This is the post :
OneCoin has released a 2nd attempt of a whitepaper today, click link below to view it
https://onecoinico.io/WhitePaper-ofc.pdf
Quote below has been taken from another group Re Onecoin so called 'whitepaper'
This “whitepaper” absolutely describes zero of the technical aspects of the alledged blockchain. Just a lot of the old promotion talk and a lot of disclaimers that nothing is their fault if things go south.
And again their claim of making constant back-ups.
Just… Laughable.
The whitepaper is basically extended T&C document made by mixing from several sources in a way that doesn’t make much sense.
E.g. it talks about market risks etc but in legal print it clearly states that ” This Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction”.
Lets take an example from the very few technical aspects of the paper. The following statement simply isn’t true for OneCoin, you cannot explore the transactions in blockchain:
(Cont.)
And in fact, the statement above partially is copy-pasted from the OLD Marcelo Garcia White Paper (which described on general level a theoretical upcomping centralized blockchain solution which was never implemented by OneCoin) but contradicts it because it, more sensibly, recommends “anchoring” to the “system of higher trust”(meaning real blockchain like Bitcoin or Ethereum) specifically because the central company could easily tamper the ledgers:
*"The blockchain systems resemble tamper-proof ledgers of transactions, guaranteed by the merkle tree roots attached to each block of transactions.*
In this regard the OneCoin system provides the opportunity to users to access the digital ledger with all the blocks and transactions in it."
Spotted at least one other copy-pastes from the old White paper (the “AWS 2xlarge instance” section. And one other technical text snippet is heavily borrowed from Bitcoin white paper.
In addition, there is an oddity, the mysterious SILO which, I think, refers to the old SILO Capital Group company which was supposed to handle the previous “offering”. I guess they forgot to paste the new shell company’s name
*"Blockchain systems are tamper-proof ledgers of transactions, and this is essentially guaranteed by the merkle tree roots attached to each block of transactions.*
In a centralised blockchain system, one could argue that the operating entity could simply re-write every single block if they wanted to modify any past transactions. However, this can be easily remediated by anchoring the private blockchain system into another system of higher trust.
This could be a trusted and well-known public blockchain network, or simply a transactional and irreversible information system owned and operated by another reputable counterparty (e.g. a form of git log)."
*"Prospective purchasers of OFC (as referred to in this Whitepaper) should carefully consider and evaluate all risks and uncertainties associated with SILO and/or any other…"
*RE: CoinSafe*
Many members *CoinSafe* 'coins' are still missing since as far back as May *6 months ago!!!
If Onecoin actually had a blockchain (it doesn't) and if user Identities were linked to their coins, than this would be an INSTANT FIX under a centralized system.
*Hunch* is that Onecoin never even backed up their MYSQL servers, and when international Authorities executed a *2-day RAID* on Onecoin HQ January and seized servers, Onecoin permanently lost that data.
So, IMO, for a person who lost, say 1,000 coins (fake, but for the sake of argument) in *CoinSafe*, the company knows not whether they lost 100 or 10,000 because their incompetent scamming asses never backed up the data!
*And THIS is the big Catch-22 and the reason why the company has LOST coins, when they marketed that "unlike bitcoin, in Onecoin which is centralized, it's IMPOSSIBLE to lose coins."*