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Author Topic: one coin crypto-currency  (Read 958 times)
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November 01, 2015, 12:13:13 PM

one coin crypto-currency

Is Onecoin the Next Bitcoin?

I have been asked this question a lot recently – Should I invest in Onecoin?  I’ve done some research into it and my honest opinion is no and here’s why:
Onecoin appears to be counter to what a cryptocurrency is – decentralized and open-source.  Onecoin appears to have barriers to entry, either in the form of a financial transaction or handing over of personal information, which wouldn’t make it open source in the strictest sense.  Also, I would not classify 3 or 4 servers as decentralized, most traditional banks and payment method operators run some form of fail safe system which would consist of multiple server locations, this would not make them “decentralized”.
The sheer lack of information on their website is troubling – nothing regarding the nature of the algorithm and nothing regarding the people behind onecoin.After doing some research, it would appear that the people involved have been accused of fraudulent activity in the past.Other things ring alarm bells: the WHOIS registration details are set to private, with the website itself based out of Sofia, Bulgaria.  If any company, especially one that is focusing on finance (and what appears to be multi-level marketing), is not completely upfront about the identity of those in charge, I would walk away.
The “Aurum” coins aspect of OneCoin looks like such BS – they claim it’s backed by 1mg of gold, stored in a vault in Dubai.  But then there’s nothing to back those claims up.  It’s like me walking into a shop, going to the counter to pay and handing them a piece of paper, with “There’s €50 worth of gold in a vault in Dubai that is now linked to this piece of paper” scrawled on it in crayon.Personally, this whole thing looks like nothing more than a ponzi scheme and it’s a shame that people are using the “cryptocurrency” name as a buzzword to generate interest, when in the end, it’ll serve to dirty that name.
We asked Ruja Ignatova (the super awesome businesswoman behind Onecoin) some questions:
So as I understand, Onecoin is mainly centralised cryptocurrency? Centralised mining, centralised blockchain and centralised public exchange? Which components of the Onecoin system are decentralised?
OneCoin will have two phases in development. One is “centralized” while we mine. As we sell the mining rights we have to make sure that everyone who pays let us say 100 EUR also receives the same amount of coins as someone who pays 100 EUR too. So in the beginning we will mine for the network. Once we reach a good development and number of coins, we will open the exchange for other people. The end goal is to make the whole coin public so people can trade on all exchanges, but it has to be fair to the network. We are discussing now with some of the big names if they can audit the blockchain – so that the members and people outside have trust in it

This is more philosophical question maybe but you are saying that one of the main reason why Bitcoin is bad, is his decentralised form, many exchanges and because of that volatility and lack of liquidity? In my opinion, volatility is very normal in small mass of usage like Bitcoin today is, compared with fiat currencies. But it has already improved as the usage and trading numbers getting bigger. You think, that you solve liquidity and volatility with centralised exchange? So basically you’ll make another central bank which has theoretical possibilities to control or even change the price, limit transaction or other kind of activities? If so, then how are those possibilities avoided?
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November 01, 2015, 12:29:47 PM

onecoin, stella, ether, ripple, nxt are all failed systems..
they are all not actually blockchains, but sql databases pretending to be blockchains..

you can spot it because unless you can mine it yourself and hold the blockchain individually. then its not really a blockchain or secure or decentralised..

stay far from these fake coins that need access to them via websites

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