Thread: onecoin.eu ponzi scam

accidently spotted a pettition: https://www.change.org/p/london-hous...er-co-mobsters

Good try , but silly

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Originally Posted by NikSam

accidently spotted a pettition: https://www.change.org/p/london-hous...er-co-mobsters

Good try , but silly

Yeah, that lady may be a few bricks shy of a load.

Speaking of which, the aforementioned Ken Labine has his own petition there as well

Originally Posted by NikSam

accidently spotted a pettition: https://www.change.org/p/london-hous...er-co-mobsters

Good try , but silly

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I personally think their intent was to get as many signatures as possible in the hopes it would convince the authorities to start an investigation if they hadn't already started one.

He is now sending me links of stuff being sold on dealshaker where there is a price in Euro + one. So you pay Euros and with one coins.

Originally Posted by hitman

He is now sending me links of stuff being sold on dealshaker where there is a price in Euro + one. So you pay Euros and with one coins.

Your friend is a lost cause.

The vast majority of "deals" on dealshaker aren't great deals at all.

If you feel like wasting more time, you can simply look up what's being sold and price it elsewhere.

In most cases, you'll find that the the items are being sold on DealShaker for more Euros than they are elsewhere and on occasion perhaps a little cheaper.

When that's the case, it essentially proves that the value assigned by OC to their phony cryptocurrency is completely bogus.

If an item sells for 100 euros somewhere else, it should be a max of 50 euros and about 5 ONE, but in reality it's normally priced at about 100 euros and about 10 ONE, which essentially makes it twice as expensive if you believe the internal price assigned by OneCoin to it's alleged cryptocurrency.

You can also find at least one Chinese "auto dealership" selling vehicles for ONE only, no Euros required.

A little bit of investigation(whois details) into the websites of these dealerships shows them to be highly suspect.

Originally Posted by hitman

He is now sending me links of stuff being sold on dealshaker where there is a price in Euro + one. So you pay Euros and with one coins.

You get a W getting your friends out of http://www.realscam.com/f37/judge-ru...-remains-4794/ . This guy's money is gone, all that's left is deciding how loud you want to laugh in his face and the appropriate number of ITOLDYOUSOZ.

That a secondary market may exist for Onecoin means nothing without independently verifiable dollar volume of completed transactions. Are millions of Euros in codpieces transacting daily in Onecoin somewhere in the world? If I put a mason jar of my toenail clippings up for auction someone might bid top dollar. What would that prove???

A more convincing argument would be a contract signed by Onecoin with a major vendor like Ebay/Amazon/Wal-Mart subsequently purchased by an independent third party for value. This of course would have to be something market participants could confirm somewhere other than a Facebook group. Has Blackstone or similar notified the Wall Street Journal of a $1B investment in Onecoin? All this he said she said behind the scenes hush hush wait till 2018 is meaningless.


All Ponzi scams have a "perceived value" until they day they don't. As with the above TM link, even after people have their noses rubbed in the proof some insist on slobbering all over their binkys.

Anecdotal stuff makes scams plausible or they would make terrible scams. Until your friend stops with that and starts looking at the hard evidence and questioning the lack of confirmation he is lost. That he goes radio silent with the tough questions tells me the buttons you have to keep pushing if this is what you want to pursue.

Originally Posted by ribshaw

You get a W getting your friends out of http://www.realscam.com/f37/judge-ru...-remains-4794/ . This guy's money is gone, all that's left is deciding how loud you want to laugh in his face and the appropriate number of ITOLDYOUSOZ.

That a secondary market may exist for Onecoin means nothing without independently verifiable dollar volume of completed transactions. Are millions of Euros in codpieces transacting daily in Onecoin somewhere in the world? If I put a mason jar of my toenail clippings up for auction someone might bid top dollar. What would that prove???

A more convincing argument would be a contract signed by Onecoin with a major vendor like Ebay/Amazon/Wal-Mart subsequently purchased by an independent third party for value. This of course would have to be something market participants could confirm somewhere other than a Facebook group. Has Blackstone or similar notified the Wall Street Journal of a $1B investment in Onecoin? All this he said she said behind the scenes hush hush wait till 2018 is meaningless.


All Ponzi scams have a "perceived value" until they day they don't. As with the above TM link, even after people have their noses rubbed in the proof some insist on slobbering all over their binkys.

Anecdotal stuff makes scams plausible or they would make terrible scams. Until your friend stops with that and starts looking at the hard evidence and questioning the lack of confirmation he is lost. That he goes radio silent with the tough questions tells me the buttons you have to keep pushing if this is what you want to pursue.

