As "the beginning of the revolution of monetary transactions" extols the Euro Solution GmbH in Cham in Switzerland their new virtual currency SwissCoin. In June 2016 they started it. In a brochure on the "cryptocurrency" they are luring: "Now you are also times from the beginning, when a worldwide movement arises."

SwissCoin does not get accepted by any money exchanging system on the world, you get free coins already for signing up, you get additional coins for bringing other victims into the system and you have no chance to use this coins in any shop. Which value can have coins from such systems? As soon as the company behind runs into problems or gets shut down you lose all your real money. Each pyramid system or Ponzi scheme breaks down as soon as not enough new victims entering the systems can get found.

The distribution model for Swisscoin was copied from Onecoin one on one and is the worst, it lacks the products. Swisscoin has no usability because the cryptic money has to be created first and cannot get used the next few years. The lawyer of the OneCoin procured in court an injunction, his office publicly warns from SwissCoin.

According to the imprint of swisscoin.eu stands behind this project a company with the name Euro Solution GmbH located in Baar / Switzerland, which actually exists. The business purpose got declared on April 18, as following:

Training and education in the fields of Internet and exchange services; Advising individuals and legal entities in the field of strategic and operational issues, the provision of services in this regard at home and abroad and trade in goods of all kinds; whole purpose paraphrase statutes in accordance

Did they not know that they want to establish a new crypto-currency in the market and why this did not get stated? A possible explanation can found in the fact that the company got founded with a capital of only CHF 20,000 (US$ 20,566 according the exchange rate from today). With such a capital equipment you can operate safely many companies, but you can never push a new crypto-currency.

Manager of Euro Solution GmbH is Hans-Werner Marquetant. About him you cannot find very much on the Internet - except to note that he acts or should act as Chairman of the Veto-Concept AG from Leipzig, Germany. He is already 74 years old. This sounds at first glance still reasonably well - until one has ever looked behind the scenes.

The Veto-Concept AG, headquartered in Leipzig languishes for years - more or less unsuccessfully. CEO is a Horst Wefer who turns 70. It can get doubted if he is still active in the company and developes crypto currencies. But the company still has a board of directors - Mr. Manfred Mayer. This man is known among networkers like a sore thumb for many years. Unfortunately, never with a positive sign, but always with negative. And now it is really funny - but not for those who go into the hands of SwissCoin. Because the domain registration of richcoin.eu are abundantly clear about digestion, into whose hands they actually goes: In the hands from Manfred Mayer from the board of the Veto-Concept AG in Leipzig. The attached screenshot is worth a thousand words - just take a look at the email-address:

The imprint of www.swisscoin.eu gives the impression that it was dealing with a company established in Switzerland. This is true indeed - but only on paper. Because the Euro Consult GmbH has in Switzerland does not have its own offices, telephone, etc. That is recognizable by the c / o notice in the Swiss Commercial Register:

c/o EXECUTIVE Office GmbH, Ruessenstrasse 12, 6340 Baar

The phone number +49.3419746815 the email address info@veto-concept.com are now data located in Leipzig, Germany and not from Switzerland!

There is coming a third company into the game for the reason that everything is as much as possible cluttered and unmanageable - the Euro-Invest Consult GmbH, also from Leipzig, Germany. In August 2015 this company got overtaken by the CEO of Euro Solution GmbH, Baar, Hans Werner Marquetant, 74, from the former CEO Horst Wefer, 70, in a more than desolate economic condition(!). The last published balance sheet of Euro-Invest Consult GmbH for 2009 includes, among other things this note:

The balance sheet loss included loss carry forward of € 27,885.69. Deposits on the other hand in the amount of € 5,650.86.

Since the amounts of the subscribed capital from this GmbH is only € 25,000, is the company already deeply in debts, basically actually already bankrupt! These indeed fits also that the balance sheets for the years starting from 2010 were no longer published.

In summary are on swisscoin.eu somehow three companies involved:

1. Euro-Invest Consult GmbH, Leipzig, Germany - basically bankrupt
2. Euro Consult GmbH, Baar, Switzerland - Reestablishment with only CHF 20,000

3. Veto-Concept AG, Leipzig, Germany - according to the last balance sheet from 2011 economically battered

   The paid up share capital of € 50,000 has changed due to the loss carried forward and the current net income of € 1,934.13 to € 8,190.27.

