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One Coin - What is it?

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#1 [Permalink] Posted on 31st January 2016 20:52
salaam

a friend sent me a message...

Quote:
Have you heard of One Coin?

www.onecoin.eu

Apparently loads of moulanas are investing and making big dough


going on the website, it is not immediately clear what the scheme is and how you make money through it. they sell various packages that claim to teach you how to profit from bitcoins, but i have a feeling that is not it's true business model.

i am attempting to understand the business model and how profit is made through this model, but they haven't made it easy. i am hoping someone here has already come across this and able to provide more insight or can attempt to understand the business model and explain it.

jazakallah khair.
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#2 [Permalink] Posted on 31st January 2016 22:17
hope u dont mind me slightly hijacking your thread but i wanted to also asked about traffic monsoon. i signed up recently and alhamdulillah so far been going making good returns but wanted to ask if any scholars who are specialist in finance have said anything. persoanlly i cant see anything wrong or haram with it anda few scholars and muftis i have spoken to have also said it seem so but with all due respect they dont specialise in finance. the only reason i say this is because i am aware of many ulema who do ACN which is outright pryamid scheme and totally dodgy. please advice. if its no good i will stop but if it is ok then alhamdulilla
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#3 [Permalink] Posted on 31st January 2016 23:34
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#4 [Permalink] Posted on 1st February 2016 09:20
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#5 [Permalink] Posted on 1st February 2016 11:28
jazakAllah. until something concrete comes il stick to it. I heard the guy who runs traffic monsoon is a revert and surrounded by practicing brothers who are trying to make it 100% Islamic compliant.
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#6 [Permalink] Posted on 1st February 2016 13:43
Can't help with your queries, but I only recently found out that you can make regular purchases with your bitcoins using a regular credit card.
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#7 [Permalink] Posted on 1st February 2016 14:02
Quote:
surrounded by practicing brothers who are trying to make it 100% Islamic compliant.


It's not like me to use the "LOL" and this sentence really made me want to.

We live in a day and age where everything is being made Muslim compatible with some form of loophole or another.

practicing brothers should really be reliable Ulama who have the expertise in this field.

Muslim have become a bit like, "Just add water - Dilute to taste" Or "Dail a Mufti" until you get your answer, where we finally agree with the Mufti on speed dial #8!
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#8 [Permalink] Posted on 1st February 2016 15:12
i agree with you and usually i dont fall for these kinda of gimmics ie 'practising brothers' but its only cos i know a few of them and they dont seem the type to be laxed on shariah but when it comes to $$$ i guess people can show their true colours. as for ulema again like i said with no offence intended most dont have a diddly squat. i know many including muftis who do acn which is without a doubt pyramid scheme. also not to open a can of worms just look at the issue of mortage if u shop around enough you will find some who say yh its fine. but if any one on here or if anyone can ask a scholar who is expert in finance issues if traffic monsoon is legit ill appreciate it. if they say its haram adn il leave it i got no intention of earning haram income
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#9 [Permalink] Posted on 1st February 2016 17:21
mkdon101 wrote:
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can you explain in simple terms what you are investing in and what you are profiting from with traffic monsoon. i have tried reading on their website, but its very confusing. nothing is straightforward on there.
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#10 [Permalink] Posted on 1st February 2016 18:23
Although I am not quite sure of the Business Model of Traffic Monsoon.

Just doing a quick google search reveals that the owner of Traffic monsoon, Charles Scoville, has run several similar get rich quick schemes prior to this and all of which finally flopped, resulting in losses for his members.

What is even more concerning is that we have had similar threads previously of Maulanas promoting Pyramid schemes. Some highly unethical ones at that.

I was reminded of the following story Of Imam Bukhari رحمة الله عليه and the Thief.

To save his immaculate reputation

Al-‘Ajlooni related that Imam Bukhari- may Allah have mercy on him- once traveled by boat on a journey to seek out knowledge and that he had taken with him 1,000 dinars. One of his fellow travelers ingratiated himself with Imam Bukhari, outwardly showing him love and admiration. During the sea-voyage the man often made a point to sit in his company. On long journeys, friendships develop faster than normal, and during the course of the time they spent together, Imam Bukhari informed the man that he had 1,000 dinars with him.

The morning after Imam Bukhari spoke about the money, the man woke up and began to cry, scream, rip his clothing apart, and slap his own face as if he had just been afflicted with a great loss. His fellow shipmates asked him what was wrong, and he refused to answer at first, as if he was still in a state of shock and could not bring himself to speak about his situation. After they continually insisted that he tell them what the matter was with him, he finally said “I had a bag that contained 1,000 dinars and I lost it”.

The crewmen who were in charge of the ship began to search the passengers. One by one everyone was being searched, and upon realising what was happening, Imam Bukhari, making sure that no one was looking, threw his bag of money over the side of the ship . When the entire ship and all of its passengers were searched and when no bag of money was found, those in authority on the ship went back to the man who had made up the story and chastised him for making a false claim and or putting them through so much trouble.

