OneCoin Scam! Digital Currency Buyer Beware!
OneCoin is a Pyramid Scheme
OneCoin claims to be a digital currency said that it is better than Bitcoin because it has fixed all the flaws the Bitcoin has. This is just operating for about 22 months and it’s based out of Bulgaria. It is suspected as a pyramid scheme or a scam since it doesn’t have any evidence to show their business claim and you can’t find any source to verify its claim. In fact, there is more evidence to show that this so-called digital currency is not legitimate. This goes as well with their foundation they called “One World Foundation”.
OneCoin Scam Evidences
Evidence #1 – OneCoin Directors have been previously involved in the past scam activities.
The chief operating officer, founder and owner of OneCoin is Dr. Ruja Ignatova, who claims to be very experience in the business world and very educated being a graduate of University of Oxford and Konstanz. No document shows that it is true though. This founder, was being under investigation and placed on probation in Bulgaria for fraud. She was suspected of stealing $1M euro that causes bankcrupcy for the company.
The other two people who are working for OneCoin are Nigel Allan and Sebastian Greenwood. These two are both involved in some fraudulent activities in the past.
Evidence #2 – OneCoin website is full of spelling and grammar errors.
One distinction of scam website is a poor English content. For a company who is running an international operation and by by native speakers, the construction of their website is noticeably poor. The quality of the hosted content didn’t pass the English standards.
Evidence #3 – OneCoin behavior shows that they didn’t know what the Cryptocurrency is truly is.
OneCoin is more than a pyramid scheme than a Cryptocurrency. They are a “transparent Cryptocurrency”, whereas Cryptocurrency transaction should be private. They do not have coin wallet. They only trade internally. They are the first Cryptocurrency who isn’t accepting other Cryptocurrency. Their Cryptocurrency “value” contradicts all the known law of supply and demand and this is the “higher mining difficulty, the higher the value of the coin!“ There is no mining and their systems are based on the direct exchange of tokens for coins.
Evidence #4 – OneCoin cannot support all their claims.
According to OneCoin, they are the largest Cryptocurrency in the market cap. But, you can’t find them at coinmarketcap.com or anywhere else that will prove their claim. All their information mentioned on their website is unverifiable.
OneCoin started to change its name to OneLife, it is because their name is now labeled as scam and Google can detect it at their radar. The change of name is also means changing of website.
Save yourself and don’t be a victim of scams. Do your research and verify the company’s claim first before jumping into it. Know the signal of a scam. If it is too good to be true and full of great promises, it is certainly not true. Bitcoin remains the top digital currency.