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Wednesday, 27 April 2016

OneCoin in media


Updated, 4 May. Check out the bottom section.
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Let's straighten out some lies about OneCoin's presence in media that onecoiners have been eager to spread in order to lure more people into this ponzi scheme.



The Forbes Cover - a paid ad

As we all know by know this was a paid ad. Even OneCoin itself has acknowledged this - although at first they sure kept carefully presenting the "cover" and the article with out ever mentioning that it was just an ad. When the magazine was presented in any video or picture they made it sure not to show the actual cover and there was an obvious intention to mislead to think this as the actual cover and thus the article not paid for.











Financial IT - a paid ad

There are still onecoiners claiming that the article in the February issue of Financial IT was not a paid ad. Onecoiners also like to give a vastly exaggerated picture of Financial IT as a magazine intensively followed by financial world. They claim that about 70 % of banks in the world are subscribers to Financial IT. 

The reality is that Financial IT is a insignificant magazine which is published only four times a year with only 2000 print copies (claims the magazine itself). Their archive reveals that they have been publishing the magazine only 1-2 times per year before 2016. 


Each issue of Financial IT contains almost entirely paid articles and ads. They are also quite flexible what comes to their integrity. When a ponzi scheme comes splashing their cash Financial IT seems to be the magazine to get an article into. They even went as far as made an exception to have an extra issue published when OneCoin showed enough money to get an article (with a cover) to their magazine. 

To underline the ridiculousness of the case the issue for OneCoin is exact copy of Financial IT's previous issue in JanuarySome onecoiner uploaded the "February issue" to the internet back in February and the magazine was available online for some time. I made a thorough comparison to the magazines back then and I can confirm that the February issue is the exact copy of the January/Winter issue. Only difference is of course the cover and Financial IT had to do some modifications to the table of contents. They also removed some ads to make space for the OneCoin article.

Here you can also see a comparison of the January-February issues in a video:
https://www.youtube.com/watch?v=cODVlxpe964

Yle News - the early days of OneCoin


This video clip from a Finnish Yle News broadcast can also be found in OneCoin's Facebook video collection. I can't remember exactly when this was broadcasted but it is mentioned that by the time of the interview OneCoin claimed having about 70.000 members.

The general tone of the Yle News about OneCoin in this video is skeptical and warning. A reporter mentions that OneCoin is considered being a pyramid scheme although not referring to any particular source.


Yle News again - in the beginning of 2016

This was broadcasted either in February or March 2016. The video is somewhat edited but it has subtitles in English so no need for further explaining:



Yle - a reporter interviews OneCoin's Finnish country manager Tommi Vuorinen in March 2016

Again there are English subtitles so see it for yourself:



The Daily Mirror, 10 Feb 2016 - definitely not a paid ad


Yle News, an article 13th March 2016


- The reporter keeps an unbiased approach to the subject. However the deeper he investigates the more ponzi warning signs pop up.

There are also a bunch of newspaper articles warning about OneCoin. OneCoin itself isn't keen on commenting to newspapers so they tend not to respond to any reporters unless they can be bought.

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Update, 4th May

I forgot to add this article from Finnish Ilkka newspaper published 20th April:


The headline in English: 
Monetary experts warn: Don't invest a cent in Onecoin.

The article is very critical towards Onecoin and it warns people from investing money to the scheme.

At the bottom of the article there is the Finnish country manager interviewed. Nothing surprising there. He defends the pyramid with the same phrases as before.












Here's also an article from Iltalehti 12th March:
- The tone of this article is warning and it points out some red flags. There's also warning from the Finnish NBI at the bottom part of the article where the NBI states that there are both financial and criminal risks for anyone participating OneCoin.

Monday, 25 April 2016

OneCoin's newsletter 25th April

For your information I have had a free OneCoin rookie account for a quite some time now just out of the interest to see the latest news and to check out the insides of the system - as far as a free account lets me in.

Just a while ago I received OneCoin's latest newsletter. Let's have a closer look at it:

... Nothing much new. Same shit they usually put there every week. 

They are selling tickets to the upcoming London event. Interestingly you can't buy tickets with onecoins. OneCoin still only accepts euros. It's quite strange that they don't bother to mention how many seats are still available in the event. There are three levels of tickets: Bronze (100 EUR), Silver (150 EUR) and Gold (200 EUR). 

