Scambusting - Octacoin(OPR)
This disclaimer is put here for people, NOT to buy into a scamcoin called Octacoin, Octapremium, Octapartners or any other Octa related bullshit.
Octacoin related sites to avoid:
- Main octapartners website(Major MLM scam): http://octapartners.com/
- Octapremium(OPR) crypto coin block explorer: http://www.octapremium.net/ ( all the block are empty)
- Apparently they own a entire island: http://www.octaland.com/#/
- Cyren, the only exchange with a BTC/OPR traiding pair: https://www.crycen.com
- Crypto888 somehow related to all of the above: https://www.crypto888.club/
Firstly i'd suggest all of you to do your own research before digging any deeper into this coin.
This blogpost is about how I got thrown out of this scamcoins conference.
The main speaker of the video talks in english, with an estonian translation.
At the beginning of the video they say something along the lines of the main speaker will make us understand of a greater and better concept of the world, that is going to change us and our children.
I view the following saying as a massive conspiracy against everyone in the room. Since they are promoting a currency that in their head should make global remittance easier, when in reality they're trying to recruit new members under them, to profit off of the system itself. It's basically a shitcoin, in where you can only join if someone who has been referred by someone else refers you. This means, you can't make an account if you don't happen to have a oracle within the system.
Don't get me wrong anyone who owns bitcoins today, can own octapremium coins today, but they can't join the octapartners program and that's where the money is at. Or at least should be.
In essence they run a cryptocurrency, where you get payed dividends in euros just because you got in early. They have several packages for members to buy and they all include a weekly payouts in euros with an annual interest of 80%-140% . They say they have a energy shares worth of about 350million dollars, but there isn't any proof of those assets anywhere. They also plan to sell their gambling platform to online casinos and get monthly dividends from that. But I doubt that they can sustain such payouts for longer than a few years. So inevitably people are going to lose money. Not saying that there is no money to be made here. What I'm saying is, this scheme is bound to fail
How I was thrown out.
As I was laughing way too loud because of the stock upwards arrows in the PDF, the hosts of the show told me to keep quiet if I wanted to enjoy the "show". I tried to keep my mouth shut after that incident, because I had way too many questions for the hosts of the show. As the show ended, they promoted a huge party at the downtown penthouse apartment of one of the hosts. As I went to ask if I could join the party, they told me that people who have disturbed the conference have no place in his penthouse. Whatever, I partied elswhere. As I came up with actual question the penthouse host hid behind the events translator. He was the one who answered my questions. He didn't have a solid answer to any of my questions, since his knowledge of the system itself was about a week old(in fact everyone who promoted the shitcoin didn't know jack shit about bitcoin or other cryptos).
Anyway my questions were the following:
Q: Whats the KYC and AML regulation statuses on octacoin?
A: There will be everything within next month.
Q: You said in your conference, that octacoin already has over 800 000 users worldwide, why isn't this info projected in any of the block explorers? (octapremium_explorer, octacoin_explorer)
A: People are still coming.
Q: How do you explain the 50% premine on this coin. The coins being proof of stake, doesn't this mean the owners of this company may have more than 99% of the total supply of the coins?
A: Can't comment on other peoples shares.
Q: The OPR only has one exchange and that is Crycen, doesn't this centralized setup allow for extended amounts of price manipulation?
A: You can trade against Bitcoins
Q: How do you know that the company has enough money to buy all the coins back from you, given that they also have to pay all the octapartners ~100% yearly interest based on their investment.
A: Octapartners program will guarantee, that your coins will be bought from you. If you want to sell.
After that we argued what the definition of a shitcoin was for about a minute. For some reason they wanted to make it clear to me that they are going to have a blast at the penthouse tonight. They also complained about bitcoin being too old and with a way too huge price tag, giving out examples that no normal person could afford an entire bitcoin.
After which I asked them the following:
Q: What are the efficiency of Octacoin compared to bitcoin?
A: Global remittance.
Q: So you're saying the following chain is effective if I wanted to get money from Estonia to Australia:
In Estonia: EUR->BTC->Octacoin and in Australia: Octacoin->BTC->AUD
A: Yes the chain is works really well.
After a quick explanation, as to why that idea is completely retarded(each time you make a trade you lose value and you can have a global reach with bitcoins already), I think, that they understood that they have not understood any of the things that they're promoting and were cornered. As my questioning of the hosts had gathered anyone who was interested in the project around me. Their way out was to boot me from the room.
My friend told me, that the main host tipped the door guy €1000, don't know if the tip was to throw me out or for just being a nice fellow, but they tipped the door guy €1000 after which he kindly asked me leave.
I loved the door guy, he was so humble.
Yeah, you give a lot of question that their can not answer clearly. They are only giving blur answer, emphasize on profit but not explain a about how the system work.... Mostly I agree with you :)
Well they didn't have any chance to give me clear answers, since they weren't prepared for a person like me.
They are blinded by their greed to see the system for what it is. They ask too little questions as to where does the money exactly come from.
I agree with you, they are look like greed, only care how to get money from other people, not care how their system will work for long term :)
Good scam-busting ... this coin really seems to be a scam.
I like your article, you really know what you are talking about; not as your interview partner there... Best wishes @ubg