Bakkt delays their launch

[bbc.reporter]

Might Bakkt's delay also responsible for the dump? This is very dubious timing hehehe. The whales begun dumping 1 week before Bakkt's announcement of the delay.

I speculate Bakkt might have further delays than their new January target.



Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1. As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch.”

“Second, as we collaborate to help develop this asset class, we are taking opportunities in our start-up phase to expand our offering. We’ll share more about some of these new features in the coming weeks but as a start, I’m pleased to announce that we have insurance for bitcoin in cold storage and are in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture. We are focused on every aspect of delivering an institutional grade crypto warehouse solution and believe this is a significant step in building confidence in this asset class.

Read in fullhttps://abacusjournal.com/breaking-bakkt-moves-back-bakkt-announces-delayed-launch-january-24th-2019-targeted/

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[pooya87]

or maybe the dump was the reason for the delay?

they may be aware of the hype they have created and want to see the price rise. if something like that is released during a downtrend it can not change anything but if it is released during a rise or when the market is getting ready for the rise (like when it was stable at $6k+) release of it can lead to a rally...

[exstasie]

or maybe the dump was the reason for the delay?

I believe so. If they launch into a bear market like this, they're going to see low interest and low volumes at launch.

Either that, or they're running into regulatory hurdles. This isn't a self-certification like the cash-settled stuff last year. Maybe the CFTC is making things difficult.

[davis196]

Every big and complex project get's into delays and issues.Bakkt is no different than any other big project.
Anyway,if the Bakkt dev team is serious enough,they would lauch the project in a bearish market.This would show the people,that they are confident enough and don't care about price fluctuations.

[Slow death]

Might Bakkt's delay also responsible for the dump?

I believe that they are do not responsible for the dump. But bitcoin cash war can be responsible, another factor being the lack of demand and the lack of good news. when I speak of good news I mean concrete news. If we notice, this year the news is always rumored or something that still depends on regulation. For example last year, when futures were announced, they said the day they would be released and exactly that day we saw the future being launched. But this year things are different, we've seen a lot of things being said and when the promised day comes, they back off or postpone it... it made people stop believing in the good news.

This is very dubious timing hehehe. The whales begun dumping 1 week before Bakkt's announcement of the delay.

That's why I believe the reason for this dump being caused by the bitcoin cash war. Some people insist on spreading news that Bitcoin  Cash SV is closer to the original BTC, but the original bitcoin is BTC we are using. But for people who are not research properly they prefer to leave cryptos because they are not understanding anything. Imagine a guy who calls himself satoshi nakamoto and starts making lots of accusations that bitcoin is not bitcoin and say that his recent altcoin is bitcoin and making threats on twitter, it scares people

I speculate Bakkt might have further delays than their new January target.

may be possible because they are still waiting for regulatory approval

[sorrysteve1]

or maybe the dump was the reason for the delay?

they may be aware of the hype they have created and want to see the price rise. if something like that is released during a downtrend it can not change anything but if it is released during a rise or when the market is getting ready for the rise (like when it was stable at $6k+) release of it can lead to a rally...

This seems more likely, they're smart people over there. They understand that in the current market there will be little demand for their services but if they can wait a few extra months they might hit a more positive market. Of course the additional time to prepare will come in handy also.

[bbc.reporter]

or maybe the dump was the reason for the delay?

they may be aware of the hype they have created and want to see the price rise. if something like that is released during a downtrend it can not change anything but if it is released during a rise or when the market is getting ready for the rise (like when it was stable at $6k+) release of it can lead to a rally...

Agreed hehehe. That might also be the reason, however it appears that Bakkt's people also know that their announcement, when made today will not help pump bitcoin to $6000

They might be waiting for a more stable market condition, which might have also caused traders who are closely following Bakkt's moves to dump.

[el kaka22]

I doubt it was about this bitcoin price deals going on, I am sure they are definitely happy that they delayed their launch after seeing this but you should know that these type of huge companies and huge deals usually decide these kinds of things very early on and they talk about it in their meetings and so forth before they let the public know. So, this was probably already decided when the price dropped significantly, it wasn't because of it but definitely did helped them out a lot.

