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/

[1714059202]

1714059202

[1714059202]

1714059202

[1714059202]

1714059202

[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.