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Onecoin was one of the first shitcoins to have its chain yanked. The others crashed sometime during the ICO craze or again during the NFT craze. But the story r

by yardie 4y ago

Onecoin was one of the first shitcoins to have its chain yanked. The others crashed sometime during the ICO craze or again during the NFT craze. But the story remains the same, when placed under the least bit of scrutiny most never seem to hold up. The stable coins that are backed by USD are rarely backed by USD. The altcoins that back NFTs rarely have are as valuable as they state, even the trading price ends up being a wash amongst friends. > It's sad that the only reason this case was prosecuted is because the founders were stupid enough to admit to fraud in writing. A prosecutor worth their salt will never have one damning piece of evidence. They got a warrant to get access to their suspects emails and electronic files based on other evidence sent to a judge.

vlovich123 4y ago
What I'm suggesting is that if they hadn't written it in such obvious ways & just used business euphemisms, the case for the prosecutor would be such that it might not get prosecuted. After all, MLM scams are pretty healthy in the normal market. Amway makes ~$8B/year without any FBI scrutiny and the DeVos family is politically extremely powerful (Secretary of Education + Erik Prince running a security company that's been given political cover for the crimes against humanity that they've committed).
pessimizer 4y ago
> They got a warrant to get access to their suspects emails and electronic files based on other evidence sent to a judge. Incriminating files and emails don't necessarily exist when smart people who see each other in person all the time do crime.
trompetenaccoun 4y ago
I see crypto terms like ICO and NFT. OneCoin was not a "shitcoin" simply because no coin ever existed. There was no chain yanked because there was no chain. They literally just took people's money and then gave them a login to a website where it would show them more and more cash by the day.
sdiacom 4y ago
This is all misinformation. OneCoin was never a cryptocurrency, it was a pretty website where you PayPal-ed your life savings into a black hole. We can't even say that its price crashed, because there was never a market for it. It's closer to Madoff's securities than it is to, say, Terra. I'm all for hating on cryptocurrencies, but this doesn't even qualify as one.

by yardie 4y ago

vlovich123 4y ago

What I'm suggesting is that if they hadn't written it in such obvious ways & just used business euphemisms, the case for the prosecutor would be such that it might not get prosecuted. After all, MLM scams are pretty healthy in the normal market. Amway makes ~$8B/year without any FBI scrutiny and the DeVos family is politically extremely powerful (Secretary of Education + Erik Prince running a security company that's been given political cover for the crimes against humanity that they've committed).

pessimizer 4y ago

> They got a warrant to get access to their suspects emails and electronic files based on other evidence sent to a judge. Incriminating files and emails don't necessarily exist when smart people who see each other in person all the time do crime.

trompetenaccoun 4y ago

I see crypto terms like ICO and NFT. OneCoin was not a "shitcoin" simply because no coin ever existed. There was no chain yanked because there was no chain. They literally just took people's money and then gave them a login to a website where it would show them more and more cash by the day.

sdiacom 4y ago

This is all misinformation. OneCoin was never a cryptocurrency, it was a pretty website where you PayPal-ed your life savings into a black hole. We can't even say that its price crashed, because there was never a market for it. It's closer to Madoff's securities than it is to, say, Terra. I'm all for hating on cryptocurrencies, but this doesn't even qualify as one.