The Latest News on OneCoin

Posted by on Nov 29, 2016 in Warnings | 0 comments

THE LATEST NEWS ON ONECOIN While it had been my intent to write an article about the major principals of OneCoin, recent events involving OneCoin made it imperative that this update be written before the article on the major principals of OneCoin. These are the important issues you need to be aware of:  OneCoin Banking Issues and OneCoin Regulatory Issues. BANKING ISSUES Since the launch of OneCoin, OneCoin has now gone through twenty different bank accounts. At the present time they do not have a banking relationship with any bank, and thus members can no longer wire funds to purchase coins. OneCoin has also had bank accounts in shell companies they formed since so many banks had refused to do business with OneCoin, so they used shell companies trying to mask their true identity. They have used these shell company names: One EUX, LLC; International Marketing Services; Vernada Trading Pte. Ltd; Zala Group LTD; IMS Marketing Tanzania Ltd; International Marketing Services Pte. Ltd; IMS International Marketing services GmBH; Educamax Services SRL; Foshan Everbright Import & Export Company Limited; and Eastern Project Investments Limited. Their Merchant Processor, China Union Pay, account was closed April 30, 2016. It was then re-opened as New China Union Pay Intl on May 10, 2016. These cards issued through New China Union Pay Intl was for OneCoin’s China investors only. Then on or about November 17, OneCoin announced that these cards had been disabled. Now stop and ask yourself, if OneCoin is this great transparent company, and claiming to be the most transparent company ever, why would they use shell companies instead of their own company name to their company bank accounts? What we do know is that OneCoin has changed banks every time there was an announcement that OneCoin was under investigation in the country where they were banking, or the country issued a warning to their citizens about OneCoin. We believe the arrests of the four Chinese Promoters of OneCoin and the ongoing investigation by the Chinese authorities into OneCoin was responsible for the cards issued through New China Union Pay Intl were ceased. Of the last four bank accounts that were opened by OneCoin in a shell company name, one account was closed within 24 hours, another one was closed within a week and the other two were closed within two weeks. The banks closing these accounts had regulatory issues with OneCoin or thsese bank accounts would not have been closed. REGULATORY ISSUES In my initial article I had mentioned that the UK was the latest in a long list of countries that had either issued a warning about OneCoin or had OneCoin under investigation. These investigations have continued. Now Viet Nam...

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OneCoin- The Cryptocurrency That Isn’t

Posted by on Oct 2, 2016 in Uncategorized | 0 comments

ONECOIN – THE CRYPTOCURRENCY THAT ISN’T Cryptocurrencies are the hottest new kid on the block. There are some legitimate ones and there are those claiming to be that are nothing more than a blatant Ponzi. This is my analysis of OneCoin, why you need to stay away from joining, and why I say it is a Ponzi. OneCoin claims it is a crypto-currency and since its launch in June of 2014 says that is has risen to be the #2 Crypto-Currency in the world with over $3 Billion Dollars; but does not show in the Cryptocurrency Market Capital top 300.  On its website, OneCoin says, and I quote: “The First Transparent Global Cryptocurrency for Everyone. We are open and honest in our dealings. OneCoin will set a new industry standard by being the first cryptocurrency storing KYC documents in its new blockchain. OneCoin wants to make cryptocurrency transparent, and part of our financial culture and everyday life. By working proactively with governments and policymakers, OneCoin will help the industry achieve better regulation.” For a company to claim that they are the first transparent global cryptocurrency and wants to make cryptocurrency transparent I guess that does not apply to their domain registration as it is set to private. This means that you do not know who owns the company or anything about them. You also do not find any information on their website that provides information about the owners and their bio’s.  The only visible executive of OneCoin is Dr. Ruja Ignatova, who has been identified as their CEO, and Sebstian Greenwood who is designated as OneCoin’s Master Distributor. OneCoin’s headquarters are located in Bulgaria and OneCoin banks with the Bulgarian Bank DSK. There are three primary components to the OneCoin MLM business opportunity as explained on their website. The first is a simple recruitment-driven pyramid scheme, backed with a residual binary compensation structure.  Affiliates join OneCoin and are then directly compensated on the recruitment of new affiliates, who must spend money on packages to participate in the MLM opportunity. The second is the Aurum Gold Coins, which appears to be an alternative virtual currency to the OneTokens, and are backed by nothing, at least anything that can be found. They exist only within OneCoin. The third and most secretive component is the OneCoin Token.  Based on how much an affiliate spends on a package, they are awarded a specific number of OneTokens. These tokens are “traded” on what OneCoin refers to as the “OneExchange.”  OneCoin’s OneTokens are points pegged to nothing more than the rate of new money flowing into the company via affiliates.  This basically makes the OneTokens worthless and mere Ponzi points. Zeek Rewards used the same...

