Sunday, 10 April 2016

An easy-to-understand guide to OneCoin

Welcome to this easy-to-understand guide to OneCoin scamcept! 

You might have ended to this web page because you were searching some valuable information about OneCoin. Well, search no further my friend because you have hit the jackpot! By joining my team - free of charge - you can save a lot of money up to 100.000 euros (which is the most expensive package OneCoin is selling)!

I gain nothing financially from criticising OneCoin. I don't own Bitcoins or any other cryptocurrencies. Neither do I have a thing against people getting rich. I only wish to spread real information about this ponzi scheme.


OneCoin is a ponzi scheme set up to mimic Bitcoin in almost everything except being a legit cryptocurrency. They claim to be a centralized cryptocurrency. This leads to a major conflict with the essential idea of cryptocurrency since there is no sense mining a centralized cryptocurrency. You don't have to use massive computer power let alone years of time to create a centralized cryptocurrency. A simple modern computer could calculate a database for OneCoin's purposes.

Getting rich?

Onecoin's ambassador Kari Wahlroos

Filthy maybe, rich no. The only income OneCoin has is the cash they receive from their victims. You don't have to be a genius to calculate what are the chances of getting rich in a pyramid like OneCoin. You would have to fool a lot of people into OneCoin just to get your initial investment back. Well, I guess that would make you filthy though and according to OneCoin's ambassador Kari Wahlroos that seems to be the OneCoin way to richness.

What about the coins? Aren't they worth something? Well, the coins are not going to make you rich. They have no real value and you can't buy a thing with onecoins. There are already a lot of members desperately trying to sell their accounts with heavily reduced prices. Also the selling of onecoins to other members is restricted in such a way that getting rid of coins would take a massive amount of time and effort. While there is no interest in buying coins for the price set by Ruja the majority of sale offers tend to fail.

Shops opening soon for onecoins!

Nope, the future does not look bright at all for OneCoin. I might need shades because of those teeth though.

Onecoin pushers have made a ridiculous claim about 50.000 or more shops accepting onecoins as a payment soon. This should be possible before this summer. Of course it is not going to happen. They have not even presented any way to make transactions with onecoins yet. According to OneCoin's Finnish country manager Tommi Vuorinen shops will open for onecoins by the time when 30 % of onecoins have been mined. That's going to happen around 18th April.

Anyway it will be interesting to see what they will come up with to explain where those 50.000 shops are hiding.

The prepaid MasterCard issue

The members still can't apply for OneCoin's prepaid MasterCards. This has been going on for several weeks now after their prepaid card distributor was caught distributing drugs.

Changing Banks

OneCoin has been changing banks like socks. OneCoin pushers like to explain this with nonsense like "the banks can't handle the volume of cash" etc. Then again why not to select a bank that can handle those volumes in the first place? You might also better notice the shady companies owning the accounts instead of OneCoin.


This is an idiotic Onecoin invention where you deposit all your coins in a virtual safe for a year or two. There would be no sense preventing members from using their coins on the verge of setting the coins free to use as payment method - especially when the usage of coins is essential for any cryptocurrency's existence and value. The actual idea is of course to reduce the money flow outside the ponzi. 

But OneCoin has over 1.7 million members!?

According to Google Trends the majority of Google searches has been made from Finland with its tiny share of 17.000 of those claimed 1.7 million members.
Isn't this mighty strange for a business with such many members? Well, it's not when you realize that the member ticker of OneCoin is highly exaggerating and the actual count of members must be way below million. I would not be surprised if the actual count would be around 100.000. Then again even that's a fine figure for a ponzi scam.

Update 17th April (copied from an earlier blog text)

OneCoin in press

The only way for OneCoin to get positive publicity has been buying it. We have seen the bought ad in Forbes magazine.

Onecoiners truly believed it was a unpaid article about OneCoin. Probably because OneCoin deliberately used the cover in their marketing not mentioning a thing about it being an ad.

Recently they have done the same thing with the February issue of Financial IT magazine. However this time they are also giving a vastly exaggerated picture of Financial IT as a magazine intensively followed by financial world. They claim that about 70 % of banks are subscribers to Financial IT. 

In fact Financial IT is a insignificant magazine which is published only four times a year with only 2000 print copies (claims the magazine itself). Each issue of Financial IT contains almost entirely paid articles and ads. They are also quite flexible what comes to their integrity. When a ponzi scheme comes splashing their cash Financial IT seems to be a magazine to get an article into. They even went as far as made an exception to have an extra issue published when OneCoin showed enough money to get an article (with a cover) to their magazine. To underline the ridiculousness of the case the issue for OneCoin is exact copy of their previous issue - of course apart from cover and the story of OneCoin.

To conclude...

The stuff above is only a fraction of what's wrong with the whole picture of OneCoin. Why there still are more and more people getting involved with this ponzi scheme is beyond me. There are already more than enough warning signs that one would think people had a better judgement.

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