Is it worth selling OneCoin investments now
Crypto currency Onecoin: a dubious investment?
Bitcoin is a so-called cryptocurrency that was introduced in 2008 in response to the US financial crisis. At the moment, the value of Bitcoins is mainly based on user acceptance.
Your exchange rate is determined by supply and demand, which is determined on special exchange exchanges. Because, in contrast to official currencies such as the euro and US dollar, there is no central bank behind Bitcoin. The virtual money can be generated by its users on powerful PCs.
Bitcoin is not recognized as a legitimate currency by all market participants, but there is no evidence of fraudulent activities. It is different with the new (pseudo) crypto currency Onecoin. There are warnings from consumer advocates who want to have recognized the characteristics of a structured distribution, a pyramid scheme.
Onecoin: are the warnings justified?
Onecoin is open to anyone who buys one of the many packages that cost up to € 5,000. Then the user can "mine" Onecoins, sell them to other participants or exchange them. First and foremost, however, the buyer of an Onecoin package receives a kind of commission if he in turn recruits new participants. The more people you convince of Onecoin, the more "coins" you can mine.
In addition, attractive prizes are awarded to the most successful miners. These are luxury cruises, Rolex watches or cash withdrawals. But there are signs of a possible collapse of the system:
- Participants often wait a long time for payouts, the support weighs them down and puts them off
- Credit card payments are rarely carried out
- the bank details change constantly
- a new so-called festival package at a price of € 18,800 is being pushed heavily. The suspicion here is that funding gaps are to be filled.
The pyramid scheme - a not entirely new scam
Structural sales, such as the pyramid scheme, also known as the pilot game, have existed since the 1980s. At that time, insurance companies in particular recruited “people like you and me” to sell a company's products in their private lives.
It was primarily a matter of exploiting the private relationships of the recruits for sales. If these were “grazed” and there was no further success, the new insurance agents were simply dropped.
The highest commissions were paid by those who were as high up in the hierarchy as possible - or, as in the pilot game, those who were furthest ahead (on the plane). In the end, the cheated were the customers or those who had used their private relationships to advertise the mostly overpriced insurance products. Because they usually paid with the loss of friendships or a poorer reputation within the family.
Whether this will also happen with Onecoin cannot (yet) be foreseen. The signs, however, suggest it. Therefore, it is recommended in any case to exercise extreme caution with the new crypto currency.
Why Bitcoins Are Not a Safe Haven Bitcoins failed the first real test of being recognized as a safe haven. > read more
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