A lot of people seem to think Onecoin is a far better investment compared to bitcoin. While nothing could be further from the truth, it is not hard to see why people would invest in Onecoin rather than bitcoin. To the average consumer, bitcoin makes little sense. However, it is evident bitcoin will always be the superior currency.
Over the past few years, Onecoin has made quite a name for itself. The people responsible for this project advertise Onecoin as a digital currency that will not only make investors rich over time but also provides a gateway to product and services as part of the Onelife ecosystem. However, there are quite a few caveats regarding Onecoin that most less tech-savvy people tend to overlook. After all, the concept looks appealing, but can its creators back up any of their initial claims?
That is where the Onecoin project falls apart almost immediately. While it is true investors will see their account balance update over time, that does not necessarily mean they own said funds. In fact, until they request a payout from Onecoin, they will never control their profits or original investment ever again. Moreover, the account balances one sees update every so often is nothing more than a number in the Onecoin site database being changed, even though it has no value whatsoever.
Moreover, the Onecoin team claims they have made a digital currency, which is issued over a blockchain. So far, there has been no proof of a Onecoin blockchain, simply because it doesn’t exist. Nor will it ever come to fruition either, as the project team has no idea on how they would create such a technological marvel in the first place. It is evident Onecoin is not even a currency with proper use cases, other than the ones provided by the Onelife network. No one has ever been able to buy food or pay a bill with Onecoin directly, that much is certain.
Which brings us to bitcoin, the so-called “inferior currency to Onecoin”, according to some of the platform’s investors. In fact, one can argue bitcoin is everything Onecoin is not and vice versa. Unlike the scammy counterpart above, bitcoin is an actual currency that can be used around the world without requiring approval from a centralized company that has no honest intentions whatsoever. It is rather interesting the OneLife network does not accept bitcoin payments, nor does any other merchant around the world accept Onecoin payments.
Moreover, bitcoin is a digital currency, as it does not merely exist in one website’s database. The entire world can see bitcoin transactions take place in real-time without having to install special software to do so. Onecoin transactions, on the other hand, have never been publicly documented. This begs the question whether or not there is any value to the Onecoin “currency” in the first place, considering it has no use cases.
Speaking of use cases, thousands of merchants and retailers around the world are accepted bitcoin payments as of right now. Both online and offline purchases can be completed with bitcoin. Additionally, there are also bitcoin debit cards, whereas Onecoin has no debit card whatsoever. That is quite surprising, considering the value of Onecoin seems to increase every so often. Striking a deal with a credit card issuer would not be all that hard in this regard. Then again, bitcoin has a value, and Onecoin does not, which explains why no card issuer wants to deal with Onecoin right now.
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Bitcoin onecoin? - Bitcoin Forum - Index
While bitcoin was the world’s first crypto-currency, OneCoin is now the world’s leading crypto-currency. In fact, there are a significant number of flaws with Bitcoin, and these flaws have opened a door for up and coming crypto-currencies to surge forward. OneCoin has several advantages over bitcoin, and the public is likely to become increasingly aware of OneCoin’s advantages. In fact, the company currently receives anywhere between 350 and 400 million dollars in sales per month.
The company has grown quickly in a short period of time. In fact, OneCoin has only been around for a couple of years. Here are some advantages that OneCoin has over Bitcoin:
Security Of Bitcoin Vs. OneCoin:
Bitcoin Has Been Greatly Impacted By Fraud And Hacking:
There have been quite a number of incidents of fraud and hacking incidents that involved bitcoin. There have even been occasions when major bitcoin exchanges were hacked. In fact, Mt. Gox was once hacked. This was one of the largest bitcoin exchanges. For a time, it was the largest bitcoin exchange in existence. Not only did the hack of this exchange disrupt trading on Mt. Gox, but it resulted in massive disruption of bitcoin trading in general. Since bitcoin is not backed by any government guarantees, hacks of this nature have resulted in numerous people losing a great deal of money.
It has been estimated that a third of bitcoin exchanges have been hacked at some point. There are several things that make bitcoin exchanges susceptible to hacks. There are many different bitcoin exchanges, and they all have different security protocols. Some exchanges have security protocols that aren’t sufficient. The anonymity makes it easy for hackers to sell the stolen bitcoins. The fact that bitcoin exchanges are frequently hacked has caused some investors to see bitcoin as an unstable investment.
