In the world of cryptocurrency, Onecoin has gained significant attention and controversy. While some claim it to be a revolutionary digital currency, others label it as an elaborate scam. In this comprehensive review, we will examine the key aspects of Onecoin to determine its legitimacy and uncover any potential red flags.
What is Onecoin?
Onecoin was introduced in 2014 by Ruja Ignatova, who claimed to have developed a groundbreaking cryptocurrency that could rival Bitcoin. The main selling point of Onecoin was its promise to provide financial services to the unbanked population worldwide. Ignatova marketed Onecoin as a user-friendly and accessible cryptocurrency that would bring financial inclusion to millions.
The Investment Opportunity
One aspect that raised suspicions about Onecoin was its investment opportunity. The company offered investors various packages promising lucrative returns through buying and trading the cryptocurrency. However, unlike legitimate investment opportunities, the company did not disclose any technical or financial details about how their system worked.
Additionally, Onecoin employed a multi-level marketing (MLM) structure where users were incentivized to recruit new members in exchange for bonuses and commissions. MLM structures are often associated with pyramid schemes, which made critics question the legitimacy of Onecoin’s business model.
Lack of Transparency
Another major concern surrounding Onecoin is its lack of transparency. Unlike other cryptocurrencies where transactions are stored on an open blockchain for public scrutiny, Onecoins’ blockchain was closed and controlled by a centralized authority – the company itself. This lack of transparency raised doubts about the authenticity of transactions and led many experts to conclude that Onecoin operated more like a centralized database than a true decentralized cryptocurrency.
Regulatory Issues
Onecoin has faced numerous legal challenges globally due to concerns over its operations resembling those of a Ponzi scheme. Several countries including Germany, Italy, and the United Kingdom have issued warnings and initiated investigations into the company’s activities. In 2017, Ruja Ignatova was charged with fraud and money laundering by U.S. authorities.
Conclusion
Based on our review, Onecoin raises several red flags that cannot be ignored. The lack of transparency, reliance on a MLM structure, and regulatory scrutiny all point towards a potential scam rather than a legitimate cryptocurrency. Investors should exercise extreme caution before getting involved in Onecoin or any similar schemes promising unrealistic returns.
It is essential to perform thorough research and consult trusted financial advisors before investing in any cryptocurrency. While the world of digital currency holds immense potential for innovation and growth, it is crucial to differentiate between legitimate projects and fraudulent schemes like Onecoin to protect one’s hard-earned money.
Devil S Coin
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Author by : Jennifer McAdam
Languange Used : en
Release Date : 2023-08-08
Publisher by : HarperCollins
ISBN :
Description : *A NEXT BIG IDEA CLUB MUST-READ BOOK FOR AUGUST 2023* "[An] exhilarating mix of memoir and true crime. . ." — Publishers Weekly (starred review) The astonishing true story of the coal miner’s daughter who took on the creators of the world’s biggest financial fraud and helped the FBI to convict them The OneCoin global cryptocurrency fraud stole tens of billions of dollars from ordinary people around the world. Unlike Madoff or Enron, who relieved the world’s wealthiest investors of their cash, the exploiting genius of the OneCoin scam was targeting the poorest people in the world, the “unbanked”—those who struggled to live or get mainstream banking support. The arrogant assumption was that the downtrodden wouldn't have the means or will to fight back. They didn’t reckon on Jen McAdam—a teenage mother, young grandmother, and modern-day Erin Brockovich. Jen’s father left her £15,000 when he died: his savings from living a careful life in a small Scottish mining town. Jen wanted a safe investment for this money to fund a better life for her family. She was digitally savvy, and she had heard of people making fortunes with Bitcoin. When she saw the promotional material for OneCoin—the founder Dr. Ruja Ignatova featured in major reputable media outlets; videos of celebrity events; gushing video testimonials of people, just like Jen, who had changed their lives—she was entranced. Only months later, she realized she would never see her money again. Jen was one of the only victims worldwide to fight back. Despite terrifying attempts to shut down both her and her growing support groups, she fought tirelessly for justice for herself, her family and friends, and the millions around the world who lost everything, in some cases even their lives. This is a true David-and-Goliath story to give us all a message of hope about the power we as individuals can have, even when things seem hopeless....
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Author by : Emmy Kegler
Languange Used : en
Release Date : 2019-04-02
Publisher by : Fortress Press
ISBN :
Description : The stories of Scripture are for everyone. No exceptions. Emmy Kegler has a complicated relationship with the Bible. As a queer woman who grew up in both conservative Evangelical and progressive Protestant churches, she knows too well how Scripture can be used to wound and exclude. And yet, the stories of Scripture continue to captivate and inspire her--both as a person of faith and as a pastor to a congregation. So she set out to fall in love with the Bible, wrestling with the stories inside, where she met a God who continues to seek us out--appearing again and again as a voice, a presence, and a promise. Whenever we are pushed to the edges, our voices silenced, or our stories dismissed, God goes out after us--seeking us until we are found again. And God is seeking out those whose voices we too quickly silence and dismiss, too. Because God's story is a story of welcome and acceptance for everyone--no exceptions. Kegler shows us that even when we feel like lost and dusty coins--rusted from others' indifference, misspent and misused--God picks up a broom and sweeps every corner of creation to find us....
