Monday, 14 March 2016

Yle: OneCoin similar to a pyramid scheme

Today on TV Yle news broadcast about OneCoin: OneCoin similar to a pyramid scheme

Yle is like a Finnish BBC, a national broadcasting company. Today they aired a quite thorough report on OneCoin during today's news broadcasts. Earlier Finnish media has been pretty gentle on OneCoin and actually there has not even been much news reports about it - (sarcasm detector on!) which is strange considering we are talking about a revolutionizing new crypto currency. However the tone on today's news broadcast was critical, judging OneCoin as a pyramid scheme and the reporter had done nice effort to offer proper information about what the scam is about.

"We give you an opportunity to become a millionaire with crypto currency."

There was nothing much new for those of us who have criticized OneCoin before. A very short and rough translation about the report:

OneCoin promisses richness to people in exchange to large sums of money paid for education packages. The education is not even remotely worth the sums paid and the same education could be easily obtained via library for free of charge. In addition to education OneCoin members get play money which has no value what so ever.

IT expert Petteri Järvinen has followed OneCoin from its early stages and he believes that it is unequivocally a pyramid scam:
– In my opinion, OneCoin is play money from a Bulgarian company. The coins have roughly the same value as the Monopoly game's play money. When there is money that can not really be used anywhere, and whose value is not determined freely, so c'mon, it's not real money. It's just play money, says Järvinen.

Where does the money go?

Yle had also done research about where all the money goes:

"The money is paid for a Bulgarian company called One Network Services Ltd. Yle acquired through a Bulgarian trade register information of the company. It turns out that a Bulgarian company is owned by another local company - which is owned by a third Bulgarian company. The third company is owned by Veska Ignatov. 

Tommi Vuorinen, who is Veska Ignatov?
- Veska? She is Ruja's mother."


Now also in English (added 14th March):

In Finnish:

A short version in Russia:

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