To everyone who sold rock-bottom priced alts to chase more "free" BCC and overpriced BTC, I just wanted to say "thanks" for the 24 hour 23% gain on my crypto portfolio :)
Seems that the smartest money, however, dumped BTC just a few hours before the fork, thus forfeiting any BCC claims, yet cashing out while BTC was almost 3k a pop, then grabbing up and pumping all the half way decent alts hours before the first BCC was even sold. Those folks were probably stuffing millions of dollars into thier accounts before most of us were even getting up and checking the morning BTC price.
It really makes one wonder about how manufactured the crypto market is. For example: what would keep someone with a lot of resources, social media reach, capital and hashing power, to initiate a so called "user fork" to split BTC, knowing the enticment of free BCC would force everyone to dump thier alts to chase it? Then, what would keep these same folks from dumping huge volumes of BTC right before the fork at or near it's all time high, forfeiting any BCC, perhaps because they already have plenty, and buying up all the low-cost alts while everyone else is waiting in line for BCC, hours away from even being able to think about claiming it, let alone selling it or buying any alts?
Or maybe it's just that smart money knew the best time to sell BTC was right BEFORE the fork, when it was at it's highest. Who cares about getting a speculative coin (BCC) if it means locking up capital that can be used to buy up alt-coins, many of which were at their all time low, and many of which shot up 20-30% in less than 12 hours from hitting that low?
Those that knew to sell BTC before the fork knew that the combined value of BTC and BCC would be priced at just a little more, at best, then what BTC was at it's highest point, which has held true. I anticipate BCC will drop even more once more folks figure out how to claim it and get it to the markets.
So what's the real gain of "free" BCC? None really, because any gain in BCC was wiped out and then some by the opportunity cost of locking up your capital while most alts were at the lowest price they have ever been at or will likely ever be at again. Many of these alts, if not most, gained 15%-30%+ over night. Compared to the few percent +/- of the newly minted BCC/BTC combo it's clear who the winners are.
All i have to say is never has the contriarian view point of investing against the crowd ever rang so true. If everyone is rushing to buy the same boat, that's a dead give away it's the wrong boat to buy.
Maybe It's smoke and mirrors devised by folks with more money and influence then most of us will ever dream of having, folks who stay rich and get richer buy getting you to chase new boats while buying up your old boat at half the price. When these folks get you running for that boat, the one that is half the size of your old boat, and more expensive, but that comes with a free little boat that may or may not float, better stop and think about why you are running.
If you aren't the fastest, most connected, sponsored by Reebok, Adidas and Nike, running marathons in your sleep, power-sprinting, non-stop, baddest jogging ass muther f*er, you better believe that boat's going to be gone by the time you reach it, and your old boat's going to cost you twice the price to buy it back from the a hole that low balled you for it.
Food for thought ;)