What are people's thoughts on Bakkt?

[airdrop291]

Hi All

So soon we are to see BAKKT be approved - let's assume it does, what are people's initial thoughts on it?

Mine are BAkkt will be a slow burner as still very few people know about or even understand crypto in the wider scale of things, if starbucks introduce it to buy a coffee after all approvals etc, I wonder what the take up would be, will it be a few guys that are into computers that use cryptocurrency to buy their drinks, or will it appeal to the wider population!

I feel that it will take off but slowly hence the slow-burner tag, but then with the support of HUGE companies behind it they have the advertising power, knowledge and money to really push it, so I could be wrong

So the question is What are people's thoughts on BAKKT?

Thanks looking forward to a great debate

[1714259601]

1714259601

[1714259601]

1714259601

[franky1]

if indeed it does as it says and offers average joe a easy way to buy/sell ACTUAL BTC and not just contracts/shares ,,,, and also get a cuppa'jo using btc. it will shut up all those "bitcoin is broken because you cant buy coffee with bitcoin" propagandists that just want people to fortknox up btc into LN factories

[kipo]

I think that like always there are those who see advantages in it and those who see only disadvantages and don't believe in its success. As for me personally, I prefer btc and ether

[ngm22585]

Might be the catalyst that we need.

[figmentofmyass]

So soon we are to see BAKKT be approved - let's assume it does, what are people's initial thoughts on it?

i keep seeing this bit about "approval"......does bakkt need CFTC approval to operate? can anyone point me to info about this? i haven't gleaned anything from the articles i've read.

anyway, initial thoughts: no idea what the starbucks angle is. but supposedly bakkt will have physically settled futures markets, and they'll settle daily. so if investors (institutional or otherwise) are waiting for a settlement/custody solution like bakkt before investing in bitcoin---and that's a big "if"---then this could be a big deal. because the contracts are physically settled, it should have real effects on the spot market (unlike cash settled futures).

[franky1]

What would Bcashes response be? The entire reason that shitcoin was forked was to be able to make tiny purchases like coffee with BTC directly, while nobody is accepting their shitcoin for a coffee anyway.

no clue. ask them
though calling them bcash wont get your answer answered as thats just you poking the bear with a stick just wanting to see them bite.. (old lame tactic of social drama creation) rather than feeding them a question and hoping for them to respond

also they didnt create their altcoin. the whole follow core or else get banned caused bitcoin cash to become a reality.

but for me personally. i beleive though bakkt may start with btc.. (like coinbase did) they could diverse into other alts. so i could see litecoin, bitcoincash, ethereum trying to jump on the band wagon and bakkt adds other coins later. so things could change for bakkt later and i suppose those in bitcoin cash will just say "give it time"

the reason i dont call bitcoin cash bcash. is i can stand outside all the social kardashian drama and see all the game play occuring. bitcoin cash is a separate network and does not affect/attack btc. so i have no emotion to fear bitcoin cash to need to attack it.
bitcoin cash is just clams 2.0 or nxt.. (just another coin out of thousands). so no need to get emotional about it

[figmentofmyass]

if indeed it does as it says and offers average joe a easy way to buy/sell ACTUAL BTC and not just contracts/shares ,,,, and also get a cuppa'jo using btc. it will shut up all those "bitcoin is broken because you cant buy coffee with bitcoin" propagandists that just want people to fortknox up btc into LN factories

but isn't bakkt like any other trusted custodial platform? buying coffee through bakkt is just using a trusted off-chain platform, isn't it? coins will be held in bakkt's custody, like any depository bank. right? that doesn't seem better than LN to me.

also, i thought they were offering futures markets---contracts. the contracts are supposed to settle in coins, but some worry that if bakkt is run like the ICE and other wall street exchanges, that this will lead to fractional reserve practices:

Caitlin Long, who spent more than two decades on Wall Street and co-founded the Wyoming Blockchain Coalition, said that she was partially-pleased by Loeffler’s post, which answered some questions that she and others had been asking about ICE’s handling of bitcoin, specifically about explicit leverage and margin trading.