The public has become increasingly aware of the fact that bitcoin exchanges are vulnerable. This increased awareness is likely to result in fewer bitcoin buyers. As a result, there is a good chance that bitcoins could ultimately fall in price.
In addition, a glitch in Bitcoin’s architecture was recently exploited. This glitch has allowed people to withdraw money from their accounts and then alter the record of the transaction. This allowed the individual to claim that the withdrawal did not occur. So, they were able to withdraw the bitcoins while still having them in their accounts. Surprisingly, it was quite easy for hackers to exploit this glitch. As time goes on, it is possible that more hackers will become aware of this glitch.
Bitcoin wallets have been hacked in the past, and some of them are quite vulnerable. In fact, major bitcoin wallets have been hacked. One bitcoin wallet was hacked, and it resulted in a loss of more than 1 million dollars.
OneCoin – Is It Susceptible To Similar Problems?
There are several factors that protect it from fraud. One reason is that the OneCoin network is a closed system. This makes it impossible for anyone to illegally gain access to the system. The increased security of OneCoin is likely to make it more stable than bitcoin in years to come.
It also isn’t that easy to quickly exchange OneCoin for another currency. However, there are many ways that bitcoins can be exchanged for cash. This makes OneCoin less appealing to those who are seeking to commit fraud.
OneCoin also has record keeping that is exceptionally effective at preventing fraud. In fact, the currency’s new blockchain uses KYC documents. KYC stands for know your customer, and this policy is applied to all individuals who use OneCoin. This same type of policy is used by major financial institutions throughout the world. The policy of knowing customers helps to prevent a variety of types of fraud, such as money laundering. This helps to ensure that OneCoin remains a stable crypto-currency. Money laundering and other types of fraud have a serious impact on all currencies, including crypto-currencies.
The effective record keeping of OneCoin transactions allows for a high level of government oversight that isn’t possible with bitcoin transactions. In fact, bitcoin transactions are exceptionally difficult for governments to regulate. OneCoin actually works closely with governments and policy makers to ensure that they can easily regulate it.
OneCoin – A Large System:
It is possible for more OneCoins to be in circulation than bitcoins. This makes OneCoin more attractive to many investors. In fact, OneCoin has a coin pool that is 5700 times larger than Bitcoin.
It is possible for there to be as many as 120 billion OneCoins in existence. However, it will only ever be possible to be 21 million Bitcoins. As the number of Bitcoins edges closer and closer to this limit, the production of Bitcoin will slow down. This will make it much harder to mine Bitcoin. This will make Bitcoin much less appealing to investors, and it is likely to drive down the price. Once the limit is reached, it is likely to result in massive disruption to the Bitcoin markets.
Since OneCoin has a much higher limit, it is likely that it will take far longer to begin to edge close to the limit. In fact, it is possible that OneCoin will not even begin to reach the maximum limit within the foreseeable future. This will help to ensure that OneCoin is a stable investment in years to come.
During the past few years, the number of Bitcoins has moved upwards at an alarming pace. Despite the fact that Bitcoin has been around for less than 10 years, there currently are 10.5 million bitcoins in existence. This is half of the limit of the number of bitcoins that can ever be produced.
The OneCoin system is set up for a larger number of transactions as well. OneCoin can handle more transactions than many global credit card providers. It is possible for millions of OneCoin transactions to occur each day. The Bitcoin blockchain is still struggling to be able to handle massive numbers of transactions.
Which Crypto-Currency Is Easier To Mine?
What Is The Mining Of Crypto-Currencies?
The mining of crypto-currencies exclusively takes place electronically. Crypto-currency mining is the process of solving equations to ensure that the blockchain can work effectively. In return for solving the equations, an individual receives a reward in the form of the crypto-currency.
It’s expensive to begin mining Bitcoin in the first place, and there are continuing expenses that cut into your profit margins over the course of time. This is due to the massive computing power that is required to mine bitcoins. In fact, it is not possible to mine bitcoins using home computers unless special hardware is installed.
In order to have a computer that is capable of mining Bitcoin, it is essential to have a strong knowledge of computer hardware. If you use your own computer, the changes that you’ll have to make to it are quite extensive. However, it also is possible to purchase a specialized computer for the mining of Bitcoins, but these devices are extremely expensive. It also is possible to join Bitcoin mining pools, but this can also be quite expensive.
