As mentioned in my previous blog post OneCoin has gone presenting numbers that are obvious lies. The figures Sebastian Greenwood announced in Tokyo are totally lunatic and they simply can't be true.
(This part updated 30 September after checking OneCoins compensation plan.) According to the numbers presented OneCoin needs to pay 168 million euros each week just to cover what sums up for commissions to the 8.000 top promoters. There would have to be over 120.000 people buying at least a Tycoon Trader package of 5500 euros each month for OneCoin to cover those expenses.
The slide Greenwood was showing also revealed us that 2.500 members have millions on coin value. This means that a tiny minority of 0,125 percent of the claimed 2 million members must own over half of the mined coins. 2.500 x 1 million adds up to 2.5 billion and that's over half of the total marketcap OneCoin claims to have.
It looks like they have not calculated anything before announcing those figures. They seem to just pick up random numbers that look arousing enough to build up the religious trance that the members are suffering.
Ruja Ignatova's presentation in Tokyo
Well, it's quite boring in fact. It's mostly what we have heard her preaching before.
There are lots of things that are confusing though. Ignatova talks about usability a lot as a key factor for a cryptocurrency for the masses, but usability is precisely what onecoin doesn't have.
"Litecoin, number four. Why is Litecoin so small? Why? What is going on?" She continues by stating that the reason for other cryptocurrencies being so small is because they can't be used. "Has anybody seen an opportunity to use Litecoins?"
Well, how come OneCoin is so big when it can't be used either? Let me answer that question: It's because OneCoin being the second largest cryptocurrency is a lie. The coin lacks usability and has no real value. That's why you can't find OneCoin in any other charts but the ones OneCoin or its promoters are presenting. That's why there are no newspapers reporting of this new ground breaking cryptocurrency. Instead newspapers are reporting about a ponzi scheme called OneCoin.
Then we hear again about the greedy and evil banks. She uses an imaginary bank as an example to compare why Onecoin is so superior: "Now a bank launches a cryptocurreny." ... "They will not provide this for free." She says that of course banks will charge their clients and adds: "There's no such thing as a free lunch." - Funny that she uses that phrase. OneCoin certainly doesn't offer any free lunches.
"The second - I think a success factor for a cryptocurrency... I believe that one of Bitcoin's biggest issues is the anonymity that they have created." Then she states again - like many times before - that if you want anonymity you are not welcomed to OneCoin. - Screw you unbanked people!
"The third thing, that's very very exciting about cryptocurrency... in my opinion is the merchants" She states that OneCoin has much more users than Bitcoin. Users? Who can use onecoins?
She also praises their new blockchain which they claim to start in 1st October. This only proves that as OneCoin is a dictatorship, their queen can do what she pleases. She can even double everyone's coins with her magic wand and make all twice as rich. However, for an obvious reason she takes special care not to use her magic wand before 1st October. So in theory it could be possible to buy so much educational packages that the final amount of 120 billion onecoins would be exceeded when Ignatova uses her magic. Isn't this amazing?
"Nobody knows who created Bitcoin. Everybody knows who created OneCoin."
- Well, not exactly. The Finnish county manager Tommi Vuorinen has explained the birth of OneCoin. According to him the algorithm that OneCoin uses was coded/invented by five Indian mathematicians. Now Ignatova apparently claims that she possesses some magical coding skills and she's the sole person behind the coin.