However, she noted that the post was silent on what she calls “hidden leverage,” through which institutions commingle and rehypothecate different types of collateral (bitcoins, physical USD, securities, etc.), which involves substituting them for one another on their balance sheet as well as allow multiple parties to declare ownership of the same asset on their financial statements.

These practices, Long says, are standard on Wall Street and could serve to taint bitcoin’s fixed currency supply with elements of the wider financial system, which relies on fractional-reserve banking.

https://finance.yahoo.com/news/nyse-owner-bitcoin-market-may-205553702.html

[franky1]

bakkt is not like etf
an etf is where all people get to own is a share/certificate/contract

bakkt is a hybrid exchange like a coinbase/NYSE scheme. but where you can actually get coins out.
yes its like coinbase but with more to offer.
no its not like LN

bakkt offers many trade options. not just futures... but like i said "if it does as it says" then it will make things more open with different options than coinbase offers.

bakkt is actually offering real bitcoin.
how futures work is imagine bitcoin is now $6400 but you cant afford to buy 10btc this month. but know in 12 months you could have $70k but worry the price per btc would be $12k in 12 months($120k for 10btc).
you put in a futures offer of $70k for 10btc in 12 months.
thus locking in your order to get 10btc in 12 months time no matter happens in 12 months.
you then pay in $70k before the close. and bam. you get out your 10btc

..
yea bakkt bought 10btc at $6,400
yea bakkt done some shorts and longs using the 10btc during the 12 months
yea you cant touch your 10btc in that time.
but in 12 months you got 10btc for $70k and the price of btc in 12 months might actually be $120k for 10btc

[airdrop291]

BAKKT has now been given a go live date of 12/12/18 and i've been reading that there are many other companies just waiting to sign up.

These are really exciting times for cryptocurrency

[darkangel11]

I like the idea of BAKKT. It approaches that typical overworked person who doesn't have much free time and thinks about investments before going to bed. People are always falling asleep telling themselves what they need to do and what they should be doing, but the next day they wake up, have a coffee and go to work, like every other day.
What if that person could take care of finances while drinking a cup and reading a newspaper? The times where clients were standing in lines in front of your business are ending (even for Apple). Now you have to go to the customer and make it as easy and convenient for him as you can.

[Marcel666]

I am still doing research and learning more about BAKKT, and this thread has been very educative.
If it does what it does, I believe it would appeal to the common man who wishes to invest in bitcoin.
That's of course, if it does what it says.

[kryptqnick]

if indeed it does as it says and offers average joe a easy way to buy/sell ACTUAL BTC and not just contracts/shares ,,,, and also get a cuppa'jo using btc. it will shut up all those "bitcoin is broken because you cant buy coffee with bitcoin" propagandists that just want people to fortknox up btc into LN factories

Yeah, it woud be nice to have a regulated way of obtaining and selling bitcoins, but the news I see are not very promising. For instance, cointelegraph published an article that New York Stock Exchange company will launch bitcoin futures on Bakkt platform. It really disturbs me that Bakkt is just something I never heard of, and everything I see about Bakkt is maximum 1.5 months old.. It's as if it appeared our of nowhere and that looks suspicious. Some also talk about Bakkt ETF approval, but if the previous applications were rejected, I see no reason to believe that this time it will be different. Finally, the biggest problem I see here is the talk of a stock exchange (bitcoin is not stock!) and futures (which can sell real btc, but on unreal prices that people agreed upon in advance).

[ranman09]

if indeed it does as it says and offers average joe a easy way to buy/sell ACTUAL BTC and not just contracts/shares ,,,, and also get a cuppa'jo using btc. it will shut up all those "bitcoin is broken because you cant buy coffee with bitcoin" propagandists that just want people to fortknox up btc into LN factories

Agreed it will open up new possibilities for the public. Either to join or participate in bitcoin. I can see now that bitcoin will go up. LOL who knows anything can happen.