Then, there are electricity costs to consider. This is particularly true for large scale Bitcoin miners. Some Bitcoin miners can end up spending as much as 150,000 dollars per year on electricity.
The amount of Bitcoins that you’ll be able to make from mining them is also quite variable. For some home Bitcoin miners, seeing the reward is a fairly infrequent occurrence. This can result in operation costs being greater than your profits.
Luckily, it is significantly easier to mine OneCoin than Bitcoin. In fact, the company makes it possible to purchase tokens that allow you to have a share of OneCoin mining. This takes the work out of having to purchase and set up hardware for mining crypto-currency or finding a mining pool to join.
Their tokens allow you to be part of their OneCoin mining operations that are located on separate servers. These servers are located in Bulgaria and Hong Kong. There are varying levels of tokens that you can get, and each level allows for a different size of mining share.
In addition, educational materials are included with the tokens. This allows you to familiarize yourself with how to effectively mine OneCoin. As with bitcoin, OneCoin’s server solves mathematical equations that makes it possible for the blockchain to run effectively. When the equation is solved successfully, a OneCoin is created.
The total costs of mining of OneCoin are relatively low compared to the total costs associated with Bitcoin mining. This helps to ensure stability of this crypto-currency.
Bitcoin is a fully decentralized crypto-currency, and this leads to several drawbacks. No specific party is responsible for problems that arise with Bitcoin. In fact, it is uncertain whether or not a decentralized currency like bitcoin will be able to continue to exist in the future.
Not only is Bitcoin decentralized, but the creator of the currency isn’t even known. This makes it impossible to get back lost Bitcoins or for the currency to be easily regulated. If you experience difficulty using Bitcoins, the lack of centralization makes it difficult to seek guidance. However, OneCoin is centralized and the company’s contact information is listed on the website.
Since OneCoin is completely centralized, this solves many of the problems that are present with Bitcoin. Not only does centralization make regulating OneCoin transactions easier, but it helps to prevent fraud.
Furthermore, many governments feel threatened by fully decentralized currencies like Bitcoin. This makes it possible that one day they will attempt to regulate a decentralized currency like bitcoin out of existence. In fact, some governments have already banned Bitcoin. Some examples of such countries include countries as varied as India and Iceland. There are other countries where leaders are considering banning Bitcoin, and some individuals in the United States have even encouraged congress to ban it.
Furthermore, decentralized currencies like bitcoin are more prone to extreme price fluctuations. The stronger regulation of OneCoin that is possible as a result of centralization makes it possible to prevent extreme price swings.
The volatility of bitcoin makes it difficult to save bitcoins to prepare for the future. While the prices now appear to be rising, there have been times when bitcoin’s prices have fallen by as much as 50% over only a matter of months. Significant changes can even occur over the course of a few days.
Bitcoin’s blockchain has sometimes made errors. These errors can occasionally result in fraud being possible for some individuals. The blockchain of OneCoin has been much more carefully designed. It also is possible for the OneCoin’s blockchain to generate currency faster than Bitcoin’s.
In addition, the OneCoin blockchain has continued to improve over the years. In recent times, the number of coins and tokens in the system have doubled. The blockchain also has been greatly improved upon. Also, the blockchain is designed to run every minute. This is much faster than Bitcoin. Due to the high level of oversight of OneCoin, it is likely that improvements will continue to be made to the blockchain.
In addition, the public is becoming increasingly aware of problems with Bitcoin’s blockchain. This is likely to result in more investors turning to OneCoin, and this could be sufficient enough to drive up the price and make it possible for investors to make a great deal of money from OneCoin.
OneCoin – High Investment Attractiveness:
OneCoin has scored highly on professional measurements of investment attractiveness. These measurements provide a comprehensive overview of how attractive an investment is.биткоин краны для андроид.
Bitcoin vs. OneCoin - OneCoin Updates
Hey everyone, I just dropped into the studio real quick and a couple guys asked me about OneCoin. I thought I would shout out to you on Facebook to let you know what OneCoin is and what my opinion is.
Watch the video here:
This is going to be a controversial subject because there’s a lot of people that are die-hard, totally believe OneCoin is going to make them rich. Then there is another side of the spectrum where people believe OneCoin is a complete scam and Ponzi Scheme.
