Original link to the article is here: http://www.mirror.co.uk/news/uk-news/wh ... illionaire
This article was written by a journalist ANDREW PENMAN that claims to be "Scam-busting journalist exposing crooks, conmen, fraudsters".
Let's make quotes and analyze where Andrew might be wrong?
I see trouble in advance here cause Onelife/Onecoin made millionaires and rich people not by selling Onecoins but via MLM compensation plan. Selling education products. Onecoin is yet to go public and possibly make even more millionaires if it succeeds or many disappointed people who did not get to get rich.AndrewPenman wrote:Welcome to a get-rich-quick scheme that has, it claims, created 300 millionaires in a year.
Called OneCoin, it’s supposed to be a virtual or crypto currency and rival to the market-leading Bitcoin – digital money that can be traded and spent online.
The audience at a recruiting rally last Saturday at a London hotel was told that it is also a way to get very rich.
“The earlier you join, the more you make,” gushed one speaker.
The rally was billed as the first UK national event for OneCoin and attracted a whooping crowd of 1,000.
So it is possible to get rich via MLM here if you join at the beginning, just like any MLM.
He pretty much explained how Education packs give free tokens, a certain number of spits that can double those tokens and then tokens can be exchanged to Onecoins. But the value of Onecoins that we can see is internal value determined by demand for tokens and this value is not publicly credible and it can only be used as a measure of token distribution, if token distribution goes steady or is in raise, the OC value will go up faster, if token demand goes down, also the Onecoin value would go down. What confuses people who follow the rest of cryptocurrency market that i sso volatile, is that Onecoin value did not go down in 3 years. They say it is impossible and that the value is artificial.AndrewPenman wrote:Smoke and Mirrors
Your joining fee – ranging from a £100 Starter Package to £28,000 for a Special Combo Package – does not buy OneCoins themselves. Instead it just buys you tokens. The idea is that these can later be exchanged or “mined” to get OneCoins.
Some deals involve so-called splits which double your stash of tokens.
A speaker, almost crazed with enthusiasm, gave the example of someone who pays 5,000 euros – about £3,900 – for the Tycoon Trader package. Thanks to splits this turns into £8,500.
And – get this – that’s without the value of OneCoin even increasing. Yes, you can more than double your money even if the thing you’ve invested in stays at the same price.
That’s the worst-case scenario, too. The speaker held out the possibility of your 5,000 euros turning into 37,710 as OneCoin rises in price.
The possibility of this virtual currency falling was, er, not mentioned.
He also in his last sentence criticizes that speakers only spoke about Onecoin raise of the value later in 2018 when public trading starts but they never mentioned the chance of the value going down. And that is indeed a possibility if demand is too low on public trading in 2018.
But it is really not the practice of any company to share pessimism on their events so why should Onelife be an example. People are not zombies, they can use their brain and ask them self that question.
Ok so he does not like Kari (many people agree with him), he does not like that some people want to get rich and in MLM, people who do well can get rich. This has nothing to do with Onecoin cryptocurrency itself, this is just how MLM works.AndrewPenman wrote:Appeals to Greed
“I’m like you guys, I want to be rich,” declared a speaker. “Why do I want to be rich? Because even if I cry, I prefer to cry in my tinted Porsche than the back of a double decker bus.”
Key speaker Kari Wahlroos, the OneCoin Europe ambassador, strode on stage in sunglasses.
“Do you know why I wear shades?” he asked. “Because the future looks so bright.” And he insisted: “I am here to make you filthy rich”.
Which just made me feel dirty.
But at least MLM can get you rich, if you are employed by a classic company there is no way for you to get rich cause all your hard work puts money into your bosses pockets. So will you let journalist who works for his bosses shape your mindset?
He here implies that Kari used to work for another company back in 2014, he praised it until they went apart and after that he slandered it?AndrewPenman wrote:Here We Go Again
Kari used to bang the drum as a Crown Ambassador for something called Wellstar – motto: “Building your own dream life”.
He was on stage in 2014 wearing those same shades, only the future didn’t turn out to be so bright for him.
He parted company with it amid a public slanging match on Facebook full of claim and counterclaim.
Wahlroos said “This company will never deliver on the promises” while the Wellstar founder Christian Weisner accused him of making “cheap and false allegations”.
I see nothing strange that we love current projects until we realize they might not be so good for us and we move on.
