Let’s take heed to “The Missing 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. Good information, “The Missing Cryptoqueen” is perhaps much more attention-grabbing 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 getting into a world that’s far murkier than we thought.”
NewsBTC’s “The Missing Cryptoqueen’s” listening group is now in session. In the primary jiffy of this episode, Dr. Ruja Ignatova says: “In two years, no one will speak about bitcoin anymore.” A line out of the ebook of each crypto scammer on the market.
Remember, you’ll be able to obtain episodes straight from the BBC, or take heed to “The Missing Cryptoqueen” via Apple, Spotify, or iVoox.
About “The Missing Cryptoqueen ’s” Episode Two, “Bitcoin Killer”
This podcast strikes quick. It’s solely “The Missing 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 concerning the controversial character. Every time they point out her, Bulgarians begin to communicate loudly amongst themselves.
They are going to locations that she frequented, positive, however everybody appears to find out about Ruja Ignatova.
In any case, “The Missing Cryptoqueen’s” viewers just isn’t precisely a cryptocurrency-savvy one. The episode begins with a horrible definition of what cash is, and a shaky clarification of how blockchain know-how works. It’s essential, as a result of we are going to 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 dwelling and respiration clarification of how a Ponzi scheme works. And the story’s protagonists inform you precisely what occurred in their very own phrases. One of the victims, Jane, a developer turned OneCoin whistleblower, and Timothy Curry dominate “The Missing Cryptoqueen’s” second episode. In the episode’s fourth quarter, the staff goes to the marina the place the boat Dr. Ruja’s disappeared from was positioned. The Bulgarians there point out the mafia. And the developer turned whistleblower additionally alludes to it.
BTC worth chart for 10/06/2022 on Bitstamp | Source: BTC/USD on TradingView.com
An Almost-Always-Present Characteristic Of A Scam Or Ponzi
Besides the dearth of a blockchain, “The Missing Cryptoqueen” factors out an almost-always-present attribute of a rip-off or Ponzi:
People couldn’t withdraw or spend the tokens they purchased.
In this case, OneCoin solely lived in a SQL Database in Bulgaria. The naive traders noticed the worth pumping and believed they had been making a killing, however their tokens had been simply numbers on a display. They couldn’t trade them for different cryptocurrencies as a result of OneCoin was not a cryptocurrency. It didn’t run on a blockchain.
At the time, the staff reached out to OneCoin with these allegations they usually denied the whole lot and blamed the authorities and laws for his or her token’s lack of usability. Classic
Quotes From “The Missing 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 just isn’t 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 doable due to Dr. Ruja. Whenever 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 respectable cryptocurrencies. So abnormal individuals like Jen couldn’t inform the distinction between the true and the faux.”
Extra Material And Episode Credits
This week’s additional materials comes courtesy of Investopedia, which summarizes “The Missing Cryptoqueen ’s” plot as:
“OneCoin was a cryptocurrency-based Ponzi scheme. The corporations behind the scheme had been OneCoin Ltd. and OneLife Network Ltd., based by Bulgarian nationwide Ruja Ignatova, who disappeared in 2017. However, not earlier than the scheme raised $4 billion.”
And lastly, the episode’s credit:
Presenter: Jamie Bartlett
Producer: Georgia Catt
Story guide: Chris Berube
Editor: Philip Sellars
Original music and sound design: Phil Channell
Original music and vocals: Dessislava Stefanova and the London Bulgarian Choir
Previous Companion Guides For BBC’s “The Missing Cryptoqueen” Podcast:
Ep. 01 – https://www.newsbtc.com/information/bitcoin/ep01-dr-ruja-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/
Featured Image: The Missing Cryptoqueen podcast emblem from the BBC | Charts by TradingView