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Friday, 11 August 2017

OneCoin - The clogged DealShitter


The text below is from a contributor who has investigated thoroughly OneCoin's merchant platform called DealShaker (aka DealShitter).





By a contributor:

This post is about the Dealshaker platform. It is the merchant platform of OneCoin/OneLife - a ponzi fraud. Like any Ponzi fraud, OneCoin has continuously struggled to be able to hold the members from withdrawing their profits out of the system. The reason is very simple: In a Ponzi fraud the only income is the money of new investors so there is no money to pay out the promised profits. 

Let's look at OneCoin business model: 

In their newsletter OneLife markets a "Power Pack educational package", which can be bought from OneLife for 48.750 €. That package will produce 1.089.163 OneCoins. 

Therefore anyone can get 22,3 OneCoins per euro or (equally) at a price of 0,04 € per OneCoin. While selling the educational packages, OneLife promises that the coins are currently worth of 12,35 € per OneCoin  270 times more than the money needed to buy the coins. 

In order to pay the profits to existing investors OneLife would either need 270 times more money than it has, or 270 times more members (who on their behalf cannot try to withdraw any money from the system). This is how a Ponzi fraud works. 

OneCoin/OneLife has already played almost all tricks from the scammers playbook: daily limitations for selling the coins, transaction fees, KYC identification (through a process that can literally take months to complete) and so forth. At the same time a platform where the coins can be used for purchasing goods has been in the promises too. The one of the most noticeable come from the Finnish Country director of OneCoin/OneLife in his speech held 23.02.2016. The speech is in Finnish but I'll translate from 21 minutes and 36 seconds onwards: In Finnish:
Meillä aukeaa nyt jo 2.3.[2016] ensimmäiset kaupat - meille tulee ulkopuoliset kauppapaikat. Tarkoittaa sitä että meille tulee oma kauppapaikka-alusta. Sieltä te voitte ostaa suoraan OneCoineilla mitä tahansa tuotteita ja palveluita. Sinne tule 50.000 kauppapaikkaa nytten ihan ensimmäisten joukossa.
And same in English:
We will open now March 2nd [2016] first [web] stores - we will have merchants outside [OneLife/OneCoin]. This means we will have our own merchant platform. From there you can purchase any goods and services paying directly on OneCoins. There will be 50.000 merchants aboard right now at the beginning.
The Finnish country director had earlier passed his press release that stated the merchant platform will be opened when 30 % of coins have been "mined". Please note: first store "will open" on that day. Not "might open" or "may open" but "will open". And what comes to the 50.000 merchants, they "will" be there. These were the promises on which he sold the OneCoin opportunity for investors. They were given a clear picture that 50.000 merchants are lined up ready to jump in when the platform opens. 

Nothing happened on March 2nd 2016. The counter on the webpage of OneCoin was showing that 30 % of coins had been mined on 18th of April 2016, over a month after the exact date the stores "will open". Guess what? On that day nothing happened either. No merchants, no explanations, no new deadlines, nothing. As usual with OneCoin, the investors were left hanging on thin air, like Wile. E. Coyote after he has ran over a cliff. 

It took until late 2016 before the Dealshaker platform was announced and up to 16th of February 2017 before it was open for buyers. Currently it is the only place where OneCoins can be exchanged to something that has a real world value. Here's how it works:
  • Merchants set up "deals" where one or more items of the same goods is available.
  • After the "start of deal" date users can buy coupons with OneCoins (or a combination of euros and OneCoins where Dealshaker platform charges 25 % of the euro sum as a mandatory "fee").
  • Coupons can then be used for actual purchase of the goods – outside the Dealshaker platform.
  • And when the expiry date of the deal is reached, the deal goes off from the list of available deals and is no longer available for purchase.
It seems that for some reason OneCoin/OneLife does not want the coins to be exchanged directly into anything of value. My guess is that upon the inevitable collapse of the Ponzi scheme they want to be able to say that the coins were never supposed to have any monetary value. Let's now take a look at the Dealshaker platform and witness that it is not only poor implementation but also a combination of similar forgery as the OneCoin Ponzi fraud itself.



The registered businesses


Remember the 50.000 merchants the Finnish country director had promised for the very opening of the merchant platform? On the DealShaker landing page two counters are shown: the "Registered Businesses" and "Individual Logged In Users". When the platform was opened for merchants in January 2017, the counter showed 2 000 merchants as signed up. That's a far cry from the 50.000 merchants that were supposed to be lined up ready to join. 