But it is personal preference if someone will slander that project after he leaves or not. Maybe the reason to breaking apart has something to do with it and how can we know it? Is it our to talk about it? Why do we even need to look back on people and what they used to do? Oh well, it is journalist thing, they know to make affair where there is none.
Andrew probably implies that Kari is not worthy of trust, that he will probably also talk bad about Onecoin later. Well, it has been 3 years so far, so much opposition, slandering, bad government events made up by bad Onelife people who broke also companies rules. I see Kari as one of the most loyal to the company. He himself claims that he finally found a right project that he feels confident spreading all over the world.
Although I never agreed to compare Onecoin, the cryptocurrency in pre-initial coin offering stage with Bitcoin that is publicly traded, I must point out that Andrew is definitely not educated about cryptocurrencies and yet he writes about it. Coinmarketcap is a private website that lists any cryptocurrency that is traded in at least one exchange and of course, the owner needs to list it or to say: wants to list it.AndrewPenman wrote:Due Diligence
Kari claimed that OneCoin was ranked No 2 in the world by market capital. In crypto-currencies, this is measured by multiplying the number of coins by their value.
Bitcoin is the world leader, with a market capital of $5.7billion. Kari claimed that OneCoin came next, with a market capital of $3billion. Yet if you look on websites such as coinmarketcap.com that value these currencies, OneCoin is not second, third, fourth or indeed anywhere at all. It is non-existent.
Any ICO that is not yet ready to be publicly traded cannot be listed in coinmarketcap.com but many of them are using Bitcoin glory to promote their success. Why should Onecoin not do it too? Bitcoin, after all, is open source "nobody's" project so no one is to be offended.
But anyway, that comparison with Bitcoin is finished long time ago, it is no longer needed and I like it.
But I must criticize "Due Diligence" topic of Andrew's paragraph while he is the one that did not do his due diligence on what it takes a crypto to list on coinmarketcap.com and that Onecoin does not want to be there yet.
Why is this wrong to Onecoin side? Did they invent those marketing manipulation tools? Nope, all companies do it, they make those limited deals that make the standard product come with more of a value so people take the opportunity. Every single company has that. It is called "SALE", remember those stickers on the cloth shops i malls? SALE SALE SALE, come to us, spend 300 eur for one piece and you will get one free, just spend those 300eur at us. Why should this be bad from Onecoin when the whole world is doing it and people seem to love it.AndrewPenman wrote:Pressure Sales
The audience was tempted with a Special Combo Package. You get 506,000 tokens, and six splits turn them into 32million tokens. The cost was roughly £28,000 and those splits would turn that into £1.2million.
And that’s also even if OneCoin doesn’t increase in value – that financial miracle again. If the value goes up your investment is worth even more. But hurry, this offer is available only until February 20
What is this? The most powerful tool in MLM is called duplication, where one person recruits 2 persons and that is it.AndrewPenman wrote:The Maths Don’t Work
A group of OneCoin members climbed on stage and were introduced as “the special people, they came out from their comfort zone, they saw the vision”.
They spoke of the number of people they’ve recruited – 20… 100… even 1,000 in one case. If those 1,000 hope to match this by getting 1,000 recruits each, that would need a million people.
And if that million want 1,000 recruits each, well, good luck getting 1,000 million people to “see the vision”.
Of course, if EVERY person would recruit two persons they would eventually run out of people, but that is not so easy and although every MLM company strives it, they succeed only partially, and now all people manage to do it. Those who bust their asses 25 hours per dy for few months and manage to do it are accused of being on top of the pyramid... It is sad how small minds talk about stuff they do not fully understand.
Andrew here came as true mlm troll and he is here to say "you will not succeed".
Seriously? And what does that differ from any oher company? Who knows what can go wrong and all companies tend to remove as much responsibility from their backs as they can. If someone does not like it he will pass, but then, we would pass most, if not all, companies.AndrewPenman wrote:The Small Print
At the bottom of the terms and conditions on the OneCoin website are two tell-tale phrases. The first is: “The company does not warrant that product descriptions or other content is accurate, complete, reliable, current, or error-free.” The second: “The company reserves the right to, at any given time, change the OneCoin Compensation Plan.”
