Brace yourselves onecoiners! OneCoin's Chief Learning Officer Ed Ludbrook educated that onecoins have no real value:
"A price is only credible when it's market tested... The challenge in the business is that we have an internal price that is... internal price... is... is determined internally. It's not market tested. So for it to be real.. errr, you know it's not, at the moment it's not... it's not credible, okay. It's what we work on."
Update 4th March 2017. The video was deleted, but uploaded to a new location:
Then he continues:"What we do know with the, with the amount of coins, with what we're doing, that when it comes to winning this global game we are so far ahead of everyone else it's not funny. And what's critical for us to win is this blockchain, this new blockchain 'cause we need to have those number of coins, we need to have the speed, we need to have the capacity. Otherwise we'll never win the game for merchants. And that's the big thing for us."
So basically he/OneCoin expects merchants to accept coins that have no credibility and thus no value. Wow, that should be mighty attractive for any merchant when OneCoin goes public and all the members rush to spend massive amounts of coins at once.
This ponzi's concept is so stupid that I have no words to describe the magnitude of stupidity we are dealing with. The most disturbing part is that there are people buying this.
Another video with Ludbrook, the day after the London event:
After 40:50 he hints that the idea of the new blockchain was his. "I remember sitting with Dr. Ruja a few months ago:
- Are we going to run out of coins?
And she went: Yeah.
I go: Are we growing too fast?
She goes: You can't really grow too fast.
... And I said: Can we replace the blockchain 'cause we can use the latest technology? Correct?
And she goes: Yeah, but we can only do it once."
After this Ludbrook goes pushing the people to lure more victims to join before 1st of October. The day when everybody's possessions will be doubled by creating value from thin air.
If Ruja Ignatova really just wanted to reward their loyal supporters with doubling the coins she would have already done that. Instead for an obvious reason they decided to put a deadline to October and hence lengthen the lifespan of this ponzi. Now they'll also have several months more to exploit their victims and prepare an exit plan.
Update 5 august:
Let's have yet another video with Ed Ludbrook educating:
Update 4th March 2017. Sorry, the video has been deleted. Apparently its content was too embarrassing.
"... And then he goes: Are the incomes true?
And I went: No.
And he goes: I thought so.
And I said: No, they are bigger."
"The point is... The point is, is that you've gotta capture what we're doing. Don't get too worried about all the detail. Okay? Because honestly, when anything, anything technological is like a hole you can fall into and you'll be lost for months still worrying, worrying about the algorithm or the blockchain. Do you understand?"
So the Chief Learning Officer urges people not to get into details and educate themselves. Anyone can understand at least the basics of cryptocurrency so it's alarming that Ed Ludbrook discourages people from studying it at all.