The OneCoin is a Scam Theory


Let’s Talk OneCoin

May 19, 2016

In the video titled above, Dan Harley, Jr., of Prime Concepts for Internet Solutions, moderates a lively 2 hour discussion with two proponents of the “OneCoin is a scam” theory: Tim Tayshun, a cryptocurrency expert; and Angelina Lazar, an ex-OneCoin associate and successful MLMer prior to that. Check Tim’s youtube channel for documentation of the things he says here. Based on the efforts of the “OneCoin is a Scam” crowd (besides Tim and Angelina; Oz, Vanderbilt, and Ben Zmith have documented OneCoin thoroughly), OneCoin has gone from #4 to #138 in WorkfromHome. Zmith has short youtube videos that show OneCoiners lying. Angelina started researching OneCoin to defend it, but as she did she realized the naysayers were right. Tim offers a 100 mBTC reward for anyone who can disprove anything he has written or stated about Oncecoin being a fraud.

On the other hand, the OneCoiner, Ken Labine, has lots of pro-OneCoin Youtube videos in which he claims to have rebutted everything the OnCoin is a Scam crowd (including Tim Tayshun) says. So I guess Tim owes Ken some BTC?

And finally, on the other other hand, the OneCoin company (OneLife) has decided not to promote in the United States, but it has a sort of successor in the United States. So if you are in the United States, the question to ask is, Is iProNetwork a scam?

Notes from the Let’s Talk OneCoin video follow:

https://www.youtube.com/watch?v=PsIoIJtQtEw&feature=youtu.be

Tim began following OneCoin after Paycoin (launched in December of 2014) collapsed. It was clear to him when he first heard the OneCoin founder, Ruja Ignatova, speak that she didn’t have a clue about cryptocurrency. Angelina’s take is even simpler. “OneCoin … is a major megascam,” she says. Do you believe them, yet? Nope? Me, neither. Let’s dig in to what they have to say, because if it is a scam, “major megascam” certainly applies.

Tim reached out to Ken Labine, a OneCoin independent associate (rep) and primary proponent of the “OneCoin is NOT a scam” theory. He says that Ken actually agreed to debate him online, but when they got together (4/9/16) Ken never let Tim have audio but ranted for over four hours, in the process accusing Tim of various things. Well we can’t use the bad behavior of one independent OneCoin rep (Labine) against the company itself, but this cemented Tim’s active interest in outing OneCoin.

Tim says he has found the website (that Ken rails on as being slipshod and self-serving), Behind MLM, “incredibly useful”. Onecoin supporters say that sites like Behind MLM, Realscam.com, and Ethan Vanderbilt (a “most-trusted” scam-buster) are just after clicks for ad revenue and that they don’t do real research. Tim says these are consumer protection advocates, and they document what they say.

OneCoin has a history of false media publicity:

OneCoin founder, Ruja Ignatova, a native-born Bulgarian, is claimed to be a member of Mensa with an IQ of 200 but Tim has searched Mensa Bulgaria and finds no reference to her. Numerous other credentials are claimed for her by OneCoin Partners which are said to be difficult to confirm. The OneCoin Partners pdf seems pretty credible, but I don’t have the resources to prove it all up. Here is a page (well, 7 pages) claiming to do so.  I lucked onto a Bloomberg page confirming she was economic director at Clever Synergies as claimed.

A primary product that OneCoin sells is education, through its OneCoin Academy. Tim says this is copyrighted material plagiarized from Investopedia. Here is a side-by-side produced by Zmith. Angelina says that Ruja’s book is plagiarized.

OneCoin claims to be the only audited cryptocurrency. It seems a little odd that a cryptocurrency should need to be audited in the first place. Cryptocurrency is based on blockchain technology, a major purpose of which is to be transparent to all potential interests. Since interested parties audit it, there is no need for auditing companies to get involved. Angelina says the auditing by Semper Fortis was of the OneCoin company and all external to the blockchain. Semper terminated their agreement with OneCoin in August of 2015 but in September Ruja claimed they were still auditing them. Tim says that OneCoin set up a website called S-Systems, self described as auditing blockchains. He says it was just set up to audit Onecoin and that OneCoin claims it is auditing their blockchain, but there has been no audit since August of 2015 when Semper terminated. (He has since corrected this statement. The OneCoin webiste has S-Systems audits posted that run through January of 2106 (brief and uninformative as they are). This is still 6 months behind – a very concerning fact. So the point he is making in the video still stands.) The site also has a (new?) feature showing activity of the blockchain itself, which I speculate may be an effort to replace the auditing although I have seen no statements by OneCoin to that effect (I am a rep). It looks similar in concept to Blockchain.info, which shows bitcoin transactions taking place in real time. On the other hand (hat-tip Tim!) it is really just a simulation. Bob Wood wrote that, “BitCoin is 100% transparent and is decentralized and transactions are anonymous.” Also see the white paper on the OneCoin blockchain, https://www.nexxusuniversity.com/Attachments/38/21/OneCoinMining.pdf

OneCoin claimed that Ruja was on the cover of Forbes. At OneCoin.eu/news/details/forbes_interview you can read, “In her interview for the prestigious magazine Forbes Bulgaria our founder Dr. Ruja Ignatova introduces Onecoin and discusses … cryptocurrency.” What appears to have actually happened (and what is actually said to have happened by OneCoin Partners on pg 9) is that Forbes Bulgaria accepted an advertisement in BrandVoice Forbes from OneCoin called a “second cover”. This was in the May issue. The “interview” there was an advertorial. The OneCoin.eu release made it look like it was not a paid advertisement, but an interview by Forbes.