I think the main reason for all of this is that they didn't expected this much attention and this much workload so when they got all this customers and workload they realized they can't meet a deadline and when you miss something out and do something wrong in finance world the penalties are really high so they decided to postpone it until they feel like they are fully ready for it.

[Koadharber]

or maybe the dump was the reason for the delay?

they may be aware of the hype they have created and want to see the price rise. if something like that is released during a downtrend it can not change anything but if it is released during a rise or when the market is getting ready for the rise (like when it was stable at $6k+) release of it can lead to a rally...

That might be also the reversed thing where they do make delay because of the sudden dump or current market condition.
They moved out on first month of 2019 and we wont even be sure if that would be the real launch or it would move out on other schedule if the wont see any significant
changes on the market condition. 

[okala]

This might push price further down and it might affect the market negatively as I don't think there is any reason why bitcoin and altcoins should recover this year again.  Trading is an act and you have to used to it because of the manipulation involved.  I think manipulations is going on and the whales must have had about this situation and dump bitcoin hard.

[cryptocrusher]

It's probably a combination between development delays and optimum timing for business strategy. If the market was perfect for a launch currently you could be sure they'd be pushing their devs a lot harder to hit their initial target but given the market slump they're probably quite happy to allow them some extra slack and time to make sure that the platform is perfectly constructed and that from their point of view will hopefully coincide with a better market situation.

[cellard]

This could possibly be great new for insiders.. a nice short opportunity was definitely there if you knew the news before they hit the websites, but im still not convinced about this being an orchestrated thing involving the dumping. It could very well be bureaucracy being too much of a pain in the ass which has forced them to delay the thing once again.

I was looking for a $8500 ish bounce for christmas to new years eve, but not it may as well be delayed for Q1 2019.

[WatchMaker]

Yeah, I think Bakkt launch is the major reason behind the massive dump we are witnessing right now not the hash wars or SEC actions on cryptocurrencies. Bitcoin whales all over the world are dumping their coins in other to buy cheaper coins later from the hands of panic sellers.

[bbc.reporter]

This could possibly be great new for insiders.. a nice short opportunity was definitely there if you knew the news before they hit the websites, but im still not convinced about this being an orchestrated thing involving the dumping. It could very well be bureaucracy being too much of a pain in the ass which has forced them to delay the thing once again.

I was looking for a $8500 ish bounce for christmas to new years eve, but not it may as well be delayed for Q1 2019.

However it might be delayed once again hehehe.

What did I tell everyone 1 month ago? I reckon there are some regulators who would do everything to drag this for as long as they can.

Read the news https://www.coindesk.com/launch-of-bakkt-bitcoin-futures-market-may-get-postponed-again

[TravelMug]

This could possibly be great new for insiders.. a nice short opportunity was definitely there if you knew the news before they hit the websites, but im still not convinced about this being an orchestrated thing involving the dumping. It could very well be bureaucracy being too much of a pain in the ass which has forced them to delay the thing once again.

I was looking for a $8500 ish bounce for christmas to new years eve, but not it may as well be delayed for Q1 2019.

However it might be delayed once again hehehe.

What did I tell everyone 1 month ago? I reckon there are some regulators who would do everything to drag this for as long as they can.

Read the news https://www.coindesk.com/launch-of-bakkt-bitcoin-futures-market-may-get-postponed-again

Yup, I already read the news couple of days ago about the potential of another delay. Seriously though I think someone from behind is really pulling some strings here so drag down the market again.

I think the possible delay is the cause of the recent dump from $4000-$3800 but it looks like the market has recovered back to $4000 again. So let's see if this is confirmed by Bakkt, maybe just a couple of days prior to the re-launch date and I'm sure that it will drastically affect the market price again.

[kryptqnick]

These postponings remind me of how ETF approval decisions were postponed before.. I just hope the project won't dump us altogether, 'cause it's among few positive things on the market. It's fine if they decide to launch it later, it just has to be well-prepared, without significant bugs and other potential issues. I think that Bakkt is a good project. Unlike previous proposals about contracts, it will actually allow to exchange bitcoin, so many new investors will be able to come to the market and support is definitely what we need now. This could bring the prices back up IMO, and that is worth waiting for.

