Need of Proactive and Precautionary Measures against OneCoin/OneLife Swindle

Abstract: In the recent past, we have witnessed several Ponzi schemes, financial scams, and fraudulent investments at masses with greed to become millionaire and multiply the capital without any work done; have cartographical consequences including life. Double Shah and IDs scandals are classical examples.  What’s next? The OneCoin or OneLife swindle, it is similar Ponzi scheme and fake investment strategy.

Synopsis:

Recently, I have observed a Ponzi scheme and fraudulent investment plan called OneCoin or OneLife which is nothing in terms of computer science, information technology, finance, economics, banking, and investment.

On 31 October, 2008; Satoshi Nakamoto invented and introduced a new innovative payment and reserves exchange medium named Bitcoin based on the underlying technology, BlockChain. Bitcoin is a cryptocurrency which means a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrency is a type of alternative currencies or digital currencies. It has decentralized control which is linked to the use of bitcoin’s blockchain transaction database in the distributed ledger.

Concisely, the Bitcoin have become too much successful and achieved exponential growth from nothing in 2008 to $0.01 in 2010, $1 in 2011 and now in 2017 it’s exchange rate is approximately $1000 per coin.

The scammers have started pretence and are building hypocrisy based on the invention Bitcoin; to cheat, scam, and con innocents people (shamefully who have too much greed to make money in shorter period without any work done), a lack of awareness and education.

The primarily reason of this document; is to inform concerned authorities to take proactive and precautionary measures to prevent and protect common people from financial loses which can lead to life loses too.

The supplementary reason of this document; is to create awareness and serve knowledge about financial frauds and white collar crimes.

This brief document is excerpted from under research and development policy and strategic framework on entrepreneurial economics and issues including but not limited to; financial frauds, revenue hypes, economic bubbles, ponzi schemes, pyramid schemes, MLM schemes, confidence schemes, tax avoidance, tax evasion, bribery, insider trading, racketeering, embezzlement, cybercrime, copyright infringement, money laundering, digital forgery, and intellectual dishonesty.

“Better three hours too soon than a minute too late.”

 

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