OneCoin claims to have been featured in the Financial IT magazine, describing it as a financial industry standard with a circulation of 100,000 and going to 70,000 banks. Tim points out that according to the magazine’s own website it is published quarterly with a combined circulation of 2,000 print/digital copies. I thought I had him on this one, since I found a pdf on Financial IT website claiming 100,000 unique visitors per month and 70,000 subscribing key decision-makers from FTSE500 and Forbes Global 2000 companies. But he sent me a screen shot of his source, and sure enough it says 2,000, so I can only assume Financial IT has updated their site. Okay, Tim, I am giving up on the 100 mBTC reward, but this may mean that OneCoin (oh, the horror!) was telling the truth on this point. Also the Financial IT magazine February issue does feature Dr. Ruja, and she is on the cover here. But! That issue is identical to the January issue, except for just the three pages added by OneCoin. They bought the publishing of the issue for February using the January content plus these pages added. You can visit financialit.net/issues and get all back issues in pdf format for free except the Feb issue witch will cost you $19.95. But if you pay for the Feb issue and compare it to the January issue (which Tim did, and you can) you will see they are identical as described above. Or watch the Youtube, Financial IT Cover was PAID!

Tim says OneCoin had a meeting in Dubai in October of 2015, at which Ruja talked about the website XcoinX saying it would be an exchange that would trade several cryptocurrencies. She called this the next level for OneCoin. It’s true. Below is a video of her saying it.

By way of introduction, this video is focused on proving that the OneCoiner, Ken Labine, who claims all OneCoinisascam, is wrong on this point.


However, even 6 months later it does not function as an exchange but lists about 10 coins with their current circulation and prices – OneCoin among them. He says the graphics on the site are copied from coinmarketcap.com except that XcoinX lists OneCoin in the number two slot. Well, maybe it was but they are only vaguely similar now. He says the site FAQ is copied from BitStamp directly and unchanged. Read it. They didn’t change it at all. It is a FAQ about BitStamp and Bitcoins – not OneCoin. Tim says a OneCoiner, Joby Boughey, writing on Is OneCoin a Scam – The Truth Exposed, 1/26/16, said that XcoinX is “our privately owned site.” Then on 4/18/16, he wrote, “XcoinX is not owned by OneCoin.” Tim says XcoinX is owned by OneCoin (maybe through one of its shell companies). Tim says that no one can sell OneCoins because no one is buying, even at a 30% discount to the claimed XcoinX price, but that has not been my experience.

The OneCoin charitable foundation, One World Foundation, claimed to be partners with Seeva Canada, which Seeva denied when Tim called. Seeva Canada also put up a disclaimer on their site. He contacted several “partners” listed on the One World Foundation.eu site and they denied being partners. It is not that they have never donated to these charities, but that they are not partners with them. He says the One World Foundation has not listed any board of directors.

Angelina says that when the headquarters in Bulgaria was opened there was no press, and of course there should have been.

Investigations:

Angelina was doing a presentation in Russia when she was approached by three agents from the Dept of International Finance and Commerce (DIFC). They knew their stuff and it woke her up. At this same meeting she had access to a OneCoin trading system which could have been taken live making the coin legal in a certain country or two. OneCoin people ran the system during the meeting, but only allowed money to come in.

On March 16 the Chinese authorities arrested the organizers of the OneCoin China event (60,000 expected), which was then canceled without a word. In May a meeting was held in Macau, which is effectively Chinese but outside of mainland China’s jurisdiction. The Chinese government is said to have cancelled OneCoin’s ChinaUnionPay subscription, which meant that OneCoin would not be able to offer a debit card there. OneCoin re-applied under the name OneNet – one of Ruja’s many shell companies. Following the event, Ted Nuyten of BusinessAtHome, wrote,

OneCoin CEO and Founder Ruja Ignatova made important announcements about the company, including the new One Net Upi bank cards, issued in association with UnionPay. UnionPay cards can be used in 141 countries and regions around the world, making it the third-largest payment network by value of transactions processed, behind Visa and MasterCard.

As per high-level OneCoin reps at the Macau event, five thousand OneNet cards were given out at the Macau event. The impression was clearly that these were usable cards, processed through China One Pay. However, the most recent statement I can find in the back office as of 6/3/2016 is, “very soon we will start the issuing of ONE NET UPI CARDS in association with UnionPay.” It is undated, so could precede the Macau event; but it begs the question, OneCoin doesn’t care to mention that this milestone has actually been accomplished?

Returning to the arrest in March, Tim says Ken Labine did a rebuttal on the arrest saying that it involved Vicat Credits, not Onecoin. But Vicat Credits are OneCoin in China. I found a Chinese news article about an arrest on March 16 and translated it using Google Translate. Vicat Credits and OneCoin definitely are the same thing. However it looked as though it was three independent reps being arrested for several things, among them accepting payment for OneCoin products and funneling the monies submitted into their own personal accounts. They must have been pretty high-level reps, being as they had siphoned off funds equivalent to between $30 – $50 million dollars. An article at BehindMLM talks about the arrest and describes Chinese authorities issuing warnings “aimed at raising awareness of ‘new types’ of Ponzi fraud, including the cryptocurrency Ponzi points model OneCoin uses,” but falls short of saying that OneCoin, the company, has been shut down in China. However, another Chinese article, Guangdong Police dismantling Criminal Fund-raising Tricks, includes discussion of Vicat Credits (OneCoin) , saying that it has been shut down in China by the authorities. In a related guilt by association incident OneCoin’s prepaid master card in Europe was shut down because the head of it was caught smuggling drugs in the European Union. Tim and Angelina are of the opinion that the OneCoin principles are connected with organized crime.