In February when the platform was opened for users, the counter hadn’t even reached 10.000. The counter finally got over 40.000 on August 5th 2017 and at the time of writing this it still hasn’t reached the 50.000 merchant marker. 

But that's not all. I've Googled for old publications and gathered the numbers from discussion forums, blog posts, OneLife newsletters etc. After combining them you can see below what the progress of the number of merchants looks like. 



This graph is not realistic as it is too linear – new merchants have apparently been signing up on pace of 100 businesses per day  ever since the day 1. The merchants were signing up on a steady pace before the platform opened for buyers and they continued in that pace afterwards. 

Please do understand how impossible this chart is to be true: 100 businesses per day, each day, regardless of such things as the Easter (in western nations), or the Chinese New Year in China, or the summer holiday season of the Europe and so forth. The graph should have variation that takes place weekly, monthly and seasonally but any such variation is totally missing. In fact the variation we see here comes almost exclusively from the sources where the date of publishing is visible but number may be day or two older as well as from the fact some of the publications were using rounded numbers. 

And what are these merchants doing? There are supposed to be 40.000 registered businesses but if we go into the Dealshaker deals, there are only 11.155 open deals. 10 % of those come from handful of merchants (more of that later), which means that even if we assume that there is only one deal per merchant, three out of four of the "registered businesses" have never put a single product for sale! 

Clearly the number of "registered businesses" is not valid. The most logical explanation for the linearly increasing (and clearly too high) number of registered businesses is that the number of the counter is automatically generated by some machine script, and is not showing the real amount of merchants that have signed up for the platform.



The individual logged in users


According to the Dealshaker landing page there were at the time of writing this 247.963 individual logged in users. I suppose it is needless to say that I've gathered a graph of that too: 




Once again the graph is almost linear. New users are signing up on a pace of 3000 users per week, every week. Once again most of the variation comes rounded numbers and inexact days. And the same as with the registered businesses graph, it is equally unrealistic that the users were signing up at that steady pace both before and after the platform was opened for buyers. Or that the very same holidays and seasonal variations are missing. And by rights there should be initial rush of new users at the time of Dealshaker launch, followed by a slowed down period and possibly some faster increases as any news of the platform are being broadcast. None of that is visible. The most logical explanation for this unrealistic growth of users? The same as for the number of registered businesses: the number of the counter is automatically generated by some machine script.



Number of open deals


The Muro BBS Forum had number of open deals in Dealshaker platform posted by users, coupled with dates the numbers were taken. This made it possible to create the following graph: 




Let me start by saying that this graph looks more organic than the previous two. There is no linearity, there are plateaus as well as ups and downs (although the amount of accounts before could not have downs anyway). I have added one data point, which is the amount of deals on day zero and that is zero initial deals (as it is reasonable to assume there were zero open deals before the platform opened for merchants). Yes, it would have helped if there were more data points but even now we can see the timeline:
  • Initially new deals were created on a rapid pace (and there were no "expired deals" to affect the amount of open deals).
  • After about 120 days the amount of open deals started to decline (as the expiry times of the initial deals had been reached and there were more expiring deals than there were new deals added).
  • Around 150 days timestamp there happened a burst of new deals as a "corrective action" - the amount of new deals jumped up literally in a matter of days.
  • Amount of open deals has been in decline since (as once again the deals expire and there are no new deals to replace them).
I count there to be two clear "bursts" of new deals: the initial burst when the platform opened and the second, corrective burst at around 150 days. Without those, the amount of deals would have gone downwards for a while now. 

Then if we look at the deals per category: 




We can see that during the second burst there was a massive move of deals from "Products" category and "Services" category to "Home & Auto" category. As said that burst took less than a week to take place, I wonder why so many of the merchants happened to log in at the same time to change their deals? Okay, that was a trick question – it is unrealistic that the merchants logged in at once unless that was somehow organized or then some sort of corrective actions were taken by the platform itself. 

This funeral service that was moved from "Services" to "Home decor products" strongly suggests that the merchants did not alter the deals by themselves, but the Dealshaker platform did it for them. What is more interesting is that the merchant has not changed it back. If we want to understand that better, we have to check the merchants a bit.