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Languange Used : en
Release Date : 2020-10-20
Publisher by : Penguin
ISBN :
Description : One of PopSugar's Best Romances of October With the stakes this high, it’s no longer just a game for the Mustang’s quarterback in this romance by the author of Blitzed. Elliot Reed is living her best life—or pretending to. She owes it to her dad’s memory to be happy and make the most of her new job as Strategic Communications Manager for the Denver Mustangs. Things are going well until star quarterback Quinton Howard Jr. decides to use the field as his stage and takes a knee during the national anthem. As the son of a former professional athlete, Quinton knows the good, the bad, and the ugly about football. He's worked his entire life to gain recognition in the sport, and now that he has it, he’s not about to waste his chance to change the league for better. Not even the brilliant but infuriating Elliot, who the Mustangs assign to manage him, will get Quinton back in line. A rocky initial meeting leads to more tension between Quinton and Elliot. But as her new job forces them to spend time together, Elliot realizes they may have more in common than she could've imagined. With her job and his integrity on the line, this is one coin toss that nobody can win....
The Missing Cryptoqueen
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Author by : Jamie Bartlett
Languange Used : en
Release Date : 2022-06-28
Publisher by : Hachette Books
ISBN :
Description : 175 countries, four billion dollars, one scam: the thrilling rise and fall of the biggest cryptocurrency con in history and the woman behind it all In 2016, on stage at Wembley Arena in front of thousands of adoring fans, Dr. Ruja Ignatova promised her followers a financial revolution. The future, she said, belonged to cryptocurrencies such as Bitcoin. And the Oxford-educated, self-styled cryptoqueen vowed that she had invented the Bitcoin Killer. OneCoin would not only earn its investors untold fortunes; it would change the world. By March 2017, more than $4 billion had been invested in OneCoin in countries all around the world. But by October 2017, Ruja Ignatova had disappeared, and it slowly became clear that her revolutionary cryptocurrency was not all it seemed. Fortune was left asking, “Is OneCoin the biggest financial fraud in history?” In The Missing Cryptoqueen, acclaimed tech journalist Jamie Bartlett tells the story he began in his smash hit BBC podcast, entering the murky worlds of little-regulated cryptocurrencies and multilevel marketing schemes. Through a globe-crossing investigation into the criminal underworlds, corrupt governments, and the super-rich, he reveals a very modern tale of intrigue, techno-hype and herd madness that allowed OneCoin to become a million-person pyramid scheme—where, at the top, investors were making millions and, at the bottom, people were putting their livelihoods at risk. It’s the inside story of the smartest and biggest scam of the 21st Century—and the genius behind it, who is still on the run....
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Author by : Elaine Wilkes
Languange Used : en
Release Date : 2021
Publisher by :
ISBN :
Description : ...
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Author by : Paul Vigna
Languange Used : en
Release Date : 2018-02-27
Publisher by : St. Martin's Press
ISBN :
Description : "Views differ on bitcoin, but few doubt the transformative potential of Blockchain technology. The Truth Machine is the best book so far on what has happened and what may come along. It demands the attention of anyone concerned with our economic future." —Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard, Former Treasury Secretary From Michael J. Casey and Paul Vigna, the authors of The Age of Cryptocurrency, comes the definitive work on the Internet’s Next Big Thing: The Blockchain. Big banks have grown bigger and more entrenched. Privacy exists only until the next hack. Credit card fraud is a fact of life. Many of the “legacy systems” once designed to make our lives easier and our economy more efficient are no longer up to the task. Yet there is a way past all this—a new kind of operating system with the potential to revolutionize vast swaths of our economy: the blockchain. In The Truth Machine, Michael J. Casey and Paul Vigna demystify the blockchain and explain why it can restore personal control over our data, assets, and identities; grant billions of excluded people access to the global economy; and shift the balance of power to revive society’s faith in itself. They reveal the disruption it promises for industries including finance, tech, legal, and shipping. Casey and Vigna expose the challenge of replacing trusted (and not-so-trusted) institutions on which we’ve relied for centuries with a radical model that bypasses them. The Truth Machine reveals the empowerment possible when self-interested middlemen give way to the transparency of the blockchain, while highlighting the job losses, assertion of special interests, and threat to social cohesion that will accompany this shift. With the same balanced perspective they brought to The Age of Cryptocurrency, Casey and Vigna show why we all must care about the path that blockchain technology takes—moving humanity forward, not backward....
Crypto Wars
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Author by : Erica Stanford
Languange Used : en
Release Date : 2021-07-03
Publisher by : Kogan Page Publishers
ISBN :
Description : HIGHLY COMMENDED: Business Book Awards 2022 - Specialist Business Book Crypto is big news. You may be an existing user yourself or have friends that laud its promise of getting rich fast. Arm yourself with the knowledge to come out on top in the crypto wars. If thousands of people can lose billions of dollars in OneCoin, masterminded by the now infamous Missing Cryptoqueen made famous by the BBC's podcast series and called 'one of the biggest scams in history' by The Times, what makes you think your money is safe? OneCoin isn't alone. Crypto Wars reveals how some of the most shocking scams affected millions of innocent people all around the world with everything from religious leaders to celebrities involved. In this book, you get exclusive access to the back story of the most extreme Ponzi schemes, the most bizarre hoaxes and brutal exit strategies from some of the biggest charlatans of crypto. Crypto expert and educator, Erica Stanford, will show you how market-wide manipulation schemes, unregulated processes and a new collection of technologies that are often misunderstood, have been exploited to create the wild west of crypto, run by some less than reputable characters. From OneCoin to PonziCoin to Trumpcoin and everything in between, Crypto Wars uncovers the scandals, unpicks the system behind them and allows you to better understand a new technology that has the potential to revolutionize banking and our world for the better....
