{"id":3183,"date":"2018-02-02T04:10:58","date_gmt":"2018-02-02T04:10:58","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=3183"},"modified":"2018-02-02T04:10:58","modified_gmt":"2018-02-02T04:10:58","slug":"news-commentary-320-octoin-news-doesnt-make-sense","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=3183","title":{"rendered":"News Commentary #320 – Octoin News Doesn\u2019t Make Sense!"},"content":{"rendered":"

To Trade or Not to Trade.<\/strong><\/p>\n

Following are two news releases from Octoin<\/a>.\u00a0 The first one proudly says that Octoincoin can be traded on one exchange.\u00a0 Then it goes on to say that holders of Octoincoin should NOT trade their coins there and that they should wait for other exchanges to open so that they can be sold for a higher price.\u00a0 What this really says is that Octoincoin is being traded on one exchange but it isn\u2019t worth anything there!\u00a0 At least not right now.<\/p>\n

The second release talks about how difficult it is to implement trading of Octoincoin on more “popular” exchanges (the implication being that the exchange described in the first release is NOT a popular one).\u00a0 So, Octoin<\/a> again urges members to hold onto their Octoincoin and to wait patiently until it is possible to trade Octoincoin on a \u201cpopular\u201d exchange.\u00a0 But, there is also some fine print in this release which is:<\/p>\n

\u201cMoreover, according to the numerous requests of users we are discussing the option of returning p2p exchange. At the moment, negotiations are going on. Legal and technical issues are being resolved. Follow the news on our website!\u201d<\/p>\n

I didn\u2019t realize it but it appears that Octoin<\/a> has disabled the p2p feature of there website whereby members can trade cryptocurrencies and, I believe, fiat currencies as well, among themselves.\u00a0 So, it appears to me that Octoin<\/a> is trying its best to prohibit its members from trading their Octoincoin — even with fellow members.\u00a0 Does this require \u201cnegotiations?\u201d\u00a0 Legal issues?\u00a0 p2p worked fine before….<\/p>\n

Just so all this is clear\u2026.<\/p>\n

First Octoin<\/a> decides to pay its members their earnings in Octoincoin rather than dollars.\u00a0 Then it arbitrarily decrees that one OCC is worth $100 rather than $1 (for converting your earnings into OCC).\u00a0 Now, it\u2019s doing everything in its power to stop members from disposing of their Octoincoin.\u00a0 There\u2019s something funny going on, right?<\/p>\n