Tim says that OneCoin is presently under investigation by around a half-dozen countries, naming Finland, Sweden, Estonia, Austria Switzerland, Dubai, Malaysia, and say it is illegal in China and Columbia. Check the Murobbs blog in Finland. You will have to translate it. Ten thousand Finns have invested. Angelina has been told that about 80,000 people in Malaysia left OneCoin for another opportunity, and she plans to speak with them soon. She also says that OneCoin had hired a big U.S. MLM attorney named Kevin Thompson, but he quit. OneCoin is not yet approved for promotion in the U.S. but independent reps are signing people up there.

Separately from the video presentation, I find that OneCoin widely circulated a legal affirmation from a German law firm by the name of Breidenbach Rechtsanwalte. There are two problems with this. First, the opinion the firm actually gave was that since, “most countries have recognized cryptocurrencies as a bona fide commodity, which may be held and traded by their citizens … in our opinion the ‘OneCoin’ is a legitimate product … .” That is fairly weak, but acceptable to me – until I learn that a few months following release of the opinion, Martin Rudolf Alexander Breidenbach was appointed an “individual director” of OneCoin Limited (OneCoin legal opinion lawyer was a company Director). So, while being touted as third-party confirmation, this “opinion” was merely another “paid advertorial” if even that. Are you seeing a pattern here?

Returning to the video, Angelina, I think, was living in Dubai when she became a OneCoin rep and was certainly promoting there at first. When she asked her upline, Rita, if it was legal to promote OneCoin in Dubai she was told yes as long as she didn’t invite locals. So she stopped all acivity there. She says she was the only one interested in asking the hard questions. Everybody only wanted to make money and have conitnued operations in Dubai. She says when a OneCoin rep starts asking hardball questions of OneCoin the company they will say if you aren’t happy just leave, and they don’t answer. OneCoin claims to have an office in Dubai, but the office is in the DMCC which is in th Jenera(?) Lake Towers (JLT) which is in an offshore jurisdiction. Tim may have said that they actually have a “flexi-desk” there, where you rent a few hours per month, sharing the space with others doing the same. You are not allowed to be involved in any type of financial transactions. For that you need to be registered with the DIFC. OneCoin does not have a legitimate license in Dubai. It’s a lie. Besides that, the office has only to do with Aurum Coin which has nothing to do with OneCoin naymore. Aurum gold coins are nano coated with gold. The value is around $35. Based ongold prices they are worth around $0.375. Tim comments that the Aurum gold coin exists in the OneCoin back office but you never hear about it.

Someone commented that the Know Your Customer (KYC) program that OneCoin uses allows them to delay account confirmation so as to tie up people’s money. Also when you join, the coins will take 80 days to mine. Recently the company has limited how many coins you can sell per day. So your funds are tied up for awhile when you put them in.

At one point someone said that as of May of 2016 OneCoin is taking in a $3m weekly income through three bank accounts. Angelina says OneCoin keeps getting kicked out of countries and dropped by various banks. She says they only have three accounts now – that belong to he wife of Frank Rickets. Frank is the former CEO of the failed business scheme, OPN. Like Conligus of the Steinkiller(?) brothers and like Unilever. These were all going down. They were paid big money to join OneCoin as were some of the big leaders who own part of OneCoin, like Hula Parkiala (Juha Parhiala) and Per Carlson. Egor Albert was paid one million dollars to come in as was Daniel Wren. OneCoin has accounts in Singapore, Germany, and Tanzania.

Tim says that during the last 12 months Tommy Vornin, the biggest guy in the Finland area, has been claiming that as soon as 30% coins mined OneCoin will announce 50k merchants who are already lined up to participate in its eCommerce platform using OneCoin. Hula said 150k merchants. Ken Labine and Richard Marks – two of the “top OneCoin pimps” in North America – were saying 500k merchants were lined up. I have seen Alibaba claimed to be one of them. The 30% threshold was reached in the spring of 2016 and an announcement is anticipated at the London event during June.

People:

OneCoin was started by known frauds. Previously convicted (?) ponzi pimps involved in the founding include Sebastian Greenwood, Nigel Allen, and John Ng an infamous ponzi addict. Ruja and company claim that OneCoin is her first MLM. This may say-able if you split hairs enough, but how is it that video is available of Ruja speaking at BigCoin promotional events? Tim says (and elsewhere documents Ruja saying it at a BigCoin event) that her Cryptoreal Investment Trust provided management of funds for Bigcoin and Prosper Club (which is said to have defrauded affiliates of $50 million dollars).ruja-ignatova-promoting-bigcoin-hongkong He says that until the other day the Trust was listed on Ruja’s LinkedIn profile.

It was at Prosper Club that Ruja met Sebastian Greenwood and John Ng. Nigel Allen president of OneCoin until Ruja had to get rid of him, was with Brilliant Carbon.  John Ng ran BigCoin and is angry at Ruja for stealing its business model. BigCoin’s slogan was “The Future of Money” and OneCoin’s is “The Future of Payments”.  Angelina comments that she and Tim are talking about info dug up by others. One of the better articles on these things is BigCoin & BNA: The Original OneCoin Ponzi Points. Angelina has had experience with business schemes that turned out to be ponzis and scams. She was in Go Auto Club, which was a ponzi, too, until she found out. She says that she was the one who exposed the CEO of FX Trainer as mob. She sees the same plays happening with OneCoin.

Tim says that one of the early joiners, Chris Stone, in August, 2014 and in the fall of 2015 was trying to sell some of his coins, but his sells were timing out and cancelling. For months he couldn’t move his coins. He had $200k in coins. He finally complained enough that his account was confiscated from him. (Tim sent these sources: Pinterest and imgur)

Angelina adds that all the defecting top leaders in Dubai have had their accounts frozen. Uha (the top earning OneCoin rep) had a OneAcademy in Thailand that he shut down and he moved to Cambodia. The OneCoin back office has a statement that you have to sign that you can’t say anything against OneCoin or your account will be shut down (I haven’t seen this, but maybe it is in the independent rep agreement – which I didn’t read too closely).