"The Ticket classification is based on the proximity to the Stage. Gold - closest, Silver - medium, Bronze - back of Hall. But don't worry - the tickets in all categories will present an excellent view of the stage!" It's funny that this is the first time they bother to reveal the meaning of each level. However you still don't have exactly a clue what you are buying and where you will be seated. 

In addition: "In order to show our gratitude to our most dedicated supporters, we are giving all Members with Diamond rank and above 2 FREE TICKETS for the event!" - So they are also just giving the tickets/seats away not giving a damn about if there will be enough room for the participants.

"Ticket sales have been going through the roof, so make sure you book your seats as soon as possible, before they are sold out!" - Yeah, right. 

"MASTERCARD ONECOIN CARD UPDATE"

Well, this is interesting! Are the members finally able to apply for the famous prepaid-cards? You know it has been several weeks now (maybe two whole months already) with out the possibility to apply for the prepaid-MasterCards. Well, nope:


"Please note that due to a technical procedure, which we are processing together with the Issuing Bank of MasterCard OneCoin Cards, both the approval of new card requests and the card loading functionality are temporarily suspended. As soon as the process is completed, we will keep you duly notified. We apologize for the inconvenience."

According to the newsletter OneCoin members can't even load cash into their existing cards. The usage of the prepaid card was supposed to be a huge deal to OneCoin members because they would be able to cash out their ponzi money with out authorities finding out. 







Nothing more interesting in the newsletter. The Harbin event was evidently cancelled but OneCoin has not mentioned it at all. Also the breaking of 30 % limit of mined coins and releasing coins to use for shopping was something they didn't acknowledge at all. I guess what doesn't happen in OneCoin stays in OneCoin.

Onecoin accounts for sale

The numbers of members trying to get rid of their OneCoin accounts is rising. If you check out OneCoin's Facebook page you can see it for yourself. Apparently there are no buyers because they just keep on selling with out responses to their generous bargain offers.

Tuesday, 19 April 2016

30 % of onecoins "mined", still no use for onecoins

Yesterday was a big day for onecoiners because the magical milestone of 30 % mined coins was finally reached. OneCoin's Finnish country manager Tommi Vuorinen had promised that after reaching that point onecoiners could use their coins for shopping and there will be at least 50.000 shops available for the eager coin users by this summer. Vuorinen had even went as far as making "a press release" to media including the promise about shops for onecoiners after reaching the 30 % limit. The wildest promises from OneCoin leaders/representatives have set the numbers even higher as we have been told that over 100.000 merchants are lined up to accept those precious coins.

Of course nothing actually happened yesterday. There was still no place to use onecoins. OneCoin itself has been surprisingly quiet about this ground breaking milestone reached. One would expect that they would at least say something about a subject of this magnitude. Come on! There are over 100.000 merchants lined up to get the onecoins circulating!


Expectations exceeded already!

It becomes more and more obvious that the top of the ponzi gang did not expect the scam run as far as it has ran. They have been struggling running the ponzi for quite some time now and there are obstacles piling up as well as broken promises. One thing revealing the exceeded expectations of those ponzi scammers' is that there still is no way possible to make transactions with onecoin and yet they have been promising merchants to accept coins soon. Anyhow it would be difficult to build a transaction method for a currency based on an excel sheet.

Grand Ceremony in Harbin China cancelled

OneCoin's "Grand Ceremony in Harbin" appears to be silently cancelled. Maybe some Chinese authorities are on to OneCoin and prevented the Harbin event from happening? There were onecoiners bragging about this soon to be massive event just recently. OneCoin on the other hand has been awkwardly quiet about the whole event most likely because its cancellation is some what embarrassing. Instead they have been strongly focusing on marketing their future events like the one in London 11th June. It's going to be interesting to see if there are much one-believers participating that event. At least OneCoin has to come up with some pretty good excuses for broken promises in London.




Sunday, 10 April 2016

An easy-to-understand guide to OneCoin

Welcome to this easy-to-understand guide to OneCoin scamcept! 


You might have ended to this web page because you were searching some valuable information about OneCoin. Well, search no further my friend because you have hit the jackpot! By joining my team - free of charge - you can save a lot of money up to 100.000 euros (which is the most expensive package OneCoin is selling)!

I gain nothing financially from criticising OneCoin. I don't own Bitcoins or any other cryptocurrencies. Neither do I have a thing against people getting rich. I only wish to spread real information about this ponzi scheme.


