Posted on 11/24/2019 5:29:33 AM PST by BenLurkin
She told the cheering crowd that OneCoin was on course to become the world's biggest cryptocurrency "for everyone to make payments everywhere".
Documents leaked to the BBC show that British people spent almost €30m on OneCoin in the first six months of 2016, €2m of it in a single week - and the rate of investment could have increased after the Wembley extravaganza. Between August 2014 and March 2017 more than €4bn was invested in dozens of countries.
…
It took McAdam three months to go through it all, but questions were starting to form. She started asking the leaders of her OneCoin group if there was a blockchain. At first she was told it was something she didn't need to know, but when she persisted she finally got the truth in a voicemail in April 2017.
"OK Jen… they don't want to disclose that kind of information, just in case something goes wrong where the blockchain is being held. And plus, as an application, it doesn't need a server behind it. So it's our blockchain technology, a SQL server with a database."
But ... a standard SQL server database was no basis for a genuine cryptocurrency. The manager of the database could go in and change it at will.
…
Dr Ruja was still travelling the world to sell her vision - hopping from Macau to Dubai to Singapore, filling out arenas, pulling in new investors. OneCoin was still growing fast, and Dr Ruja was starting to spend her new fortune: buying multi-million-dollar properties in the Bulgarian capital, Sofia, and the Black Sea resort of Sozopol. In her downtime she would throw parties on her luxurious yacht The Davina. At one, in July 2017, the American pop star Bebe Rexha performed a private set.
(Excerpt) Read more at bbc.com ...
Sleeping with the fishes.
Wow, they make it look so easy.
Well, if they know HOW she vanished then they should know how to unvanish her.
re: “Well, if they know HOW she vanished then they should know how to unvanish her.”
Some transactions are one-way and inherently irreversible.
The largest investor was China who invested more than all others combined. And they wonder why she disappeared?
“Counterparty risk.”
Carlos Ponzi still has his adherents.
From the article:
“When prophecy fails they believe more strongly,” she says. “Particularly if you have invested something, not only money, but belief, reputation, intelligence. You think, ‘Wait a bit longer.’”
That explains the rabid belief in global warming as well.
The Tulip Frenzy
In Holland.
I’ve never understood the attraction of Bitcoin or other crypto currencies. I understand that you have a type of money outside the banking system, away from government oversight, etc. But never understood who administers it, who decides the exchange rate between Bitcoin and dollars, if there even is an exchange rate, or if all transactions are just barter transactions.
In short, why would we want to have such systems set up?
Ah yes, that time that tulips bankrupted people.
Mention it to millennials and they look at you like you’re insane.
I read it Years ago,
Some obscure book.
“The Madness of Crowds”
or some such.
I read where one ship's captain, back from years oveseas and unfamiliar with the Craze, thought a 1,000 guilder bulb was an onion and took a big bite. The owner passed out.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.