4 ms·
Interesting how on a per-capita base, Germany where I live, seems to be the most gullibe society. I think it is not a coincidence that Ruga lived and worked in
by woodpanel 5y ago
Interesting how on a per-capita base, Germany where I live, seems to be the most gullibe society. I think it is not a coincidence that Ruga lived and worked in Germany prior to OC most of her life.
I was almost sucked into OC. Some non-tech friend in his mid-thirties approached me about it, he had already invested all his savings (~20k€ and another 10k€ from his mother).
He gave me OC's prep-talk and got me interested, so as an overpaid programmer within minutes I've concluded: Why not buy the biggest package or even more?
Hooked as I was, every piece of due dilligence I've tried to apply made the whole thing appear as a scam quickly. I've phoned with the BaFin (our financial authority) multiple times it took about a year afterwards for a very timid response against OC (in hindsight their lack of action in this case mirrors their lack of competence in the wirecard scam).
For me there are two major culprits:
1. OC leadership, especially Ruga
I think what makes OC so sinister is how they specifically targeted groups of people with low technical knowledge and who feel (and are) financially unskilled / underpriviledged. Once they've had to flee one country they've moved to another nation, again looking for underprivliged non-technical people.
The OC footsoldier's that I've met all came from Germany's lower classes (I guess most marketers are victims as well).
In Britain they've targeted mostly muslims. They went to India, China and so forth.
2. Financial Authorities
A scam that targeted small time investors (entry package was 500€; who often don't even know the name of their financial authority or what it does) highlights the importance of taking action for a BaFin: A fair society cannot treat predation of poor people differently that that of rich people. Swifter action whould have prevented a lot of the levels that pyramid eventually built up.
500€s or 5.000€s in damage apparently isn't much for the BaFin to do a lot (AFAIK none of the footsoldies I've met faced any criminal charges). But for the victims it often amounts to 100% of savings or even debt they took on, not even to mention ruined friendships, self-doubt, guilt etc. Ruga and the BaFin broke already broken people.
PS: I think Tim Tayshun's article (https://news.bitcoin.com/beware-definitive-onecoin-ponzi/ https://news.bitcoin.com/beware-definitive-onecoin-ponzi/) must have saved a lot of people from this!
- alisonkisk 5y agoThere are similar scams in many countries. It's not a German culture thing.
- woodpanel 5y agoI'm not saiying it's a German thing. Just that on the statistics mentioned in the article, my country seemed to be one of the more gullible ones. I might also add: Wirecard as well as IOTA did most wreckage in Germany. Partly because their founders are German speaking. Partly because authorities are inept.
- zvr 5y agoIn case you missed it, a Wirecard-related HN submission from 22 days ago discusses the factors that made it possible in Germany: https://news.ycombinator.com/item?id=26952408 https://news.ycombinator.com/item?id=26952408