The merchants behind the open deals


Now that I mentioned the "bursts" of new deals added to Dealshaker, I should perhaps point out that in the most recent dump of new deals a large number of new merchants appeared (although that is not visible in the registered businesses counter at all). These new merchants each were selling only some 1-10 deals and no more. But those merchants do not seem to be very legitimate:
  • User names are something that I don't think is easy to remember, like "lyt678899a". (Nope, that is not a password!)
  • The "real names" are not some realistic "John Doe" or "Jack's car repair shop". Good heavens no! These merchants have told their full name is something more simple like "hanpang292". (Nope, that is not the user name, user name was "hp08".)
  • No web page to the own website of the merchant. If there is a link, it leads to somewhere that has nothing to do with the subject, like in this merchant profile.
The initial burst of deals happened before Dealshaker was open to public (and quickly after that) and for all that I can tell, less merchants were added then. Actually so few merchants took part of that burst that even today there are 15 accounts that together sell over 10 % of ALL open deals in the Dealshaker platform. Imagine if there were 150 of them – the remaining 40.000 merchants would not be needed at all! (This is improving, though: originally there were 10 merchants selling over 10 % of the deals but some of them have 0 open deals left as all of their deals have expired and no new deals have been added.) 

Usually any criticism towards OneCoin is quickly refuted as a hoax, as hate speech or as made up numbers. Therefore I'm now listing those 15 merchants here. (Please note that this is the current situation, as the deals expire or are added, the numbers will change)
  1. Merchant with 121 open deals.
  2. Merchant with 118 open deals.
  3. Merchant with 102 open deals.
  4. Merchant with 100 open deals.
  5. Merchant with 94 open deals.
  6. Merchant with 75 open deals.
  7. Merchant with 72 open deals.
  8. Merchant with 66 open deals.
  9. Merchant with 64 open deals.
  10. Merchant with 62 open deals.
  11. Merchant with 57 open deals.
  12. Merchant with 54 open deals.
  13. Merchant with 53 open deals.
  14. Merchant with 50 open deals.
  15. Four different accounts of "weikabao", (1, 2, 3, 4) that together have 75 open deals. (I still count that as one merchant.)
And not all of the deals these merchants have set open for sale are that legitimate either. They are mostly copy-pastes of each other, like these: 




The items rounded with red are just three incarnations of the many identical items in Dealshaker. I'll link you three of them that are not only the same but in addition from different merchants: 
Internal health instrument, seller user name "dyzhang001". 
Internal health instrument, seller user name "lhy987". 
Internal health instrument, seller user name "dyzzq888888".
  • All of these deals have the same photo of the product.
  • All of these merchants sell multiple deals of the same product. (I wonder why, when they could just have more of these for sale in one deal?)
  • All of the deals from all of the merchants have the same (long) description of the product.
The most logical explanation for the merchants and goods that do not look authentic is that they were mass-produced (copy-pasted etc.) in order to fill the store with items. This would also explain the sudden corrective action to fix the decreasing amount of open deals (using fake deals to fill the store) and it would also explain the existence of the very few merchants that sell over 10 % of all open deals. (Please note: I'm not saying that all the Dealshaker accounts are fake. Definitely some of them seem to come from OneCoin affiliates that think there is something in the platform. But they will get disappointed in the future as you can see next.)



Pricing


OneCoin has advertised itself as the future of payments – something that will replace the traditional currencies. From that aspect I find it quite interesting that when OneCoin price (in euros) increases in the OneCoin/OneLife backoffice, the prices of goods in Dealshaker are automatically adjusted down so that the price keeps its euro value! 

It must be quite confusing for the merchants that priced their goods in Onecoins but later found out that their already set prices have been set cheaper automatically by the system! The explanation is of course that the system stores the prices of goods in euros, not in OneCoins. 

It seems very impractical that "the future of payments" stores its prices in a currency that is supposed to be "past of payments", but all in all none of this is not really a problem due to one point that should be made: It is illogical to expect any merchant to actually sell goods in order to receive OneCoins, at least not on the face value of OneCoin (which currently is 12,35 €). Reason for this is that through "Power Pack educational package" anyone can buy OneCoins and get 22,3 OneCoins per euro (or equally: an OneCoin can be bought for 0,04 €  270 times less than the value stated by OneLife). 

