As the ponzi-pyramid has no other income than the money injected by its new recruits or the existing ones investing more, the crumbling of the scam has always been bound to happen. It has been quite amazing how OneCoin has been able to continue screwing its victims so long despite having a strong odor of bullshit since the day one and becoming a clearer and clearer ponzi scam day by day.
Unless inventing the scheme of doubling everyone's coins due the 1st of October, I think the scam would have already withered away. The coin doubling event bought the ponzi a lot of more time and more gullible victims. They were all excited about the 1st of October - the day that was supposed to make a lot of onecoiners into millionaires in a blink of an eye.
An essential thing for OneCoin's success has been to minimize the costs of the ponzi part. This has been achieved by strict and absurd limitations for selling coins in OneCoin's inner exchange. Nevertheless the ever growing amount of coins has become a burden for the ponzi shortly after launching the exchange. Hence they have already had tremendous difficulties organizing even just enough cash for the bad-excuse-of-exchange to keep its flat tires rolling. After OneCoin's shell companies' bank accounts were frozen, so was the exchange in a deep freeze.
"Why many times sell coin and always expiring?"
A question from Thailand to Mr Juha Parhiala in a YouTube video published apparently just recently: "Why many times sell coin and always expiring?"
Juha Parhiala: "Yeah, that is also a little bit technical question, but the thing is that... the question you had before, why is not updated... so everything is not updated yet. So when everything is going to be updated, what I have understand it's going to get more smoother. But again, the option to give people the selling some coins is not our main business."
- Well, it has been clear from the start that the members aren't supposed to be able to sell their coins much, but it's nice to hear that also from the upline of the scammers. Everything else he explains is just total bullshit to avoid actually answering the question.
And just as you thought that Parhiala's mouth could not even deliver a bigger turd, there comes another one even bigger:
"You also have to think about one thing. Now, you live in Thailand, and the exchange server is seven hours back in time. So when you in Thailand try to sell your coins, it's midnight and the server is closed. That's why the orders expired. So you have to wake up European time and do the sell. Of course it will expire when you here selling the coins, when Europe is closed, because it's not open." ... "In Europe they have no problems to sell, because it's European time."
- Oh my God! And I thought that the Europeans were having difficulties in selling, because according to Dr. Ignatova the Chinese are sleeping. Looks like time zones have also an effect on lies. And what does it matter where a sell order occurs? They'll go pending five days before expiring. He goes even further beyond stupidity by urging the Thai onecoiners to wake up seven hours earlier to sell their coins.
New ideas to lose your money?
During the late Fall things started to escalate after ponzi antagonists like me took a more active role to force OneCoin to a corner. The ponzi begun to lose its bank accounts in such a rapid phase that it was embarrassing for them to always come up with new excuses for the freezing bank accounts. They even tried proforma invoices as a measure to "improve the quality of our services".
In the mid-November OneCoin finally lost the last bank account they had in Tanzania. Losing the bank accounts was a major blow for the scam and crippled it badly. The victims were left gasping for a new way to have their money lost as soon as possible.
Nowadays the only way to pay a membership fee to join the ponzi is to use secret bank accounts that the members are now trying to hide to prevent them from freezing. Anyone willing to join must first find out the secret handshake to get to transfer money. Despite the efforts it's only a matter of time before those accounts catch the ice cold breeze of the winter.
Without being a rocket scientist it's easy to estimate that the money flow towards OneCoin must be very slow with this new clumsy procedure and its hidden bank accounts, and this time consuming way must be eating the remains of the ponzi. There could also be some trust issues for new recruits to transfer their money to even shadier accounts than never before.
Above all, how gullible - or might I rather us the word stupid - must a person be to see no problems with a company that has all its bank accounts frozen.
Criminal charges filed against Belgian politician for promoting OneCoin
These kind of headlines might be more and more common after some other members realize that they have been scammed a big time. A Belgian politician, Laurent Loius, has been formally charged with pyramid selling, fraud, money laundering and violation of common and banking laws.You can read more about the case at BehindMLM.
OneCoin events still happening
Although OneCoin has been cash strapped there are still events going on. And why wouldn't there be? The events don't cost a dime for the company, because they are organized by independent representatives of OneCoin and participants pay to attend. The ones running the shows on the other hand must gain some dough from these religious revival meetings.
I checked some video clips taken from couple of OneCoin events that were held recently. There isn't much news to spill, because the speakers of those events follow their memorized scripts that they have been repeating event after another. It's the same propaganda covered with the same old bullshit.
