I talk a lot about cryptocurrency with friends and co-workers, recently i came to talk with the head of HR where i work during a coffee break.
She wanted to know my thoughts about OneCoin since her and her husband had invested some money into it. I've read a lot for the past year. I've seen a lot of ICO's, crapcoins and blatant scams riding on the success wave of other currencies.
I told her straight up that it was a ponzi scheme and that if she could, she had to get out of it before their money was lost.
She didn't quite believe me before i laid down the evidence to support it, and sent her several links to back that information up.
This was a quick checklist i gave her for future investments
- It needs to be open source (If not we have no idea what we are installing, could for all we know be malicious software looking for our private keys to other wallets.)
- Who are the developers? (You need to know who the creators of the product are)
- The needs to be a block explorer for the coin. (If you can't check out the transactions how can you know they are correct? If there is no explorer could it be that no blockchain exists?)
- Can you trade it? (If you can't trade it, it's not worth anything)
Open source and knowing who the developers are and where they are located is a must for me at least, i know some popular and trusted coins don't fill all these criteria but if some are filled and they got a user base it's better than nothing.
Onecoin doesn't fill any of these, what does that tell me?
Don't invest, don't trust them and call them out.
Several agencies in different countries are now examining their fraud attempt, this alone should be a wake-up-call.
If you use Facebook, check out the OneCoin groups there. You can see the members in the group and if you got some of your friends in there, warn them.
Point them in the direction of Steem instead and explain to them how it works and why it works.
A quick morning rant from me, what do you think about Onecoin?
