Bitcoin Cash Deposits Open On Bittrex (Strategy And Thoughts)
Unless you have been living under a rock you have probably noticed that Bitcoin Cash has been trading way higher on Bittrex than on the other exchanges because deposits for BCC weren't open on there so people couldn't bring in the coins they they were given at the time of the fork. Well I saw it real time and was on Bittrex when they opened it up. I scrambled into action and am sort of kicking myself.
The Price on Bittrex when this happened was $472 and the price on HitBTC was $292. I scrambled into action and sent my BTC to GDAX. Then installed Electron Cash and recovered my BCC from my seed. Then sent that to Bittrex to sell. I also sent a small amount of Bitcoin over to HitBTC so I can buy BCC over there.
I know this is confusing because it doesn't make sense that I sent my BTC from Electrum to GDAX and then sent some coins I had sitting on Coinbase to HitBTC. Basically what happened to me is that before the fork I was trying to do an instant buy and thought that is what was happening and when I bought it suddenly wasn't going to be there until Wednesday (Yesterday) So those coins just appeared yesterday on Coinbase. Also I didn't realize the low price on HitBTC right away so I had already sent the coins from the Electrum wallet to GDAX before I sent the coins on Coinbase to HitBTC.
In Summary What I'm Trying To Do
- Sell BCC on Bittrex.
- Buy BCC on HitBTC
- Rinse and repeat until I'm Bitty Rich!
Issues: Despite connecting to 8 nodes on my Electron Cash Wallet I can't get a confirmation. It is showing in Bittrex but they are also requiring 20 confirmations for deposits.
Update: I was able to buy BCC on Hit BTC for $343 / Coin. Bittrex is staying stable at $500 / BCC.
Update (8-3-17 12:55pm Arizona Time): The last Bitcoin Cash block was 198 minutes ago! If you send coins from an Electron Cash wallet or other exchanges it is going to take forever. 20 confirmations are required by Bittrex. Arbitrage won't work. I caught a small ride buy buying BCC on HitBTC and then selling back to BTC. Blocks are going to take forever. I thought it was because the difficulty hadn't retargeted after the fork but this website (https://cash.coin.dance/blocks) is claiming the difficulty is 26% of the original difficulty. So I don't know what that is about. Bitcoin adjust the difficulty every 2016 blocks. Regardless there are massive delays. The exchanges will likely remain seperated pools of liquidity for now. I can't say for sure but I'm assuming the delays will scare a lot of people and when their coins finally show up they could end up dumping. I think I'm mainly going to hold BTC for now and see what happens.
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I'm going to send my WTF to WITS and make a bunch of $ from RRIC before I JIP and HAB!
Good thinking
Are you still alive?
I ask myself that very question every morning
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Gotta love arbitrage.
Update: It won't work. There hasn't been a new block for BCC for 150 minutes because the difficulty won't retarget for 11 days. Bittrex requires 20 confirmations. It will take days at this rate. We are all just buying and HODLing at HitBTC
Another update: Just told the BCC I bought 2 hours ago on HitBTC
I don't want to touch that coin with a ten foot pole.
I have some bitcoin in electrum, does that mean I have BCC?
When did you put the Bitcoin in there?
4 days ago
Yeah you should have BCC then.
OK thanks
good idea...
Update: It won't work. There hasn't been a new block for BCC for 150 minutes because the difficulty won't retarget for 11 days. Bittrex requires 20 confirmations. It will take days at this rate. We are all just buying and HODLing at HitBTC
I considered this strategy myself, but remain concerned that by the time the BCC gets from HitBTC to Bittrex, the price will have fallen. Reports are it is taking quite a while to get enough confirmations. Please let us know if you actually get that BCC to Bittrex in time to sell.
Another, more simple, strategy is to watch for a block to be solved on the BCC chain. When a block is solved, all of the coin in those transactions become available for selling on various exchanges. A drop follows, bottoms, then a gradual rise until the next block... all in a downward pattern, but the channel is there. You can watch for new blocks here:
https://cash.coin.dance/blocks
That is very interesting. That block explorer thing is saying the difficulty is 26% of what it was before. I was thinking that the difficulty wouldn't retarget for 2016 blocks which would be a ways away.
Yeah the arbitrage from HitBTC to Bittrex isn't going to work right now. Takes to long.
BCC- how much time does the transfer take? tip!
The last block was over 150 minutes ago for BCC. Transfers are taking forever because the difficulty hasn't re-targeted yet. It won't work to send to Bittrex
Segwit activation should give a small pump maybe to over 3k. Im on the sidelines too
Yeah that is what I'm thinking. My BCC to Bittrex has 3 confirmations now so blocks are starting to go through again. I bought real fast on HitBTC and then resold for a small profit and then I'm wondering if maybe I should just HODL the BTC and stop playing games with the BCC for now and just wait to see if BCC gets power bombed down to $50 or $100 and then scoop a bunch up!
Best not to HODL that shitcoin FIAT
That is very true. I jumped back on the horse and bought the BCC back up! LOL. I have sell orders in at 12.50. Hoping it gets back there. I also have BCC in transit to Bittrex. 11/20 confirmations. I should be one of the first ones on there because I saw them open up deposits real time and jumped right on it. There might be a block or two before me. Then I'm going to sell on there.
I'm a big buyer at BCC $50!
Potentially every BTC holder is a Bitcoin Cash holder, when block times are better we should see an accurate price. It would be funny if Mike Hearn, Gavin Andresson and Amir Takki all started backing Bitcoin Cash. Then we would see the flippening!
I think I will take some action at $100, $50 would be cool too.
Ouch, bought at 0.108 and thought it was a bargain and sent to Bittrex to sell. I am still waiting for it to arive on bittrex. Yeah, I guess I am going to just Hodl my BCC and BTC for now. Good thing I'm too poor to lose enough to really make me feel sorry. Sometimes the fit hits the shan. I shouldn't say how much but I would have been going to Steem fest if the arbitrage had worked like eight times in a row. The least liquid crypto is Steem Power. The most liquid cryptos are Steem and SBD