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Monday, 16 January 2017

OneCoin continues to dig its own grave



The "life changing event" in Gothenburgh Sweden was yesterday. Going through the outcome of the event is like kicking a dead horse, but let's have it anyway.

The video clips I have seen from the event were very boring. All the news worth mentioning were presented via prerecorded video clips with Dr. Ignatova.



A merchant platform to be launched tomorrow


After over two years of waiting for the future of payments to emerge, the company finally starts to build up usability for the coin. However instead starting from scratch they launch a whole merchant platform with special terms for transactions.

As an example represented by her dictatorship herself via prerecorded video, Ruja Ignatova explains how things go:

4:45

"So let's say I want to charge 1.000 euro for a phone... The only thing that we ask you is that 50 % of the price you have to take in coins. You can do of course up to 100 % in coins, but at least 50 % you can take in coins. The other 50 % you can take in cash."
- And if you mistakenly thought that this can't get more ridiculous, Ignatova throws the final punchline:

"Out of this money (referring to the 500 euros from the phone) we are doing now currently a special promotion: 25 % of the money go to the company as a fee. Here again we are doing something very very kind for the merchants..."
- Wow, this generosity of Ignatova keeps on baffling me. So let me get this straight, a merchant sells a phone with its market price of 1.000 euro and OneCoin takes a huge cut of 125 euros from this deal. In addition any merchant is forced to accept at least half of the price as worthless onecoins. Good luck with waiting for stupid enough merchants to go along with that!

By the way, she doesn't explain at all how the merchants are going to operate without being KYC approved. No one can possess any coins without sending passport copies and utility bills to a dragging approval process.

Update 17 January: 
To be clear the 25 % Ruja's cut is just a promotion running for the first few weeks of the merchant platform. After 1st of March OneCoin will charge 50 % of all cash transactions. Anyone with half a brain can figure out how absolutely ridiculous this is. (Thanks to commentor deckfromacard for pointing this out.)

Videosource: https://youtu.be/QWguu3Q9fa4




Plans of OneCoin for 2017 and 2018


About OneCoin going public:

"You know going public takes time."
- No, it does not. A real crypto currency could be public right away. She continues by stating that OneCoin will go public in 2018. Well, we knew this already, but after this comes the real news. Ignatova claims that OneCoin is going to be listed on a stock exchange.
"We have chosen a major Asian stock exchange for our plans. And you know that listing a company takes a lot of time."
- No shit, it certainly can be a pickle to have a ponzi scam listed on a stock exchange. The company being considered a money launderer among banks could also complicate things a notch.



Laughing stocks





"So erm, everybody who currently holds coins, will become a shareholder of this company. If you have coins, you are entitled to be a part of one of the biggest success stories - we hope - since Facebooks or Alibaba."
- Shareholder you say. Where? In the laughing stock market?

"There are lot of other companies I think who plan to become public in the next years, like Uber, or erm... others. And I hope that we actually will surpass them all."
- Phew, it was good that you prerecorded this. Otherwise this could have been even more awkward.

"The only way to be part of the IPO (Initial Public Offering) is to hold onecoins. You will be able to exchange this onecoins over the next months in to so called OFCs. And OFC is a future certificate that entitles you to receive shares in the company OneCoin which will be listed on the stock exchange. Everybody who holds coins can exchange them for OFCs."
- So now OneCoin is offering nonexistent shares in exchange to worthless coins, which are nonexistent as well what comes to their usability. 

Why the company is suddenly so interested in acquiring coins? Let me enlighten you. As the scam has been seriously cash strapped after being unbanked, they grab to any excuse to play time. 

They already closed the inner exchange about couple weeks ago to keep desperate members hanging on to hope of something better. I don't think they will be eager to buy worthless shares though. 

"Double your shares, double your coins."
- As a cherry on top Ruja is again using her magic wand. Now they are running a promotion to lure new victims before March. Members joining before March are entitled to a double amount of shares compared to the ones missing this opportunity. She actually compares this new promotion to the last year's coin doubling scheme.

The video ends with the following announcement:



The members were eagerly expecting the exchange to be online starting tomorrow. Now they have only an option to buy OneCoin's Laughing Stocks.

Videosource: https://youtu.be/7vAm18wjRvM?t=176

9 comments:

  1. "So let me get this straight, a merchant sells a phone with its market price of 1.000 euro and OneCoin takes a huge cut of 125 euros from this deal. In addition any merchant is forced to accept at least half of the price as worthless onecoins. Good luck with waiting for stupid enough merchants to go along with that!"

    I think this is not exactly how it is going to work. Instead:
    - The Merchant wanting to sell a phone worth $1,000 will set the price to $2,666 (50% of which in Onecoins).
    - The donkey will buy the phone paying $1,333 in real USD and 134 ONE (This is based on $10 coin value promised by Ruja and the fact coins so far cannot be split to fractions).
    - Next Ruja will take $333 of the real currency (25% of the cash part).
    - Merchant is now left with the $1,000 he wanted for his phone.

    This whole marketplace scheme is based on the desperation of Onecoin "investors" to sell their coins and their inability to do simple math.

    ReplyDelete
    Replies
    1. Well, I was just referring to Ruja's fantasy. There's no reasonable merchant in this world willing to sell phones or anything else with those terms.

      But playing along with Ruja's fantasy - like in your example - the only option for a merchant to make profitable sales would be offering products with sky high prices. I totally see this working if they are going to sell unicorns and rainbows in Dealshaker.com.

      Delete
    2. In MuroBBS I also proposed the idea of selling goods that are inherently "free" - such as free samples from some promotional campaigns. If it would be one of those cases where the postal costs are paid by sender as the product itself is only worth something if the customer pays it back later, it could have any arbitrary price paid 100% in Onecoins. Ruja would take 0€ as there is no cash part and the "seller" would not be losing any more money than they already are with the campaign.
      Imagine the dealshaker being a copy of http://www.ilmainennayte.fi/ but the products would have a cost defined in euros. :D

      Delete
    3. This might be even close to the truth. I'm guessing that OneCoin itself offers Ruja's books, OneTablets and such practically costless stuff on the merchant platform with ridiculous prices.

      Delete
  2. Oh this is getting beyond ridiculous:
    Dealshaker FAQ:

    ""All Cash/EUR sales will be charged a 50% advertising fee for the administrative services that the DealShaker provides. For the launch of the software DealShaker will be running a special promotion of 25% advertising fee for every Deal Merchants run before March 1, 2017."

    They are literally suckerin 75% of the sales price of the product (as half of the original price is in worthless Ponzi-points). There is no way in hell to get anyone to sell anything there.

    ReplyDelete
    Replies
    1. Thanks, I have now updated the blog post.

      Delete
  3. Interesting how they won't take the 25-50% from onecoin sales and prefer cash instead. After all, according to dr. Ruja, "it might rise in value, you never know" ��

    ReplyDelete
    Replies
    1. It just speaks for itself. Ed Ludbrook has even blurted out the truth that the coin value is not real.

      This comment reveals quite nicely how the scammers can't even keep up with their own lies before telling more of them:
      http://behindmlm.com/companies/onecoin/onelife-suspend-onecoin-withdrawls-affiliates-cant-cash-out/#comment-375922

      Delete
  4. The more I see of this scumbag millionaires, the less I can understand how such an utterly unprofessional, moronic "network" can still be standing. I just don't get it, makes me feel i want to throw up.

    ReplyDelete

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