I’m going to try to stay away from the speculation a little bit and just tell you the facts.
First of all, OneCoin and Bitcoin are totally different.
If you are investing in OneCoin I would be very concerned. Let me list some facts that cause concern for me:
- I’ve spoken to people at a high level in the organization because a journalist reached out to me wanting my opinion and feedback on OneCoin. While talking to these people, unfortunately they weren’t able to answer my questions to my satisfaction.
- My questions were specific like “where is OneCoin traded?”, “where is the exchange?”, and they would show me the exchange, but there is no order book and you can’t see any orders in the order book. The exchange is not a true exchange. It’s not really an open market.
- What I discovered is that there is no open market for OneCoin. There is no open place where people establish the value based on supply and demand. The value is established by one company, OneCoin.
- Their cryptocurrency code is not open source, but it’s centrally controlled by them. I asked several times to see it, but they wouldn’t let me.
So, if the monetary policy and source code for OneCoin are not open and transparent, then it’s not decentralized (like the value of most digital currencies), and there is no open and free market for trading, there’s really only one conclusion.
There’s tremendous risk associated with OneCoin. I’m not going to pass judgement on the intentions of the company, and what they hope to do. Maybe at one point in time they want to build this up and make it decentralized, and all those promises will come true.
But, as a prudent investor, it’s something that I would be very concerned about. And, I would suspect that you would be very concerned about it too.
It does not compare at all with Bitcoin. Bitcoin is decentralized, it’s open source (anyone can read the code), and there are free markets established & trading it all over the world. There is no comparison.
Those involved in OneCoin will say that “there are more people trading OneCoin than Bitcoin,” but that doesn’t really matter.
Bitcoin has an open and free market, it’s transparent and is decentralized. Maybe it’s possible that one day OneCoin could become like a Bitcoin, or even take it over. But, the reality of what I’ve seen is that there is real cause for concern. So, I would advise you to be very, very cautious and careful.
Please realize that OneCoin has no free market, it’s not open source and the mining process is all centrally controlled.
So, with all that, it would be very easy for all that to completely disappear, or one day become completely worthless as it comes out to the free market.
Founder, American Bitcoin Academy
Want to learn more about Bitcoin? For a limited time, take this free online course on me. I’ll teach you the basics of what Bitcoin is, why it matters, and how to use it:
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OneCoin Präsentation Erklärung Unterschied zu Bitcoin .
Bitcoin is no.1 cryptocurrency at the moment. It is mainstream. Most Bitcoin exchanges are centralized companies but they trade any altcoin into Bitcoin allowing people to mine altcoins and exchange them to Bitcoin thus inflating its price and then use mainstream media to promote that price growth and manipulate small people into convincing them how they need to invest cause Bitcoin value will rise to the the sky. I wrote extensive about this on.
To understand Onecoin and Onecoin vision it is important to read this Article carefully
The first question you ask your self whether some business is legit or scam is when it was established. If it was established few months ago the risk of being scam is very high. But then you can start educating your self directly with people involved with it. Get to know them in person, feel the energy, understand the vision. Scams usually collapse in a few months, maximum six months. People often tend to mistake good projects that failed because of bad decisions with scam.
So since today is two and a half years of Onecoin’s existence, seems like it is not a scam after all. It does bring a risk with it that is sure. But tell me one business that has no risk.
Onecoin is actually an ICO (Initial Coin Offering) that will last for about 4 years, until around mid 2018.
It is a Saturn shot project of making stable and centrally regulated cryptocurrency that will be used by masses and especially on unbanked markets like some Asia, Africa, South America.
This is its first problem. For now, all we know cryptocurrency can be only decentralized and it needs to be listed on a private website CryptoCurrency Market Capitalizations. First of all, no ICO coin or token can be publicly traded during ICO and thus can not be listed on the. You will find many decentralized cryptocurrencies out there that will yell how Onecoin is not cryptocurrency cause it is centralized. I don’t think they get to decide that. People do. Governments do. Russia is finalizing a law that will only allow centralized cryptocurrencies that can track coin owners inside blockchain. Onecoin has all of that implemented already.