As soon as the ship finally reached the shore, the passengers began to disembark; meanwhile Imam Bukhari’s old friend went to him and asked him what he had done with the bag of money?

“I threw it into the sea,” Imam Bukhari matter-of-factly replied.

“And you are patiently accepting the fact that you have just lost such a huge sum of money? The man asked in bewilderment.

“O Ignorant one,” Imam Bukhari said, “do you not know that I have spent my entire life gathering the Ahadeeth of the Messenger salallahualayhiwasalam and that the world now acknowledges my trustworthiness. Would it then have been befitting for me to subject myself to the accusation of theft? And shall I lose the precious pearl (ie: My knowledge and achievements as a scholar) that I have earned over a lifetime over a limited number of dinars?

Excerpt taken from “The biography of Imam Bukhaaree Allah have mercy on him by Salajideen ibn ‘Alee ibn ‘Abdul Maujood. Translated
by Faisal Shafeeq.”

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#11 [Permalink] Posted on 1st February 2016 20:01
well from what i understand is you buy advertising and then directing traffic ( viewiers) to them ads. the way it was explained to me was just how websites like facebook and youtube make their money via ads and people clicking on them ads traffic monsoon is doing same. regarding his other business im not an expert or ever met him but he has been made bankrupt in past ( but so have money millionairs and billionairs today) and has always repaid his members even when they have crashed. he has a similar one which he has been paying out for over 3 years.

again im not gettin too involved as im trying to keep balanced and level head i dont take his critics nor his admirers too seriously. all i really need to know is if islamically its legit. as for the actual site, sure it will come to an end one day all things to so for me i plan to keep at for about a year and then duck out or if i get inclination its going to go bust earlier. but at the moment tis still growing and as long as companies are happy to pay traffic monsoon to advertise their ads it will keep going on. sorry i cant give mroe detail answerrs but if u want to know me you can msg me ur number in pvt and i can put u forward to guys who senior and very close to charles
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#12 [Permalink] Posted on 1st February 2016 20:18
mkdon101 wrote:
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Quote:
well from what i understand is you buy advertising...


what do you mean by 'buy advertising'?

you buy advertising space to advertise your products/services?
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#13 [Permalink] Posted on 29th April 2016 06:18
Assalaamu alaikum,
I have spent quite a lot of time looking in the OneCoin.
It is important to differentiate between the following:
1. BitCoin and cryptocurrencies (digital currencies)
2. The concept of OneCoin (a possible future cryptocurrency)
3. The OneCoin Scheme which involves recruitment is a similar fashion to a typical pyramid scheme
4. The OnceCoin Compensation Plan which is the way OneCoin members are paid for recruiting new members

1, and 2. may not be objectionable. BitCoin is an established cryptocurrency and it is possible that OneCoin may in the future become a cryptocurrency.
3. and 4. are not permissible

OnCoin sells itself by confusing 1 & 2 with 3 & 4.

A have written an article which I can send to anyone who may be interested and available on mediafire
entitled: OneCoin - An Islāmic Perspective

In a nutshell OneCoin Company is creating something out of nothing (the OneCoin) and selling a dream to the unsuspecting masses to get very rich quickly. That in itself should be sufficient to stay away from such schemes. They appeal to the greed within us to get rich without having to do much.

One of the fastest growing groups in the UK for the OneCoin is the Muslims.
Please do read my article and share with others if you think it is worthwhile.
OneCoin - An Islāmic Perspective.pdf
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#14 [Permalink] Posted on 30th April 2016 12:35
Also see fatawa by Mufti Amjad Mohammed on the OneCoin Compensation Plan. File attached.

Fatawa by on such schemes by the Saudi Standing Committee for Academic Research and Issuing Fatwas. Fatwa no. 22935, dated 14/3/1425 AH.

42579: Fatwa from the Standing Committee on the “Business and “Hibbat al-Jazeerah” companies and pyramid marketing schemes

The Standing Committee for Academic Research and Issuing Fatwas has received many questions about pyramid marketing companies such as the “Business” and “Hibbat al-Jazeerah” companies, whose work may be summed up as being the attempt to convince a person to buy a product on the basis that he will also convince others to buy; they in turn will convince others, and so on. The more levels of participants there are, the more the first person will gain in commission, reaching thousands of riyals. Every participant convinces others to join in return for a large commission, if he is successful in getting new customers to join his list of members. This is what is called pyramid marketing or network marketing.

Published Date: 2004-09-12

Praise be to Allāh.

