7 Reasons why Onecoin is a Scam

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TOP 7 Reasons why Onecoin is a Scam.
1. Onecoin, like other fake digital currencies before it does not have a whitepaper to show people what the currency is about. There are no peer reviews etc.  What is Onecoin hiding? It is just feeding on the gullibility of people.
2. Onecoin cannot be exchanged in ALL the major cryptocurrency exchanges eg kraken, bitstamp, cex.io, poloniex, bitfinex, quoine, etc meaning you cannot get your cash out except you sell to another onecoin, you are at the mercies of only people doing Onecoin to get your money out.
3. Onecoin is over two years old and no merchants currently accept it. However within 6 months of Bitcoins availability in the ecosystem people were able to exchange goods and services with it as a currency of payment. Today over 100,000 offline and online merchants accept bitcoin. Prominent among them is overstock.com. All these point to the acceptance of a currency that is true and open.
4. Onecoin users sell KYC as the advantages it has over Bitcoin. They claim because Bitcoin is anonymous it is being used to buy drugs and weapons. What a lame excuse! Today, the global shadow economy is worth an estimated $15,000,000,000,000 (Fifteen Trillion Dollars) The total market capitalisation of Bitcoin is $15,000,000,000 (Fifteen Billion Dollars) 0.1% of the global shadow economy, even if the whole Bitcoins in circulation are currently being used in the global shadow economy it means there is/are other currencies that make up the 99.9% of the shadow economy. Are we saying those currencies are bad and as such we should abandon them. Presenting Bitcoin as bad because of its (so called) use in the shadow economy is only for the gullible. We can as well abandon the US Dollar because it is the main currency that makes up the bulk of the balance of 99.9%

Still on KYC, so are Onecoin users saying the company carries out address verification in places like say...yola, kwang etc. Who pays for all that work?
5. Onecoin is mined in pools keeping individual investment in hardware minimal. Is this not the how Bitcoin is mined? in pools? Now they fail to tell you that the only mining pool you can mine Onecoin from is the pool owned only by Onecoin. There are no known independent mining pools that have been allowed access to the mining structure. Bitcoin has many independent mining pools from whom you can get mining contracts, not to forget that payments for these contracts can be made with multiple currencies.
6. Onecoiners say it has more advanced and more secured algorithm (SCRIPT). What is Script? A script does not entail more security. What algorithm is onecoin running on that makes it more secure than Bitcoins Blockchain? Does it run a Proof of Stake, Proof of Work or Proof of Ownership concept. Why is it not open to testing by industry experts to enable them double check its so called "better algorithm"
7. Smaller Denominations make it more useable. So who says Bitcoin does not come in smaller denominations? Satoshi is the smallest possible piece of a Bitcoin and allows for transactions to occur that are smaller than a full coin. There are 100,000,000 Satoshis in every Bitcoin. In essence you can own a piece of Bitcoin for as low as $1 (yes one Dollar). Can you get Onecoin for less than $10 Dollars?
Then 8. yes 8. Onecoin exchange provides due to its centralization higher liquidity and less volatility, unlike multiple bitcoin exchanges all selling at different rates. Wow!! Onecoin is telling is that there is only One exchange that trades the US Dollar and that exchange is owned by the US Government so that ensures liquidity for the US Dollar and at a fixed rate. Onecoiners should know that there are over a hundred exchanges that trade the US Dollar and they do not have a uniform pricing structure. There are always slight differences in pricing as the value of the US Dollar in Nigeria would be different from the price of same in Dubai.
My take: Sell what you have based on its merits and not to condemn a front runner in the bid to gain legitimacy.
One last difference between onecoin and Bitcoin is that there is no pyramid scheme to sign up to in order to acquire Bitcoins. Bitcoin is open and free. Information about Bitcoin is also free.

There is a free ebook on Bitcoin that will help you understand Bitcoin better. Read it avoid Scams! Get the free ebook

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