Dollars Earn Octoincoins?
In News Commentary #293, I questioned the logic behind Octoin revaluing their Octoincoin from $1 to $100. Now, the logic might be clear — and I don’t like it at all! Here is a small announcement that is now posted on the Octoin website:
Attention!
Starting from January 17, 2018, daily profit accruals for investment portfolios of users, as well as partner bonuses, will be credited in OCC.
I might have this wrong, but here’s what I think this means. I’ll explain it by means of an example with some made-up numbers just for the sake of illustrating my point.
Let’s suppose that Octoin has an investment plan that promises to pay you 2% per day on your investment and that you invest $100 in the plan. This means that you would earn $2 per day in interest earnings. A few days ago, when one Octoincoin (OCC) was worth one dollar, this would be equivalent to earning 2 OCC. This is what I believe the announcement says will be happening from now on. However, since OCC was revalued from $1 to $100 a few days ago, your daily earnings would now be only 0.02 OCC — a hundred times LESS. It is very important to understand what is happening here. Two things are taking place:
FIRST, your dollars are being converted into Octoincoin. This cryptocurrency might not yet be accepted worldwide and, in some areas, might be difficult to convert back to dollars (or another currency). Just to check this, I did a search of exchangers online and Octoincoin is NOT listed on any of them. My impression is that it is simply the equivalent of children’s “play money” and that it has no value other than on the Octoin website. So, do you want to convert your dollars to play money???
SECOND, in the last day or two Octoin has arbitrarily increased the value of Octoincoin one hundredfold. So, when you receive earnings in Octoincoin, you only get one hundredth of what you would have received a few days ago had the revaluation not been made.
Well, this is my opinion on all this. If you have invested in Octoin, as thousands of people have, you should be aware of this and you may want to check it out further. Remember, 99% of all HYIPs will close. What will become of Octoincoin if/when Octoin closes?
*********************************
If one of the paying programs on our Monitor appeals to you, please support EmilyNews by registering for it on our website. Thanks very very much!
*********************************
Be the first to get most important HYIP news everyday!
Simply Follow EN Facebook, EN Telegram, EN Twitter
or Subscribe to EN Feedburner and submit your email address!
If you like this article, please share it by using the social media buttons below.