The Committee replied: This kind of dealing is harām, because the purpose of this dealing is to earn commission, not to buy the product. The commission may reach tens of thousands, whilst the product is not worth more than a few hundred. Any smart person who is offered a choice between the two will choose the commission. Hence these companies rely on marketing and advertising of their product which emphasizes the size of the large commission which the participant can earn, and offers the incentive of a large profit in return for a small sum, which is the price of the product. The product marketed by such companies is merely a screen or a means of earning these commissions and profits. Because this commission is really the point of the transaction, it is harām according to sharee’ah for several reasons:

1 – It involves riba of two types, riba al-fadl (involving exchange of goods of the same type but of different quantity) and riba al-nasi’ah (involving deferred payment of a larger amount than would be paid if it were paid immediately). The participant pays a small amount of money in order to gain a lot of money, in other words he pays cash for cash of a different amount and with deferred payment. This is the kind of riba that is forbidden according to the texts and to scholarly consensus. The product which the company sells to the agent is simply a screen for this transaction; it is not what the participant is seeking and it makes no difference to the ruling.

2 – It is a kind of gharar (ambiguous transaction) that is forbidden in sharee’ah, because the participant does not know whether he will be successful in finding the number of purchasers (participants) required or not. No matter how long pyramid or network marketing lasts, it must inevitably reach an end, and when a person joins the pyramid he does not know whether he will be in a higher level and thus make a profit, or in the lower levels and thus make a loss. The fact of the matter is that most of the members of the pyramid lose out, except for the few at the top. So what usually happens is loss, which is the case of all ambiguous transactions. One of two things may happen, and it is usually the one that is most feared. The Prophet (peace and blessings of Allāh be upon him) forbade ambiguous transactions, as was narrated by Muslim in his Saheeh.

3 – These transactions involve consuming people’s wealth unlawfully, because these contracts benefit no one but the companies and some participants whom the company encourages with the aim of tricking others. This is what is forbidden in the Qur’ān, where Allāh says (interpretation of the meaning):

“O you who believe! Eat not up your property among yourselves unjustly”

[al-Nisa’ 4:29]

4 – This transaction involves cheating, deceiving and tricking people, by showing the product as if that is the purpose of this transaction, when that is not the case, and by enticing them with the idea of large commission which people do not usually earn. This is the kind of deceit that is forbidden in sharee’ah. The Prophet (peace and blessings of Allāh be upon him) said: “Whoever deceives us is not one of us.” Narrated by Muslim in his Saheeh. And the Prophet (peace and blessings of Allāh be upon him) said: “The two parties to a transaction have the choice, so long as they have not parted. If they are sincere and open in their dealings, the transaction will be blessed for them, but if they lie and conceal anything, the blessing of their transaction will be erased.” Agreed upon.

With regard to the view that this transaction is a kind of brokerage, this is not true. Brokerage is a transaction whereby the broker receives payment in return for selling the product, whereas in network marketing the participant pays a fee in order to market the product. Brokerage means marketing the product in a real sense, unlike network marketing where the real aim is to market the transaction, not the product, so the participant markets to others who will market to others who will market to others and so on, unlike brokerage in which the broker markets the product to those who really want the product. The difference between the two is quite clear.

With regard to the view that the transaction is a kind of gift, this is also not true. Even if we accept that, not every gift is permissible according to sharee’ah. A gift given in return for a loan is riba. Hence ‘Abd-Allāh ibn Salām said to Abu Burdah (may Allāh be pleased with them both): “You are in a land where riba is widespread among them. If you have some right over a man and he gives you a load of straw or a load of barley or a load of fodder, this is riba.” Narrated by al-Bukhāri in his Saheeh.

Gifts are subject to the rulings on the reason for which they are given. Hence the Prophet (peace and blessings of Allāh be upon him) said, concerning the zakāt-collector who came and said: “This is for you and this is what was given to me as a gift”: “Why don’t you sit in the house of your father and mother and see whether you are given any gifts or not?” Agreed upon.

These commissions are only paid for the purpose of joining the network marketing scheme, no matter what names are given to them, whether they are called gifts or anything else. That does not change their nature or the ruling on them in the slightest.

It is worth mentioning that there are companies that have appeared in the market which follow the practices of network marketing or pyramid marketing, such as “Smartest Way”, “Gold Quest” and “Seven Diamonds”. The ruling on these companies is no different from the ruling on the companies mentioned above, even though the products they offer may vary.

And Allāh is the Source of strength. May Allāh send blessings and peace upon our Prophet Muhammad and his family and companions.

Standing Committee for Academic Research and Issuing Fatwas. Fatwa no. 22935, dated 14/3/1425 AH.
Is the OneCoin Compensation Plan permissible to jo
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#15 [Permalink] Posted on 3rd May 2016 10:32
Ajeeb I met a scholar yesterday who was telling about bitcoin and how if I invested 5k I could get 24k in some months. It was too good for my ears. The ACN was the worst ever fraud I have ever seen. Shaykhs and maulanas getting little kids to do their dirty work whilst those guys were making money. For some reason when I hear such things I am always skeptical. From a shariah perspective most of things are not correct and then ethically as well as the major risks involved.
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