Yes. Price and market cap mean nothing when there is not sufficient liquidity. There was literally a 60% price spread between exchanges yesterday because arbitraging is incredibly difficult/impossible.
If arbitraging is impossible, can we really call it a single market? If I can’t seek exchange A’s BCH on exchange B, and vice versa, aren’t we actually dealing with two instruments, rather than one? Looks to me like multiple different BCH IOU markets currently exist: one for each exchange.
This really has nothing to do with the Bitcoin Cash blockchain, since there’s no connection between it and the tickers on the exchanges (you can’t convert one to the other).
An analogy would be ten different commodity exchanges who all trade “steel” instruments, but neither allow you to either sell “steel” instruments and receive actual steel, or deposit actual steel and receive “steel” instruments. In this case, can we really say these exchanges are trading steel? Why would their steel prices ever reflect the actual price of steel, when the two markets are not connected in any way?
This really has nothing to do with the Bitcoin Cash blockchain, since there’s no connection between it and the tickers on the exchanges (you can’t convert one to the other).
An analogy would be ten different commodity exchanges who all trade “steel” instruments, but neither allow you to either sell “steel” instruments and receive actual steel, or deposit actual steel and receive “steel” instruments. In this case, can we really say these exchanges are trading steel? Why would their steel prices ever reflect the actual price of steel, when the two markets are not connected in any way?