OneCoin - Swedish Bitcoin Foundation Issues Warning
Check out this OneCoin critique from Evan Vanderbilt
About that OneCoin thing...I understand that we live an era of disinfo/misinfo and it's difficult to tell who and what is a scam. Then there is the whole "with great risks come big rewards" mentality and the like...but this isn't a case where I would throw caution to the wind and gamble my savings. OneCoin is not the same as other cryptocurrency start-ups. Please do a great deal of research before giving a dime to this "venture". I urge anyone who has been taken in by this apparent Multi-Level-Marketing (Read: Pyramid Scheme) ploy to not rope others into it. I'm not trying to be spiteful here. I'm trying to help. Assume what you wish.
For anyone who asks what I think since I know a bit about cryptocurrency...do your best to exit from OneCoin and if you want help knowing how to research these things properly in the future start with reputable sites like Coin Telegraph, Coin Market Cap, Bitcoinist.net and the like. There are now over 250 (that I've seen) cryptocurrency tokens/coins available for purchase on various exchanges. Many of them are "garbage" but not scams. Just like any other company or publicly traded stock. If you buy low and people suddenly love the technology, you will earn lots of profit. With true [not a scam] cryptocurrencies it's as simple as buying low and selling high. There are no "memberships" or "tiers" or "levels" of investment. You can just go to a reputable exchange like Poloniex or Bittrex (in the US) and find most of these tokens available to trade. If you don't like one exchange you can switch to another because your coins should be valid on both. That won't be true if it's a scam. True cryptocurrency (like Bitcoin) trading works just like the stock market in that regard...bid/ask, volume, charts, graphs...etc...all those things. If a coin is deemed to be DOA then it's delisted, very similar to a company on the stock exchange. It won't survive because traders will know it's a scam, or just not worthy of investment based on the lack of volume. If your coin exchange doesn't work this way, it's time to raise an eyebrow.
That's my 101 on OneCoin and why there are dozens of profitable coins you'd be better off choosing. Be safe out there good people.
I support this blog entry. Just like SwisCoin and GiraCoin, OneCoin is a system of fraud. Thanks for those enlightening words.
Thank you for the heads up on SwisCoin and GiraCoin. I'm not familiar with those but I'll do some research on them. I was taken by other types of Multi Level Marketing schemes in the past so it's easy to see the warning signs now. I feel bad for people who get taken in by something like this. They make an investment that relies heavily on recruiting others into a network. People wind up losing friends and reputations because their ego won't allow them to accept they might have been swindled. I hope anyone who recruited others can get past that and see this "coin" for what it is. It's troubling that their "exchange" could shut down 2 weeks for "maintenance". That is a major red flag. Thanks again for the feedback.