Any sane merchant would either sell goods for a price that is 270 times higher than it should be according to the face value price of OneCoin... ...or then they would just go and buy the coins via the educational package, if they really wanted to own OneCoins. 

Let's assume someone has OneCoins and he/she expects them to be worth 12,35 € each. What can he/she buy with his/her coins, then? These deals look extremely interesting:
At least these merchants have understood the real value of OneCoin. That phone (from year 2016) can be bought for less than 100 euros according to websites from India - 1/610 of the price of the coupon. 

There are also some real-life users that seem to genuinely believe the system works, like the two restaurants in Finland that sell food and take payments 100 % in Onecoins. The prices of those two restaurants are around 3 times as high as they should be by the face value of OneCoin (a Pizza was set to cost ~30 euros "worth" of OneCoins - i.e. using coin value of 12.35 euros - when a proper price would be at 10 euros). And even then those prices are still too high compared to the price coins can be bought for (0,04 € / OneCoin). 

And as a last problem in selling goods 100 % in OneCoins: the merchants who receive OneCoins as a payment cannot use the coins to refresh their inventory, they can only try to find another user who is silly enough to sell goods for OneCoins. That is a process trying to find "the greatest fool". The merchants as a whole are going to make loss when selling in Dealshaker.



Conclusion


Dealshaker platform official numbers are unrealistic and can best be explained by being a forgery. That also applies to several of the open deals and the merchants behind them. There are open deals also from good willing OneCoin affiliates but those form a minority and are going to only result to losses of the seller. Like pointed out several times before, forgery is the nature of this scam. 





Thursday, 10 August 2017

OneCoin scam sanctioned 2.5 million euros in Italy



AGCM informs about sanctions of over 2.5 million euros against OneCoin for operating pyramid scam and promoting ponzi scheme



Italian Antitrust and Consumer Protection Authority (AGCM) has published today a press release informing about sanctions against OneCoin because of pyramid sales and ponzi promoting. AGCM specifically mentions ONE LIFE NETWORK LTD and ONE NETWORK SERVICES LTD in the press release.

ONE LIFE NETWORK LTD has been ordered a sanction of 2 million euros and ONE NETWORK SERVICES LTD 500.000 €. There are also some OneCoin's collaborators fined: Easy Life Srl 80.000 €, as well as with the registrants of the onecoinsuedtirol.it sites, Onecoinitaliaofficial.it, onecoinitalia.com. 5.000 euros each.




Here's the whole press release translated with Google Translate:

PYRAMID SALE AND PROMOTION INSURED, SANCTIONS FOR € 2,595,000 ONECOIN CRITATOMETER 
 
The Competition Authority, at the conclusion of its inquiry, found that the methods used by One Life Network LTD with the help of other professionals to promote the purchase of the OneCoins Virtual Coin and training packages sold in conjunction with This was incorrect in terms of information provided to consumers about the product's characteristics and its sales system with pyramidal features. The practices in question ceased in Italy following the suspension measures adopted by the Authority prior to ONE NETWORK SERVICES LTD and the registrants of onecoinsuedtirol.it, onecoinitaliaofficial.it, onecoinitalia.com, and then on the companies ONE LIFE NETWORK LTD, Easy Life Srl ( all.  
In particular, the promotional activity was centered on the promise that the consumer, after acquiring a training package, could obtain OneCoins (through a process of transforming the rough currency called mining) and that subsequently those virtual coins would have increased the Their value as a result of their dissemination, all the elements that they did not find in the course of the proceedings. One Life's business proposal was therefore based on a false, high-profit prospect: for example, the purchase of the $ 27,530 package would have allowed a value of € 3,000,000 after just two years of joining the program. 
OneCoin's dissemination took place through a pyramid sales system since recruiting new consumers was the sole purpose of sales activity and was strongly encouraged by the recognition of various bonuses, the only real and effective remuneration of the program. The purchase of the training kit in fact concealed the entry fee required to enter the system and convince other consumers of the goodness of the product. In fact, the OneCoin Criptomoneta, which was not possible to verify existence and consistency, was the pretext for a system that exclusively aimed at (and was supported through) the inclusion of other consumers.  
The procedure has enabled the Court to ascertain whether the practice was incorrect in relation to the deceptive modalities in which the features, terms and conditions of the proposed product were proposed, and whether the system incorporated a pyramid sale referred to in the Consumer Code Commercial practices in any case misleading. Therefore, in the light of the numerous evidences gathered thanks to the valuable collaboration of the Antitrust Special Department of the Guardia di Finanza for the conduct of numerous investigative investigations, the Authority concluded the proceedings by imposing sanctions against the companies ONE LIFE NETWORK LTD (€ 2,000. 000), ONE NETWORK SERVICES LTD (€ 500,000), Easy Life Srl (€ 80,000), as well as with the registrants of the onecoinsuedtirol.it sites, Onecoinitaliaofficial.it, onecoinitalia.com. (€ 5,000 each).  
Rome, 10 August 2017

