{"id":3236,"date":"2018-02-08T04:06:04","date_gmt":"2018-02-08T04:06:04","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=3236"},"modified":"2018-02-08T04:06:05","modified_gmt":"2018-02-08T04:06:05","slug":"news-commentary-328-octoincoin-trading-yobit","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=3236","title":{"rendered":"News Commentary #328 – Octoincoin is Trading on Yobit"},"content":{"rendered":"

The Latest on Octoincoin\u2026<\/strong><\/p>\n

In News Commentary #320<\/em><\/a> we indicated that Octoincoin (OCC) is now being traded on Xrates and attached the Octoin <\/a>release announcing this.\u00a0 In that release, Octoin <\/a>noted that they anticipated that it would soon be possible to trade OCC on the Yobit exchange as well.\u00a0 This is now a reality as the following news release indicates.\u00a0 To check this out, I went to the Yobit website.\u00a0 I will confess that I was a bit overwhelmed at first as this website reports on the trading of all sorts of cryptocurrency pairs.\u00a0 Hundreds (thousands?) of them.\u00a0 It was a hard job finding OCC in this maze!\u00a0 Finally, I found the pair OCC\/BTC trading in the neighborhood of .002.\u00a0 This means that you can buy one OCC with .002 BTC.\u00a0 Then I found the pair BTC\/USD trading at around 8,000.\u00a0 This means that you can buy one BTC for around $8,000.\u00a0 Putting the two of these together, it means that you can buy one OCC for around $16 (.002 x 8,000).\u00a0 This is very very rough as these pairs bounce up and down like a rubber ball.\u00a0 And, since OCC is a new cryptocurrency, it can be expected to be extremely volatile.\u00a0 However, the point is that the value of $100 per one OCC that Octoin <\/a>has arbitrarily set might be a bit high.\u00a0 Well, a lot more than a \u201cbit.\u201d\u00a0 To me, this means that, if Octoin<\/a> is using the $100 conversion in converting earnings in dollars to OCC, you are being cheated.\u00a0 In my opinion, Octoin <\/a>\u00a0MUST use the prevailing exchange rate between the two currencies. Or, when Octoin<\/a> converted your investment in dollars to OCC, the conversion should probably have been made at the rate of ONE OCC equal to ONE dollar.\u00a0 There is a factor ONE HUNDRED being tossed around here and it looks to me like investors are the losers — BIG TIME.\u00a0 If Octoin <\/a>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.\u00a0 Octoin <\/a>has done the opposite.\u00a0 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 <\/a>initially imposed on its investors.<\/p>\n