I have a family member building a big business with OneCoin around the world and she is trying to pull me in. I like the idea of cryptocurrency, messed around with mining Bitcoin when it first came out, but decided it was not something I had the patience to or enthusiasm to really get into. I see the potential and have many friends apparently doing really well with Bitcoin and Ethereum. I can't find anything positive about OneCoin and it appears that it is being touted as a ponzi scheme because of the way it is structured, which seems not dissimilar to schemes that have put people in jail in NZ years ago with pyramid get rich quick schemes.
I'm looking for some objective advice. A couple of people have told me to steer clear, not of crypto, just of OneCoin. I don't have money to lose if the NZ Government decides it is illegal, but they appear to be silent on it.
I get why countries like India or any country with a large black or grey market are terrified of financial models they can't tax and our country wouldn't work if taxes weren't able to be collected because we changed the financial system.
Can anyone share objective information about OneCoin? I'm not interested in stories like "I trust the founder". I've trusted and been ripped off by some pretty smart people before. I'm looking at something more factual.
Apologies if this is the wrong forum, but I couldn't find one on cryptocurrency. I am reading stories that large corporates like PWC are supporting the concept and that there are now places (not in NZ that I know of) that accept Bitcoin for goods and services. Anyway, if anyone can help me with constructive advice, I would appreciate it:)