Saturday, 2 July 2016

OneCoin no longer accept onecoins for payments

As mentioned in my earlier blog text OneCoin's members had an option to choose onecoins as a payment method for purchasing OneTablets or gift codes for education packages. That option made it clear that OneCoin itself valued their coins to 0,5 euros per piece when actually using them to make a purchase. 

It's somewhat bizarre that OneCoin had this option available in the first place. To accept their own coin would be a groundbreaker for any company that had developed a centralised crypto currency. Yet they did not mention anywhere that onecoins could be used as a payment. It's hard to understand what purpose did that option serve as the value of the coins was set so low. Why to accept coins at all when setting the value so low? - This also conflicts heavily with the value they publicly claim the coin to have. 

Now the possibility to use coins has been blocked. I'd assume that many members chose to use that loophole to change their worthless coins to something which has at least some real value - as the crappy tablet might have. Judging the specs of the tablet it was generally valued as being a low budget tablet of maybe 50 euros at most. However OneCoin is charging staggering 580 euros for it. As masses of members were to spend their worthless coins it came a tremendous burden for OneCoin and they quietly turned the off switch to prevent further damage:

A good question that everyone involved in OneCoin should ask themselves is: Why isn't OneCoin accepting onecoins as a payment method for its own products, event tickets etc? Why was the value of a coin set to 0,5 euros per piece when the loophole existed?

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