Octoincoin Decreases from $16 to $12 in One Week.
OctoinCoin (OCC) is a bit of a mystery to me as it has been created by an HYIP. The first thought that comes to mind is that it might be just as temporary as the typical HYIP. There is a second, thought, however. A year of so ago there was a very active HYIP called Ethtrade which, as the name implies, was involved with the trading of Ethereum. I don’t believe that Ethtrade created Ethereum. However, Ethereum was what the website was all about. Well, Ethtrade DID crash. But, Ethereum is still a relatively strong cryptocurrency. Octoin is certainly still with us. However, it has disconnected itself from the dollar and only does business with OCC. Perhaps this implies that Octoin will go wherever OCC goes. So, let’s take a look at how OCC is doing right now.
In our News Commentary #328, we announced that OCC was being traded on the Yobit exchange. At that time, using the values of currency pairs listed on that exchange, I found out that one OCC was roughly equal to $16. Today I again referred to the Yobit exchange and found that BTC/USD = 10,465 and that OCC/BTC = .00113. Putting these two values together, like I did a week or so ago, it works out that one OCC is now worth around $12. Of course, these are only snapshot pictures of what’s happening and the values of currency pairs can bounce around like a rubber ball. The bottom line is that the value of OCC isn’t increasing relative to the dollar and it looks like it is decreasing.
Relative to BTC, the value of OCC has roughly halved. At the time we published News Commentary #328, OCC/BTC was roughly equal to 0.002. Now it is roughly equal to 0.001.
With all this is my head, I went to the p2p exchange on the Octoin website to see what Octoin members were trading their OCC for (or at least trying to trade it for). Although I didn’t take notes at the time, I recall that a few weeks ago, the majority of people trading OCC for dollars pegged the value of one OCC at $100, which is the arbitrary value that Octoin has set for one OCC. Today, the majority peg it at $80, although there are still a goodly number of traders who peg it at $100. The implication to me is that folks are having a hard time selling their OCC at the $100 rate and are willing to settle for less.
However, there is also something very strange going on in the Octoin p2p exchange. There is one guy that is selling OCC for $1,000,000! To make it even more crazy, the size of his lot is 0.000001 OCC. And, he has many many such lots that he is selling (maybe over a hundred; I stopped counting!). If you do the arithmetic (multiply the two together), the cost of this transaction would be one dollar. Why would anyone do this? Who would want to buy 0.000001 OCC? Is the guy crazy or what? I hate to say it but the only logic I can come up with to explain this situation is that the guy is a “stooge” of Octoin and that, if he is successful in making these sales, they will somehow artificially inflate the value of OCC. But, this is a mean thing to say about Octoin. Perhaps the guy IS just plain crazy…
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