Saturday, 15 July 2017

Ask Dr. Ruja - Scam Detector gives the proper answers





Welcome to unlive the live webinar hosted by Dr. Ruja, OneCoin CEO Mr. Pitt Arrens and OneLife Global Master Distributor Mr. Sebastian Greenwood! Shit has been hitting OneCoin's fans for quite some time so buckle up if you fear falling from your seat because of laughter. 

Originally the webinar was supposed to happen June 14 but for some reason it was postponed to July 13. It may not come as shock that none of the questions presented in the webinar were asked during the livestream but via a web form, well before the webinar happened. - God forbid if someone actually knowing something about cryptocurrencies were to ask Ruja some questions! Naturally they also got to choose which questions to answer and which ones to put straight into a shredder.

Start of the webinar. Pitt Arens looks like he shat his pants a bit and Ruja Ignatova is giving one of her awkward smiles.


KYC


4:20

Ruja Ignatova: 
"I believe that OneCoin has actually chosen a very very good approach and makes itself ready for the future because we store in an encrypted way the KYC information of the users." ... "We prepare our cryptocurrency not to be anonymous and this is why we store this information actually in our blockchain."

- However, Ignatova still doesn't care to explain how unbanked people without proper ID are going to use your coin. She has told again and again how OneCoin is going to be the cryptocurrency for the unbanked people who don't have proper documents for identification.



Does OneCoin have a blockchain?


5:10

Ignatova also presents some questions to herself as if there wasn't enough of them sent to her:
"We have been approached and people say: Does OneCoin have a blockchain? Is it true there is no blockchain? What happened? 
 Yes, OneCoin definitely has a blockchain, and I really would like to discourage people to spread rumors like this, because they are simply not true. A blockchain is something essential for a cryptocurrency and we had invited independent auditors even to audit this."

- Please, Ruja, I would really like to discourage you from spreading these rumors about OneCoin having a blockchain. What comes to your audit reports, no one outside your cult takes them seriously.


"We can not go public without a proper blockchain, because going public of course needs this technology. So I would like to tell everyone once again, yes, we have a very proper blockchain, and the haters claiming other people should probably go find something else to say on this."

- Well, the coin hasn't ever gone public with the blockchain and it seems more than likely that it never will. 

What comes to Ignatova's word, it has no value whatsoever. She was sentenced for a fraud last Spring in Germany to probation for one year and two months. In addition Ignatova has been caught lying, making false promises, and she was involved in BigCoin scam before starting OneCoin.

I find it amusing that she actually uses the word "haters" referring to people criticizing the ponzi scam. What a true onecoiner she is.



What about the situation in India?


6:30

Ignatova goes on commenting about the recent happenings in India, where 30 OneCoin reps have been charged because of participating in this scam. 23 of those charged have already been arrested.


"Unfortunately we face situations every day in several countries, and even more unfortunately that most of the situations are self-made and unfortunately made by network."

- She conveniently doesn't mention that herself was among the ones listed on the chargesheet of the Economic Offences Wing of the Navi Mumbai Police.

After disowning the Indian OneCoin reps Ignatova continues by reprimanding the network what OneCoin is all about:
"We are a company who sells education packages. We are not an investment. We are not selling onecoins, we are not selling cryptocurrency. And this is extremely important, me as the founder of this company and also the management team will not tolerate people who go out and who promise things that are not real... who go, who make a really, er, bad, er, bad claims about our company.  
And what happened in India is actually very very simple, there was 25 or 30 people who're marketing our company and our education packages as an investment. 
All these people we have removed frmh(?) compliance from the company, because OneLife is not an investment company. There are no returns. There're no, er, promises like this. We sell education packages. And whoever violates this, is getting to be taken out of the network, because of compliance."
...
"We're co-operating with the Indian authorities. We support them whatever we can."

