I created the below, mini analysis, a part of which was used to lodge a complaint to the BBC following their recent program.
I am surprised and appalled that an organisation such as the BBC can create a program which is so blatantly flawed and with a complete lack of journalistic due diligence!
The program makes a number of claims about OneCoin which are factually incorrect.
Cryptocurrency poses a significant risk to the behemoth banking industry. The unprecedented success of OneCoin and OneLife has made the company a clear target since it poses a significant threat both to competitors and to the banking industry.
I have personally come across a forum post where a blogger stated that he had been offered $500 to write negative articles about OneCoin.
I would suggest the BBC read the recent statement on the company’s website https://www.onelife.eu/en/news/corporate-announcement.
These attacks include one the BBC has repeated in their unsubstantiated claim that OneCoin is a ‘Pyramid Scam’.
Yes, the fast growing company has attracted attention, and yes the company has been investigated. Well as far as I’m aware, it is not a crime to be investigated!
1. The company has sought and have written legal statements made by a number of independent legal firms in a number of European countries stating that in their opinion the company is operating a legal business. But some, including the BBC it would appear, would have you believe that these bloggers are somehow more knowledgeable of the law than these law firms!
2. It is understood that at the end of 2016, the company was investigated by the UK Police, an effort in which the FCA was also involved. This investigation culminated in early 2017 and it is understood that the company was cleared of any wrongdoing! This was also evidenced by the fact that both the police and the FCA had removed all references to OneCoin from their websites.
So where is the BBC’s concrete evidence that the company is operating a ‘Pyramid scam’?
In the first instance, the company’s business model does not even fit the legal definition of a Pyramid Scheme!
The company sells financial education programs (with over 1800hrs of video lectures plus other material) that are delivered online.
3. OneCoin does NOT employ Salesmen as the BBC has incorrectly reported in the programme! BBC, please read the company’s T&C and IMA Agreement on the OneLife.eu website for more information!
4. It appears that the person Layla featured in the program may have been mis-led by an IMA. BBC, the company does NOT sell investments and the company makes no guarantees even that the cryptocurrency OneCoin will be acquired by a member!
The company has gone to great lengths to try to ensure that it’s IMA make no misleading statements, such as that claimed by Layla. However, with over 3 million members, it is near impossible for a fast growing company like OneLife to prevent isolated cases of some persons in the network providing misleading information. Any mis-representation discovered by the company is dealt with severely.
The company even puts out a weekly newsletter, which under the Compliance Section, has clear statements about misrepresentation, and which has clear warnings as to the possible consequences should an IMA be found to be misrepresenting the company!
It appears that Layla did not have a clear understanding of what she was purchasing (which is clearly stated in the T&C each member agrees to when they create their account by the way). She and her family members would likely have purchased a number of OneAcademy Financial Education programs. These programs include modules which have been put together by University lecturers and which are delivered online via the members (including Layla’s) OneAcademy.eu account!
The OneAcademy educational packages provide a number of ‘optional promotional tokens’ which can optionally be used to join the mining pool operated by the company which potentially allows ‘One’ coins to be mined and acquired by the OneLife member.
These coins can currently be used to make purchases on the DealShaker.com platform which is operated by the company. These merchants (which are regular businesses as well as individuals) from around the world are accepting the coin at the current value on the DealShaker platform of €20.65 per coin! Currently there are over 58,000 registered merchants on the DealShaker platform and growing! And well over 120 million ‘One’ coins has already been used to make purchases by OneLife members!
So assuming Layla had successfully purchased her financial educational packages which she can benefit from, the value of the coins she would likely have acquired, even today, could be used to make purchases on DealShaker.com which could potentially far exceed the value of the original sums she would have paid for her financial education programs! If Layla is not aware of this, and it sounds very much as if she is not, then I think she may be pleasantly surprised!
The company has stated it’s plan to take the coin public on 8th October 2018, at which time the value of the coins could rise considerably higher, and of course in the unlikely event that there is insufficient public demand for the cryptocurrency, potentially the coin value could also fall. However it’s clear to me that there are a number of mechanism in place designed to protect the value of the coin. So I personally have every confidence that we will see a successful public launch of the ‘One’ coin cryptocurrency.
Undoubtedly cryptocurrency is a risky business and Dr Ruja has stated this herself a number of times. We are working in unchartered territories so no one can guarantee the outcome. Therefore no one should ever purchase anything which depends on the future value of ANY cryptocurrency, if they cannot afford to lose that money!
To end on more a positive note, most of us know that nothing ventured, nothing gained and with high risk can come great reward!
Finally, I would like to highlight the fact that this week sees the first year anniversary of the DealShaker platform! And this weekend sees a great DealShaker Expo in Zagreb, Croatia where visitors and merchants from more than 30 countries will be in attendance, including from as far away as the Caribbean!
The event kicks of with a fabulous Gala Dinner on the Friday evening (look out for some great pictures and videos). The atmosphere here is electric! Everyone here is happy to be a part of this financial revolution. On Saturday we’re looking forward to a really great and well organised DealShaker Expo! Again, look out for some great pictures and videos! Finally on Sunday we’ll be treated to some great Mastermind training from Mr Frank Ricketts and others!
So OneLife teams, keep on bringing the OneAcademy education to the masses around the world, your hard work and dedication is paying off!
Written by Brad Lindsay
OneLife Independent Marketing Associate (IMA)