Basics

OneCoin is a ponzi scheme set up to mimic Bitcoin in almost everything except being a legit cryptocurrency. They claim to be a centralized cryptocurrency. This leads to a major conflict with the essential idea of cryptocurrency since there is no sense mining a centralized cryptocurrency. You don't have to use massive computer power let alone years of time to create a centralized cryptocurrency. A simple modern computer could calculate a database for OneCoin's purposes.

Getting rich?

Onecoin's ambassador Kari Wahlroos

Filthy maybe, rich no. The only income OneCoin has is the cash they receive from their victims. You don't have to be a genius to calculate what are the chances of getting rich in a pyramid like OneCoin. You would have to fool a lot of people into OneCoin just to get your initial investment back. Well, I guess that would make you filthy though and according to OneCoin's ambassador Kari Wahlroos that seems to be the OneCoin way to richness.

What about the coins? Aren't they worth something? Well, the coins are not going to make you rich. They have no real value and you can't buy a thing with onecoins. There are already a lot of members desperately trying to sell their accounts with heavily reduced prices. Also the selling of onecoins to other members is restricted in such a way that getting rid of coins would take a massive amount of time and effort. While there is no interest in buying coins for the price set by Ruja the majority of sale offers tend to fail.

Shops opening soon for onecoins!



















Nope, the future does not look bright at all for OneCoin. I might need shades because of those teeth though.

Onecoin pushers have made a ridiculous claim about 50.000 or more shops accepting onecoins as a payment soon. This should be possible before this summer. Of course it is not going to happen. They have not even presented any way to make transactions with onecoins yet. According to OneCoin's Finnish country manager Tommi Vuorinen shops will open for onecoins by the time when 30 % of onecoins have been mined. That's going to happen around 18th April.

Anyway it will be interesting to see what they will come up with to explain where those 50.000 shops are hiding.


The prepaid MasterCard issue

The members still can't apply for OneCoin's prepaid MasterCards. This has been going on for several weeks now after their prepaid card distributor was caught distributing drugs.























Changing Banks

OneCoin has been changing banks like socks. OneCoin pushers like to explain this with nonsense like "the banks can't handle the volume of cash" etc. Then again why not to select a bank that can handle those volumes in the first place? You might also better notice the shady companies owning the accounts instead of OneCoin.

CoinSafe

This is an idiotic Onecoin invention where you deposit all your coins in a virtual safe for a year or two. There would be no sense preventing members from using their coins on the verge of setting the coins free to use as payment method - especially when the usage of coins is essential for any cryptocurrency's existence and value. The actual idea is of course to reduce the money flow outside the ponzi. 

But OneCoin has over 1.7 million members!?

According to Google Trends the majority of Google searches has been made from Finland with its tiny share of 17.000 of those claimed 1.7 million members.
Isn't this mighty strange for a business with such many members? Well, it's not when you realize that the member ticker of OneCoin is highly exaggerating and the actual count of members must be way below million. I would not be surprised if the actual count would be around 100.000. Then again even that's a fine figure for a ponzi scam.

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Update 17th April (copied from an earlier blog text)


OneCoin in press


The only way for OneCoin to get positive publicity has been buying it. We have seen the bought ad in Forbes magazine.


Onecoiners truly believed it was a unpaid article about OneCoin. Probably because OneCoin deliberately used the cover in their marketing not mentioning a thing about it being an ad.

Recently they have done the same thing with the February issue of Financial IT magazine. However this time they are also giving a vastly exaggerated picture of Financial IT as a magazine intensively followed by financial world. They claim that about 70 % of banks are subscribers to Financial IT. 

In fact Financial IT is a insignificant magazine which is published only four times a year with only 2000 print copies (claims the magazine itself). Each issue of Financial IT contains almost entirely paid articles and ads. They are also quite flexible what comes to their integrity. When a ponzi scheme comes splashing their cash Financial IT seems to be a magazine to get an article into. They even went as far as made an exception to have an extra issue published when OneCoin showed enough money to get an article (with a cover) to their magazine. To underline the ridiculousness of the case the issue for OneCoin is exact copy of their previous issue - of course apart from cover and the story of OneCoin.




To conclude...


The stuff above is only a fraction of what's wrong with the whole picture of OneCoin. Why there still are more and more people getting involved with this ponzi scheme is beyond me. There are already more than enough warning signs that one would think people had a better judgement.