I think what she might mean is "one of the first global reserve cryptos". That is a moon shot for sure, but anyone has the right to try to make it.AndrewPenman wrote:It Doesn’t Add Up
The audience was told that there are already 1,000 crypto-currencies in the world. Yet the founder of OneCoin, Ruja Ignatova from Bulgaria, declared: “We can be one of the first.”
Thas it normal for any MLM. No speaker loses time with brainless questions. Anyone who came to the event is invited by someone called "mentor" and participants are supposed to ask them should they have any questions. If they do not know the answer they will find out asap if they are good mentors.AndrewPenman wrote:Sound of Silence
Kari and Ruja left the stage immediately after their lectures. No one was given the chance to ask awkward questions. My subsequent emails to them have not had any meaningful response.
This is also a question for a mentor, he might answer that this is still a private global company and as such it is not lucrative to be Incorporated in one country cause taxes are too high, they are right now offshore Limited company and there are no shareholders yet cause the company is not public yet. IPO was anounced and probably it will happen when the time comes.AndrewPenman wrote:Who Are You?
Is OneCoin incorporated and, if so, where and who are the directors and shareholders? None of these questions are answered on its website.
Well, Onecoin is a company trying to make centrally regulated cryptocurrency that can protect users and comply to governments through KYC. So, most of the new people who attend events have no clue what is cryptocurrency, and mentioning those names and Bitcoin is natural to show people that cryptocurrencies have a future on this world and that Onecoin might be starting a good business. It is so easy to see that this guy is nothing more than a journalist.AndrewPenman wrote:Reflected Glory
Speakers referenced genuine business giants – Bill Gates and Richard Branson were named even though neither have any connection with OneCoin.
As for Bitcoin, I lost track of the number of times that was cited.
I am glad this article is coming to an end cause I am more irritated by this man's ignorance with every paragraph...AndrewPenman wrote:Friends and Family
Big payouts were promised for enlisting more recruits. “Every person you introduce, you make 10% of whatever they put into the company,” gushed a speaker. “You get an investor on 5,000 euros, you get 500 euros.”
That alone would have me heading for the door. Don’t worry, the audience was told: “Crazy people make crazy money.”
It is not called a promise. It is compensation plan that company uses to pay people that directly sell its products. So if you sell a product to a person, you earn 10% of that money. On the contrary, if I buy one bottle of Coca Cola in a store, store owner earns his share of the price that I pay.
You and that owner negotiated his discount with the factory. So each MLM has its own compensation plan that rewards people selling its products.
None of this was invented by Onecoin, they simply use a certain combination of marketing tools available around the world.
This is also a MLM thing. None of those local events were paid nor organized by the company. Each top IMA leader in the region is responsible to organize such event. The tickets are there to pay for logistic costs and the room. Some teams make better events than the others. But no local event should determine your point of view to the company.AndrewPenman wrote:All Fur Coat and No Knickers
Despite all the talk of riches, the event felt cheap. Tickets cost £25 yet there was not so much as a complimentary coffee. And anyone expecting some paperwork, yet alone glossy brochures, would have been disappointed.
This one is just a personal preference. Some people do not like those yelling and hand raising. Those seem to origin fro the USA, go look for major events of Herbalife, Amway or similar MLM companies.AndrewPenman wrote:Can’t Stand It
Key lecturers were greeted with rapturous ovations and everyone was cajoled into joining in. Before Kari Wahlroos came on stage, a voice bellowed through the speakers: “Get up! Get up!”
Why is that many people do not like those attempts of spreading positive energy? Is it cause they were too zombified by their bosses on they daily jobs?
Again, most MLM companies have some sort of hand sign, it is not something Onecoin/Onelife invented.AndrewPenman wrote:OneCoin members even have a little sign they make to each other, holding their thumb and forefinger to make a circle.
Maybe it’s meant to symbolise a coin. It certainly added to the feeling that this was more of a cult than a sound financial institution.
To me the sign looked like the number zero – which happens to be the amount I would invest.
Hmm, I read this article long time ago but I do not recall reading it with current knowledge. This guy is a simple journalist who does not know most things he writes about and he does not care cause he knows that majority of tabloid readers know even less than him.
All we can see here is that he does not like MLM and he is not aware that there are publicly traded and open cryptocurrencies, and that Onecoin is not there yet.
Will you shape your mindset toward Onecoin based on some journalist that does not like it? You decide