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 aspects of Dr. Ruja’s story and amplifies the scope of the podcast. Excellent news, “The Lacking Cryptoqueen” could be much more attention-grabbing than we beforehand believed. As BBC presenter Jamie Bartlett places it, “we thought we have 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 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 discuss 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 means of Apple, Spotify, or iVoox.

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 crew 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’ll 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 expertise works. It’s obligatory, 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 by means 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 visitors in “The Lacking Cryptoqueen’s” second episode.

Within the episode’s fourth quarter, the crew 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.

BTCUSD price chart for 10/06/2022 - TradingView

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An Nearly-All the time-Current Attribute Of A Rip-off Or Ponzi

Moreover 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 have been making a killing, however their tokens have 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 crew reached out to OneCoin with these allegations they usually denied every part and blamed the authorities and laws 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 pretend, it’s a rip-off, and it could possibly be the rip-off of the century.”
  • “OneCoin was solely attainable due to Dr. Ruja. Each time 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 legit cryptocurrencies. So bizarre folks like Jen couldn’t inform the distinction between the actual and the pretend.”

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 have been OneCoin Ltd. and OneLife Community Ltd., based by Bulgarian nationwide Ruja Ignatova, who disappeared in 2017. Nonetheless, 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:

  1. Ep. 01 –
Featured Picture: The Lacking Cryptoqueen podcast brand from the BBC | Charts by TradingView

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