"Dr." Parwiz Daud at the Mega Event Riga
As far as I know Mr Parwiz Daud hasn't been seen much among the top scammers, at least not as a key speaker in an event. However, now we have a video in YouTube that shows half an hour of him giving a presentation at OneLife Mega Event Riga. He must be going places now so it's only fair to review his presentation.
The reason why Mr Daud hasn't been a key speaker so far might be the fact that he seems to have problems getting his audience excited. Personally I find him to be an okay speaker despite the presentation being very boring for me and him speaking with an accent and tangling with some words. Maybe the Latvian audience was just hard to crack? The table of the top leaders has to spur Mr. Daud and hold an applause sign - so to speak - from time to time to wake up the audience.
After five minutes there is a slideshow with pictures of fancy cars, a beautiful house, yacht, etc. Mr Daud walks among the audience asking them if they would like to own those pricey things as a goal for their OneCoin business. - Of course they would.
Then he presents his own goal: "My goal is this... We have a lot of poor people around the world. Now nothing stops you from having a beautiful house, a beautiful car, a beautiful husband... er, a handsome husband, a beautiful wife and yachts, but besides that you may want to help the poor as a result." - Aww, isn't that cute! He wants to get rich and somehow the poor are saved from their misery by him getting stacked with money. Never mind the details of this process, because it just happens while you get rich!
"When we talk about something, you need to be genuine. You need to be honest! You need to work with honesty, with integrity and with transparency!"
Well, I must say that I need to agree with that. And who's better to trust to than a doctor working at the Leicester General Hospital? But, but, what is this:
|Links: the post from BehindMLM, the post from Murobbs|
|"Doctor Leicester General Hospital"?|
Now, one might ask if he was working at the hospital prior to devoting his life to serve Dr. Ruja. That seems to be unlikely, because there isn't even anyone by his name with a license to practice medicine in the U.K. according to the List of Registered Medical Practitioners. Well, at least now we have established some transparency.
Well, I suppose there are plenty more unlicensed doctors promoting OneCoin in the U.K. As they might have studied abroad their license to practice could be in another country. Now some of them seem to work as a doctor of ponzi currency.
Kari Wahlroos in Munich, 21 November 2016
"This is not a get-rich-quick-scheme."
- Well, yes it is. Just about five minutes ago in the beginning of the video he told how onecoiners have "happy Mondays", which apparently means that they don't even need to go to work, because "We get paid every Monday".
This isn't by all means the first time Mr Wahlroos has been letting people to believe that anyone can get rich and quick. Of course he takes special care to explain how everyone should keep their coins and not to sell them. So I guess the money for those happy Mondays must come from recruiting more victims to the scheme.
"Our biggest competitor is owned by only one entity, roughly fifty percent. So they control what happens. HERE nobody controls, and that's the beauty. You understand that?" The audience starts applauding. "THANK YOU!"
- Well, I didn't understand that. Nobody controls OneCoin? What? I thought it was a centralized currency, having an exchange with strict limitations, ruled by her dictatorship, Dr. Ignatova. Am I missing something?
The same event, a different video clip
"You also must understand what we're doing and who's going to buy the coins. So you have now the opportunity to mine the coins with your free tokens at the discount. There are the three billion people who we're gonna help... to have a better future. And that's why I joined here."
- Let me get this straight, so those poor unbanked people are somehow going to buy all the coins to make these existing members of OneCoin super-duper rich? Wow, that's amazing! Are those unbanked people going to be KYC approved soon?
"And if somebody comes to me and tells that we are doing something bad or bullshit, and if they are in a distance that I can hit, I will hit." To underline this statement, he smacks his palm with a fist.- Well, I don't believe in violence like Mr Kari Wahlroos obviously does, but I would have no problem telling him face to face that OneCoin is a pure ponzi-pyramid-scheme with the only purpose of scamming money from its victims. So yes, to put it in the words by Mr Wahlroos, you are doing something bad and very bullshitty.
Here's link to the clip. It's on Facebook, couldn't find it on YouTube.
Swedish television news give screen time to OneCoinA television news program from Swedish TV4-Gruppen doesn't go shy referring OneCoin as a pyramid scheme. The video clip is titled "Varning för nytt pyramidspel", in English "Warning about a new pyramid scheme".
The reporter tried to interview OneCoin reps but no one is willing to comment to media anymore, not even the high profile reps like Udo Deppisch. This doesn't sound like the world's fastest growing company that clames to make billions of dollars. Instead this would be exactly how a cult running a ponzi scam would operate.
The video is in Swedish and there are no English subtitles:
- Hopefully we'll get it subtitled soon.
Update 3 December: Now with subtitles: