The world of Bitcoin and the digital currency has seen its fair share of scams, Ponzi schemes, and MLM pyramids in recent years. Just a few months ago, HYIP’s seemed to be the “next big thing” in terms of dodgy Bitcoin schemes, but it looks like a certain altcoin is trying the old MLM game once again. OneCoin claims to be a bit of everything, while, in fact, they seem to be selling nothing but hot air.
Also read: Interview With an Economics Professor: “Bitcoin Has a Lot of Problems”
OneCoin – A Powerful Opportunity (Or Not?)
For those among us who have been using the internet for quite some time now, the saying “If it sounds too good to be true, it usually is” has been applicable on more than one occasion. In the case of OneCoin, that same saying comes to mind immediately, because the first sentence on their “Opportunity” page states: “OneCoin provides a once in a lifetime opportunity.”
The page then continues to mention the history of Bitcoin, and how the huge price spike of 2013 was such an important feat in the history of this disruptive digital currency. But have no fear, as this MLM program will allow investors to be “part of the next big winner in digital currency, OneCoin”.
So far, nothing seems out of the ordinary other than some very bold and wild claims, but this is where things get of particular interest. Joining the OneCoin program can only be done through invitation, creating the illusion of being a “select group of elite people”. Furthermore, everyone who joins the “One program” will position themselves “in an unlimited revenue generating program”.
If that isn’t a red flag, the page continues by referring to “OneLife Points”, a sort of online “currency” which apparently has value. The sooner you join the program, the more OneLife Points you will earn, as it is based on “all people who join the One program after you, will earn points for you”. This is the second red flag about this program and its MLM-based aspect.
Wide range of “Products” Available
To whet the appetite of potential investors, OneCoin offer various member “packages”. At the basic level, the “Rookie” package comes free of charge, which includes information on OneCoin, an e-book, and the OneCoin development newsletter. However, this package does not secure your position in the company, as that package will cost 30 EUR, which comes with a different e-book.
Package number three- priced at 100 EUR – is the first level of an education program on cryptocurrency trading, and includes a “certificate” to explore the OneExchange platform. Further packages, priced between 500 EUR and 5,000 EUR – include additional educational courses, yet offer no other notable rewards.
Note from the Author: The e-book “Think and Grow Rich” included in the Rookie package is a 1937 self-help guide written by Napoleon Hill, available for US$0.99 on Kindle. “The Richest Man in Babylon”, included with the 30 EUR package, is a book written in 1926 by George S. Clason, and costs US$1.99 on Kindle.
Disturbing Lack of Information On The Site
Whenever a new financial opportunity comes around the corner, it is always a good idea to do a WHOIS search on the domain name itself. In the case of OneCoin, all domain registrar information is protected by WhoisGuard, revealing absolutely nothing about the alleged company behind this project. Another red flag, raising the total to three already.
Finding out more about the team behind OneCoin through the website itself is not yielding many more results. However, four names come up on the News section of the website: Sebastian Greenwood, Michael Mathias, Pehr Karlson and Dr. Ruja Ignatova. Googling either of these names will immediately return a lot of hits with the word “scam” or “MLM” in the title. Red flag number four is a fact.
Last but not least, OneCoin claims to be all about cryptocurrency and being the “next Bitcoin”. First of all, it is not unthinkable there will ever be a digital currency that could potentially dethrone Bitcoin, but OneCoin will definitely not be it. Secondly, on the website itself, there is no information to be found on how to obtain OneCoins themselves, rather than by investing. Apparently, these coins can still be mined, yet no instructions are to be found anywhere.
Compounding the concern is the fact that, even though OneCoin’s MLM program is all about digital currency, they do not accept Bitcoin as a payment method for their products. Only major credit cards are accepted as a payment method according to the website. If you are still keeping count of red flags, we have reached number five by now.
All in all, OneCoin is raising a lot of questions and providing next to no answers. And the answers we can deduct point to OneCoin being a major MLM scheme are an attempt to lure in people with the words “cryptocurrency” and “Bitcoin”. All the while having nothing to do with either by the looks of it. Use this website at your own risk!
What is your opinion on the OneCoin website? Let us know in the comments below!
Source: OneCoin Website
Images courtesy of Shutterstock and OneCoin