There are also many centralized cryptocurrencies listed on coinmarketcap and the most known is Ripple, on the third place. No one talks about them. They slander Onecoin cause they want to ruin their ICO that is going extremely well. If Onecoin was stupid project with no value, no one would care to slander it for more than 2 years.
The main problem with decentralized cryptocurrency open market is that it is subjected to big speculators that have skills and means to inflate coin prices to make big profit thus making coin values volatile.
Onecoin does not want to be just one more speculative cryptocurrency. They want to be central entity that will regulate value of its coin by not allowing large dumps and pumps by having their own exchange and impose limits and trade order expirations. You can call it economically illogical all you want but they want to make stable coin that people will be able to use to buy services and goods.
Onecoin already has more than 40000 merchants and people already can spend coins on.
It started in Feb 2017 and of course haters will say website is bad because they saw bad deals. As if amazon and ebay worked perfectly in their beginnings. Alibaba owner Jack Ma bought all deals from his website for the first 30 days.
Onecoin is slandered for not having open blockchain, not able to sell and exchange. That is normal for ICO. Any ICO that is making its own blockchain does not have fully open public blockchain except for those ICOs that run on Ethereum blockchain. Most of ICOs do not even have a blockchain during ICO and even after ICO is finishedand ) and of course no ICO is publicly traded.
The same is with Onecoin, they will be open and publicly traded after ICO is finished in 2018.
They want to make critical mass, make user base, merchants and usability, and then go out public 2nd-4rd qtr 2018 and it will have its own exchangeat the first.
Also the company wants to go IPO (Initial Public Offering) to be the first public cryptocurrency company listed on an actual stock exchange and that takes time so end of ICO can not be determined.
You will find bloggers and anonymous haters that will say they will fail and so on. It is just peoples opinions. Of course if someone presents you Onecoin project and you think it can not succeed, naturally you will pass.
The second problem Onecoin has is at the same time its strongest link. It is distributed via Multi level marketing during ICO. MLM is indeed the best crowd sale business model but it carries many faults with it.
First of all is antiMLM propaganda. Anonymous blogs that write all sorts of bad propaganda based mostly on opinions against all MLM companies and earning $$ from clicks and visits, cause they know that most people are attracted by negative content. But they don’t write only based on opinions, they also write based on events that are direct result of bad doings from the second problem of Onecoin: Bad distributors that work agains company’s rules.
At Onecoin, direct selling network is called Onelife, and it has certain compliance guidelines how you should present Onecoin concept to people. Since Onecoin is still in its ICO, private infant stage, no one can buy Onecoin or sell it for FIAT currency directly. You need to provide a gas called One token and submit it to mining pool via onelife back office and you get Onecoins based on difficulty x tokens = 1 OC. Also you can not buy tokens for cash. You actually get tokens for free as promotion to a product that Onelife actually sells. And this product iseducation packages, just see experts below to see who are some of lecturers. You will see haters discard those as a valid product but that is just their opinion. People will decide. Prices vary on education level and bring various number of splits to tokens and at the end number of coins. The more money you put into education, the more coins you get. The same as with open cryptocurrencies, the more money you put into hardware, the more coins you will have. Difference is that decentralized open cryptos are reserved mostly for IT experts who actually know how to setup mining rig and use software. Onecoin manages cloud farm for its mining and currently closed blockchain, they own all the nodes, all you need to do is pay for education pack, receive account at , wait for your splits (I will not go deep into all those, you can ask that person who introduced you info) and after you submit tokens to mining, you wait for your coins.
Since Oct 01 2016, new blockchain mines coins very fast, 50000 per minute. So anyone can "mine" Onecoin simply by buying Education pack from Onelife, get the tokens and exchange tokens for Onecoins.
That is why they already have more than 3.2 million users with more than 1 OC.
Current price of OC is internal and is based on pure demand from exchanging tokens to Onecoins. The more tokens go in, the more value goes up. This price is demonized by open market enthusiasts, they say Onecoin invents its own price. That is a lie, they know nothing about this closed system so that can only be their opinion.
In fact, at Jan 2015 OC started from zero users and zero value, it made 0.5 eur in May 2015 with around the same number of users with more than 1 OC as bitcoin had after 7 years. And after that period until now, value increased fast, every month with original blockchain, but after Oct 01 2016 when new blockchain launched, value is going up much slower cause way more coins are mined.
