One Coin - the greatest scam in history?

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With the success of Bitcoin came One Coin, the brainchild of the brilliant and now mysterious Dr Ruja, a highly intelligent and seemingly credible female entrepreneur from Hungary of German descent. The coin was huge in Europe and at one point the most traded thing online. Seminars were packed out with thousands of people enthralled by this woman and her new digital currency. To date some £15 billion has been invested in it. But it appears all a scam and now Ruja has disappeared, some think dead in a ditch by, possibly, mafia handlers, others think living the life off the missing three billion surplus dollars she and One Coin generated. It appears an old fashioned MLM scheme, Multi Layered Marketing operation, what we call pyramid selling. Pyramid selling is where the people at the very top make money from selling a product that doesn’t actually exist, or have any real value, the likely case of One Coin. They not only receive a commission on their sales but every sale from people lower down they recruited in the pyramid. The people at the top of a pyramid can get very rich. One Coin was sold as a crypto currency but it was later revealed that there was no bloc chain underpinning the currency, the value of the currency simple made up on a spreadsheet to encourage the idea of exponential growth. Because the coin value appeared to be rising every month people often chose to buy more coins with the money from the increase in value of the coins they had. But what was not happening was people actually getting pay outs on the value of the coins they owned by cashing them in. Why, because they couldn’t because Dr Ruja kept delaying the big payout day, when the coin became a coin. She could never do that as there was never enough money to pay people for their coins current value. The FBI are looking for her and other arrests have been made for wire fraud. This is a super smart scam and could catch anyone out. The idea of the coin works in principal, they way Bitcoin did, why people were all sorts of people from bankers to factory workers were drawn in. All the conditions with the online frontiers and social media were in place for the momentum needed for One Coin to be the greatest scam in history. Get rich quick schemes will always work with enough suckers but when they are intelligent and credible you have big money to be harvested. One clever aspect was half the world has mobile phones but very few have bank accounts. Your phone would become a bank with a One Coin account. It was liberating to the poor. The saddest part of this is the coin sales spread to the third world where poor subsistence farmers were selling their cattle and land to buy coins. One woman mortgaged her farm and sold her goats because her son was a One Coin rep and she bought form him. He believed it was all real and so sold it to friends and family but just hasn’t got the heart to tell her, and them, it was all a scam and they were all conned. Even though the boss is in hiding and the FBI investigating they are still selling it today?? Religion got involved and everyone from Muslim preachers and evangelical priests down in Africa became agents and were selling it to their flock, claiming God also believes in One Coin! Sadder still with people finally waking up to it being a scam another currency has risen from the ashes, the Dag Coin, many of the people working on that, the very same marketing people from One Coin, part from Dr Ruja, of course...