I've given up trying to convince him now. I will keep posting him links as they come up over however long this goes on for and he will keep sending me rubbish about how it's gonna be massive soon. When it does go bust, I intend to rub it in as much as I can as that way he will finally understand how much of an idiot he was.

Originally Posted by hitman

I've given up trying to convince him now. I will keep posting him links as they come up over however long this goes on for and he will keep sending me rubbish about how it's gonna be massive soon. When it does go bust, I intend to rub it in as much as I can as that way he will finally understand how much of an idiot he was.

Good luck! It has been our experience that some never see the light.

Wasn't Ken Labine pushing UFunClub/UToken before he started heavily pimping OneCoin?

I remember him promoting some rinky-dink rev share programs that went nowhere years ago, but I keep thinking his first venture into MLM was UFunClub/UToken.

Originally Posted by EagleOne

Wasn't Ken Labine pushing UFunClub/UToken before he started heavily pimping OneCoin?

I remember him promoting some rinky-dink rev share programs that went nowhere years ago, but I keep thinking his first venture into MLM was UFunClub/UToken.

I don't believe that he was in uFun. I never found much more than some silly Five Dollar Funnel program he was into with some guy named Shawn Vibert. It looks like Vibert joined OneCoin as well, but may not have stuck with it.

OneCoin is the first hit Labine has had in the pyramid/ponzi world.

Originally Posted by surfer

I don't believe that he was in uFun. I never found much more than some silly Five Dollar Funnel program he was into with some guy named Shawn Vibert. It looks like Vibert joined OneCoin as well, but may not have stuck with it.

OneCoin is the first hit Labine has had in the pyramid/ponzi world.

Ken Labine does seem to be their biggest spokesman at the moment, nearly all the Facebook links I am being sent are him boasting about how BitCoin is the pyramid scheme and how OneCoin is now even being accepted by doctors in India.

There is also an event being held in Glasgow on the 1st and 2nd of April if anyone wants to go or knows someone who would want to go and ask some tough questions.

Originally Posted by surfer

I don't believe that he was in uFun. I never found much more than some silly Five Dollar Funnel program he was into with some guy named Shawn Vibert. It looks like Vibert joined OneCoin as well, but may not have stuck with it.

OneCoin is the first hit Labine has had in the pyramid/ponzi world.

Thanks for the information. For some reason I thought he was in UFunClub/UToken, but I also thought it could have been BannersBroker. Guess I got him mixed up with someone else. After all it has been a long time ago and I've slept since then. That's my story and I'm sticking to it.

Originally Posted by hitman

I've given up trying to convince him now. I will keep posting him links as they come up over however long this goes on for and he will keep sending me rubbish about how it's gonna be massive soon. When it does go bust, I intend to rub it in as much as I can as that way he will finally understand how much of an idiot he was.

The beginning of the end of onecoin has already started, just wait a bit. But do not expect your freind will realize he was an idiot. A lot of victims like that brainwashed to the point when even admins are in prison they still say "World is just not ready to understand it" , "Courts did not understand", "It was a consipacy by the financial masons (banks/goverments) to destroy it because they feared the new free currency". You will be a better friend if you refrain from making fun of him but help him to recover from the financial losses and the depression he might face.

Originally Posted by NikSam

The beginning of the end of onecoin has already started, just wait a bit. But do not expect your freind will realize he was an idiot. A lot of victims like that brainwashed to the point when even admins are in prison they still say "World is just not ready to understand it" , "Courts did not understand", "It was a consipacy by the financial masons (banks/goverments) to destroy it because they feared the new free currency". You will be a better friend if you refrain from making fun of him but help him to recover from the financial losses and the depression he might face.

That is my next question to him, what is he gonna do if it goes bust? Is he gonna follow them to the next cryptocurrency?

As I have said in a previous post, I helped a different friend get his money back from PayPal who had invested in TM. His cousin had got him involved, I told him to tell his cousin to contact PayPal and get his money out but his cousin wouldn't. A couple of weeks ago I asked did his cousin get out yet and he said he's still hoping the court case goes the way of Charles Scoville, so you are right, some people get so involved they can't see how they are being lied to. I will ask him again now to see what he says.

A link in the UK newspapers about the Islam brothers leaving OneCoin

The flashy Islam brothers heavily promoted get-rich-quick scheme OneCoin - now they've abandoned it - Andrew Penman - Mirror Online

I believe they were picked to head the UK recruiting in order to entice as many Muslims into the scam. OneCoin also stated it was Sharia compliant when it blatantly isn't as there has been a ruling given by Islamic scholars stating One Coin to be unlawful.

