Ep02- BTC Killer – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast

Let’s take heed 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” could be much more fascinating than we beforehand believed. As BBC presenter Jamie Bartlett places it, “we thought we had 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’ll be able to obtain episodes directly from the BBC, or take heed to “The Lacking Cryptoqueen” by Apple, Spotify, or iVoox.

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 workforce went to Bulgaria and asks round concerning the controversial character. Each time they point out her, Bulgarians begin to communicate loudly amongst themselves. 

They will locations that she frequented, certain, however everybody appears to learn 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 mandatory, as a result of we’ll quickly discover out that OneCoin didn’t even run on a blockchain. This was a rip-off by 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 let you know 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 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.

BTC worth chart for 10/06/2022 on Bitstamp | Supply: BTC/USD on TradingView.com

An Virtually-At all times-Current Attribute Of A Rip-off Or Ponzi

In addition to the shortage of a blockchain, “The Lacking Cryptoqueen” factors out an almost-always-present attribute of a rip-off or Ponzi: 

• Individuals couldn’t withdraw or spend the tokens they purchased.

On 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.

On the time, the workforce reached out to OneCoin with these allegations and so they denied all the things and blamed the authorities and laws for his or her token’s lack of usability. Traditional   

Quotes From “The Lacking Cryptoqueen ’s” Episode Two – “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 may very well be the rip-off of the century.”
• “OneCoin was solely potential due to Dr. Ruja. At any time when we see sophisticated 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 official cryptocurrencies. So peculiar folks like Jen couldn’t inform the distinction between the actual and the faux.”

Additional Materials And Episode Credit

This week’s additional 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 guide: 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:

1. Ep. 01 – https://www.newsbtc.com/information/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