement about ‘centralized blockchain’ makes no sense. If you are unfamiliar with what the blockchain technology is all about I would advise you to study it. The efforts right now by i.e. SWIFT to use blockchain solutions is a response and attempt to get on the technology evolution happening but until they realize that they will need to compete properly these attempts only look half hearted to me. To me it would make much more sense if SWIFT would start to cooperate with solutions like Ripple and fully get on this train.

  • Leonidas

    Onecoin is a vile and insidious scam. Not ONE SINGLE legitimate Hedgefund, investment bank or money manager has put ONE DIME into this garbage can. If it had ANY LEGITIMACY it would have huge inflows of legitimate money from legitimate investors. To date NONE. There is no open market or venue to trade or exchange the “coins” giving this scammer Iguana, or whatever her name is, complete control over the value and exchange methods. There is NO BLOCK CHAIN!! Real Block Chains require massive amounts of processing power and gargantuan servers, even in today’s technology. They have NONE! They don’t MINE COINS. They CONVERT THEM. All that takes is a simple mathematical program. The people who are promoting this scam will make money. But that’s only by drawing innocent unsuspecting people into it to lose their money. If you promote this garbage you should go to jail. And you very well might once it’s all said and done. To be a participant in One Coin, you either have to be dangerously ignorant, or just a lowlife thief and scumbag.

  • I learnt it was all but a scam! But not really sure until recently that Onecoin is a scam.

    – Olawale Daniel

  • antesithe

    The entire OneCoin idea makes no sense to me and I’m convinced it’s a ponzi scheme scam. Besides greed I don’t see any reason for anyone to even look at this. There are many good and honest projects out there so why even take a chance with something like this?

  • Chris Jefferson

    Everyone, IF Onecoin is such a Big SCAM as you NaySayer’s voice, tell me why not later has Dr. Ruja not been arrested and sentto PRISON? The World knows about (OneCoin) Interpol,

    FBI, and all the Law Enforcement Agency’s all around the WORLD knows Dr. Ruja is operating her business and has not been arrested or a conviction of a Ponzi? The last time I check about a real SCAM that broke all the records in America when investors lost Billions of dollars and I know everyone knows on the blog is BERNIE MADOFF. Is he in Prison (Yes) Is Dr Ruja in Prison ? I will continue to let the Naysayer’s answer that Question. We will soon see next year we she goes public and see where the Naysayers on the Blog fly off the cliff. .