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155 posts

Master Geek

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# 215214 17-Jun-2017 10:18
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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:)





Luigi
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  # 1802508 17-Jun-2017 10:25
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Wikipedia has an entry describing OneCoin as a Ponzi scheme because of the way it's structured and because many of the people involved in its set-up have been involved in previous sorts of these schemes. There's plenty of references you can follow in the article which should give you all the information you need. I'd say you need to be trying to get your family member out.


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  # 1802509 17-Jun-2017 10:26
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I ain't reading anything good about it from my quick google search.


 
 
 
 




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Master Geek

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  # 1802512 17-Jun-2017 10:30
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Cheers, will check out Wikipedia links.

 

No way family member will opt out, she is involved with many wealthy people investing in a wide variety of successful early innovative business models, but I can't afford to spend time or money that is high risk, especially if NZ govt decided it was illegal.





Luigi
Helping companies with location based problem solving, blogs and social media
SolomoConsulting

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Blog http://luigicappel.wordpress.com
Check out my songwriting

3407 posts

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  # 1802515 17-Jun-2017 10:41
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A good article here. The obvious thing to say is as it's from a BitCoin perspective it will be slanted but, again, there's loads of links. I found the "Can you tell our readers about the leaders of Onecoin? Such as Ruja Ignatova?" section particularly interesting.


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  # 1802518 17-Jun-2017 10:46
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Go SiaCoin if anything :)



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Master Geek

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  # 1802524 17-Jun-2017 10:53
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Thanks folks, I'm convinced, I pretty much was already. Gutted because the family member is trying to help me and will not listen to anything negative as described as the classic conditioned OneCoin disciple. She is very successful in other business endeavours, but of course we have also heard of many other people including Kiwi millionaires who invest in opportunities that sound too good to be true and are then proven to be not true.





Luigi
Helping companies with location based problem solving, blogs and social media
SolomoConsulting

Find me on LinkedIn
Blog http://luigicappel.wordpress.com
Check out my songwriting

3407 posts

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  # 1802577 17-Jun-2017 13:13
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Hopefully she doesn't have too much money tied up in it and can afford to lose what is in there...


 
 
 
 




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Master Geek

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  # 1802604 17-Jun-2017 14:31
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Hopefully





Luigi
Helping companies with location based problem solving, blogs and social media
SolomoConsulting

Find me on LinkedIn
Blog http://luigicappel.wordpress.com
Check out my songwriting

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