- Well finally Ignatova tells something that's true: There are no returns. And I must admit that onecoiners do get a life lesson out of this.

In this video clip Ignatova herself has says that "We actually are in financial services." She's also bragging about huge commissions, but promising even bigger profits from the coin.




OneCoin abandons India?





9:00
"I have even stopped the registration process of India yesterday, until all the Indian leaders have not done another training in compliance with the company's standards I will not reopen the market."

- That pretty much wraps it up - foreign OneCoin scammers are going to stay the hell away from India from now on. As seen before, OneCoin reps getting in trouble with local law enforcement are on their own and the company sure doesn't come to rescue.



When will the White Paper be officially published?


16:30



Pitt Arens answers:
"Today it is not open source. Once it (the blockchain) becomes open source, of course the White Paper will be published."

- There you have it - again - ladies and gentlemen, the White Paper hasn't been published. However, OneCoin sure don't mind spreading an unofficial white paper among its representatives.

I believe that this farce OneCoin have with the white paper fail has something to do with Arens's incompetence as a ponzi CEO. Maybe OneCoin should have hired an experienced scammer instead of Arens.



What about bad press and OneCoin's reputation as a notorious scam?


21:20




Sebastian Greenwood takes on this one:
"... all these negative - let's say news - that are fake news... this is what it is."

- He also goes on accusing bloggers and media about just trying to get traffic on their web sites by giving bad publicity to OneCoin.

"I''ve also seen very good positive media out there on us. So don't believe everything you read."

- Yeah, really? Please, do give us an example of a respectable media source writing something positive about OneCoin.

24:20

Ignatova wants to add something and starts accusing bloggers for making a good living out of writing negative stuff about OneCoin and concludes: 
"Do not trust strange web sites that just want to make money with you."

- This is voluntary work for me. I have no ties to any cryptocurrencies. I'm not hiding behind an alias, this is real me. 

Yes, I have adds on my blog, but I'm not earning "a good living" out of this. My earnings from the date I started running my blog in February 2016 up to this date are about 75 euros. That doesn't compensate at all the time I have spent on investigating this scam - as well as others that I have wrote articles about.



What about DealShitter/DealShaker?





First Arens talks some boring bullshit about DealShaker, how they are going to make it better etc. Well, a legitimate company would have never launched such an awful platform that still doesn't work properly. It is just an awful monstrosity that should be put down already.


30:00

Ignatova continues after Arens:
"Never ever do any transactions outside the DealShaker. Unfortunately we know there's a bad world outside, and there are always people who try to fraud other people. Never ever do a transaction and give cash to somebody outside the DealShaker platform - coins or cash. Do not do this!"

- Well, I think this warning applies to almost all car deals there has been on DealShaker.



Are credit card payments going to be possible?


As OneCoin has lost all of its public bank accounts, the members might find it difficult to transfer money to their user accounts. This of course isn't exactly helping DealShaker to bloom, because many deals require more or less of the deal done by cash transactions in addition to onecoins. 

Greenwood explains how China Union Pay card is already available for the Chinese members and some parts of Asia. However, he has nothing new to tell to the other parts of the world.
"The company is working on to get other payment systems on the platform."

- OneCoin has already had some tough times with MasterCard so I believe at least MasterCard is out of the question - as it has been already for a long time: 
OneCoin's converting MasterCard was a lie
OneCoin Mastercard merchant part of a drug gang



IPO (Initial Public Offering) and strategic plans for the next year?


32:00

Arens:
"Xcoinx will be open again, and it will be open to the general public. Of course we will work like any other regulated company and we are working a lots of this to have the regulation in place."
- So far OneCoin has been frequently in news by getting its ass kicked by regulators.


Ignatova about OneCoin going public:
"There's no certainty, I can not give exactly a date. What we are planning as a company, is we are planning definitely 2018, third or fourth quarter of the year."
...
"So expect the going public most probably in 2018."
- OneCoin sure is the future of delayments. The cult members were already eagerly expecting OneCoin to go public in the second quarter of 2018. Now Ignatova suddenly reveals news that this won't happen.



On which exchanges will onecoin be traded after the IPO?


