The Latest on Octoin and Octoincoin.
Periodically I take a look at the Yobit exchange to see how Octoincoin (OCC) is doing. You may remember that, a number of months ago, shortly after OCC was launched, Octoin (reviewed here) proudly announced that their coin was being traded on Yobit. This is the reason that I go to that exchange to see what the latest news is about OCC.
So, today on Yobit I found out that OCC/BTC = .00036 and that BTC/USD = 6,872. Multiplying the two numbers together you get 2.47 or that one OCC is worth around $2.50. I believe that this is the lowest value for OCC that I have observed so far.
Looking at the curve for OCC/BTC on Yobit, you can see that it has again “flat-lined” to close to zero; it can’t get much worse. Here is the link to this page on Yobit:
https://yobit.net/en/trade/BTC/USD
Still curious as to exactly what is happening, I logged into our Octoin account and took a look at the p2p exchange there. This is the place where one Octoin investor can exchange coins and currencies with another. A number of times in the past, I have checked this exchange to see what typical exchange rates are for OCC to USD. You will recall that when Octoin changed its website from USD to Octoin, it unilaterally made the switch using the arbitrary exchange rate of one OCC = $100. For a number of months, on the p2p exchange, OCC was being listed for sale at roughly this value. Today, when I checked the p2p exchange, it looks like the reality of the true value of OCC has finally sunk in as many people selling OCC are listing it for between $5 and $10. For sure those that are holding out to get in the neighborhood of $100 will be out of luck. The point is that the p2p exchange is finally becoming more consistent with the true value of OCC as reflected by a public exchange.
Another interesting tidbit is that the minimum investment in the Octoin “OCC Program” is now around 3.72 OCC. If Octoin still thought that one OCC is worth $100, this would be equivalent to a minimum investment of $372. This is rather high for ANY HYIP. However, if you think of one OCC being worth around $5, this minimum investment is equivalent to $15 or $20, which is typical of the minimum investment for most HYIPs. The point of this discussion is that, although Octoin isn’t explicitly stating it, they are implying that their coin — OCC — is only worth around $5. This is what Yobit is saying and what the folks on the p2p exchange are saying too.
So, why does EmilyNews keep Octoin on “Problem” status? The reason is simple. It arbitrarily exchanged their investors’ dollars to OCC at one OCC = $100 when, in reality, one OCC is worth much much less. If we can see verifiable evidence that Octoin has increased the number of OCC given to its investors along with retroactive earnings back to the time when the switch was made, we will be happy to change their status to “Paying.”
I doubt if this will happen…
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