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:
"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.)
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.
"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.