Originally Posted by hitman

A link in the UK newspapers about the Islam brothers leaving OneCoin

The flashy Islam brothers heavily promoted get-rich-quick scheme OneCoin - now they've abandoned it - Andrew Penman - Mirror Online

I believe they were picked to head the UK recruiting in order to entice as many Muslims into the scam. OneCoin also stated it was Sharia compliant when it blatantly isn't as there has been a ruling given by Islamic scholars stating One Coin to be unlawful.

Thanks for sharing the link to the newspaper story by Andrew Penman. As always Andrew hits the nail on the head. You can bet the Islam brothers are not happy with the story and exposure. It is going to make them have to work twice as hard to dupe people into their newest Ponzi de Jour.

Originally Posted by hitman

A link in the UK newspapers about the Islam brothers leaving OneCoin

The flashy Islam brothers heavily promoted get-rich-quick scheme OneCoin - now they've abandoned it - Andrew Penman - Mirror Online

I believe they were picked to head the UK recruiting in order to entice as many Muslims into the scam. OneCoin also stated it was Sharia compliant when it blatantly isn't as there has been a ruling given by Islamic scholars stating One Coin to be unlawful.

I guess the giraffe look is in.

Originally Posted by EagleOne

I guess the giraffe look is in.

It certainly looks that way!!

Since most people on this website have had dealings with Ponzi's for a long time, has there ever been a case where everyone thought an MLM or something similar was a Ponzi but actually turned out to be a legitimate business?

Originally Posted by hitman

It certainly looks that way!!

Since most people on this website have had dealings with Ponzi's for a long time, has there ever been a case where everyone thought an MLM or something similar was a Ponzi but actually turned out to be a legitimate business?

I can only speak for myself, but NO. Not one. I highly doubt any of the others have either, but that's for them to say.

Originally Posted by hitman

Since most people on this website have had dealings with Ponzi's for a long time, has there ever been a case where everyone thought an MLM or something similar was a Ponzi but actually turned out to be a legitimate business?

None that I can recall.

Originally Posted by hitman

It certainly looks that way!!

Since most people on this website have had dealings with Ponzi's for a long time, has there ever been a case where everyone thought an MLM or something similar was a Ponzi but actually turned out to be a legitimate business?

Even so-called legitimate MLM's are pyramidal in nature, that's the whole "multi level" structure! The borderline legal ones have a physical product that is supposedly sold to 'retail' customers with no affiliation to the company. But even with "legitimate" MLM's, the only people that make any money are the top half percent or so.

Originally Posted by hitman

Since most people on this website have had dealings with Ponzi's for a long time, has there ever been a case where everyone thought an MLM or something similar was a Ponzi but actually turned out to be a legitimate business?

Nope. Not that I've seen.

FWIW, I see OneCoin as a pyramid front end with a ponzi back end, with all sorts of other shady **** in the middle.

The ponzi scams dealt with here are pretty easy to pick apart. It ain't rocket science. They all crash and burn or get shut down eventually.

Pyramid scams, on the other hand, can run forever with half-assed, overpriced products/services.

Originally Posted by surfer

Nope. Not that I've seen.

FWIW, I see OneCoin as a pyramid front end with a ponzi back end, with all sorts of other shady **** in the middle.

The ponzi scams dealt with here are pretty easy to pick apart. It ain't rocket science. They all crash and burn or get shut down eventually.

Pyramid scams, on the other hand, can run forever with half-assed, overpriced products/services.

Exactly,

well said

Originally Posted by hitman

Since most people on this website have had dealings with Ponzi's for a long time, has there ever been a case where everyone thought an MLM or something similar was a Ponzi but actually turned out to be a legitimate business?

Recruiting-Recruiting-Recruiting^∞ always ends in tears. Especially if people are told they don't have to recruit as they are being recruited. 100% of the time that statement means they are involved in a Ponzi, even if there is some "product" that represents little more than a Pyramid chaser.

In the history of the world "endless chain recruiting" has never turned out being a legitimate business. As laidback and surfer mentioned an MLM/Pyramid can have a "product" and run for years. As a business profit is predicated on a recruit finding other recruits to recover their initial investment. Recruiting is for all intents and purposes the "product" not whatever tangential mystery goo is peddled. Since the world runs out of people before every downline can be filled the (m)asses are guaranteed to lose.



I find the article The Seventy Percent Rule by Jeff Babener MLM Attorney compelling as a bare minimum for considering a business legitimate. Personally I think 70% retail sales is too low to really be considered one's own venture. If a product can't be sold to upwards of 90% of people not in the scheme (Onecoin has virtually zero demonstrable retail sales) then in my mind there is a financially fatal flaw in the product/and or its pricing.


http://www.realscam.com/f21/case-law...48/#post111455