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Cash Gifting Schemes

Posted by on Nov 24, 2015 in Uncategorized | 0 comments

Prior to the Internet, Cash Gifting schemes were prevalent and known as the chain letter scam. You received a letter from a person asking you to send a specific dollar amount to the people named on the list. Then you were to remove the first name on the list, move everyone else up one spot and add your name in the bottom spot and then mail your list to 200-500 people. Then within weeks you were to receive money flowing into your mailbox from all those who also did what you did. Now instead of the mailbox this chain letter scam has moved to the Internet via your Email inbox, or they have a membership website. While some programs are still called cash gifting, now they are calling themselves a private club, gifting club, or gifting circle. It makes no difference what they call it, they are all illegal. They are illegal in all 50 states and in almost every westernized country in the world. In order to try and convince you that the particular cash gifting scheme you are being asked to participate in is legal, they have you sign a Non-Disclosure Statement, a Non-Solicitation Statement, or a Gifting Statement. In these documents they will have a statement that you are not seeking an investment opportunity, you have no expectation of a return for your ‘gift,” you are not being solicited in any way, your gift is not an investment, you are voluntarily participating, and your participation in and the offering of your gift is believed to be totally legal. Now there are many more particulars in either of these two documents, but these are the ones that are meant to convince you cash gifting is legal. To further the illusion of legality, most gifting programs refer to the IRS Tax Code, Title 26, Sections 2501-2104 and 2511 which state the gifting rules of the IRS. This rule applies to estate gifting, and allows each individual to “gift” up to $13,000 per person or $26,000 for a married couple to anyone they wish to “gift.” What they fail to tell you is that the section of the IRS Code they lovingly quote as making their gifting scheme legal also has this one sentence that is omitted by the cash gifters which clearly makes cash gifting illegal, and it is this sentence: “YOUR GIFTS MUST BE GIVEN WITH ABOSLUTELY NO EXPECTATION OF RECEIVING ANYTHING IN RETURN FOR YOU GIFT.” The whole purpose of the cash gifting scheme is based on the expectation of your receiving tens of hundreds more back in return than your gift you sent. Otherwise you wouldn’t be participating. What should be another reason for you...

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My Advertising Pays (MAP’s) – An Ad Exec’s Opinion

Posted by on Jun 24, 2015 in Warnings | 0 comments

My Advertising Pays (MAP’s) – An Ad Exec’s Opinion So apparently there’s this amazing new advertising platform on the block. According to its CEO and Chief Communications Executive it’s actually “tomorrow’s advertising today”. So at this point you’re possibly thinking, wow, it must be able to target potential customers for advertisers based on some incredible algorithms that mean it knows before the customer does what you want. You also might be thinking, there must be some serious advertising and/or tech heavyweights behind this – maybe some Facebook or Google alumni? Either way, this sounds like the sort of company that the VC’s down Sand Hill Road in Silicon Valley would be fighting each other to be the lead investor in for the Series A fundraise. You’d be wrong on every point. My Advertising Pays that genuinely does bill itself as “Tomorrow’s advertising today” has none (zero, nada) of the aspects of what you would potentially anticipate. Before I get into what the business is, let’s take a look at who is behind the business. The truth is it’s not entirely clear – there is a CEO named as Mike Deese, but he has no experience or background in either advertising or technology. He is not Googleable (my word), not accountable for what he actually has done in the past, and doesn’t have any connections to the advertising or technology worlds. Sure, but maybe he has a top team of industry veterans around him? Nope – there is no other discernible exec team around him, bar a UK based couple (that are closer to retirement than they would care to admit) that appear to do nothing other than promote this service. So what is it that MAP’s brings to the table? Well apparently if you spend $50 on advertising on their site and you are happy to click on other people’s advertising there (10 others to be precise), every single day,  then you will qualify to have all of your money back with a cherry of $10 on top three months later (divvyed out every 20 minutes apparently). So your advertising is only being clicked by other people who want to qualify for their 20% returns. Brilliant – I can just see the CMO at General Motors planning how he can max out his $500million+ annual digital budget on MAP’s so he can pocket the $100mill back to show off to his CFO. “But did we sell many cars?” he’ll ask, “no, but look how much money I brought back in” he’ll reply. Hopefully your sarcasm detector is beeping for all its life right now. The believers in MAP’s will try and have you believe that traffic = sales. Any...

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“Why Bringing ASD down saved the participants, whether they know it or not” by Greggory B. Evans, PhD

Posted by on Jun 25, 2013 in Archive | 0 comments

Why Bringing ASD down saved the participants, whether they know it or not Greggory B. Evans, PhD The members of internet Ponzi scheme Ad Surf Daily ASD Cash Generator are a pretty vocal crowd, and some of them have active imaginations, too. The root cause if this is, like many internet scams, ASD preyed upon people who have an incredible ignorance about business in general and how “real companies” work in particular. Read their own support chat room and you find all manner of “evil government took down a perfectly legitimate company that no one had complained about” themes, some of them absurd enough to claim the prosecutors have in fact admitted they made a mistake but didn’t put it in writing and they’re going to go ahead and put President Andy Bowdoin in jail, simply because they can’t find a way out of the mess without losing face. Let me make this as plain as I can, ASD was a cheap ponzi scheme, new members money was used to pay older members (and of course, Andy managed to skim a few million for himself), there was no outside income and despite a clause in their Terms of Service that did not guarantee rebates, there were in fact at least three references to these payments that could and were construed to conflict with that. Legally, as soon as one dollar of new member money was paid to an older member, they broke the law, case closed. ASD has made a very public fight in the courts, but it’s only impressive to those unschooled in the law, at least one of the major motions filed is the brunt of jokes on a website frequented by attorneys who practice before the federal bar, one lawyer describing it as “read as though they were written by a Christian Scientist with appendicitis.” These filings are clearly intended for the unschooled masses and no one who was ever admitted to the bar thinks they have much chance of prevailing. The “Emergency Motion” filed to release seized funds asked the court to grant an evidentiary hearing, which the government chose not to oppose. The real comedy started when the court then issued subpoenas for the hearing that ASD asked for, only ASD through counsel decided to file to quash these subpoenas and claimed if ASD management was compelled to appear they would exercise their 5th amendment rights and refuse to answer questions. The faithful, as is typical of several of these financial cults of late, somehow managed to paint this train wreck as a quasi-victory, or explained it away as a government plot to entrap the good people in management, one going so far as...

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