Ed Ludbrook, a respected person in the MLM space, has joined OneCoin. Chris Principe joined also but is said to have been paid to do so in order to legitimize OneCoin. OnecointruthfinancialItpaid promises documentation.

Ruja just bought $20 million of real estate in Bulgaria. Well, seriously, what would you do if you suddenly found yourself making the amount of money Ruja is making – scam or not. I’ll tell you what I’ve done, finding myself involved in OneCoin. I had put some money in, but it’s too much risk for me. Since it is possible to transfer funds and coins between accounts, I sold the contents, and future contents, of my account to my upline and he is paying me cash up front. I shared as much of the above information as he could stand with him and he remains unconvinced that this is a scam. So he is quite happy with the discount I offered him. I am basically getting my original investment out, while if things hold together for a month or two he will be getting over double that … if he can get it out.

2017 Update: OneCoin is hanging in there, bigger than ever, but has decided not to market in the United States. The U.S. group has largely migrated over to a different company, called iProNetwork (IPN). This begs the question, Is iProNetwork a scam? IPN looks lots more legitimate than OneCoin does.

Advertisements

About icliks

Biding my time in central ms ... yours too, if ur reading this.
This entry was posted in cryptocurrency, ethics, Internet, Investing and tagged , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

34 Responses to The OneCoin is a Scam Theory

  1. timtayshun says:

    I will be making comments here, and if you have PROVEN me wrong, I will pay up.

    The first question I have is in regards to this statement: “He says that as of May of 2016 OneCoin is taking in a $3m weekly income through three bank accounts.”

    Please site where I said Onecoin is taking in this amount.

    thanks

    Tim Tayshun

  2. timtayshun says:

    RE: YOUR STATEMENT: “Well if you go to the OneCoin website and log in as a rep, you can see audits through January of 2106 (brief and uninformative as they are). So let me be the first to take you up on your 100 mBTC reward, Tim Tayshun! Still that is 6 months behind – a very concerning fact. ”

    Prior to this 100 mBTC challenge being posted, I have corrected my assertations by posting information referencing the fact that, INDEED, the so-called audits have been updated since the post you are referencing (by S-Systems, to include the most recent one, months ago).

    As my comments are relative to the dates which you quote me, if I have since corrected this, in the spirit of HONEST DIVULGENCE AND DEBATE OF FACTUAL INFORMATION, than I believe my corrections, PRE-DATING this blog, speak volumes about the level of honesty and fairness I have and continue to present, on both sides. Let me know your thoughts on this very specific point. (as I continue reading your “PPP” blog = just kidding about the PPP, by the way. It is a stupid argument)

  3. timtayshun says:

    RE: “Angelina adds that about 80,000 people left OneCoin in Malaysia and she will be speaking with them soon.”

    AS you will notice in the video, I neither agree with or deny this claim, I have no idea of her source. I can only speak to what I claim, and what I claim is well researched, resourced, and documented. I have no idea where ether this came from (or where her comments about “Forbes Bulgaria, itself not being legitimate – WHICH I DIRECTLY CHALLENGE HER ON WHEN SHE STATED THIS!)

    So, in regards to the two claims above, I actually gave neither of them credibility, and not only that, but CHALLENGED her on her claim about Forbes Bulgaria “not being legitimate.” I even gave her the website: http://www.forbesbulgaria.bg – which is tied to Forbes corporate, to deny her of bringing in any innaccurate or speculative information. That’s how I roll. I said, “I want to talk about PROOF and not speculation.” (or something to that exact same effect)

    • icliks says:

      I changed the post to read, “Angelina has been told that about 80,000 people in Malaysia left OneCoin for another opportunity, and she plans to speak with them soon.”

      And I remember you rebutting her on Forbes as you describe. I didn’t post on that exchange – trying to stay concise.

  4. timtayshun says:

    RE: “In a related guilt by association incident OneCoin’s prepaid master card in Europe was shut down because the head of it was caught smuggling drugs in the European Union”

    a few things here:
    Here is a major News organization in China reporting against Onecoin Ponzi Scam in China, referencing “Operation Hurrican” which is a “joint effort by Ghuandzhong (sp?) Police and other Federal Authorities cracking down on ‘Financial Cyber Crime,’ amongst other objectives of trhe operation.”

    SOURCE: https://www.youtube.com/watch?v=ipfsB5Uy5OQ
    get someone to translate, please, for greater clarity. Visually, it is pretty self-explanatory, but lets get a credible translator, if you wish.

    See more information on the China reports here: http://internetcrimefightersorg.com/onecoin-review/

    Furthermore, the “Guilt by association” stems from the report and article in the #1 Cryptocurrency Media Group in the world, specifically outlining “shady dealings” HERE: http://cointelegraph.com/news/onecoin-a-voice-from-inside-is-there-underground-circles-in-bulgaria

    So, yes, take it for what it’s worth. But, it is certainly supporting the report.

  5. timtayshun says:

    RE: “They were paid big money to join OneCoin as were some of the big leaders who own part of OneCoin, like Hula Parkiala (Juha Parhiala) and Per Carlson. Egor Albert was paid one million dollars to come in as was Daniel Wren.”

    Again, this is not claimed by ME and I have seen no PROOF of this, so I like to stick to FACTS

  6. timtayshun says:

    RE: “Ruja claims that OneCoin is her first MLM. (Maybe if you split hairs enough), butTim says that her Cryptoreal Investment Trust provided management of funds for Bigcoin and Prosper Club wiich defauded affiliates of $50 million dollars.”