34:15

Arens:
"Xcoinx will be the primary market maker for OneCoin exchanges, but on top there is one Asian - especially Asian - stock exchange which we are in advanced talks with also to trade the coin."

- A stock exchange getting involved with a ponzi coin. Come on, Arens! It seemed like you were just making stuff up while you were speaking.



What are the benefits going to be for the members after OneCoin becomes public?


I skip the nonsense from OneCoin and move on directly to my answer:
Anyone capable of understanding even the basic laws of economics should understand what would happen then. But then again, like Ignatova said, OneCoin isn't att all about selling coins or getting returns, it's all about education.

Monday, 10 July 2017

Indian police include Ruja Ignatova on its chargesheet






The Police in India is certainly giving a hard time to crumbling OneCoin scam. There has already been 23 representatives of the scam arrested. According to the police the accused have operated 35 bank accounts registered in names of varied private firms, which saw transactions of over Rs 75 crore, which is about 10.2 million euros. The police were able to have about 3.4 million euros seized while the accused moved away the rest of the money as soon as the arrests were made.

An article published today on the Indian EXPRESS tells that the Navi Mumbai Police have filed a chargesheet against the promoters of OneCoin. Booked were also two Bulgarian nationals, including Ruja Ignatova.

So far OneCoin has either distanced itself from any accusations or kept an awkward silence. However, this time her dictatorship herself has been accused. - Certainly she can't tolerate this kind of treatment and rushes to India to clear her name, and while doing so also saves those poor souls accused of promoting a scam!

Foreign OneCoin scammers have been avoiding India for months


It has been no wonder that top OneCoin scammers have been cancelling their India tours after police there started to discipline the ponzi.

There was supposed to be a tour by Muhammad Zafar and Kari Wahlroos in June 25-26, but the duo made some excuses to avoid setting their foot on Indian soil. Zafar claimed that there was some problems getting their visa confirmed. Meanwhile Wahlroos explained that the event was postponed to July due a "tight schedule".


So is it problems with visa or "tight schedule"? 


Yeah, right. I haven't seen any event plans for India anymore. 


Earlier in the Spring a OneCoin promoter from the U.S. Tom McMurrain was supposed to have a tour in India 27-30 April, but he suddenly chickened out from it after news about arrests made in India were published 25th of April.

While there was no other bookings in his schedule McMurrain chose to stay at home and focused on launching webinars and even tried to have my Facebook account closed. Needless to say, he had absolutely no reason to report my account and he managed to cause no harm to me. However, this sort of action by McMurrain only reveals what kind of devious character he is.


Wednesday, 21 June 2017

OneCoin - Reps using fake news



After losing all public bank accounts OneCoin has had, the scam has been withering away in Europe for months. In addition to serious banking problems also regulators and authorities have been closing in on OneCoin in Europe. All this has driven the top scammers from EU region to concentrate heavily on screwing people in Asia, Africa and South America.



Norway is going to be no way for OneCoin's ponzi business


There are countries in the EU region such as Germany and Italy who have already banned all activities of OneCoin. 

Also Norwegian authorities are now closing in on OneCoin. A letter dated 6th of June from the Norwegian Gaming Board directed to OneCoin /OneLife states:

"The Lottery Authority asks you to provide names and addresses of those who operate OneLife OneCoin in Norway by receiving revenues from OneLife OneCoin and are members resident in Norway. We also want to be informed of which Member State / Title the different persons are hair. Please send us this information as soon as possible and by 20 June 2017."

The deadline to fulfil Gaming Board's request was yesterday. Unless OneCoin's Norwegian representatives were even able or willing to provide all the necessary information - which I seriously doubt - there are going to be consequences:

"Failure to fulfill the documentation requirement is penalized, cf. section 17 of the Lottery Act."

It remains to be seen what happens next. So far there has been no statements from OneCoin regarding the situation in Norway.



OneCoin - The Future of Delayments


All OneLife Network Ltd can do at this point is to come up with new ways to delay the inevitable end of the scam. Closing Xcoinc.com, DealShaker and IPO/OFC plots just keep this end of the charade dragging on.

Google Trends has been showing declining interest towards OneCoin starting from the mid November 2016. Comparing its chart next to the one of Recyclix, which is a ponzi pyramid that already collapsed, noticeable similarities can be seen how these collapsing scams attract less and less attention. A significant difference between OneCoin and Recyclix is that the latter went down very quickly after losing its bank accounts. OneCoin on the other hand can still operate through some shady bank accounts and extensive money laundering.