So 100% money goes in to education, they provide free tokens, that can be exchanged for onecoins.
Haters say it is scam because coins are “sold” behind Education store front. Well it is legal, but the same can be told for Etherium that has a storefront of buying hardware in order to mine ETH. Indeed difference it that ETH can be converted to FIAT since it is public but when Etherum had its ICO you needed to buy Bitcoins in order to get Ethers… Those people use double standards. Seems like they do not recognize that Onecoin is ICO, they don’t understand it so they have bad opinion about it and they compare it to public cryptocurrencies which actually makes them pretty dumb and naive.
So to summarize, all around the google first page you will find bunch of anonymous peoples opinions that say onecoin is a scam. I read most of comments and most are people that spent a few hours into investigating the company that is MLM and it made over $10 billion in revenue for 2.5 years. Jesus.
I am following Onecoin for more than 1.5 years and I know all negative propaganda, I am objective, I am not Onelife distributor but I own many OC cause I believe the world needs stable centralized global cryptocurrency cause all those decentralized open cryptos are all about big people earn big money, small people lose their money and merchants will never accept them because of value volatility.
I made a forum where people can find answers to all bad events surrounding Onelife and there are a lot of objective info and explanation there, also Onecoin opposition comes there to put their arguments but at the end whenever they get valid answers they turn to insults how we are brainwashed and it all boils down to their limited view, misunderstanding of Onecoin and personal opinion.
Forum is on
I have shown how ignorant proofs and claims of people who claim that Onecoin has no blockchain are
I have touched ifand
There was even debate
So to summarize, Onecoin is indeed something new, that’s why it is on deny phase currently by people from opposite side of the industry. There is a risk to it.
Onecoin cryptocurrency company top people are demonized as scammers just because they have failed projects before yet no one was in jail. I am not talking about Onelife independent marketing associates. They are independent sellers of education products. They are the reason that we see all those investigations.
Some of them were making promises and high returns. All that is explained on posts on forum I mentioned.
No investigation concluded that Onecoin or Onelife iteself is illegal.
Onecoin is legal until someone from top goes to jail and we see any declaration that its business is illegal. So far, there are investigations that are opened since 2015 and they can not find anything illegal.
The tricky part of Onecoin is whether you are willing to get coins and do you believe in such centralized concept or not. Also question is if you want long term possible profit or you are into fast money cause Onecoin is sure not fast money, you are better with open market bubbles to make fast profit.
Sure there is possibility to earn big bucks in Onelife compensation plan but I don’t like Onelife so much cause they are Onecoins biggest enemy. But all will be fine in my opinion. If you have any more questions please ask me directly. I am here to help Onecoin, cause I see injustice all around the web, I am not sell anything.пул для майнинга биткоин кэш.
Diffrence between Bitcoin & Onecoin strategies & Etc .
Recently, Bitcoin.com ran an exposé on the OneCoin “cryptocurrency” project, calling out its smoke and mirrors operation. Afterwards, we got a lot of responses from the scam’s victims, and even commentary from OneCoin leaders themselves. Now, more information has been revealed on how shady this business is, and how it continues to prey on the misinformed.
Also read: Buyer Beware! The Definitive OneCoin Ponzi Exposé
OneCoin Meeting Gets Busted!
Last week, the hosts of Bitcoin Uncensored attended and recorded a OneCoin sales seminar in Miami to ask questions about the operation.
The video they released shows OneCoin leaders describing how people can get rich by investing in the operation and, come this October, their investments will rise in value because everyone’s coins will be doubled.
The hosts of the show, Joshua Unseth and Chris DeRose, asked the speakers how easy it is to cash out of the system.
The answer: OneCoin is a long-term investment, and people just don’t sell right away.
Bitcoin.com decided to get in touch with DeRose who gave us the inside scoop on the snake oil meetings OneCoiners are holding in the US and abroad. DeRose says he really likes discussing the issue and enjoys bringing more attention to it. In addition to this interview, the guys at Bitcoin Uncensored gave to us the unreleased audio of what took place when they crashed the Miami meeting.
Bitcoin.com (BC): How did you guys hear about the OneCoin event in Miami?
Chris DeRose (CD): We run the South Florida Bitcoin meetup group every week, and it seems that by doing so, these stories/people/events seem to come to us. It’s not unusual for scams and shitcoin promoters to come out attempting to pump at our meetups, and really we encourage them to come so that we can examine their claims.