    Here is the video of Ruja’s PREVIOUS MLM, Bigcoin, in which she states IN THIS VIDEO that Crypt Real Investment Trust managed funds for Bigcoin/ Prosper Club:

  7. timtayshun says:

    RE: “Tim says that one of the early joiners, Chris Stone, in August, 2014 and in the fall of 2015 was trying to sell some of his coins, but his sells were timing out and cancelling. For months he couldn’t move his coins. He had $200k in coins. He finally complained enough that his accound was confiscated from him.”

    PLEASE SEE:

    and HERE is Chris Stone’s dashboard and other info:

  8. timtayshun says:

    IN SUMMARY:
    What are your “challenges?”
    What have I not made clear and given supporting documentation for?
    What further documentation do you require (sans B MLM) to illustrate the many instances of lies and fraud? I am happy to provide this to you.

    You can even contact me DIRECTLY via Skype at: Tim-Tayshun (San Clemente)

    I believe I have proven my case thusfar, and I do NOT believe you have caught me “making shit up” or lying (because I am not interested in lying, I AM INTERESTED IN EXPOSING ONECON’S LIES ONLY!

    FURTHERMORE, HERE IS THE NEWEST INFORMATION I AM PUBLISHING AGAINST THE ONECON FRAUD/ PONZI SCAM::

    I WILL WALK YOU THROUGH THE PROOF THAT THE BLOCKCHAIN SHOWING IN THE BACK OFFICE IS BOGUS, STEP-BY-STEP! (let’s see how long this comment will be up, Onecoiners. Take note)

    look at this: http://3.bp.blogspot.com/-UEXH6vKWYFM/VOXrlomgGhI/AAAAAAAADJc/lllk95YQEDg/s1600/oc%2Bblockchain.jpg

    You all recognize this screen. So, let’s all follow along now.

    1.) Bottom Right TITLE: “Current Block is Mining From”
    Here is you fake “blockchain” as seen in your back office.
    This is simply a looped counter (banner) VIDEO pasted over a looped VIDEO

    VIDEO SOURCE: http://www.shutterstock.com/fi/video/clip-1089709-stock-footage-computer-program.html?src=search/5ZPKdzQrAiS-XDfNB9KsAA:1:90/3p

    So, the above looped video with the counter inserted over of it for “blocks mined”
    that flashes every ten minutes, which you all see, only gives the “appearance” of something technical happening, but of course, it’s all just smoke and mirrors

    BUT WAIT! THERE’S MORE!

    2.) TOP RIGHT, COLUMN ONE “Block Height” – nothing wrong here. This is simply the block count since the Genesis block

    3.) COLUMN TWO: AGE – There is little deviation from 10 minute block times. This doesn’t make sense FOR TWO REASONS: a. There is zero “difficulty” within a closed loop system – REASON: a closed system does not “compete” with others. It is a self-satisfying reward EVERY TIME. b. If it were not a closed system than there WOULD be competition. As such, while the block times should AVERAGE 10 minutes, it is only an average. You would definitely see 3 minute, as well as 15-20 minute block times occasionally, because computers are literally “guessing” solutions and USUALLY the amount of peta-hashes looking for such solutions would be similar to the amount of coin flips it would take to land on heads 10x in a row. After about ten minutes, one of the consecutive flips might do it. However, it is unlikely, but possible it could take 20 minutes or one minute. So, such little deviation is definitely “faked” and I have looked at MANY examples in the back office of block times and have never personally seen more than a minute of difference.

    4.) COLUMN THREE: TRANSACTIONS – Just Lol for numerous reasons:
    a.) I have never seen more than one transaction posted here. WHAT DOES THAT IMPLY? Well, as you know, there are an alleged 1.85MM people who have traded tokens for mining. The distribution of those tokens would come from the blockchain (unless they were created in Excel Spreadsheets [which they seem to be]). So, there should be NUMEROUS, MAYBE HUNDREDS of transactions per block!
    b.) S-Systems (Onecoin’s fake auditor [similar to your fake exchange, xcoinx, and operated by Onecoin themselves] who has not published an audit for this “transparent” company since January) stated in their joke of an Audit (which has ZERO TECHNICAL DATA (- WHICH IS WHAT AN “AUDIT” IS!), which reads more like a Letter of Reference to oneself, “There are no transactions not included in the Blockchain.” – well, as I just demonstrated, this is a lie AGAIN, FOR TWO REASONS: #1 This is a “logical fallacy” because if a transaction occured outside the blockchain, HOW WOULD THEY KNOW!?! ANSWER: THEY WOULDN’T and #2 if it were true, which it obviously is NOT, than transactions from each block solved would be registered in the blockchain as moving into your back office. Everytime someone gets coins from mining they would be able to see the coin distribution from each block.

    5.) COLUMN FOUR: TOTAL SENT – this is only “coins created” and it is called hyper-inflation. Other than that, nothing to point out here

    6.) COLUMN FIVE: SIZE (KB) – this is hilarious, also AGAIN, FOR A FEW REASONS! All sizes are shown as 188KB (although recently they show as 189KB). #1 this indicates that there is only a single transaction as shown in column 3. However, the size of a single bitcoin transaction is about 1-2KB, so this makes no sense. Furthermore #2 if there were any “difficulty” in the mining process and if computers were batching transactions for coins created and distributed, than every single block would vary in KB greatly.

    7.) BOTTOM LEFT: LATEST TRANSACTIONS – The PURPOSE of a “block explorer/ blockchain” is to be able to “FIND” transactions and transactional history. This is nothing “proprietary” that would need to be hidden. It simply does not exist with Onecon. You CANNOT “click” a transaction and find the history of it. Neither can you view any blocks or transactions over an hour and some change old. THIS, AGAIN, PROVES THAT THIS IS NOT A BLOCKCHAIN. JUST NUMBERS ON A SCREEN TIED TO A “COUNTER” USED TO DECEIVE.

