Disclaimer not financial advice, not an expert. trading Chia, Chia forks or other cryptocurrency is done at your own risk.
Chia forks, what’s the point? Why trade something so utterly valueless? Why bother farming them let alone spend the time to trade them?
That’s easy, it could be worth it.
My observation so far with Chia forks is that experienced traders are not paying close attention to these markets. Understandably trusting your valuable USDT and even more precious coins to these fork exchanges is sub optimal. However for the more aggressive investors the possibility to make a good profit is there. The only thing missing is the volume.
Which I hope to add to all chia forks with this post.
Apart from the larger forks(Chives ,HDD to name 2) trading volumes drop off drastically. However the opportunities within just these forks alone is incredible.
Now I’m not one for letting the CATs out of the bag too early (pardon my pun). However, has anyone heard of arbitrage? Or given value vs market value?
Each of these forks (I’m going to use Chives and HDD as examples) has a series of gains in these aspects; and without going super in depth on how to do this. Which I’ll leave for my on going guide to trading for that. I’m just simply going to put it out there that there’s some money to be made and deals to be had; and I’m going to toss two of them out there for you right now for those that maybe are not paying attention.
It’s about time these forks got a bit of market recognition for doing things well. Hopefully through letting out these secrets we can help these forks gain some worth; through improved marketcaps and added trading volume going forward. Not to mention score you a few extra dollars or even a cheap hdd or two.
Why trade HDD coins?
The bonus about HDD coins at the moment isn’t necessarily about trading it. It’s about buying it and using it in their online store. It’s being accepted at 0.35$usd. It’s trading on forks.green at 0.15$usdt at time of writing this. There is definitely some savings to be had. But even then the gap between the buy and sell orders is often big enough for an intermediate trader to make a little money on the arbitrage especially when the XCH/HDD pairing is worth 0.16$. And USDT/HDD is trading at 0.15$
Chives have the exact same problem.. If you look at the discrepancy between the markets and pairings you can make a decent amount of extra pennies swapping them around. Chives XCC/USDT is currently trading at 0.019$ at time of writing and XCC/XCH is trading at 0.00019 0.024$,
It sounds small 0.01$ but it adds up when you start investing enough. My opinion on the matter is why not take advantage of these discrepancies on the market and take those pennies for yourself. And or grab a few cheap hard drives of of the HDD coin store.
There is enough chia fork trading exchanges to really take advantage. Not to mention the volume is low enough (up until now) and the markets move slow enough for the intermediate traders and expert farmers out there to take a chance at a new strategy. Note, this strategy is not recommended for new traders or general users of cryptocurrency.
That being said It doesn’t hurt anyone by using arbitrage to your advantage. Understandably its a very risky type of investment strategy; but with the price of the coins being so low and the potential value in these coins as altcoins. I don’t see it at a loss for anyone. Snatch up those HDD coins for less than offered value online and spend them at the store.. Lets get HDD coin to 0.35$ by getting bully on hard drives or t-shirts or whatever other new deals offered in the store. And lets also take advantage of the arbitrage opportunities presented by the differences in markets and prices that chives offers and be able to buy a few extra NFTs when their NFT game is launched.
To sum up my opinion on why someone should trade chia forks is because its really good practice for trading chia or other cryptocurrencies. Even just getting used to hitting buy and sell is hard for new traders so getting your feet wet doesn’t hurt. And finally Chia forks give intermediate traders a reason to practice more risky trading strategies and incur minimal losses begore taking those strategies into more profitable coins like chia and bitcoin etc.
Lets all help each other out in the Chia and forks community by getting bully on the spade.
A cryptocurrency is really only as good as its community and there is still a lot we can do as one; to boost ourselves and the coins we support. Trading them should be one.