We’ve had a couple of OneCoiners come out in the past, but there’s been one particular OneCoiner “OneCoin Bob” that’s been pretty persistent. One night he showed us an ad for this event that was running in the Herald (not by him – but by a friend of his), and we decided we had to go check it out. We’ve gone to other, smaller such events in the past. But they were generally quite small, and their claims were less vulgar. So I think what’s interesting about this excursion was the extraordinary nature of the one coin claims and the number of people that attended.
I think the community needs to police itself.
BC: What were your thoughts on the overall experience?
CD: Oh man, we were going to talk about that at length in a future BU, there’s a lot of thoughts on this. I think I’m struck by how much of this scam ‘we’ as bitcoiners created. There seems to be this “get rich” narrative that altcoins, OneCoin, etc. are cultivating by citing both the success of Bitcoin and the rhetoric of bitcoiners. This is particularly pronounced in OneCoin, where there is literally no substance to the claims (i.e., “we’ll double the number of tokens on the new blockchain, and thus double your stored value”). This is even further compounded by the blockchain hucksters who are showcased on the presentation literature (“Jamie Dimon of JPMorgan Chase says blockchain will replace banks”).
Also, watching the deference to oracles is kind of amazing. People decide that certain people are gods, and outsource their thinking to these people. Claims were being made to the effect that Ruja has a 200 IQ, extraordinary benevolence, and mental superpowers – and people were believing this. Ruja is a monkey just like the rest of us. She has no superpowers. Neither does Vitalik, or Larimer, or any of these people who are trying to separate people from their money. It seems to be a clever way to get people to stop thinking and believe in magic.
What’s funny to me is that there’s very little difference between OneCoin and most of the blockchain proponents, but that’s probably an opinion for another article. Though, I’m about to upload an interview with Lawrence Lundy of Outlier Ventures that would suggest the mentality of a lot of these VCs is (IMO) pretty OneCoin-ish.
After a bunch of prodding, you’ll learn that they’re ‘locked in’ until about December, which is when I suspect many of them will pull out.
BC: Do you think a lot of people attending bought into the pitch they were selling and why?
CD: I don’t know. I think a lot of them (40%) were already ‘in’ at a basic package before they got there. And I think most of those people were not persuaded by us. I know the organizers called up these people afterward and told them that we ‘were sent by Bitcoin to disrupt the meeting.’ Which might be true. Hahahaha.
For the remaining 60%, I’d bet that they were discouraged by our attendance and ‘presentation.’
BC: When you guys asked about ‘cashing out’ what was the response and what did you guys think of the responses given by OneCoin associates?
CD: So, I’m not exactly sure what’s going on here, but what’s very clear to me is that the OneCoiners aren’t entirely honest about how they can cash out. They’ll tell you that they believe in this so strongly that they don’t want to cash out. However, after a bunch of prodding, you’ll learn that they’re ‘locked in’ until about December, which is when I suspect many of them will pull out. I also suspect that since this is the date they’re being told – it’s probable that OneCoin will crash just prior to this date.
BC: How did you guys feel about busting this OneCoin?
CD: Junseth and I had a whole discussion about whether and how to involve authorities. And we decided a couple things. 1. that’s not our ‘brand’, we’re anarchists, and I don’t think I intend to be the person to get government agents involved. (Though I also don’t care if someone else does) 2. I don’t think the government can really do much here, because all the value is routing out of the country. 3. I think the community needs to police itself. Junseth and I are the scam-busters around here, but there’s no reason for us to be the only ones. I think the community needs to be better about putting its foot down more often.
There seems to be a pretense amongst many bitcoiners that investment hawkers are ‘innocent until proven guilty’. But given the inordinate amount of failures, scams, etc., in this space, it’s very clear to me that no, solicitors are guilty until proven innocent, and we should be more vocal about that.
Thanks, Chris, for speaking with us about the OneCoin meeting. It’s nice to see there are some scam-busters out there helping rid the community of shady setups like OneCoin.
What do you think about the OneCoin investment meeting? Let us know in the comments below.
Images courtesy of Bitcoin Uncensored, youtube.com, Pixabayкак начать майнить bitcoin cash.
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