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Sunday, 12 June 2016

OneCoin - After the London event, part II, Ruja's presentation

Update 13 June: I forgot to add the video clip from YouTube. Now it's there. :)

Ruja's presentation in London 11th June


As the scheme takes more and more religious like approach they are now calling each other "brother" or "sister". They also presented a new slogan for OneCoin, "Bitcoin killer". This kind of behavior for a company is rather strange. Legitimate and respectful companies don't go bashing others - at least in public. Usually companies market themselves as being better and cheaper than competitors, they don't thread to kill others (though Bitcoin is not a company).

Ruja Ignatova calls again and again OneCoin's members "Onecoin users". This conflicts with the fact that onecoins can not be used anywhere.

Here's Ignatova's part from the event:




"This is just the beginning"


She states that this is just the beginning and OneCoin is only one year old. The audience is allowed to take a glimpse at the future plans: "10 million users and 1 million merchants in two years."

23:20 "People who need to do anonymous payments don't belong to our network." So where did the idea of "banking the unbanked" go? Now she's demanding everyone identifying themselves with proper documents.



As the ponzi has grown she has become more and more arrogant and pompous:
23:40 "And to everybody who tells me that I violate the philosophy of cryptocurrency, guys we are a bigger community, we decide what the philosophy of cryptocurrency is."


The statement above just underlines how delusional she is. OneCoin could not be any further from being a cryptocurrency. The upcoming changes announced in the event just made the ponzi more laughable.


More coins the merrier!


When they started the scheme they underlined that there is going to be 2.1 billion coins - "No more, no less!" Now they just decided to add up the numbers to 120 billion coins!  According to Ignatova the capacity must be increased to satisfy the demands that a global cryptocurrency, its merchants and users must have. To transfer to the new era of 120 billion coins they are going to retire from the current blockchain and start mining in a new blockchain. This is due to happen in the first of October this year.

In the new era the mining speed is magically increased because of a new more powerful blockchain. Also the waiting list for mining the coins is going to be between three days to a week.

By the end of this year they are going to start bringing the coin "slowly" for the public. How this slow publication will be conducted remains unclear.


32:00 "Does that make my coins less valuable?"
Now that there would be a lot of more coins one might think that the value of a coin might be much smaller than today. Not in the OneCoin universe! Ignatova explains that due the increased capacity of coins they can expand their brand much faster and must better. Therefore the brand will strengthen and the value of coins will somehow increase. Nevermind the "usability" part!


As OneCoin is such a generous company Ignatova promises that in 1st October they will double the amount of coins each member has in account or in mining. I don't quite understand why the crowd went cheering so loudly when this was announced. They have still coins that can not be used and this kind of doubling procedure should arouse more questions and not any cheering.

38:00 Sebastian Greenwood continues after Ignatova: "We are the ones who will profit the most! And now we'll double the value! We double the value of our wallets!" - Just like that!



Conclusion


This whole thing is like watching a movie that's so bad it's kind of good in an intriguingly way. 

As they have now stated that there's a totally new blockchain to become, it might be because they try to desperately have some sort of blockchain created to cover the fact that there was no blockchain tied to the onecoins in the beginning - just an excel sheet. However tying a blockchain to a centralized cryptocurrency is a bizarre idea. It's like having one excel document partitioned to 120 billion separate USB sticks for no good reason.

Whatever shitty blockchain they manage to put together it might be valuable in possible trials to come. At least they can then say that there was a blockchain. - They just couldn't help that the coins had no actual value.

9 comments:

  1. Good posts, keep them coming!

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    1. Thanks... I think I have to, although the stupidity of people feels sometimes overwhelming. This thing has gained such tragicomical proportions that it's always surreal to see some onecoin believers defending it.

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  2. Good points. Specially I enjoyed the sarcasm about doubling the coins as it would add value. Some old Scottish dude told once that if the supply increases the demand would decrease - except in OneUniverse.

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    1. Thanks. I'd sure like to know who in the ponzi came up with the idea of doubling the coins. Are the top ponzi runners having some kind of brainless-storms in meetings? Or are these Ruja's personal brain farts? This stuff is so crazy that it's like they are inventing stuff under influence of drugs.

      Honestly I did not expect OneCoin to make it through summer. Now it seems that it may well last even to the next year. I sure underestimated the power of stupidity.

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  3. What if I have my coins in Coinsafe Account, are they going to get doubled?

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    1. As far as I understand this craziness all the coins everyone possess at 1st of October are going to be doubled. That includes coins in CoinSafe.

      With Ruja's magic powers nothing is impossible. They are going to create all the coins in an instant.

      Seriously speaking this whole time consuming mining thing is just bogus. Centralised cryptocurrency doesn't need a mining process with "difficulties" to create coins. So actually there's nothing preventing them from having already all the 120 billion coins ready and shining.

      However, as OneCoin is a ponzi scheme they need all the time in the world to gather money as much as possible. Hence the mining process and Ruja's new ideas at the London event to make people forget all the promises broken and lies told.

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  4. Good points my friend, but as you said stupidity is even bigger than i thought.

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  5. Oh God, and hat about all the other ''coins'' like swisscoin, scoin-coin space, UBW and who knows how many are they which are getting born these days?

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    1. Yes, you are right, there are several other scam coins available. Cryptocurrency seems to be the word of today for scammers. Too bad I can't dig into them all. However I'm glad if my blog can prevent even some people from losing their money into scams.

      OneCoin is probably the most successful and wide spread ponzi-pyramid nowadays and it seems like authorities are helpless to deal with it. I'm guessing that either this pyramid collapses on its own or banks will finally shut down their remaining two accounts. OneCoin already seems to have tremendous difficulties in finding new banks to launder their money so the remaining accounts are like a lifeline for them.

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