Let's quote how do critiques calculate onecoin market cap. It can be seen on this page from onecoinscam.info that was completely debunked and explained here.
So they say:
Critiques wrote:Definition: OneCoin Market Capitalization on a certain date = Number of OneCoins in circulation (“mined)” x OneCoin price.
The graph shows the “Market Capitalization” in EUR ultimo each month (30 June 2017 is an estimate). From October 2016 on this value goes through the roof. At the current price of 12,45 EUR and 50,000 new OneCoins “mined” each minute, the total “value” increases by 896,400,000 EUR each day. It goes without saying that the value is completely fake, as everything in OneCoin.
In a time of writing this topic, Onecoin's last block height was 413151. So if we know that every block mines 50000 coins it means that a total number of coins mined is 20,657,550,00. Add to that Coins mined and doubled from the old blockchain in Genesis block 1.98B that makes total Onecoins in existence 22,637,550,000, a total supply.
If we think market cap is calculated by multiplying the total number of Onecoins with Onecoin internal value (currently 12.45 eur) we could get Onecoin alleged market cap of 281,837,497,500 EUR. 281 Billion EUR ???
That would mean that Onecoin, still private cryptocurrency, has a market capitalization almost as JPMorgan Chase or Exxon Mobil, and more than Wells Fargo, Bank of America, Visa, Wal-Mart Stores, Procter & Gamble, AT&T, Oracle, Coca-Cola and more.
Unfortunately, I personally heard some Onelife leaders also calculate Onecoin market cap like this. It is wrong.
First of all, people think this way because when old blockchain was operating, dr Ruja herself said that no coins are mined without tokens submitted to mining. That was true cause more tokens were submitted to mining than the old blockchain was able to mine. It was able to mine 10000 coins per 10 minute block. Tokens were backlogged and waited its turn. I say this for a fact cause I personally waited for my coins more than six months and I submitted them in March 2016. I got most of them from Genesis block of a new blockchain.
So we know that at October 01. Onecoin had around 2.5 Million users if I remember correctly. Since Genesis block mined 1.98Billion of coins and coins from old blockchain end balance were doubled, we can say that until 01.October, 2.5 million users mined around 1 Billion of coins. So as many Education packages were bought since January 2015 until October 2016 by total 2.5 million people to provide enough tokens to mine around 1Billion coins and we need to consider much lower difficulty from the beginning.
As of today, there are almost 3.2 million users, meaning since the new blockchain was launched Onecoin gathered around 700k users.
So let's compare :
Jan 2015 - Oct 2016 = 2.5 M users = 0.990 B coins
Oct 2016 - July 2017 = 0.7 M users = 20.6 B coins
Anything looks odd? Well, 700k people can hardly provide tokens for 20.6 B coins.
When old blockchain was operational, all coins were mined via tokens, and tokens were backlogging cause blockchain could only mine 1000 coins per minute. That's the first time where we saw the benefit of the closed centralized trial system cause they were able to make changes. New blockchain was introduced and it is able to mine 50000 coins per minute and now block lasts one minute. Since it is clear that are not enough tokens to provide for 50000 coins per minute, all those coins are actually mined in the main pool and when a user submits tokens for mining he receives coins in his wallet.
Prior to OCT 01 2016, all coins were owned by users and difficulty raised with new tokens being submitted, and it was decided that the price of coin will be linked to the difficulty making it an internal price. Since all coins were owned by users that number was shown on the web site and we could easily calculate Onecoin market cap.
After OCT 01 2016, not all coins are owned by users, now the company mines coins to their main pool and those coins have no value. Only coins that were transferred to the user via tokens have value. So only coins owned by people are counted in the market cap, not all coins in existence. Means only circulating supply is counted into the market cap, not total supply. This is good cause the company can regulate the market. Save it from the speculations.
We do not know how many coins are in circulation owned by users, we only know total supply. Someone might not like this cause we need to trust the company totally. Well, Onecoin is such project where you either believe in the company and join, or do not believe and pass.
My guess is that thanks to PowerPacks, those new 700k users, a long with old ones could mine one more Billion to their wallets so I would say total circulating supply of Onecoin is around 3Billion so the market cap would be around 37 Billion EUR, close to Bitcoin, which is more believable cause Onecoin has more users than the Bitcoin (users with 1+ coin) and usability is almost the same currently. We will see what will happen when Onecoin will be also traded to fiat but I wouldn't brag Bitcoins fiat exchangeability cause only smaller percentage of it is traded to fiat as we can see here
We can see this as an example with Ripple.
We can see that Circulating Supply is 38,332,289,584 XRP but Total Supply is 99,994,550,338 XRP, so Ripple's market cap is only counted buy circulating supply owned by users. Company will decide what to do with the rest of supply. So Ripple market cap is $7.3Billion, not $19Billion as is would be if we were to count total supply as people tend to count for Onecoin market cap.