Cryptocurrency Community Shuns OneCoin
There's a player in the cryptocurrency game called OneCoin which has made claims of revamping the cryptocurrency blockchain rendering it capable of mining 50,000 tokens per block with markedly increased speeds than known previously.They also claim to have made wallet improvements and have publicly released this information to the press resulting in ... shall we say "less than enthusiastic" response from the cryptocurrency community.
It would seem that the bulk of the bitcoin proponents feel that OneCoin is engaging in fraudulent activity which is likely to damage both the public and the technology characterizing OneCoin as exhibiting "classic fraudulent behavior" over a backdrop of what they would have others think as being "legitimate blockchain community".
Bitcoin vs OneCoin. Now there's a concept. The upstart company speaks in terms of "our coin" and this in and of itself is rather disconcerting. The cryptocurrency market is supposed to be "one thing" not "two or more things" and it does ring of some attempt to fraudulently usurp the present cryptocurrency infrastructure via a mechanism which is outside the purview of the existing entities.
This being the case I am even more reticent to engage cryptocurrency as a viable market because there needs to be vetting and arbitration regarding just what cryptocurrency is now and where it is going.
Like the bulk of Bitcoin people out there who view OneCoin as fraudulent ... there are many others of us who view the entire notion of crypto currency, mining tokens from block chains, and gaining wealth by running code to be equally dubious financials.
As law enforcement and regulators are closing in. could the bells be tolling for OneCoin ?