   Loosely translated, it means that no bank in the world would lend a single penny to this company, because they survive only by taking off from the existing substance. Unless the balance sheets starting from 2012 would not show any earnings again, but since those balance sheets did not got published, I cherish reasonable doubts.

The individuals are involved at swisscoin.eu:

• Horst Wefer, 70 years old, CEO of Veto-Concept AG, Leipzig, Germany
• Manfred Mayer, 57 years old, since December 2011 executive of Veto-Concept AG, Leipzig, Germany
• Hans Werner Marquetant, 74 years old, Chairman of Veto-Concept AG, Leipzig, Germany
  Managing director from Euro Solution GmbH, Baar, Switzerland
  and since August 2015 managing director of Euro-Invest Consult GmbH, Leipzig, Germany

If someone is thinking logically then he will get it, that nobody can buy money and nobody can take out more money from a system than the amount of money is inside. Each little child knows already that the market price depends on supply and demand. Which value can have a digital currency which gets traded only by one issuer?

The virtual currency of Bitcoin has many followers. New Providers want to benefit from it and imitate the original. The German consumer magazine FINANZtest warns strongly from the significant risks.

Other providers rely on the enthusiasm for purely digital currencies, the pioneer of Bitcoin has triggered. Whether that is actually profitable for the customer, but is questionable. Newcomers like SwissCoin and OneCoin differ greatly from Bitcoin. In both there are central bodies that verify the system. The currencies have a very limited use. The publishers rely on multi-level compensation plans to attract customers to bring their products further among the people.

If someone is thinking logically then he will get it, that nobody can buy money and nobody can take out more money from a system than the amount of money is inside. Each little child knows already that the market price depends on supply and demand. Which value can have a digital currency which gets traded only by one issuer?

OneCoin does not get accepted by any other money exchanging system found at the world, you get free OneCoins already for signing up, you get additional OneCoins for bringing other victims into the system and you have no chance to use these OneCoins in any shop. Which value can have OneCoins? As soon as the company behind is running into problems or gets shut down from the government you lose all your real money. Each pyramid system or Ponzi scheme breaks down as soon as not enough new victims entering into the system can get found.

OneCoin is a "billion-euro company" according to company founder Ruja Ignatova from Bulgaria. It occurs under the brand names OneCoin, OneLife network and OneAcademy. The website from OneCoin praise their cryptocurrency as the second largest of the world. In two years, Ignatova wants to be the number one and have ten million customers. They buy training packages for prices from 110 euros upwards.

Wow, OneCoin surpasses itself. You need to buy a training package for using it! Does it not show already the scam? You need to get a training for using the crypto currency. Maybe you'll need a training too for using your hard earned real money?

OneCoin describes itself as "centralized" crypto currency. It stands according to the company deliberately "currently not for everyone to act" open, because it is still new. OneCoins can only be traded on an internal network platform. Other trading platforms for crypto currencies are not trading OneCoin. Whether and how OneCoins get mined, bought and sold, depends largely on the management. In June, the company reported about waiting times of two to three months until customers received their coins.

At the same time, Ignatova announced to extend the maximum possible amount of OneCoins from October from 2.1 billion to 120 billion units. If OneCoin has overestimated the demand it can lead to a price crash.

Critics such as the Latvian financial and capital market Commission interfere on the multi-tiered, pyramid-style remuneration system: the company rewarded customers, if they manage to persuade more customers to buying its products, and this cause further purchases.

"The business model of OneCoin is perfectly legal and does not qualify as a pyramid scheme," OneCoin stresses to FINANZtest. The OneLife Network offer genuine products, such as mobile computing device "OneTablet" and real services in the form of training packages with finance. The business model is based "on the basis of a traditional direct sales concept". Let members possible, "to earn their income through referrals and sales training toolkits on cryptocurrency and financial management to non-members." Commission and bonus would immediately depending on the success paid - just as with well-known companies with direct sales offering goods such as kitchen appliance Thermomix, the personal care products of Amway or dietary supplements from Herbalife.

