The Latest on Octoincoin…
In News Commentary #320 we indicated that Octoincoin (OCC) is now being traded on Xrates and attached the Octoin release announcing this. In that release, Octoin noted that they anticipated that it would soon be possible to trade OCC on the Yobit exchange as well. This is now a reality as the following news release indicates. To check this out, I went to the Yobit website. I will confess that I was a bit overwhelmed at first as this website reports on the trading of all sorts of cryptocurrency pairs. Hundreds (thousands?) of them. It was a hard job finding OCC in this maze! Finally, I found the pair OCC/BTC trading in the neighborhood of .002. This means that you can buy one OCC with .002 BTC. Then I found the pair BTC/USD trading at around 8,000. This means that you can buy one BTC for around $8,000. Putting the two of these together, it means that you can buy one OCC for around $16 (.002 x 8,000). This is very very rough as these pairs bounce up and down like a rubber ball. And, since OCC is a new cryptocurrency, it can be expected to be extremely volatile. However, the point is that the value of $100 per one OCC that Octoin has arbitrarily set might be a bit high. Well, a lot more than a “bit.” To me, this means that, if Octoin is using the $100 conversion in converting earnings in dollars to OCC, you are being cheated. In my opinion, Octoin MUST use the prevailing exchange rate between the two currencies. Or, when Octoin converted your investment in dollars to OCC, the conversion should probably have been made at the rate of ONE OCC equal to ONE dollar. There is a factor ONE HUNDRED being tossed around here and it looks to me like investors are the losers — BIG TIME. If Octoin was truly trying to help its investors, it would have converted dollars to OCC at a rate favorable to investors and then let them profit if/when the value of OCC increases. Octoin has done the opposite. It has cheated its investors by using an arbitrary exchange rate and now is BRAGGING about how much OCC will be worth in the future — even while it still has a long way to go on Yobit to catch up with the arbitrary exchange rate that Octoin initially imposed on its investors.
Here is the news release from Octoin…
OctoinCoin is now also on Yobit! Traders we are waiting for you!
An important announcement for all users and participants of the project Octoin – now our currency is traded also on the Yobit exchange. Most recently, we wrote about its launch on the Exrates stock exchange and now it appears on other trading floors.
The more different exchanges will cooperate with us – the more will be the value of OctoinCoin. We continue to work and negotiate with sites that sell crypto-currencies. Soon, OctoinCoin will be presented on all leading exchanges of the crypto-currency and will be traded on a par with others. Have patience and wait for the big announcements!
Octoin – a new era of blockchain!
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