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...

Read More

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...

Read More