    Furthermore, (technical) the alphanumeric hashes shown as “transactions” make no cryptographic sense! They are NOT math based in cryptographic fashion which could link any inputs and outputs together algorithmically. It is a complete farce!

    CONCLUSION:
    SORRY THAT I DIDN’T HAVE A “VIDEO” TO SHOW YOU, BUT BASED ON WHAT I HAVE EXPOSED RIGHT HERE, ANY IDIOT WOULD SEE THIS CRAPOLA FOR WHAT IT IS WORTH! NOTHING. SHOW THESE STATEMENTS AND IMAGES TO ANYONE VERSED IN CRYPTOGRAPHY AND CRYPTOCURRENCY, AND THEY WILL TELL YOU THEMSELVES, THAT THIS IS A JOKE AND A FRAUD. THE JIG IS UP! REFUTE ANY OF THESE CLAIMS NOW PLEASE!?!?

    *****please feel free to contact me directly. This scam WILL collapse, and due to its size, many will be destitute, and SEVERAL will take their own lives! THIS IS SERIOUS SHIT!

    • icliks says:

      Tim, I appreciate all the effort you have put into researching OneCoin (and making your research available). I had two challenges for your reward. You put one of them away by making a correction before I could raise the challenge. The second you have not addressed. You said on the video that Financial IT magazine had a subscription base of 2,000 and there was no way it could be routinely read by the banking industry. But when I went to the Financial IT website I found that it claimed, “100,000 unique visitors per month and 70,000 subscribing key decision-makers from FTSE500 and Forbes Global 2000 companies.” There is a link for that in my post. So what do you say, reward for moi? By no means do I call you a liar. I think you made an honest mistake. But what I found on the website is materially different that what you said in the video.

      As for points 1-7 in your comment, I can’t say much. Good luck informing the public on these. You are going to find lots of eyes glazing over. Personally I don’t know squat about the innards of cryptocurrency and so I bow to your expertise. On point one I can say that my son and I looked at the website code for the scrolling screen, and besides the link you already gave to where they got this, the webpage code confirms that it is basically a looping animated gif file.

      Thanks again for your work, and feel free to use my post if it is helpful so long as you provide attribution linking it back to me.

      • timtayshun says:

        For whatever reason, I tried commenting on this immediately (on several devices) but my comments wouldn’t “stick.”

        RE: “Tim points out that according to the magazine’s own website it is published quarterly with a combined circulation of 2,000 print/digital copies. I don’t know where Tim went to find this, but I found a pdf on Financial IT website claiming”

        HERE IS THE SOURCE (luckily I screen captured this from my PHONE as I can no longer find it on their site):

        SOURCED from this URL:

        I have been trying to SAVE screen shots, as things change rapidly once reported. Perfect example is many comments that I or others make on Ken Labine’s videos, despite them not being vitriolic or using the kind of immature “name-calling” that Ken uses against us (and if our accounts haven’t already been blocked, all together) are usually simply are deleted, rather than addressed.

        So, when Ken is asked to address a problem or concern about Onecoin which he can’t TWIST or challenge, he simply erases the comment so no one else sees it.

        Ps. I’ll send you a 15% reward (of the 100 mBTC) simply for having the balls to post this story and open your own investigatory forum!

      • icliks says:

        A generous offer, but you have proven that you spoke the facts even if they have since changed, and I have edited by post accordingly. How about in lieu of reward you help me whip up that timeline you mentioned? I have started a spreadsheet, but I will have to say it will be slow going. I don’t know if that is the format you had in mind but it could turn out to be pretty handy since a spreadsheet can be sorted and/or filtered to show specific topics such as all the references to Unaico, who was involved and what happened when and where. I can’t put everything in but I can get a high level of information, and I’ll have to say it is looking ugly. The history looks like it has a lot of criminal minds at work conning folks out of their money.

  9. timtayshun says:

    Ps. @Icklicks
    You did a VERY GOOD JOB at putting this together! I am proud of you!! Hopefully enough information is contained herein, that no one else loses money on this scam. I have opened up my contact information to reach me personally, and have never hidden behind a “Pictureless Profile.”

    I LOVE the cryptocurrency space, the industry, and the community. THIS IS THE FUTURE OF PAYMENTS AND BANKING, AND CRYPTOCURRENCY WILL CHANGE THE WORLD! This is a similar sentiment which I share with many onecoiners, who were simply given this epiphany by the scame company, Onecon. However, the truth remains. We are of the same mind, and you are preaching to the choir when Onecoiners say the Federal Reserve (and Govt’s) are the biggest ponzi. THEY ARE!

    I have made a stand to fight for the RESPECTABLE AND HARD WORKING members and companies within this community. I support MANY alt-coins. Onecoin is NOT a cryptocurrency, and is based on lies, founded by liars, cheaters and theives. THOSE ARE THE FACTS.

    So, when Ruja comes in talking smack, and it is BLATANTLY OBVIOUS that she doesn;t know her head from her ass, when it comes to cryptocurrency, I AM THE ONE WHO IS GOING TO CALL BULLSHIT ON HER LIES, AND GOING TO DOCUMENT AND SPREAD THE PROOF THAT SHE HAS LIED AND KNOWS VERY VERY LITTLE ABOUT CRYPTO, MINING, ETC.

    This bullshit pseudo-crypto, Onecoin, will be a bigger stain on the crypto community than Mt. Gox, and will result in more global regulations which stifle the REAL Leaders in this industry.

    THAT is why I am fed up and have had enough of the lying, cheating and stealing, by Ruja, who is making herself to be her own Rockefeller – something WE ALL are interested in cc to eliminate!

    Thank you and cheers,.

