However, this latest announcement must hit hard the believers of the ponzi. OneCoin and its reps have been touting the IPO plan over six months already. Now that the company drops the IPO plans without any warning the top scammers have a lot of explaining to do.
Even many of the ones opposing the scam were suspecting that OneCoin might be able to find a shell company to launch a sad little IPO - or at least drag this charade to the bitter end until revealing the failure of the IPO.
"No more IPO"
The awkward news about the IPO failure was not announced by the company itself but via live stream on Muhammad Zafar's Facebook page while he and other Diamond-and-whatnot-misleaders were visiting Sofia.
"Well, the biggest news, the biggest changes that there's no more IPO. It's ICO."
Muhammad Zafar tries to explain why this happened:
"Now why the company changed from IPO to ICO. That's what you want to know more. - Because ICO has been popular, and the company can't ignore the fact that the company has to protect the interest of all the leade... (OOPS!) ... all the members."
- IPO and ICO are two totally different things, so Zafar's explanation is just pure nonsense to distract scam victims believing that everything is alright.
Back in May at the Macau event Ruja Ignatova was strongly urging the members to exchange their coins to OFC's for the IPO:
"I recommend to you to change as many coins as you can in OFC's."
- If OneCoin was a real cryptocurrency, that would have been totally bizarre suggestion. Furthermore there isn't a stock exchange in the world who would accept a company that has only toy money for its capital.
But we are talking about a ponzi pyramid scheme, so anything that makes no sense is just what it needs for its fuel. It's all about beliefs, not about facts. Like George Costanza once taught us:
What about the ICO?
OneCoin's ICO (Initial Coin Offering) doesn't go exactly by the books. The company has been selling its coins since the day one so how is an ICO related to all this? I don't think this is how an ICO is supposed to work.
I believe onecoiners consider ICO meaning the day when Xcoinc.com will be reopened and the coin goes "public". I'm still puzzled about the meaning of going public though. Since anyone willing to obtain onecoins has to become a member of OneCoin and go through a KYC-procedure, what's the actual difference to the current situation? Furthermore the sales of the coin will still be limited by the almighty Ruja, so this market is far from being free - and very likely even worse than Xcoinx.com was in the first place.
Strangely - or might I say conveniently - the domain of xcoinx.com is set to expire just before it is supposed to reopen:
Well, back to Zafar:
"Dr Ruja or Mr Pierre is not the company, we all are company, we're a community."
- Actually the members have absolutely no control over anything that happens in OneCoin.