⚡️ BUY & SELL Rubies on the OTC market

Dear Rubimily miners!

Currently, (OTC) trading activities for RUBI have emerged as an essential operation based on ownership and decision-making rights over miners' assets.

The Rubi project development team has recently received messages or inquiries from miners asking whether the development team is participating in the current OTC trading activities or if we have any policies or regulations regarding OTC activities.

Here is our response to provide clarification, as well as our trends and perspectives on OTC trading.

✭ What is OTC trading?

For those who may not know, OTC stands for "Over The Counter", a common commodity trading term in individual voluntary transactions without going through any exchange or third-party intermediary.

It is considered a form of direct negotiated trading between two parties with needs in trading a commodity or service, prevalent in society. In this buyer-seller relationship, only the two parties involved in the transaction discuss prices and transaction methods until they reach mutual agreement for the transaction to occur.

So, in short, OTC trading is privately negotiated trading.

✭ Does the RUBI Team manage OTC activities?

The short answer is "NO". Currently, we only play a role in developing the platform, developing the protocol to create a common tool for society to use this tool together to mine and produce digital assets. Any Rubi units mined by any miner will belong entirely to that miner. This is understood as miners owning RUBI will have full discretion over it, just like their own property, without any constraints on the will of the development team.

OTC is a market characterized by freedom and maximum self-determination for market participants, so the Rubi Team has no intervention measures or restrictions, and also no capacity to intervene in the free decisions of miners. Therefore, at this early stage, we only spend time observing movement, collecting information about events to gather materials, thereby being able to develop and provide more technical solutions, a safer environment in the future, to promote OTC to bring more benefits and healthier for miners.

✭ Does the RUBI Team introduce supply to the market?

The short answer is "NO". Each member of our development team, besides participating in the development of this project, we are also miners, mining Rubi using the common tool Rubi Network just like any other miner. We also own a small amount of Rubi from self mining activities, but currently all members of our development team have no intention of selling any Rubi we own.

By the way, in this question, we also want to expand on another question, another suspicion that we have received from users recently is, "Does the Rubi team print Rubi and distribute it through individuals in the community to sell Rubi and make cash?". Then the answer is also "NO", we affirm "Rubi is not printed, it only comes to this world in one way, through miners' mining activities, there is no other way to issue more Rubi.

And currently, the Rubi Team also does not authorize or delegate to any individual, organization, or community group to distribute Rubi, so anyone claiming to represent the Rubi Team to sell Rubi is entirely fictitious and false. This can be seen as impersonation, abuse of credibility for profit, and this behavior can cause misunderstanding and harm to the trust of the Rubi development team (Rubi Team).

✭ What is Rubi Team's perspective on OTC activities?

We believe that commodities, resources formed by miners' activities, and miners have the sole right to determine it in OTC trading. To date, Rubi Team's perspective on OTC activities is still positive. OTC is necessary and should be promoted, and continue to be shared in a more positive trend. In essence, Rubi is a commodity, and the more actively it moves in the OTC market, the more practical and valuable it becomes over time, a persuasive proof of this point is Bitcoin, also a digital commodity mainly traded through OTC to date.

Although OTC is a necessary and should-be-promoted activity, we would like to note that OTC transactions at this stage may still encounter shortcomings, such as both parties agreeing on prices and payment methods, always need to maintain caution and vigilance to avoid falling into fraudulent transactions.

✭ Prices of OTC transactions in the early stages.

Rubi is a new commodity, with the first OTC transactions of Rubi appearing after the release of the Noncustodial Wallet version 1.0 of the network on July 15, 2022.

However, due to the very scarce Rubi supply, the number of initial OTC transactions was not high, and mostly occurred in Vietnam, where thousands of miners participated in testing the first version of KYC 1.0 in 2022.

Up to now, Rubi has only gone through 10 months since its very scarce supply was formed, this is considered the first stage, so there is no price or common standard about the appropriate price. The current price of Rubi in OTC transaction 

may fluctuate greatly and vary widely in each OTC transaction, it mainly depends on the expectations and satisfaction of the two parties in their own negotiation.

✭ CONCLUSION:

OTC is a necessary activity and is a positive factor in promoting asset value for miners. Rubi Team currently has a fully supportive perspective on global Rubi OTC activities. We also emphasize that currently we do not distribute Rubi in any form, nor do we authorize distribution to any third party. Rubi's OTC is still in the early stage, so there are many controversial risks, this is still a stage without safe support tools for OTC activities, so we advise miners participating in OTC to be highly vigilant to avoid fraudulent activities in transactions.

RUBI Team.