Value of OCC down to $6.
In News Commentary #338, published on February 17, we announced that the value of Octoincoin (OCC) had dropped from $16 to $12 in roughly one week. We also pointed out that relative to BTC, the value of OCC has roughly halved dropping from OCC/BTC = 0.002 to roughly OCC/BTC = 0.001. Here is what we said about all this in that News Commentary.
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.
Just now (March 6), I again checked the Yobit exchange and found that BTC/USD = 11,279 and OCC/BTC = 0.00053029. Multiplying the two together, you find out that right now one OCC is worth around $6. Note that the value of the OCC/BTC pair has again halved from roughly 0.001 to 0.0005.
Perhaps the best picture of what is happening can be seen by the monthly record of the OCC/BTC pair on the Yobit exchange. Here is the link to it:
https://yobit.net/en/trade/OCC/BTC/#1M
Looking at this record, for all practical purposes, the value of this pair is now at ZERO. The record is a flat line at the bottom of the chart — kind of like an EKG when your heart stops.
So, right now OCC is DEAD! Can it be resurrected? Who knows?
Next, I went to the p2p exchange in my Octoin account. There are probably more than a thousand people trying to convert OCC into another currency. I counted less than 100 trying to convert other currencies into OCC. So, the word is out. OCC is in serious trouble and people are trying to unload it while they can — even members of the Octoin program. I sympathize with all the investors in Octoin that had their dollars taken from them and converted to OCC at the arbitrary rate of $100 = 1 OCC.
Octoin hasn’t said anything lately about OCC and how it is doing. It is surely not inflating in value like they want. I wonder if the folks at Octoin will admit that OCC is in serious trouble…
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