[BitHodler]

These postponings remind me of how ETF approval decisions were postponed before.. I just hope the project won't dump us altogether, 'cause it's among few positive things on the market.

If the price happens to tank based on these events, it means money has entered for the wrong reasons and it should exit again. There are too many get rich quick rookies here and they don't contribute to anything of value.

I honestly don't consider anything to be a positive contributor until it actually proves to be so, and thus far none of the speculation around the different ETFs, nor the futures have done anything for us.

I just wish that both Bakkt and Vaneck didn't constantly bring up how close they are while in reality nothing has changed at all. The fact is still that neither of them has an approval, nor does it look like they will be getting it any time soon.

[bbc.reporter]

I predict that there might be no ETF approved until the 2nd half of 2019. It might be approved on October or November then scheduled for a December 2019 launch.

[gentlemand]

I predict that there might be no ETF approved until the 2nd half of 2019. It might be approved on October or November then scheduled for a December 2019 launch.

What makes you think any ETF will be approved this time around? I'm 99% convinced any application is toast for the foreseeable future. There's going to have to be a vast amount of change for the SEC to consider it. Nothing in essence has changed since the first Winklevoss denial and SEC staff have been getting ever louder about why they're not keen.

There'll have to be a new generation of applications a long way down the line.  

[Juggy777]

These postponings remind me of how ETF approval decisions were postponed before.. I just hope the project won't dump us altogether, 'cause it's among few positive things on the market. It's fine if they decide to launch it later, it just has to be well-prepared, without significant bugs and other potential issues. I think that Bakkt is a good project. Unlike previous proposals about contracts, it will actually allow to exchange bitcoin, so many new investors will be able to come to the market and support is definitely what we need now. This could bring the prices back up IMO, and that is worth waiting for.

Hey Bakkt is in the final stages of getting approvals, however since it's vacation time their approval is likely to be delayed by few days. They'll be missing their own deadline of 24th January 2019, and a new estimate deadline is 30th January 2019 provided they get their approvals in time. On the other hand there's no clarity if bitcoins etf will get approvals come February end, we'll have to wait and watch. While I'm excited Bakkt launch shall play it's part in increasing prices, i do hope people come in for the technology too.

[pooya87]

I predict that there might be no ETF approved until the 2nd half of 2019. It might be approved on October or November then scheduled for a December 2019 launch.

unless you think there is going to be strict bitcoin regulations in US and more compliant exchanges that work with 3 letter US agencies then i don't see SEC approving any ETFs anytime soon. as gentle said above, bitcoin is still the same bitcoin as it was back when they rejected the first bitcoin ETF proposal. if they accept an ETF at this point then it means 90% of the reasons they listed for rejecting that were lies!

[exstasie]

I predict that there might be no ETF approved until the 2nd half of 2019. It might be approved on October or November then scheduled for a December 2019 launch.

What makes you think any ETF will be approved this time around? I'm 99% convinced any application is toast for the foreseeable future. There's going to have to be a vast amount of change for the SEC to consider it. Nothing in essence has changed since the first Winklevoss denial and SEC staff have been getting ever louder about why they're not keen.

There'll have to be a new generation of applications a long way down the line.  

I tend to agree. It could take several years and there might be a whole new set of commissioners by the time it happens. People around here don't realize that it can take several years for an ETF to get approved in the U.S. even with regular everyday commodities. With that in mind, Bitcoin is a whole new asset class they can barely wrap their head around.

Under the best of circumstances, my guess is 2021. It'd be great if it lined up with the next bubble.

[adaseb]

The issues with the ETF are serious however and most don't take the time to understand them.

Right now, it doesn't take much to move the market one way or another. There are easy ways of manipulating certain markets like ETH or BTC with little buying/selling power.

If they approved an ETF, and everybody bought into it with their 401K and life savings. Then some whale decided to go 100x on Bitmex and cause a huge 20%-50% over the course of a week or two. Many people would be upset and they would complain to the SEC about price manipulation.

