RE: OpenLedger Announces Crowdsale for OCASH, The First All-In-One Payments Card - OBITS Holders Receive 5% Sharedrop
The OBITS Warrants sale is somewhat strange. These tokens can be used to generate new OBITS. The earnings from selling the OBITS Warrants have been used to buy OBITS and burn them.
Isn't that somewhat circular? You burn some OBITS, but in order to do so, you sell some Warrants to generate new OBITS.
This kind of financial engineering makes me distrust CCEDK / Ronny Boesing.
Also, one single account seems to have 70% of the OBITS available. What happens if that account dumps the OBITS on the market? Is there any assurance that they won't?
When looking on the BitShares exchange, I examined the 2nd day of each month, when the OBITS buybacks are supposed to happen. On some of those days, volume and price are high - which is consistent to the buybacks happening. However, sometimes the 2nd day of the month is missing completely from the BitShares exchange graph. How is this possible? Was the entire BitShares network out of order so there is no data? I can't understand this, it seems fishy.
There is also the confusion: BitShares is a decentralized exchange and also a cryptocoin, CCEDK is also a decentralized exchange. They also look absolutely the same!
This leads to market confusion. There needs to be a clear explanation of the difference between CCEDK and BitShares, even if it's something like: BitShares set out to be an exchange, then CCEDK came and offered the same exchange but with some improvements (if this is the case, what are the improvements? what is the exact difference?)
Regarding the numerous sharedrops announced: it can be viewed as a valuable thing, or it can be viewed like the company is spamming us with tokens. Nobody ever states the exact amount and value of the sharedrop, such as: "for each 100 OBITS you own, you will receive X OCASH, which, at the current market rate, means about Y BitShares, and reprezent Z% of the total number of OCASH tokens available"
So, my assumption is that we are, in fact, getting very small amounts of the dropped shares - a worthless amount, just enough to keep us somewhat interested.
Amen to that. I was interested in buying some OBITS as well, but there are a lot of unclear points that are pushing me away from buying anything. There seems to have a lot of empty promises and worthless rewards.
However, this article provides some details: https://steemit.com/blockchain/@bloggersclub/new-record-on-july-obits-buyback-and-burn-more-than-usd1-500-000. Hope it helps.
How could you see that one wallet only own 70% of the market?