If you’re interested in the world of so-called cryptocurrencies then chances are that you heard mention of OneCoin. You may even have been one of the people almost deafened by the razzmatazz that surrounded the launch of this product. If you followed the majority of the reactions to this launch then you may well already know what is the truth behind OneCoin. To put it bluntly, this product is a scam and also a Ponzi scheme that has been created to take advantage of those who have heard of the rising success of such crypto-currency providers as BitCoin but who do not read the fine print of performing even the most rudimentary researchers on the subject.
The people behind OneCoin, many of whom have notably been involved with scams of this type before also provided a great deal of information on the product, much of which was demonstrably false. Much was made of the fact that OneCoin was the world’s ‘second largest crypto-currency’ when a simple search revealed that it appeared nowhere in the top rankings of these products. The UK launch featured speakers making copious references to BitCoin and also to such business giants as Richard Branson and Bill Gates, neither of whom are involved with the product in any way, shape or form. Perhaps most worryingly the presentation, along with the scant accompanying literature nowhere mentioned the possibility that the price of the crypto-currency might decline in the future. Instead, all of the promotion seemed to rely on appeals to the lowest kind of ‘get rich quick’ mentality.
The accusation that OneCoin is a Ponzi scheme is not surprising when we consider just how much emphasis the company places on its recruits recruiting yet more recruits. This is a sadly common pattern and one which OneCoin seemed to try and mask simply by the volume of its advertising and the enthusiasm of those have already bought into the scheme and brought other unfortunates along in their wake.
All this was the case despite the lack of detail available on the OneCoin website, which neglected to mention such small details as whether the company was incorporated or not, and which did not also name any of its directors. However, journalists reporting on the cryptocurrency’s promotion in 2016 in the UK did note two phrases which appeared in small print at the conclusion of the terms and conditions on the website. They ran: “The Company does not warrant that product description or other content is accurate, complete, reliable, current, or error-free.” And also: “The company reserves the right to, at any given time, change the OneCoin Compensation Plan.”
These pearls of wisdom from the supplier of OneCoin should have been warning enough to anyone who was paying the slightest amount attention to the product and should very definitely have scared off those who might have considered investing any of their money in such a product. The fact that OneCoin is vapourware and that it has no blockchain in place should merely deepen your caution.
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