Is OneCoin a CryptoCurrency

Here we will post all original accusations and arguments people who hate onecoin wrote all over blogs and comments. We will deeply analyze, dissect and answer everything with objective arguments. People will be left to decide which arguments are more logical and true to them
6zad
Posts: 1
Joined: Wed Jun 28, 2017 10:34 pm

Re: Is OneCoin a CryptoCurrency

Post by 6zad » Sat Sep 16, 2017 8:53 pm

hello every one
There's even a rumor that the ex OneCoin blue diamond Yasir Mirza lost his account!!??
the company dont returned his account ??

Igorkrnic
Site Admin
Posts: 444
Joined: Wed Jun 14, 2017 7:47 pm

Re: Is OneCoin a CryptoCurrency

Post by Igorkrnic » Sun Sep 17, 2017 12:35 am

I think you should ask him that. Last time I spoke to him on zoom all was normal but that was 10 days ago.

CryptoXpose
Posts: 258
Joined: Wed Jun 21, 2017 1:54 pm

Re: Is OneCoin a CryptoCurrency

Post by CryptoXpose » Sun Oct 01, 2017 11:38 pm

6zad wrote:
Sat Sep 16, 2017 8:53 pm
hello every one
There's even a rumor that the ex OneCoin blue diamond Yasir Mirza lost his account!!??
the company dont returned his account ??
That's the problem with centralized model which doesn't allow private/cold wallets. The company has total control of your account and possible assets, never you. In real cryptocurrencies, you have the possibility to keep your assets on your own private mobile/desktop/paper wallet which NOBODY can confiscate at will. But in OneCoin's case there's not even any proof it is a crypto. So far after 3 years, OneCoin appears only as virtual token, which can be just numbers on database.

Another problem with centralized model is, that it is possible to shut it down completely for example by goverment co-operation. Where as that is not possible with decentralized model.

Yes, after what I would imagine is huge amount of money Mirza brought into the company, they confiscated his account.

Igorkrnic
Site Admin
Posts: 444
Joined: Wed Jun 14, 2017 7:47 pm

Re: Is OneCoin a CryptoCurrency

Post by Igorkrnic » Mon Oct 02, 2017 3:19 am

"Huge money" that Mirza "brought" into the company actually brought him back around 2 Million euro profit based on the compensation plan.
Since he breached IMA contract promoting other mlm cryptocurrency and cross recruiting his onelife downline, his account is frozen and that has nothing to do with Onecoin, this is Onelife agreement as network marketing company. All network marketing companies do exactly the same.

As for Onecoins that are currently inside Onelife back office, they are not bought, they are given for free via tokens and leaders know it before joining so he can not complain that his Onecoins are also frozen with his Onelife account.
But Mirza left Onelife cause he stopped believing in Onecoin success so I guess he does not care about his 5 Million Onecoins.

Which brings me to the other part. The problem with "Centralized" crypto that the company is in control of your coins. Again, Onecoin does not actually freeze the account, Onelife does that but Onecoin itself is in their own initial stage being distributed via Onelife network and certain rules must be obeyed and if you brake them, deal with consequences. There is no hidden and sudden account freezes.

Also, we do not know how exactly this will work when Onecoin goes public but I am sure it will be possible that you might get frozen during authority audit or if someone is suspected of doing fraud. This is the price that to pay in order to go fully mainstream and be regulated as money by governments. So if you want to avoid taxes, buy drugs, ransome, I guess Onecoin will not be crypto of your choice.

While we talk about how a central entity is bad cause it has the ultimate control over our coins we need also to mention that if any user gets hacked and their Bitcoins stolen, there is absolutely no one to save you, you are screwed, and Onecoin can protect you in that case. Who cares about cold storage and private keys, we are talking mass market here, people who will never learn to use cold storage and private keys. So banks them selves will make their own crypto, centrally regulated but with their own decentralized blockchain, like Ripple

The conclusion is that some people will never believe in Onecoin or similar coins cause they are centrally regulated, those people will always go towards anarchy that anonymous crypto provide to them so Bitcoin and similar coins will be better for them.

CryptoXpose
Posts: 258
Joined: Wed Jun 21, 2017 1:54 pm

Re: Is OneCoin a CryptoCurrency

Post by CryptoXpose » Mon Oct 02, 2017 12:04 pm

Igorkrnic wrote:
Mon Oct 02, 2017 3:19 am
"Huge money" that Mirza "brought" into the company actually brought him back around 2 Million euro profit based on the compensation plan.
Since he breached IMA contract promoting other mlm cryptocurrency and cross recruiting his onelife downline, his account is frozen and that has nothing to do with Onecoin, this is Onelife agreement as network marketing company. All network marketing companies do exactly the same.
Riight. But for some reason Tom McMurrain can promote both his own CoinMD and OneCoin. It seems the rules are very different for different people
As for Onecoins that are currently inside Onelife back office, they are not bought, they are given for free via tokens and leaders know it before joining so he can not complain that his Onecoins are also frozen with his Onelife account.
If something is claimed to be a cryptocurrency, what does it matter if he got them for free? Are you saying you can't complain if you win in a lotto, get money for free and your bank confiscates your winnings or the lotto company refuses to pay? You can't complain cause you got your lotto winnings for free?
I don't understand your logic here.

Personally, I don't think a person loses much if he loses his OneCoins due to freezing/confiscating, but it's the principle which is weird, because the company claims and many members believe OneCoin is a real cryptocurrency.
But Mirza left Onelife cause he stopped believing in Onecoin success so I guess he does not care about his 5 Million Onecoins.
Probably he doesn't care so much about the OneCoins, more about the Euros which he probably still had there, but that's not the point what happened to him personally. The point is, that members should know what can happen. You can lose your account at any time for what ever reason, because there's that possibility of freezing/confiscating account.
There is no hidden and sudden account freezes.
You can't guarantee that. There's a possibility for that.
Who cares about cold storage and private keys, we are talking mass market here, people who will never learn to use cold storage and private keys.
Private keys are automatically used in pretty much every simple mobile/desktop wallet of real cryptocurrencies. There's nothing complicated there, or something you can say is too hard, but not too hard in DealShaker for example.
The conclusion is that some people will never believe in Onecoin or similar coins cause they are centrally regulated, those people will always go towards anarchy that anonymous crypto provide to them so Bitcoin and similar coins will be better for them.
Depends who are centrally regulating. A shady bulgarian/UAE/Belize entity which has tons of international warnings, prohibitions and even pyramid fines, and is on the black list of pretty much every single bank in the world. No, I don't think it will be trusted by people and governments in general.

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