Semi Arbitrage Opportunity in SmartCash with HitBTC and CryptoBridge
Hey guys,
Ever since Brian Phobos @brianphobos did a big review on SmartCash, I've been very intrigued with the project and wanted to be part of it. I'm now in the process of accumulating SmartCash myself with the ultimate goal of trying to setup a masternode by collecting 10,000 of it.
SmartCash Review by Brian Phobos
As a pretty new coin, SmartCash seems like they are experiencing some issues here and there. One of the most notable issue is that HitBTC is not allowing people to withdraw our SmartCash into our SmartCash Wallets to earn our monthly 6% Smart Rewards.
I bought my SmartCash on HitBTC, so I was also stuck in this situation where I couldn't move the coins. Trying to figure out what to do, I discovered this.
At the time of writing, on HitBTC, SmartCash is trading at $1.23 where as on CryptoBridge, it is trading at $0.68.
That means if you:
- Sell SmartCash on HitBTC to Bitcoin
- Transfer the Bitcoin to CryptoBridge
- Buy on CrytoBridge with BTC
You can actually gain about 60-80% more SmartCash doing so.
Being new to the arbitrage game, I was a tad skeptical if this will work, but decided to go for it. Mainly because I wanted to move my SmartCash into my SmartCash Wallet to earn the monthly 6% rewards.
Did it work?
I'm happy to report that my strategy worked. I had 1,000 SmartCash that I bought on HitBTC last week, and utilize the strategy above, I came up with 1686 SmartCash yesterday. Basically, I gained 686 SmartCash just by selling on HitBTC and buying on CryptoBridge.
That kind of seems pretty amazing to me. Crazy world of crypto!
Anyway, I wanted to share this with you since I thought it was a pretty amazing deal, and I also wanted to help other people that is stuck in the situation of not being able to withdraw their SmartCash from HitBTC into their SmartCash Wallets.
Not sure if this will work for you all, but something to consider if you bought SmartCash on HitBTC.
Happy trading guys!
Also, check out my series on What to buy with your Crypto Profits that I'm starting out.
Have a great week ahead! :)
Apparently SMART is stuck in some weird isolated bubble on hit btc since you can't deposit or transfer it. Wish i sold earlier but just made an extra 700 smartcash thanks to you! Much appreciated!
Glad to hear that it worked out and that you were able to increase your stake in SmartCash! ! I'm guessing you now have over 1,000 coins so are you going to transfer them to the SmartCash wallet to earn some rewards? Thanks for the update! smart-rewards.jpg
Whoa that was some slick trick up your sleeve mate!!! I will keep this mind!!
Cheers!!
Thanks for the comment! My first one. Yeah, if you bought on HitBTC, definitely try it out if the price looks right for you. Good luck with it all! :)
I tried to deposit my smartcash into hitbtc to start your trick but it's saying deposits are suspended. Bummer
Yeah, this arbitrage opportunity works only if you bought SmartCash on HitBTC. You might have a gain or loss on your position, but if you sell it to BTC, that same amount of BTC will buy you more SmartCash on CryptoBridge than what you sold on HitBTC.
Right now, you can't deposit or withdraw SmartCash from HitBTC. So you won't be able to cycle through this to make money. It just works going from HitBTC > CryptoBridge > SmartCash Wallet.
Kind of getting confusing, but hope it makes sense! :)
Na. That makes sense. Ah well... Good on you for finding that trick. Nice skills.