Only ETF I can see getting approved anytime soon was that one that required a min. purchase of $25K or so which only was meant for institutionals and not retail traders.

[GregH37]

I predict that there might be no ETF approved until the 2nd half of 2019. It might be approved on October or November then scheduled for a December 2019 launch.

unless you think there is going to be strict bitcoin regulations in US and more compliant exchanges that work with 3 letter US agencies then i don't see SEC approving any ETFs anytime soon. as gentle said above, bitcoin is still the same bitcoin as it was back when they rejected the first bitcoin ETF proposal. if they accept an ETF at this point then it means 90% of the reasons they listed for rejecting that were lies!

I doubt Bakkt would open up their doors just yet before SEC gives out a ruling. As soon as SEC decides that ETF is allowed they will start but before that it would be really reckless to start their own ETF without a real decision made from the part of the government that could really give them a penalty they could not afford even if they profit for a whole year.

Hence instead of risking a penalty or something worse they will wait out the SEC and move accordingly. That's at least the smart thing to do but I don't know what they will do, maybe they will move before SEC to get the bulk of the investors early on so they don't have to try to get market share they will have to not lose market share and believe me not losing market share is easier than getting market share.

[figmentofmyass]

I doubt Bakkt would open up their doors just yet before SEC gives out a ruling. As soon as SEC decides that ETF is allowed they will start but before that it would be really reckless to start their own ETF without a real decision made from the part of the government that could really give them a penalty they could not afford even if they profit for a whole year.

bakkt has nothing to do with an ETF. they're launching products like futures contracts, which are regulated by the CFTC and not the SEC. if anything, bakkt is hoping the ETF gets denied so they have less competition in the physically backed derivatives market.

i'm guessing we'll see bakkt launch in february or march, and the ETF will be denied.

[arpon11]

I hope bakkt is not turning to another ETF? Keep postponing in other to create panic and dumping of the market!  The micro investors are the one suffering from this manipulations and games.  However,  this is a sign that ETF and bakkt will become things of the past and the whales will bring another ways of influencing the market.  I could remember when nor farming pay roll was used to move usd/gob to upwards movement or downwards movements but now thing has changed and forex don't reacting to some of news  like before.

[Wind_FURY]

I hope bakkt is not turning to another ETF? Keep postponing in other to create panic and dumping of the market!

Yes, thanks to the whalecummulators, they will keep it up for as long as they want.

The micro investors are the one suffering from this manipulations and games.

Hahaha. Also known as the "plebs".

However,  this is a sign that ETF and bakkt will become things of the past and the whales will bring another ways of influencing the market.

Only if the whalecummulators have made enough from the plebs' stupidity.

What to do? Buy the dip, and hold, especially while Bitcoin's price is this low. Frustrate them.

[BrewMaster]

I hope bakkt is not turning to another ETF? Keep postponing in other to create panic and dumping of the market!

Yes, thanks to the whalecummulators, they will keep it up for as long as they want.

this has always been a big plague that bitcoin has been struggling with for years now. and the worst part of it is the repetition of the same exact trend over and over again!
it is basically a re-distribution of bitcoin from whales pockets to other traders pocket but only IF the rest of the market stops being so chicken about it and start accumulating at cheap prices instead of panic selling.
but many don't seem to want to learn and keep on making the same mistakes of selling cheap at the bottom instead!

[bbc.reporter]

I predict that there might be no ETF approved until the 2nd half of 2019. It might be approved on October or November then scheduled for a December 2019 launch.

What makes you think any ETF will be approved this time around? I'm 99% convinced any application is toast for the foreseeable future. There's going to have to be a vast amount of change for the SEC to consider it. Nothing in essence has changed since the first Winklevoss denial and SEC staff have been getting ever louder about why they're not keen.

There'll have to be a new generation of applications a long way down the line.  

I reckon the corrupt system, made of politicians and their monarchs in the banking system, will be looking for another investment scam similar to what they made that caused the housing bubble.

I speculate that there will also be an Ethereum ETF which would appear that the regulators who approved it do not care if the project behind it is working or not.