Wednesday, March 2, 2016

OneCoin – Following in the Footsteps of Bitcoin or Just Another Ponzi Scam?

My Honest Review of Onecoin from someone who invested in it.


Bitcoin revolutionized the way digital warriors and businesses conducted transactions in the cyber

world. Just several years after Bitcoin took the net world by storm, OneCoin promises yet another

solution to netizens hungry for economic opportunities. I invested $150 in Onecoin back in July of

2015 when the price was very low. Since then the price of Onecoin has increased exponentially so

I'm very happy with my decision. However, I still have some concerns about Onecoin, particularly if

the KFC regulations will be approved in USA or not. Onecoin is still in the process of validating

these regulations in USA. What is also concerning is the news reports and a series

of OneCoin review articles going against the company. Is the platform really a Bitcoin

alternative or simply a Ponzi scheme waiting to pounce on unsuspecting and gullible netizens?



About OneCoin as a Company

OneCoin prides itself as a more secure and more rewarding answer to Bitcoin and

cryptocurrency. In fact, it boasts of a complete array of products and services that are superbly

superior to Bitcoin. Using the latest cryptographic technology and state-of-the-art security

features, OneCoin proposes a solid marketing concept that combines 4 products in one.

However, there is not much information regarding OneCoin’s ownership if you are going to

base it on their official website, http://onecoin.eu. Checking on the validity and security of the

website presents a flag from a variety of browsers indicating that the website does not supply

identity information. For a company that prides itself of being a Bitcoin alternative, it is quite

unsettling to find out that the website itself seems to mask its own identity. A more

extensive OneCoin review of the official website reveals that OneCoin only gives a very vague

information as to its location saying that OneCoin is headquartered in Europe and has

operations worldwide. However, continuing with the OneCoin About section reveals that of all

the markets that they could focus on they had to put emphasis on India, Southeast Asian

countries, and Africa, in addition to Europe.

An IP lookup of the website reveals that the website is being hosted in San Francisco CA

although there were also additional hits in Phoenix AZ and Chicago IL. Its Terms and Conditions

as well as the Independent Marketing Associate’s Agreement all point to a US origin with

several allusions to US Federal laws such as electronic commerce and taxes. In a September

2014 review posted on BehindMLM, OneCoin is believed to be operating in Bulgaria as cited

from the company’s Terms and Conditions at the time. Additionally, the domain itself was

registered on June 23, 2014 with its settings tweaked to private. Further scrutiny reveals that

OneCoin is the brainchild of Dr. Ruja Ignatova who was fortunate enough to grace the cover of

the Bulgarian edition of Forbes Magazine in May 2015. Unfortunately, one OneCoin review say

that the supposed cover story was more a paid ad by OneCoin to derail mounting allegations of

another Ponzi scam in the making.

Nonetheless, the company now boasts of close to 1.5 million members and 561.2 million

OneCoins mined although the About section talks about having already issued 2.1 billion

OneCoins.

OneCoin Products

The company has several products in line to support OneCoin’s ambitious rise to

cryptocurrency fame. At the leading edge is OneAcademy which provides new users

information on the fundamentals of cryptocurrency as well as the rudiments of OneCoin as a

product and a solution. Nevertheless, taking full advantage of the features of OneAcademy

requires a new user to subscribe to any of OneCoin’s 7 Packages; 8 including the free Rookie

version which technically is a useless piece of marketing ploy. The Packages are as follows:



1. Starter package at €100 includes financial products and trading and a certificate to

initiate OneExchange exploration.

2. Trader package at €500 includes levels 1 and 2 of OneAcademy learning focusing on

cryptocurrency and gold trading basics.

3. Pro Trader package at €1,000 includes levels 1-3 of OneAcademy learning focusing on

OneCoins trading and mining.

4. Executive Trader package at €3,000 includes levels 1-4 of OneAcademy learning focusing

on profit maximization and optimization.

5. Tycoon Trader package at €5,000 includes levels 1-5 of OneAcademy learning focusing

on increased profiteering from OneCoins trading and mining.

6. Premium Trader package at €12,500 includes all 6 levels of OneAcademy focusing on

maximum top-level OneCoin profiteering.

7. Festival package at €18,800.

Unfortunately, OneCoin does not provide information on what the Festival package actually

provides to interested individuals.

Considering that what OneCoin is offering through its OneAcademy online program comprises

of information that are not necessarily trade secrets because of the availability of internet

resources, it is quite disturbing to be parting with that amount of money (€12,500?!?) for

information on how to get rich using cryptocurrency. Yet, if the figures on the official website is

to be believed in, with almost 1.5 million members, then that is an awful lot of money.

Member Benefits

The company does provide its members a host of benefits. Unfortunately, you have to be a

member in order to view these host of benefits. There are some YouTube videos as well as a

handful of OneCoin review articles explaining how the compensation plan works. Generally,

like all MLM it basically works on the principle of the user feeding off the output of others down

the line. There are direct sales bonuses as well as network sales bonuses and matching

bonuses.

Members are additionally enticed with the possibility of trading in gold using the Aurum Gold

Coin program of the company. Aurum Gold is a hybrid cryptocurrency that is anchored on

prevailing prices of gold. This is supposedly an answer to Bitcoin’s highly volatile value.

Additionally, the company is encouraging its members to maximize their OneLife and reap the

full benefits of the company’s OneAwards incentives.

The Verdict

For an MLM company that capitalizes on intangible commodity, it is quite understandable why

some people might have to think many times before joining any of OneCoin’s packages. With a

very shady organizational information, it would seem that OneCoin is hiding a lot of things from

the public. And while its co-founder did grace one of the world’s leading business magazines, its

timing largely questions its veracity. Additionally, with so many OneCoin review articles

claiming that it is just another masterfully crafted Ponzi scam, OneCoin needs to be more

transparent in all of its transactions and foundations if it really wants to project an image of

credibility and trustworthiness. Otherwise, it is just another scam out to get the hard-earned

money of the average Joe.