Should I start to buy OneCoin?

I am a professional software engineer and freelancer. I have heard about Bitcoin (and recently OneCoin) a long time ago, but I was not interested to indulge in this business.

Now, a few days ago a friend of mine told me that he has started this business (one coin) and he is purchasing OneCoin and in next year he will be able to earn enough money while selling the coins he would have purchased. I don't know if this business is good for me or not.

Should I start to buy OneCoin, since I am new to this business?

Pir Fahim Shah

Posted 2017-05-15T05:09:12.010

Reputation: 193

3You write "Bitcoin (currently Onecoin)". This makes it seem like Onecoin is somehow related to Bitcoin. It is not. Bitcoin is the world's first decentralized digital currency (and is still called Bitcoin), and Onecoin is a scam. – Meni Rosenfeld – 2017-05-15T18:41:32.823

Related: Onecoin vs Bitcoin (TL;DR: Onecoin is a pyramid scheme scam.)

– Murch – 2017-05-15T23:01:35.733

Answers

No, it's a proved scam, and they use misleading promotion to associate it with Bitcoin. If you google them, you'll find out that they are accused of scamming and are under investigation by authorities. That project is not related to Bitcoin at all.

user48462

Posted 2017-05-15T05:09:12.010

Reputation:

so you mean that the coins which we buy in onecoin and all the business is fake and they are not reall? because my friend told me that if we buy any coins then we can not do withdrawl fund untill june 2018. So, this is fake business? – Pir Fahim Shah – 2017-05-15T06:41:45.967

4This is a scam, and there's no guarantee that you'll ever see your 'coins' again as they are currently under investigation. PS. This question is offtopic for Bitcoin Stack Exchange, you'd better ask in money.stackexchange.com for more info. – None – 2017-05-15T07:32:02.220

@Mark: Why is it offtopic? – Meni Rosenfeld – 2017-05-15T13:02:55.487

1@MeniRosenfeld I consider it offtopic because this Stack Exchange is only for Bitcoin, and OneCoin is a dubious financial platform, which is out of scope of this site. – None – 2017-05-15T13:44:57.150

I believe it is on topic. This site is not exclusively about bitcoin (though it is primarily). – Pieter Wuille – 2017-05-15T17:11:40.453

@Mark: Bitcoin is not just Bitcoin, and my understanding is that this SE deals with all cryptocurrencies and other applications of Bitcoin's technology. Onecoin is a scam, but the fact that it masquerades as a cryptocurrency (and that there are people like the OP who mistake it for one) makes it on topic. – Meni Rosenfeld – 2017-05-15T18:39:35.887

Make a meta post about the ontopicness of this question. – Mindwin – 2017-05-15T18:49:11.090

Onecoin is not only a scam it is a criminal organization. The have stolen a lot of money from their customers. http://rettit.no/mrbitcoin/index.php?title=OneCoinSCAM

Bjorn Bjercke

Posted 2017-05-15T05:09:12.010

Reputation: 71

Thank you. But if they are criminal then why they still have valid website where we can do purchase. I am bit worried about that – Pir Fahim Shah – 2017-05-15T07:05:06.690

16"If they are criminal then why they still have valid website" - If you assume that criminals can't have websites, I would suggest you stay off the internet. – Pieter Wuille – 2017-05-15T07:26:19.203

2I know more than the average person about cryptocurrencies, however I found the linked page confusing and without a clear credible explanation of what is wrong with OneCoin. Instead there was an extremely tl;dr analogy involving fish, links to Youtube videos, transcripts of chat conversation, a request to fund someone's legal costs... If there is a better simple explanation of why OneCoin is a scam you should post it. – jwg – 2017-05-15T10:13:46.837

@PirFahimShah See, for example, Daily Mirror "Who wants to be a OneCoin millionaire? YOU don’t - here’s why hyped-up web currency is virtually worthless" or Wikipedia "OneCoin is a Ponzi scheme ... several members and investors of OneCoin were arrested in 2016"

– RedGrittyBrick – 2017-05-15T15:15:45.710

I am currently working with authorities around the world to help them understand the complexity of this scam when it comes to blockchain. The point is that OneCoin operates as a Central bank PRINTING 1billon Euro every 36 hours. They currently do not run on a blockchain and have not done so sin they started almost 3 years ago. – Bjorn Bjercke – 2017-05-16T11:39:50.323

Onecoin is a scam.

One of my friends became involved in onecoin and invited me to meet with her to discuss this "amazing business opportunity". I went to meet her, and a 'colleague' of hers arrived. Needless to say, the next half an hour was very much the hard sell; lots of jargon, false rapport building, must be done now or its too late talk. I reported the event, and a few months later the city of london police contacted me to see if I had any further information to give because they were investigating Onecoin for Economic fraud.

MrLJ

Posted 2017-05-15T05:09:12.010

Reputation: 31