Bakkt - NYSE/ICE - will it lead to paper hell?

[gentlemand]

https://www.ccn.com/interview-wall-street-vet-warns-of-ice-bringing-bad-banking-practices-to-crypto/

http://www.bitcoin.kn/2018/08/caitlin-long-financialization/

Lots of people got a bone about the Bakkt announcement of a crypto eco system put together by the NYSE among others.

This woman reckons we should be careful what we wish for as it sets the scene for some good old bankster moves. I'm particularly curious about their own second layer that they're talking about but have released very little detail.

One of her points in the audio interview partially negates it in that Bitcoin holders would have to release some actual Bitcoin to these people for them to start fractional reserving, but no doubt plenty of their mates have some to play with.

They've said they're going for 1-1 backing but I'm sure many things started off with the finest of intentions.

What are your thoughts?

[1715471079]

1715471079

[1715471079]

1715471079

[figmentofmyass]

it's inevitable. the foundation is being built as we speak, and there's really no way around it. the banksters have made their choice. they want a piece and they're making their move.

it's always so funny to me (and sad) to see bitcoiners cheering on the institutionalization and financialization of BTC. the same people that cry about fiat money printing want paper markets for BTC, and they want it badly too! because these securities/derivatives---they're all "fully backed." hahaha! too funny......

as long as the public understands the difference between real bitcoins and paper bitcoins, then the spot market should reign supreme (meaning the banksters shouldn't be able to manipulate the market too heavily).

now, with that in mind: does the public understand the difference between real gold and paper gold?

[Wind_FURY]

FUD. "Banksters" are free to build anything they want on top of Bitcoin, scam or not. But Bitcoin does not care! It is immutable, secure, decentralized and censorship resistant. Any "bankster" who would like to "play" with Bitcoin would have to "play" by its rules.

[alaakaazaam]

FUD. "Banksters" are free to build anything they want on top of Bitcoin, scam or not. But Bitcoin does not care! It is immutable, secure, decentralized and censorship resistant. Any "bankster" who would like to "play" with Bitcoin would have to "play" by its rules.

With paper Gold, printing dollars kept gold price stable. With that in mind, printing bitcoin paper should do no harm to bitcoin price, at least til the owner sells it?

[davis196]

FUD. "Banksters" are free to build anything they want on top of Bitcoin, scam or not. But Bitcoin does not care! It is immutable, secure, decentralized and censorship resistant. Any "bankster" who would like to "play" with Bitcoin would have to "play" by its rules.

With paper Gold, printing dollars kept gold price stable. With that in mind, printing bitcoin paper should do no harm to bitcoin price, at least til the owner sells it?

Printing dollars kept the gold price stable?What?One kilogram of gold was worth around 1000 USD back in 1971,now it's worth around 39,000 USD.The gold price isn't stable,the gold VALUE is stable,while the gold price measured in dollars increases,because of the USD printing.There's a difference between value and price.
Anyway,I wish good luck to the Bakkt owners and devs,let's see how this project will impact the crypto world and then make verdicts.

[adaseb]

Bakkt seems like very old news now since BTC almost hit an yearly low and ETH,BCH,XRP all went to new yearly lows.

What I think what happened was this.

The crazy OKEx trader who bought $500,000,000 worth of BTC long contracts most likely was leaked this Bakkt news. So he decided to open a crazy long on high leverage instead of just buying BTC on the spot markets. Because he knew this news might bring us over $10K or even to a brand new high.

However people noticed this huge position, tried to liquidate him and were succesful and caused a huge sell off. Then the news came about Bakkt and nobody cared. And when the ETF delay came it made things worse and even a larger sell-off.