Let’s hearken to “The Lacking Cryptoqueen” podcast collectively from the very starting, as the brand new episodes arrive. This second one presents new sides of Dr. Ruja’s story and amplifies the scope of the podcast. Excellent news, “The Lacking Cryptoqueen” is perhaps much more fascinating than we beforehand believed. As BBC presenter Jamie Bartlett places it, “we thought we had been searching 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 jiffy of this episode, Dr. Ruja Ignatova says: “In two years, no person will speak about bitcoin anymore.” A line out of the e-book of each crypto scammer on the market.
About “The Lacking Cryptoqueen ’s” Episode Two, “The 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 workforce went to Bulgaria and requested round in regards to the controversial character. Each time they talked about her, Bulgarians began to talk loudly amongst themselves.
They will 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 rationalization of how blockchain know-how 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 by way of and thru from the very starting.
The podcast/ radio documentary additionally serves as a dwelling and respiratory rationalization 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 OneCoin denouncer Timothy Curry are the company in “The Lacking Cryptoqueen’s” second episode.
Within the episode’s fourth quarter, the workforce 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 had been making a killing, however their tokens had been simply numbers on a display screen. They couldn’t alternate them for different cryptocurrencies as a result of OneCoin was not a cryptocurrency. It didn’t run on a blockchain.
On the time, the workforce reached out to OneCoin with these allegations they usually denied every little thing and blamed the authorities and rules for his or her token’s lack of usability. Traditional scammers.
Quotes From “The Lacking Cryptoqueen ’s” Episode Two – “The Bitcoin Killer”
- “The €10,000 that Jen invested which she thought was now value 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. At any time when we see difficult know-how that we don’t perceive, we make a judgment about it based mostly 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 official cryptocurrencies. So peculiar folks like Jen couldn’t inform the distinction between the true and the faux.”
Additional 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 had 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 eventually, the episode’s credit:
Presenter: Jamie Bartlett
Producer: Georgia Catt
Story advisor: Chris Berube
Editor: Philip Sellars
Unique music and sound design: Phil Channell
Unique music and vocals: Dessislava Stefanova and the London Bulgarian Choir
Earlier Companion Guides For BBC’s “The Lacking Cryptoqueen” Podcast:
- Ep. 01 – https://www.newsbtc.com/news/bitcoin/ep01-dr-ruja-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/
Featured Picture: The Lacking Cryptoqueen podcast brand from the BBC | Charts by TradingView