Monday, 26 February 2018

DagCoin scam – following the footsteps of OneCoin

DagCoin is a cryptocurrency scam very similar to OneCoin, founded by a former OneCoin promoter Nils Grossberg. I couldn't find any exact date when the scheme was launched but it seems to have taken its first steps in August 2017.

Nils Grossberg, the founder, the CEO

Both OneCoin and DagCoin are marketed via MLM based pyramid scheme and they both have ponzi coins offered as a giveaway attached to purchase of an education package. The education packages sold by DagCoin have prices varying from 100 € up to 25.000 €. The content of each education package is very briefly described on DagCoin's webshop. However, those brief texts don't really justify the price tags included and there are no specific information about the education available. It's of course obvious that no one is buying this for the sake of education but for the coins attached. – Just like victims of OneCoin did.

Chain, chain, chain – Chain of fools

The biggest difference between DagCoin and OneCoin is the technology used – or to be more exact, the lack of it. 

OneCoin has claimed to use blockchain technology similar to Bitcoin's. However it's evident that all the talk about OneCoin's blockchain has been total nonsense and it seems that the company was never even meant to launch an actual cryptocurrency. 

DagCoin on the other hand has an actual technology in the background. It appears that the original idea of DagCoin was presented already in 2015 by someone named Sergio Demian Lerner. Here you can read Lerner's first post about DAG (Direct Acyclic Graph). Little did Lerner know that his idea would be later exploited to launch a scam.

One other difference between DagCoin and OneCoin is the way of marketing. Whereas OneCoin has used social media and internet to spread like a virus around the globe, DagCoin uses a much more subtle way. I really think that it's just a necessity to avoid any unwanted attention since most of the main characters marketing DagCoin are former OneCoin scammers.

The lack of cult of personality

There is one more thing separating DagCoin from OneCoin. That is the lack of cult of personality. 

OneCoin has Ruja Ignatova, "Dr Ruja", who has been presented as the founder behind OneCoin cryptocurrency – like Satoshi Nakamoto of this ponzi coin. Among the cult members she is hold in high regard for no apparent reason. She obviously has something that appeals to scam victims. 

DagCoin has Nils Grossberg who really doesn't strike me as a cult leader. I managed to find only couple of short videos of Grossberg giving short speeches in English. Based on those appearances he doesn't appear to be fluent with English, which really doesn't make him more convincing. Other than being the founder of the scheme, I don't see him having much else to offer besides his name and face. 

Nils Grossberg and Kari Wahlroos preparing for DagCoin event in Dubai in February 2018.

The event in Dubai, February 2018

There hasn't been any publicly shared videos of the event so far, so we don't get to see Kari Wahlroos rampaging on stage and threatening to punch those who disagree with him.

However, a Canadian former OneCoin promoter (still allegedly a believer though), Ken Labine, has released some information about the latest news from the Dubai event in a YouTube video published 24 February.

According to Labine:
  • Many merchants signed up to accept DagCoin.
  • PayGety, an active public exchange for DagCoin opening up on March 5th. In addition an exchange named SwipeX coming up.
The most hilarious news is that DagCoin is going to change to a new chain. Due the change of chain the initial supply of DagCoins of 1 billion is going to be increased to 10 billion. Not minding at all about the awkward familiarity of all this Labine is excited to explain:
  • "Our company is moving away from the byteball Dag plateform, and for the last 6 months we have been creating our own technology that will be announced in Panama May 2018."
  • "The total supply goes from 1 billion to 10 billion." 
And as a cherry on top:
  • "All of us will get 10 times the amount of coins we have up to this point."

Now, how come this all sounds so familiar? Oh, yes, OneCoin launched their new "blockchain" too and doubled the coins every one had in October 2016.


It might very well be that the former OneCoin scammers are the ones behind the recent new ideas brought into DagCoin. I suppose they are preying on the people who haven't heard about OneCoin and are gullible enough not to search information about the history of the people marketing DagCoin.

Like OneCoin
DagCoin is a ponzi-pyramid scam. It is combining pyramid scam with ponzi coins that nobody will want to buy from the suckers who'll desperately try to sell them.

Oh, by the way, Kari! – DagCoin is a scam.