Yeah, i do remember about that Onecoin scam coin too on which its value keeps on increasing as lots of people would be buying it but these coins doesnt have an actual blockchain or being that listed on any exchange
on which it is really just that too absurd that there are people who do believe with these obvious scams and trying out to get themselves blind just because they are seeing that they would make themselves rich?
Such unfortunate situations happens many times, as very few people actually understand what a cryptocurrency is. This is also the reason for which
governments try to make people believe that their CDBCs are cryptocurrencies.
Many people simply don't know that a cryptocurrency must have a blockchain, must be issued through mining process and the mining process should be very difficult, in order to make the coin hard to obtain, thus making it scarce and offering it some value. Those which are not educated in crypto are looking for quick profits and have no alarm trigger when they hear unbelievable profits. They simply believe they found the cornucopia, the golden goose, however you want to call it. They are too greedy and naive, at same time.
Some of them also believe in mining with mobile phones (like the naive fans of Pi Network), without thinking that a mobile phone is simply unable to offer such computing power in order to mine a (real) cryptocurrency. Okay, in theory you can mine BTC using a pen and paper, but that doesn't mean that anybody is actually doing that, as it would take the age of the galaxy until solving the calculations necessary for a block. And be sure that, if some other scammers would come up with a coin promising that it will be possible to be mined with a smartwatch or a smart band, there will be many naive enough to bite this bait.