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RE: Over 20,000 BTC worth ~$55 Million Short Positions Opened On Bitfinex!
I think it is more trading than hedging. On the first of August, BCC will split off BTC and so will the value. When before the split BTC is 2800 USD and BCC splits off with a value of 400 USD, the theoretical price of BTC will go down to 2400.
Seems like a sure bet in short term (maybe only minutes or hours), but I think very risky for a longer term. When people dump their BCC and the price of BTC rises, money waiting along the sidelines might flow in........
Agreed, it is insanely profitable short term, I was able to day trade BCC for 1 hour and made 1 BTC in profit, was very tempted to keep going but I decided to stop before I would regret it. I'm semi regretting pulling out that early as the price has continued to grow since then.
Part of me is starting to think that BCC will end up gaining some serious traction if it continues to experience massive value growth. I'm inclined to think this way simply because if it becomes valuable enough and can recover from any big dips in price, what reason would there be for people NOT to mine it. If it's performing well, and has good value it would attract people to start mining it.