It goes without saying that these graphs are not showing growing networks. Also bear in mind that Google Trends shows the overall popularity of a search term - including searches done by both sides, those who are members and those who are not.



OneCoin reps spreading fake news


As a countermeasure for all bad press OneCoin reps like to spread fake news to lure gullible people to hand their savings to them. The reps are known to also advice people not to search information about OneCoin from Google. That's because there's already so much information available revealing the scam as it is.




Vietnamgate


The latest fake news launched was about Vietnam's government issuing a trading license to OneCoin:


There was only a photographed document in Vietnamese to support the claim, but that didn't stop the scammers from using it as a proof. A Vietnamese newspaper ĐẤU THẦU published an article yesterday revealing that the document was in fact forged.


Olympicgate


At OneLife event in Tokyo 2017 OneCoin's new CEO Pierre Arens goes as far as exploiting Olympics to promote the ponzi scam:
"We want to be the number one cryptocurrency to be used for Tokyo 2020...
So that all athletes that come from around the world, the journalists that come from around the world, they do not need to exchange their local currency to Yen, they can of course do that, but it’s much easier for them just to go into a shop, buy their tickets online and pay with OneCoin. So here we are, ladies and gentlemen."

- I wonder what the International Olympic Committee might think about that bullshit you shat from your mouth, Pierre.

Tuesday, 13 June 2017

OneCoin - Greetings to the Sofia office!


Greetings to you, dear visitor from the headquarters of the ponzi!










Now that I know there are employees - maybe even Dr. Ignatova herself - from OneCoin's office popping by every now and then, why not spend a while answering some questions? I mean, you could easily clean the name of OneCoin by answering some simple questions. Well, I know you won't, but aren't we having fun already?

And just to make clear to everyone that you have been visiting, here are some statistics of my blog:




All in all there has been 66 sessions since 19 August 2016 originating to a service provider "sot scurity technics" located in Sofia. I had already been suspecting that the service provider in questions might be referring to visits made from OneCoin's headquarters. Just recently visits referring to a "ticket" emerged and confirmed my suspicions.

OneCoin's customer service uses a ticket system to handle any questions the ponzi victims might have. So it's obvious that a member has made complaints or questions about my blog to OneCoin's customer service. Hence the visits referring to the ticket system.

I find it likely that the vast majority if not all the visits from sot scurity technics came from OneCoin's headquarters.



Question time!


Well, what to ask you, dear representative of OneLife Network Ltd. There are so many questions, many of them already asked in this blog without any answers given. Not even by onecoiners. 

Well, here we go!
1. What is the education included in the most expensive education packages you sell? For example those top four on this list: 

 
Bonus questions: What's the point selling combo packages? Why is it even possible to buy several identical education packages, let alone a member having multiple accounts all with same education packages? Aren't you supposed to sell only education?

2. Why did you lie about having a blockchain? - It's evident that you haven't had one, so we can cut the bullshit. 

3. Why wasn't the White Paper published?

4. What's the point of the KYC procedure when you're supposed to provide a cryptocurrency to people without proper documents for identification? OneCoin's KYC procedure prevents anyone without an ID to even possess any coins. 

5. Why has Ruja Ignatova been lying? For example: 
- She has claimed having no experience related to network marketing prior to OneCoin. However she was involved in BigCoin scam before OneCoin. 
- When asked in 2016 why almost all coin sell offers tend to expire, she claimed it was caused by the time difference: "When you're awake China sleeps." This was just utter illogical nonsense that had no relevance to the inner market place. 
- She has been implying being a cryptocurrency genius creating a cryptocurrency called OneCoin. However, there hasn't been a cryptocurrency. Just toy money.

Alrighty, just five questions for now. You are spending time here anyway so there's no reason not to clear these things that cast an enormous shadow over OneCoin/OneLife... Unless, of course, it's a ponzi pyramid scam.

Oh, just one additional question. How can you work for an international ponzi scheme? Does it require anything else than total absence of moral backbone?

PS. Thank's to the member ticketing the customer service! You know who you are.



Update 14 June, 2017 - The day after:


Among today's visitors:


Some details (not visible on the screenshot) indicate that those visits were made by three individuals.