OneCoin and the cryptocurrency

in joulia •  7 years ago 

OneCoin is a Ponzi scheme promoted as a cryptocoin with a private blockchain. It is promoted by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both led by Bulgarian Ruja Ignatova. OneCoin has been described as a Ponzi scheme, both because of how it has been set up and because of many of the people who are central to OneCoin having previously been involved in other such schemes.

Concept
According to OneCoin, its main business is selling educational material for trading. Members are able to buy educational packages ranging from 110 euros to 118,000 euros. Each package includes "tokens" which can be assigned to "mine" OneCoins. OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong. Each level (except six and seven), or package, gives new educational material, which is plagiarized from several sources. The company and its recruiters claims that OneCoin doesn't sell cryptocurrency but only educational material. However, in a typical OneCoin recruiting meeting most of the time recruiters talk about investing in cryptocurrency and the educational material is barely even mentioned.original research?

Currently there is no way to exchange onecoins to onecoin.gifany other currency. Previous to January 2017 the only way to exchange onecoins to any other currency was OneCoin Exchange, xcoinx, an internal market place for members who had invested more than just a starter package. This service was shutdown without warning in January 2017. While it was functioning, onecoins could only be exchanged for euros, which were placed in a virtual wallet from which they could be requested for wire transfer. The market place had daily selling limits based on which packages the seller had invested in, which greatly limited the amount of onecoins which could be exchanged. On 1 March 2016, without a prior warning, OneCoin issued an internal notice that the market would be closed for two weeks for maintenance. The notice explained that the maintenance was necessary due to high amount of miners and for "better integration with blockchain". On 15 March 2016, after the two-week maintenance, the market opened again but no visible changes had been done; most of the transactions expired as before and daily limits stayed on.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Not indicating that the content you copy/paste is not your original work could be seen as plagiarism.

Some tips to share content and add value:

  • Using a few sentences from your source in “quotes.” Use HTML tags or Markdown.
  • Linking to your source
  • Include your own original thoughts and ideas on what you have shared.

Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.

Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.

If you are actually the original author, please do reply to let us know!

Thank You!

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://en.wikipedia.org/wiki/Onecoin

Congratulations @eldarsh2! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You published your First Post
You got a First Vote

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Thanks a lot