Let us take a look at their product - the "OneTablet". The specifications are getting found at their site:

HD RESOLUTION: 800*480/1024 x 600/1024*768

GOOGLE ANDROID SOFTWARE
Android OS MaPan firmware

COMPONENTS: MTK Quad core CPU

WIRELESS 802.11B/G/N: 802.11b/g/n WI-FI wireless connection

STORAGE: RAM 1GB / Build in 16GB / Expandable up to 64GB

BATTERY POWER: 2500 – 8000mAH / 5V 2A lipo battery

INPUTS TOUCHSCREEN (CAPACITIVE): Multi – point capacitive touch screen

DUAL CAMERAS: Front 0.3MP + back 1.3 million pixels

Front 1.3MP + back 2.0 million pixels

Price: € 550 + SHIPPING + 550 BV (Bonus Volume) GENERATED!

Funny are the specs from the battery power already. It seems like Ignatova is thinking that battery power is a chewing gum. An built-in battery has a fixed capacity and cannot get provided as a value between 2500 - 8000 mAH!

The value of BV (Bonus Volume) is € 1 = 1 BV as it can get shown in their offer:

STARTER PACKAGE
110 €

For those who have no previous financial experience. Includes Level 1 of OneAcademy’s e-learning program. Students will learn basic financial literacy and be introduced to financial products and trading. After completing this module, we issue certification for access to OneExchange. The starter membership gives 1000 promotional tokens which can be put into cryptocurrency mining and generates 110 BV points for network bonuses.

For these ones, which are thinking that you'll get something additional value with the starter package and for this reason you are not able to convert € 1 to 1 BV, I'll show you in the next screenshot that this additional offers have no real value, because if you buy the most expensive package for € 7,500 you'll get also 7,500 BV.

An tablet with similar specifications can get found from the Maixin Group at Alibaba (Tablet offer from Maixin Group at Alibaba.pdf (2.37 mb)) for the price between US$ 55 and US$ 60 depending on the count of pieces you are ordering.

With other words you'll pay for a product, which has the value of US$ 60 the exorbitant price of € 1,100!!! Let us include the exchange rate between US$ and Euro from today, where € 1 = US$ 1.12284 or US$ 1 = € 0.88993:

The Veto Concept AG from Leipzig is coming from direct sales site too. They presents themselves on the Internet page richcoin.eu as an independent sales partner of OneCoin. The digital currency explained to one of "the hottest financial topics". After the warning from the consumer magazine FINANZtest got published Veto Concept AG stopped publishing their site richcoin.eu. The following amazing content gets shown:

Translated to English:

Dear visitor,

the website "RichCoin" got discontinued by us. Just use the contact form if you have questions.

Friendly greetings VETO CONCEPT AG

It seems that the "hottest financial product" has been even coming to hot for their business. Think about it what you'll doing if you see a similar content at the site from OneCoin. It happened already at least one time as the system from BigCoin got shut down in the year 2014. Involved in the system from BigCoin has been Ruja Ignatova.

The website badbitcoin.org, a platform of cryptocurrency fans criticizes multilevel distribution systems. She denounces dubious practices and accumulated negative reports. OneCoin is on their "Badlist", a warning list for not recommended deals.

A digital currency of a central supplier, industrial applied for payment transactions - reminds of electronic money (E money). The currencies were to be classified, the company needs a permit. In the register of approved electronic money institutions of the Federal Agency for financial services supervision (BaFin) are not getting found the companies around OneCoin and SwissCoin.

Would the BaFin classify the currency as e-money, they could order the rescission. Also around classical crypto currencies there subject to authorization activities. In June reported the German magazine "Der Spiegel", the BaFin review OneCoin. The BaFin has not given statement until now. It may be that the digital currencies will facing hot stages for various reasons.

Domain owner of onecoin.eu:
Name: Tsvetelina Lekova
Company: Onecoin Ltd
Address: 12 Tsar Osvoboditel, 1000 Sofia, BG
Phone: +359.24444331
E-Mail: tsvetelina.lekova@ravenr.com

Domain owner of onelife.eu:
Name: Albena Topalova
Company: One Network Services Ltd
Address: PI. P.R. Slaveikov 6A, 1000 Sofia, BG
Phone: +359.24444331
E-Mail: office@onecoin.eu

Domain owner of oneacademy.eu:
Name: Tsvetelina Lekova
Company: One Network Services Ltd
Address: 12 Tsar Osvoboditel Blvd, 0001000 Sofia, Sofia, BG
Phone: +359.885660254
E-Mail: tsvetelina@onecoin.eu

Update Jan. 19, 2017: Links to richcoin.eu removed as the service of the site got discontinued.