Why is CoinoUSD so cheap?

[Bizmark13]

A couple of days ago, I went on CMC and saw that the value of CoinoUSD was very low. It was hovering at around $0.84 when it should be worth $1. Back then, I thought it was due to the low volume.

Well today it's even lower. Even with $2,000 worth of volume, the price of CoinoUSD is $0.78:

http://coinmarketcap.com/assets/coinousd/

In case you don't know, CoinoUSD is a token on the NXT asset exchange for 1 USD that can be exchanged for real USD at Coinomat. It's similar to BitUSD and NuBits in that all three are pegged to the value of the US dollar albeit in the case of CoinoUSD, the pegging mechanism is much more centralized.

Does anyone know why it is so cheap? Was there a large sell order that crashed the price or something? But I don't think that would explain why it's still cheap today...

Screenshot from a couple of days ago:



Screenshot from today:

[chryspano]

In case you don't know, CoinoUSD is a token on the NXT asset exchange for 1 USD that can be exchanged for real USD at Coinomat. It's similar to BitUSD and NuBits in that all three are pegged to the value of the US dollar albeit in the case of CoinoUSD, the pegging mechanism is much more centralized.

I think you answered your own question.

At what price would you buy chryspanoUSD if I issued some of those and I "promised" to buy them back at 1 usd?
imo only BitUSD is doing it the right way.

[Bansheroom]

It would be 1$ if people had 100% trust that they get 1$ when selling it.

[Somekindabitcoin]

Josh Garza would say the same thing after he pegged pay coin at a bottom of 20 bucks. Wonder why it's so cheap at 3 bucks!!!!

[XCASH]

I notice the volume shown in the screenshot has no price figure. It just says "low volume". That might explain why it's so cheap.

[Puberty]

I notice the volume shown in the screenshot has no price figure. It just says "low volume". That might explain why it's so cheap.

That's an old picture. Current 24 hr volume is $1,000+ and prices have gone back up to $0.92.

[coinomat.com]

This is some byproduct of incorrect display at coinmacketcap.com (NXT price participates in the calculation which effects this)
Direct BTC exchange to CoinoUSD is available at Coinomat.com, by the way.