Let’s hearken to “The Lacking Cryptoqueen” podcast collectively from the very starting, as the brand new episodes arrive. This second one presents new aspects of Dr. Ruja’s story and amplifies the scope of the podcast. Excellent news, “The Lacking Cryptoqueen” is perhaps much more attention-grabbing than we beforehand believed. As BBC presenter Jamie Bartlett places it, “we thought we have been on the lookout for a lacking billionaire, however now we appear to be coming into a world that’s far murkier than we thought.”
NewsBTC’s “The Lacking Cryptoqueen’s” listening group is now in session. Within the first couple of minutes of this episode, Dr. Ruja Ignatova says: “In two years, no one will speak about bitcoin anymore.” A line out of the e book of each crypto scammer on the market.
Keep in mind, you may obtain episodes directly from the BBC, or hearken to “The Lacking Cryptoqueen” via Apple, Spotify, or iVoox.
https://www.youtube.com/watch?v=DqmE3tTJmd4
About “The Lacking Cryptoqueen ’s” Episode Two, “Bitcoin Killer”
This podcast strikes quick. It’s solely “The Lacking Cryptoqueen ’s” second episode and the entire OneCoin fiasco is already breaking up. The producer and the presenter transfer between telling the story of what occurred and the precise seek for Dr. Ruja. The staff went to Bulgaria and asks round in regards to the controversial character. Each time they point out her, Bulgarians begin to communicate loudly amongst themselves.
They’ll locations that she frequented, certain, however everybody appears to find out about Ruja Ignatova.
In any case, “The Lacking Cryptoqueen’s” viewers will not be precisely a cryptocurrency-savvy one. The episode begins with a horrible definition of what cash is, and a shaky clarification of how blockchain expertise works. It’s needed, as a result of we’ll quickly discover out that OneCoin didn’t even run on a blockchain. This was a rip-off via and thru from the very starting.
The podcast/ radio documentary additionally serves as a residing and respiratory clarification of how a Ponzi scheme works. And the story’s protagonists inform you precisely what occurred in their very own phrases. One of many victims, Jane, a developer turned OneCoin whistleblower, and Timothy Curry dominate “The Lacking Cryptoqueen’s” second episode. Within the episode’s fourth quarter, the staff goes to the marina the place the boat Dr. Ruja’s disappeared from was situated. The Bulgarians there point out the mafia. And the developer turned whistleblower additionally alludes to it.
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An Nearly-All the time-Current Attribute Of A Rip-off Or Ponzi
Apart from the shortage of a blockchain, “The Lacking Cryptoqueen” factors out an almost-always-present attribute of a rip-off or Ponzi:
- Folks couldn’t withdraw or spend the tokens they purchased.
On this case, OneCoin solely lived in a SQL Database in Bulgaria. The naive buyers noticed the value pumping and believed they have been making a killing, however their tokens have been simply numbers on a display screen. They couldn’t change them for different cryptocurrencies as a result of OneCoin was not a cryptocurrency. It didn’t run on a blockchain.
On the time, the staff reached out to OneCoin with these allegations and so they denied the whole lot and blamed the authorities and laws for his or her token’s lack of usability. Basic
Quotes From “The Lacking Cryptoqueen ’s” Episode Two – “Bitcoin Killer”
- “The €10,000 that Jen invested which she thought was now price over €100,000 in a single coin was only a quantity that somebody in an workplace in Bulgaria had made up and will delete simply as simply. OneCoin will not be an actual cryptocurrency, it’s simply pretending to be one. It’s faux, it’s a rip-off, and it might be the rip-off of the century.”
- “OneCoin was solely attainable due to Dr. Ruja. Every time we see difficult expertise that we don’t perceive, we make a judgment about it primarily based on issues we do perceive. Like the truth that the boss was an inspirational, profitable businesswoman. Dr. Ruja’s magic trick was to make use of the hype and terminology of professional cryptocurrencies. So peculiar individuals like Jen couldn’t inform the distinction between the true and the faux.”
Further Materials And Episode Credit
This week’s further materials comes courtesy of Investopedia, which summarizes “The Lacking Cryptoqueen ’s” plot as:
“OneCoin was a cryptocurrency-based Ponzi scheme. The businesses behind the scheme have been OneCoin Ltd. and OneLife Community Ltd., based by Bulgarian nationwide Ruja Ignatova, who disappeared in 2017. Nevertheless, not earlier than the scheme raised $4 billion.”
And at last, the episode’s credit:
Presenter: Jamie Bartlett
Producer: Georgia Catt
Story advisor: Chris Berube
Editor: Philip Sellars
Authentic music and sound design: Phil Channell
Authentic music and vocals: Dessislava Stefanova and the London Bulgarian Choir
Earlier Companion Guides For BBC’s “The Lacking Cryptoqueen” Podcast:
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