The highly anticipated Bangkok event is over so let's chew on what it had to offer. No, I wasn't there but watching a live stream for free comfortably at home (skipping the most boring parts of the event). The event lasted in its entirety well over two hours containing so much nonsense that it got boring to wait for the climax to happen. That was of course the moment when Ignatova was supposed to double everyone's possessions with her magic wand.Sebastian Greenwood
1:00:00
- Nothing interesting here. After Greenwood disappearing from the stage an Asian woman appears with no introduction and sings about eight minutes.
Steinkeller Brothers and Staffan Liback... and a fifth person
1:17:17
- Yes, they actually forgot to introduce the fifth person. He's Frank Rickets from OPN-Sitetalk scam which joined OneCoin in the beginning of 2016. Rickets has an announcement to make:
"Sitetalk.com with its 9 million members is joining the One family."
- I'm not sure if the members of Sitetalk were even aware of joining OneCoin. However they were welcomed to OneCoin with mild applauses from the audience. Rickets continued his announcement declaring that there would be "in the near future" over 7.000 online shops available for onecoiners to shop with some sort of cashback enabled for them.
Then one of the Steinkeller brothers, Aron, let's us know about the upcoming merchant app, and what seems to be very important, the upcoming chance to max out to 70.000 euros per week instead of the old maxing out of 35.000 euros/week.
The Merchant packages
For 1.000 euros OneCoin affiliate can purchase a pack for a single merchant.
For 5.500 euros OneCoin affiliate can purchase a pack for seven merchants.
Then the youngest of the brothers, Stephan, steps forward to explain how this all should work. As indicated before in earlier events it is up to the members to acquire the merchants. What's new in Bangkok is that we get a clumsy presentation of how every member willing to attract merchants is supposed to do a some kind of quiz before enabled to purchase an app package. Any affiliate only needs to get 70 % of the answers right and then they are ready to go after merchants with the selected package.
A merchant willing to participate in using onecoins is required to be a member of OneCoin. Of course a merchant has an option to choose a free rookie package. However nobody cared to explain that any merchant accepting onecoins should be KYC approved to possess coins. It has been made very clear that no one without proper identification can use onecoin.
Then how can a company/business be KYC approved via personal identification? OneCoin claims that the new blockchain has KYC documents included in each and every coin. When a company or for example a franchiser and a franchisee uses onecoins, whose identification should be included into the coins?
Above all what company would go through all this to get involved in this mess? Furthermore how many onecoiners are going to pay 1.000 or 5.000 euros just to attract merchants to a toy money that has no usability whatsoever?
Partial payment with onecoins?
The new app is supposed to support a partial payment method. This enables merchants to choose how much of a purchase is paid with onecoins. As we are talking about "the people's money" it is only appropriate that Stephan Steinkeller uses a Ferrari shop as an example.
Ed Ludbrook + Sebastian Greenwood
1:43:30
- Boring, boring, boring. They just keep urging people to make OneCoin achieve a point they call "critical mass". That's when OneCoin turns into Facebook as weighted by its success.
Ed Ludbrook: "When you look at around you now, it's not a matter of saying to someone: Do you want to join? - It's time to say: Why won't you?"
Sebastian Greenwood: "Not only why won't you, but the question is: Why are you an idiot?"
After Ludbrook and Greenwood there's an Asian music group Wonder Girls dancing on the stage with mini skirts and playback songs.
Jay Samit
2:11:50
- As far as I know Jay Samit is not involved in OneCoin but a guest speaker. He mentions the word cryptocurrency a couple of times but doesn't actually speak about it. His talk is mostly about 3D-printing and how organs and meat are 3D-printed in the future... and then something about electric drills. What a waste of my time. I want the coins to be doubled already!
... Nope, an Asian cheerleader show first.
Juha Parhiala + Sebastian Greenwood + Ruja Ignatova
2:33:00
The second birthday of the coin.
Sebastian Greenwood: "The biggest cake ever" ... "And this cake is two meters by two meters in diameter." Well, the cake certainly isn't that big. But I bet Ruja can double the size with her mazig wand.
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| Even the cake is a lie. |
Ruja Ignatova
2:45:00
About merchants
"The second thing why OneCoin is so attractive to merchants: it has no costs for the merchants to take OneCoin. So in the first year we will not charge any cost to merchants to take in onecoins"
- Well, somebody has to pay for it. 1.000 euros or 5.500 euros I believe. For 1 million merchants that sums up to somewhere around 1 billion euros. Wow, this generosity of Ignatova just baffles me. I'm stunned even more when she continues by blurting out: "Of course this is exciting but also I know for you as a distributor, you'll ask me how do I make money. And we all want to make money, I know. So how we make money is as the Steinkeller brothers already said, we have two packages in the back office - one for 1.000 euro and one for 5.000 euro."
The lauch
Now the key moment of the entire show, the moment that was highly anticipated by both onecoiners and OneCoin antagonists. The starting of the new blockchain.
Ignatova: "The new blockchain will mine 50.000 coins per minute. And we plan to go public with the coin the second quarter of 2018. Then onecoin will go to the whole world without any limitation."
- Without any limitation? I thought you would have to be properly identified with a KYC process.
"So, one minute to go. Get's very very exciting. Guys, are we prepared to show the new blockchain?" ... "So what we will try to do is we would try to show you the mining of the first block live. And they will put this on the screens behind me."
It was an absolutely ridiculous moment when people were staring at a looping video clip bought from Shutterstock image shop and waiting for the first block to be mined. Ignatova clearly let the audience understand that this was the actual mining happening on the screen. So apparentlyShutterstock does all the mining for OneCoin.
Closeup video of the mining.
"And now it starts blinking. I think it's done soon. I think we're mining about two billion coins now."
And suddenly there it was after one minute of mining, the so called Genesis block that contained all the doubled coins. Almost 2 billion coins just like that. One might question how they were able to mine those 2 billion coins in one minute but after that only 50.000 per minute. All they need for mining is a Shutterstock video so creating 120 billion coins should be very easy and quick.
According to Ruja Ignatova OneCoin is now the biggest cryptocurrency in the world.
The surprise
Ignatova is pregnant and she has already made a fortune with this ponzi so I guess she decided that this was a perfect time to jump of the train. It was time to appoint a new CEO to run the circus.
3:10:40 "Let me introduce to you now a very very special person, and I'm honored that he accepted the invitation to become the CEO of the OneLife network. Let me get on stage now Pablo Munoz, please join me Pablo!"
- The audience was quite quiet when Pablo Munoz appeared on the stage. Munoz got under five minutes of stage time. Albeit his appearance was a short one and didn't reveal much about Munoz I find it hard to believe that onecoiners will start to worship their new CryptoKing.
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| Ruja Ignatova leaving the sinking ship to the new captain, Pablo Munoz. |