Strange News Reporting by Octoin.
On March 21, Octoin published a news release to the effect that Yobit had problems with the input and output of Octoincoin (OCC) to and from their exchange. This struck me as odd, as right before that, around March 14, the value of OCC relative to BTC SURGED for a while (we reported on this in News Commentary #373). It didn’t make sense to me that Octoin would attribute the INCREASE in value of their coin to a malfunction of the exchange! So, I decided to sit tight for a while and see it anything unusual happened with the value of OCC.
Here is that news release from Octoin.
Yobit fixed the problem! OctoinCoin is available again!
Some time ago on the exchange, Yobit’s cryptocurrency had difficulties with the output and input of OctoinCoin. Users sometimes had problems with OCC transactions. This was due to the technical maintenance of the exchange.
We are glad to inform you that technical problems have been corrected and the cryptocurrency exchange is normally working now. Operations with OctoinCoin are again available and you can easily trade, output and enter the required quantity of OCC.
We apologize for the inconvenience! Thank you for your understanding and patience!
Octoin – your reliable partner in the cryptoworld!
Today (March 24) I checked Yobit again and it appears that nothing unusual at all happened to the value of OCC (relative to BTC) at the time of their news release. So, I don’t understand the reason for the release. Furthermore, in the last week or two, since the surge I referred to above, OCC/BTC has steadily decreased and once again has “flat-lined” at around .000799 (https://yobit.net/en/trade/OCC/BTC/). With BTC/USD at 9,160, this gives (multiply the two together) a value of OCC of around $7. This is up a tad from the previous “flat-line” value of $6 that we reported on in News Commentary #361. The point is that Octoin has a LOOOOONG way to go before it will reach the value of $100 for one OCC that the company arbitrarily set for OCC when it changed investors funds from dollars to OCC months ago. We at EmilyNews keep Octoin on “Hold” status because of this situation. We don’t move it to “Closed” because of the large following that Octoin somehow manages to maintain in Indonesia. However, we will continue to post these kinds of updates in an effort to counter the questionable (misleading?) reporting that investors will sometimes see in the Octoin news releases.
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