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RE: Bitcoin Cash Launched - Stats Up to Now
Why is Bitcoin Cash traded almost $200 higher on Bittrex than on Kraken? It almost seems like all the miners are dumping their Bitcoin for Bitcoin Cash, thereby driving the price up?
Also, how can the market cap suddenly increase by 6-7 billion out of nowhere? Normally it's hard to pinpoint where the value comes from.. but in this case... if nobody ever paid any money for it, how can there suddenly be 6-7 billion?
I see you don't understand how assets work.
Imagine two identical houses, house A and house B.
A person buys both houses for $200.
That person then sells 1 house to someone else for $110. The original person now has $110 and a house worth $110.
Where did the extra $20 come from?
Same deal here with bitcoin.
I understand that much. I can see how something starts at a certain price and then gets traded up. I have more difficulty, however, with the fact that simply forking a coin makes 12 billion dollars worth of value appear out of thin air.
I mean, let's do this a dozen times over if it's that easy? Who would ever start a new coin if forking Bitcoin is this profitable. The value I think is virtual... It does represent a value, but I don't think there are 12 billion worth of US dollars that can be taken out of Bitcoin Cash.
Thats not the reason at all, you cant deposit BCH on the exchanges yet so the prices will obviously be different, this happens with every coin when one exchange has a wallet not functioning etc.
I was just going to ask that exact same question (as your first question). especially usd vs. usdt. Seems there might be a little difference of $60 or so but not 200!
Yeah it's really strange... if you have Bitcoin cash on Bittrex one would be rather tempted to sell it at the high price, then transfer the bitcoin to another exchange and buy back in for the cheap and save the profit.. You'd still have the same amount of bitcoin cash but also some extra
Thats the thing, you cant send it to other exchanges
Bittrex BTC & BCC wallets are currently closed. No deposits or withdrawals are available.
Though, come to think of it, even with a locked BTC wallet you could sell off the BCC, then buy LTC with the BTC you gained, then transfer that to another exchange as a workaround.
Oh wow, yes you are right. Then it will be very interesting to see what happens when the wallets are opened again... will it draw the price on other exchanges up, or will Bittrex drop down to their level instead?
With ETH-BCC active on bittrex there are a mountain of ways to get around any locked BTC or BCC wallets.
Limited liquidity in the bitcoin cash market will make prices react like this. Network is running slow for the regular BTC at the moment it seems, I have unverified transactions at the moment after over 30 minutes. Will be interesting to see what happens with the BCH transaction speeds, if they are faster than the BTC then I see the selloff being in BTC over the next few weeks.
Have a nice day. Wish you make a lot of money