[figmentofmyass]

bakkt is not like etf
an etf is where all people get to own is a share/certificate/contract

bakkt is a hybrid exchange like a coinbase/NYSE scheme. but where you can actually get coins out.
yes its like coinbase but with more to offer.
no its not like LN

bakkt offers many trade options. not just futures... but like i said "if it does as it says" then it will make things more open with different options than coinbase offers.

what else is on offer besides futures contracts? that's all i've read about, and i'm pretty sure it's the only thing planned for the december launch. that's generally what the intercontinental exchange offers: futures, options, derivative contracts.

yes, you can actually get coins out. but with bakkt, fractional reserve practices are not only possible but likely, as pointed out above.

that's the #1 reason it's "not like LN": it requires custodial trust and allows fractional reserve. bakkt will probably bring the worst of wall street to the bitcoin markets.

[franky1]

bakkt is not like etf
an etf is where all people get to own is a share/certificate/contract

bakkt is a hybrid exchange like a coinbase/NYSE scheme. but where you can actually get coins out.
yes its like coinbase but with more to offer.
no its not like LN

bakkt offers many trade options. not just futures... but like i said "if it does as it says" then it will make things more open with different options than coinbase offers.

what else is on offer besides futures contracts? that's all i've read about, and i'm pretty sure it's the only thing planned for the december launch. that's generally what the intercontinental exchange offers: futures, options, derivative contracts.

yes, you can actually get coins out. but with bakkt, fractional reserve practices are not only possible but likely, as pointed out above.

that's the #1 reason it's "not like LN": it requires custodial trust and allows fractional reserve. bakkt will probably bring the worst of wall street to the bitcoin markets.

there are different types of "futures". some exchanges are just gambling sites where people gamble on future prices and they just get +/- fiat out if they were right or wrong. (futures derivatives contracts) where no actual asset was purchased.
but. in bakkts case the futures contract actually has to buy the bitcoin, hold it. and give it to the contractee at the end date.

as for trying to compare it to LN. that is a mega laugh.. they are 2 different kettles of fish
LN is about locking YOUR funds into a fortknox. and then play around with 12 decimal IOU promissory notes that are meant to represent what got locked. you are then suppose to spend your IOU or let others loop through you and they spend some of your IOU in one of your exit accounts(channels). and at the end of it. you can request(requiring someone elses signature) to get whatever remains out of the fortknox and back in your 100% sole possession.
remember. 99% of people are consumers not producers(merchants) so 99% of people leave LN with less than they put in

think about it like the current banking system, you put your salary in. but end up spending it and having less when days/weeks later.
LN is just a banking system for consumers to spend

BAKKT is a way to invest more easily that having to need brokers and portfolio managers.
yes its not a decentralised exchange. no one denies that. but its aimed at allowing normal average joe access to investing that is normally (in etf cases) reserved for only accredited market traders

me personally though. im happy just hoarding my coins on legacy bitcoin addresses

[kamBlanV]

I think BAKKT has a very good development, being a part of the platform to pay for a coffee from Starbucks is a good thing.

so, I predict that BAKKT will have many features to serve every customer's needs, and open every business partnership.

[franky1]

I think BAKKT has a very good development, being a part of the platform to pay for a coffee from Starbucks is a good thing.

so, I predict that BAKKT will have many features to serve every customer's needs, and open every business partnership.

its nt just going to be to pay for coffee.. thats just an example
thats like saying applepay is just used to pay for itunes(facepalm)

sorry but starbucks involvement would become like a 'coffeepay' or 'starpay' where you can use it elsewhere too.. like applepay does
same goes for microsoft. it wont be used just for microsoft products
though starbucks/microsoft will first use/test it on their own marketplaces first before expanding to general retailers (like apple did)

[Cajor]

Bakkt has shown a lot of promises and it has a lot of potential. If it manages to gain the green signal, it will be great news for the cryto world. But, a lot is standing on the ifs and when, so it is till early to hope so much. We can only wait and watch for now.

[MarcoMayer]

Bakkt will have a positive effect on the crypto market because anything that will bring more investments and volume into the crypto market, will definitely help in its growning. And i think at the moment market is definitely looking for some big volumes to be back.

[Audrina Harvey]

There's nothing to debate about. If you think bakkt is the perfect platform for you to run your crypto, then it's fine. Bakkt is actually offering some wonderful facilities and the services are also good. It's totally now on your own convenience.