The Hottest Cryptocurrency In China Is Not Bitcoin

[ahmadoo]

China’s cryptocurrency enthusiasts have been left out of bitcoin’s historic rally in recent months, thanks to the Chinese government banning initial coin offerings in September and then shutting down all major domestic exchanges. But it didn’t take long for them to find something new to pour their money into.

That turned out to be OneCoin, designed by Chinese tech company Xunlei. Since its launch in mid-October, OneCoin’s value has jumped dramatically in secondary markets—at one point more than 80-fold, according to numerous reports (link in Chinese). That’s despite OneCoin not being available for trade in any major marketplace. Its crazy ride has helped Xunlei become the best-performing stock on Nasdaq for most of the past two months.Xunlei’s share price plunged in recent days after OneCoin drew public scrutiny. That came after a disenchanted business partner accused OneCoin of being an initial coin offering—a hard-to-regulate way to raise funds based on an offering of cryptocurrency rather than shares.

Xunlei founded in 2003 as a torrent downloader. Later transformed into a video streaming platform. In August 2014 the company announced that it would become a [Suspicious link removed]pany. It also released a blockchain-based hardware product called OneCloud.In essence, OneCloud is a network-attached storage device that lets multiple users share online storage remotely. On top of that, it’s a “mining machine” that allows users to share their idle bandwidth with Xunlei’s content delivery networks—and earn some OneCoin as a reward.
According to a report from the beijing news, by the end of last month OneCoin traded at around 8 yuan ($1.21) in numerous chat groups on QQ, a popular social network. That means it had increased in value more than 80-fold in 40 days since its launch.

[tsaroz]

Xunlei is a established company and their cryptocurrency onecoin will surely gain a lot of attention. But there choice of naming the coin is a bit confusing to the wide spread ponzi active in south asia and middle east.

[ramcrypto]

which one coin are u guys talking abt...
the one which is trading in coinexchange.io r anything else...

[CreamyCheesecake]

I've never heard from this coin but thanks for the info I will look more into the coin. It's bad tho because it does remind me of the ponzi onecoin. There's lots of names out theme they could've chose another name

[tusandii]

if so then where to purchase the one coin you talking about and where to track their price? I read about Xunlei a week ago on a crypto blog but just a little info

[TimeTeller]

if so then where to purchase the one coin you talking about and where to track their price? I read about Xunlei a week ago on a crypto blog but just a little info

No links, yet he put this in the ANN section for altcoins.
There are a bunch of onecoin or related names of 1coin that I encountered before.
So which one is that? Some of that were allegedly launched as scam.

[darherdy]

I think it is unwise to invest in this coin now. Based on China's attitude towards encrypted currency, the development of the coin will be curbed.