    Tim Tayshun

  10. timtayshun says:

    Here are further references to evidence and documentation which you may (or may not) be inclined to ammending to this story. Please note, IF this ends up turning into one of the biggest scams the cryptocurrency and MLM space have ever seen (which, of course, I am convinced it will, and have great conviction in my heart that this will end “very badly” for many), including people who will literally lose EVERYTHING: life savings, mortgages, and in at least several cases, their own lives to suicide, as is the unfortunate, BUT STATISTICAL TRUTH in this size scam.

    The Finns at MuROBBS blog (a kinda “reddit”) have been telling stories of knowing friends and family who have “bet the farm” on it. I have heard similar stories in Austria, and know some people in Dubai who have affiliates who are vested over $100K and more. Dan Harley claims this about one of his own friends and associates.

    WITHOUT FURTHER ADO, HERE IS ADDITIONAL SUPPORTING EVIDENCE THAT ONECOIN IS NOTHING MORE THAN THE NEWEST SCAM, PERPETUATED BY SEASONED SCAM ARTISTS:
    ___________________________________________________________________
    维卡币 = “Onecoin” = “Vicat” / “Vicat Credits” (translated)
    ARTICLE:
    ONECOIN INVESTORS ARRESTED IN CHINA!! DIRECT LINKS!!!!

    http://www.yicai.com/news/5006896.html
    Onecoin was using a famous News Anchor to proport that she was a supporter of Onecoin. This is the News Stations denial of that claim, including threatening a lawsuit (you will need a Chinese Reader to hopefully translate, as Google Translate isn’t quite adequate, although is somewhat informative). Nevertheless, here is the gist of it, which anyone may challenge:

    “YiCai are a part of China Business Network and are, according to their website,
    China’s largest financial content provider.”

    “Its flagship products include CBN Digital Media (mobile applications, websites, and subscription-based social media platforms), CBN Television, CBN Daily Newspaper, CBNWeekly, CBN News Agency, CBN Data and CBN Research Institute.”

    HERE is their statement:

    1. The reporter 江予菲 is not involved in any way with OneCoin.
    2.Anyone using her likeness to promote OneCoin is doing so falsely and illegally (as per Chinese law)
    3. YiCai will continue to investigate the matter and hold the OneCoin investors legally responsible for disseminating false information.
    4. Anyone who continues to use 江予菲’s name to promote OneCoin will have legal action taken against them.
    _______________________________________________________________________
    THIS is a follow-up article to the original story:
    http://www.zsbtv.com/Web/c_000000010001/d_139727.shtm
    ________________________________________________________________
    Chinese news coverage about the arrests (video footage): gdtv.cn/v/zj/jrgz/2016-05-26/358219.html

    OneCoin website and marketing material features prominently in the report.
    RIP OneCoin China.

  11. timtayshun says:

    NOTE: I do not know why I MUST be the one who does everyone’s “Due Dilligence” for them before they ACH a payment to a gypsy in Bulgaria who helped bankrupt IG Metal and lay off 30% of the workers; Nor why I should put MY OWN money (or bitcoin) up to prove ME wrong (or to have had the possible and honest “slip-of-the-tongue.” That whole idea is rather backwards, but it actually DESTROYS every argument that Onecoiners have against staving away the “penny pinching bloggers and haters” who are allegedly “spreading lies” against the beloved “DOCTOR” Ruja and her generous affinity for saving the world and “banking the unbanked,” for their own financial gain. Just Lol. David Horowitz and Ralph Nadar, I’m sure faced the same misguided scrutiny.
    ….But IF I end up saving even one person’s life or their life savings, than consider it my altruistic donation to society, but also, don’t forget, one of the primary reasons I have chosen this mission is to protect the integrity of an industry and community who are truly taking away the power of the big banks and governments who wish to keep the people in financial shackles – a point which goes unnoticed by Onecoiners, who seem to feel the same, but forget to follow the money trail leading to Ruja, Sebastien, and Juha (amongst others) who are by no means philanthropic in their own end goals, but rather “ritzy,” “gaudy,” and self-consumed in their own pursuit of wealth and greed, over the “peasants” and “uninformed.”

    HERE ARE YOUR FOUNDERS HISTORIES:

    Chief Operating Officer, Dr Ruja Ignatova, Master Dis Sebastian Greenwood, President Nigel Allan, John NG, Bjorn Thomas

    1- http://sebastiangreenwoodscam.wordpress.com
    2- http://www.realscam.com/f8/50-000-00…e-skiold-3126/
    3-http://bigcoinscam.wordpress.com/tag/sebastian-greenwood/
    4-http://www.weuseprc.com/ new webpage for Prosper and BigCoin
    5- https://www.linkedin.com/in/mrsebastiangreenwood
    6-http://prosperincscam.wordpress.com/tag/sebastian-greenwood/
    and there are more …………… you can judge for yourself and see if you like

    With Best Regards.
    a Victim Wong Lee

    There are DEEP links in these documents!

  12. timtayshun says:

    http://oneworldfoundation.eu/en/partners

    Compare this website to any “cached” pages stored online. You will notice that the “Partners” have diminished. I contacted “Pencils of Promise” and spoke with one of their Directors. They (like Seva Canada) were “unaware” of their alleged “Partnership” with OneWorld Foundation. I am told they have since issued a “cease and desist” order to Ruja and OneWorld Foundation, for claiming them as “Partners,” and OneWorld Foundation has since been legally obligated to REMOVE any affiliation with the charity, as evidenced HERE:

    Original Screen Capture from my phone directly from OneWorld Foundation’s “Partner Page:”:

    Charity website: https://pencilsofpromise.org/about/partners/

    OneWorld Foundation is simply a “shell ‘charity'” using the “charity angle” to try to bring legitimacy to Onecoin and its fraudulent, ponzi mission.

    You will see more charities dropping off from their website soon, I am sure.
    It is just another cheap scam using smoke and mirrors to “legitimze” onecon.

