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False prophets and their show

Ruja Ignatova created a new cryptocurrency—OneCoin—that she promised would make everyone rich. She would pack stadiums, telling everyone they could live the life they’ve dreamed of with this new product. Mind you, this was just before Bitcoin took off, and cryptocurrency was still in its infancy.

People began investing their savings in hopes to get on the ground level of this get-rich investment. You sell OneCoin to others, who would sell it to others. The webinars appealed to people, saying how lucky they were to have this opportunity.

It was a scam. It cheated people out of thousands of dollars of their savings. Like many multi-level marketing schemes, only the people at the top of the pyramid make money. OneCoin was also meaningless because it didn’t have a blockchain.

digital rendering of blockchain

I’ve seen so many examples of these get-rich-quick schemes. They’re all about the show.

They are slick, and they appeal to your “I know a secret you don’t” mentality. The leaders are attractive and well-polished. They put on a huge show. People offer their testimony about how they were down-and-out and this product, this mentality, “saved” them.

By appealing to your desires and emotions, they don’t need much evidence. They tell you to “act now” before everyone else finds out about it.