    Pencils of Promise has been following this scam recently and want absolutely NOTHING to do with Ruja and her fake “charity” which is simply yet another way to launder money!

  13. timtayshun says:

    You have already built more of an “organized” platform than I have. I have reams of documents, sources, proofs, etc., but they are in no way “organized” yet.
    Perhaps you would be willing to work with me directly on building a chronological list of claims, rebuttals, etc., detailing the history of Ruja, Sebastien, John Ng, Nigel Allen, and others?

    This would become EXTREMELY VALUABLE to Law Enforcement, if my predictions hold true. In Fact, it MAY be instrumental in helping Authorities piece together the historical claims and evidence of what went down; meaning, that if my predictions are true (which, as you know, I have conviction in my heart and within logic and volume of info, that there is enough here to dissuade any potential investor, as well as to create question amongst anyone considering further building their “down-line,”), than maybe when the scheme collapses (which I believe will be soon), some of this will help recover a small percentage of invetor’s money (althuogh the process will be drawn out for many years, I’m sure of it.

    Again, for clarity sake, EVERYONE WINS if I am wrong! This is a much better outcome than me (and other critics) being proven right based on the wealth of evidence stacked against Onecoin.

    I hope I’m wrong, but as hopefully you can see, the indicators do not favor this scheme.

  14. Anonymous says:

    Something that wasn’t discussed, unless I missed it in the video is the 60/40 split upon withdrawal. Wherein 60% goes into your bank, and a mandatory 40% goes back into your investment pool. What’s the deal with this mandatory 40%? I’m asking because I’m trying to help someone I know break even with this scam. Thanks.

    • icliks says:

      If your friend has received any bonus commissions, they have been subject to the 60/40 split. 60% of the commissions arrive as euros in their cash account. 40% arrives as euros in their “Trading” account. OneCoins can be purchased with this account, or if your friend does nothing before the end of the week, then the program will automatically convert the euros to mining tokens and then convert those instantaneously to OneCoins. Either onecoins or cash can be transerred to another person’s account, which if you have a buyer, is probably the easiest way to cash out. OneCoins can also be traded away using the trading platform, but that may have to be in lots of 10, I’m not sure. If your friend has already gotten a debit card and it is activated, then they can use it to extract funds from their cash account only. With written permission from the company, your friend could sell their whole account and change the contact information in it to the buyer. I am getting out (not because this surely is a scam, but because I am now not at all sure it’s not) by selling the future contents of my account for cash now. I made sure the buyer knew my reasons and offered what documentation I have, and I offered a 50% discount to the nominal future value of my account will have in it once my coins arrive and become available. That gets me my original investment out but I’m giving up possibly getting a double. The buyer knows that if the company blows up they may not get anything, but if it does not they get all the coins that it will produce.

      • Anonymous says:

        Thank you for shedding some light on the 60/40 split. To be clear this only applies to commissions earned and does not apply to withdrawals?

        Also, do you know why my friend does not have the option in his back office to sell his tokens? From the info I found online, selling tokens should be an option.

      • icliks says:

        60/40 only applies to incoming commissions. If you have cash in your cash account it is fully transferrable. As for tokens it was my understanding that you can only buy tokens and not sell them. You can sell coins, but not tokens.

  15. Cassie says:

    Is there some sort of platform where we can hear personally from affiliates who are having problems withdrawing money. I’m just wondering.. If someone bought in at a high premium and wanted to pull out within the first two weeks,,, will they get their money / investment refunded? Anyone had experience with this? the terms and conditions say a refund will be given within the first two weeks. …

  16. Ken Labine says:

    We Go Live June 14, or June 15?
    We start hangout together this time so you cant pretend your not a coward!

    Wont be coming back to Angelina blog bro this st8 BS just like you but we can go over it live as we will be going over all your BS AGAIN!!!

    • timtayshun says:

      ANYONE who has seen this blog needs to watch the debate between Ken Labine and I coming up after Coinrush, London this weekend. Ken may (or may not?) know that it is a scam, because he seems to justify (or at least try to) all the documented and PROVABLE LIES that Ruja and her minions are telling. I cannot see how ANYONE could deny its scammyness after the reams and reams of documentation and proof showing otherwise, and the terrible company that Ruja keeps in her business circles.

      This company was FOUNDED by known scam artists, in cooperation with other known scam artists, who have never yet stopped telling lies and misleading since the beginning of this project, so this will be a very fun and interesting debate!

      I will have documented ALL the lies, and you will see how Labine tries to squirrel out of the CORE questions and concerns by talking about minutia and things that rally don’t matter. THERE ARE MAJOR ISSUES AND LIES HERE, and he has failed to justify any of these in any meaningful or logical rebuttal.

      I am NOT a “hater.
      I am a LOVER of cryptocurrency, cryptography, decentralized P2P distributed networks.
      I am NOT coming out against any particular MLM strategy.
      The ONLY thing I am interested in is proving that Onecoin is a scam, and I think that the evidence of this is entirely overwhelming!

      Onecoin is a centralized system with a single point of failure, who is the custodian of your funds. Ruja has been LYING about bitcoin’s ease-of-use, future and technology for 20 months, and I’m simply fed-up with it. Couple that with the evidence that she and her partners have been directly involved in previous PONZI SCAMS which have cost Independent Affiliates 10’s of millions of dollars, and then recognize that Onecon is 20x or more the size of any of these previous scams, and the continue to lie and deceive ….this is NOT the recipe for success. It is the recipe for the biggest scam in crypto history!

  17. Pingback: OneCoin DoubleSpeak | Icliks Incoming

  18. Pingback: OneCoin CoinRush Event | Icliks Incoming

  19. Pingback: OneCoin Account Frozen | Icliks Incoming

Comments are closed.