gentlemand
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February 03, 2019, 02:05:21 AM |
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LedgerX!
That's probably the closest equivalent in terms of its touted promise and the freshness of its concept. For quite a while that was wheeled out as the next upcoming hope that was going to 'save' us. Then it was wheeled out. I have literally not heard one mention of it since from anyone.
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Lucius
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February 03, 2019, 10:59:00 AM |
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to be fair when Bakkt was announced the market was in pretty bad shape already. we have been having ETFs rejected left and right by SEC and people were hearing how they are going to approve it and how price is going to rise then BAM they rejected another one ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) so nobody believed in Bakkt either. Overall markets are in a pretty bad condition in the past year, and crypto market is in an extremely pessimistic mood for long time. Investors were expecting high profits, but instead of that price is collapsed from 20k$ to 3k$ in one year, which is undoubtedly caused disappointment and shake most people in crypto community. Given that some still claim that we did not touch the bottom, it is difficult to expect some more optimism - so no matter how big Bakkt can be one day when it is approved, this will not be shown in advance in the market.
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buwaytress
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February 03, 2019, 12:22:22 PM |
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I've always thought it was hugely overrated. For me, two things:
1. Even if institutional money has been interested in Bitcoin, it wouldn't have waited for Bakkt or similar. It's have gone through via PE or just OTC, and that's probably already happened at least since 2017. 2. Even if people thought Bakkt was big, and these same people had any impact on price, then they've already made their sentiments known last year. Their buys would have been in position, hence, all priced in already.
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Bitcoinwaist
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February 03, 2019, 12:59:10 PM |
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yes it is overrated: institutions are not going to get in because they dont hold all the cards, cant be in control and would be at the mercy of existing whales determining the fate of their millions.
no is not overrated: institutions will be buying millions of dollars worth of btc at a time, as compared to up to this point,high school, college and retail have been buying only hundreds/thousands of dollars worth at a time.
just my 2c
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deisik
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February 03, 2019, 01:17:27 PM |
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I've always thought it was hugely overrated. For me, two things:
1. Even if institutional money has been interested in Bitcoin, it wouldn't have waited for Bakkt or similar. It's have gone through via PE or just OTC, and that's probably already happened at least since 2017. 2. Even if people thought Bakkt was big, and these same people had any impact on price, then they've already made their sentiments known last year. Their buys would have been in position, hence, all priced in already I think we can't make such claims yet They are a little premature as the real effect will be seen and felt after the platform starts operating for real. As I've written before, it will trade real bitcoins so its impact on price will be direct via supply and demand. In this way, if there is a lot of volume at Bakkt, the influence on Bitcoin's price will be substantial. And due to this, we won't be able to say if it was really overrated as it could actually turn out that we might in fact have been underestimating it
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xuan87
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February 03, 2019, 01:21:21 PM |
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It could be helping the price to go up, it's not an overrating events, previously there are this kind of event and it makes the price go up, but the market and the situation is different so it could be making the price go up or doesn't has any effect, but many people believe it will give Bitcoin a great boost
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buwaytress
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February 04, 2019, 03:15:58 PM |
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I've always thought it was hugely overrated. For me, two things:
1. Even if institutional money has been interested in Bitcoin, it wouldn't have waited for Bakkt or similar. It's have gone through via PE or just OTC, and that's probably already happened at least since 2017. 2. Even if people thought Bakkt was big, and these same people had any impact on price, then they've already made their sentiments known last year. Their buys would have been in position, hence, all priced in already I think we can't make such claims yet They are a little premature as the real effect will be seen and felt after the platform starts operating for real. As I've written before, it will trade real bitcoins so its impact on price will be direct via supply and demand. In this way, if there is a lot of volume at Bakkt, the influence on Bitcoin's price will be substantial. And due to this, we won't be able to say if it was really overrated as it could actually turn out that we might in fact have been underestimating it Maybe you will end up being right after all. If that happens, I will be the first to look.forward to increased price pressure when Bakkt dips in every now and then to get Bitcoin to settle. Just wary that almost every significant event has long been priced in, as can be seen even from the bch split and halving. In theory, Bakkt launch, halving coming up, this should be causing glut in demand.
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fabiorem
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February 04, 2019, 05:18:33 PM |
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Yes. And the ETFs, too.
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deisik
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February 04, 2019, 05:26:30 PM |
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Just wary that almost every significant event has long been priced in, as can be seen even from the bch split and halving Certain things simply can't be priced in. But I definitely understand what you mean here as exactly this argument had been prevalent on the forum before the 2016 halving. People were telling that the effects of the coming halving had already been priced in and I was telling them that you can't possibly price in future decrease in supply due to halving as it has direct impact on prices (and I was proved right in the end). In other words, to price it in, you should diminish this supply for real and then see what happens to the price That will be your "pricing in"
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thecodebear
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February 05, 2019, 01:49:47 AM |
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I guess it depends how much hype each person puts into BAKKT. I think BAKKT is very important as it is the first time Wall St will actually be offering a real Bitcoin product (not just gambling on the price of bitcoin which is what the two futures markets from dec 2017 were). I think it more represents the first marker in a shift that will pour hundreds of billions of dollars into Bitcoin from Wall St investors. I don't expect a big price rise from when BAKKT finally gets approved or when it finally goes online - firstly because they are gonna be buying off OTC markets anyway so they effect of Wall St will be gradual as it dries up the OTC markets and so OTC sellers have to start buying directly off exchanges eventually, thus skyrocketing the price. Basically I view BAKKT as the first step (or one of the first steps depending on how long it takes until they get approval) of a slow flood of institutional money into Bitcoin that will take up a lot of the supply during the next bull market.
It is important but its more what it represents (the first slow steps of institutional money coming into Bitcoin) that will cause the price to skyrocket over time.
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exstasie
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February 05, 2019, 03:38:51 AM |
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I think BAKKT is very important as it is the first time Wall St will actually be offering a real Bitcoin product (not just gambling on the price of bitcoin which is what the two futures markets from dec 2017 were). People say Wall Street is waiting for custody services like Bakkt before investing, which implies Wall Street doesn't care about "being their own bank" and doesn't mind third party trust. If so, isn't Bitcoin a purely speculative vehicle to them, or in other words just for gambling on the price? What else is it for?
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deisik
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February 05, 2019, 06:11:13 AM |
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I think BAKKT is very important as it is the first time Wall St will actually be offering a real Bitcoin product (not just gambling on the price of bitcoin which is what the two futures markets from dec 2017 were). People say Wall Street is waiting for custody services like Bakkt before investing, which implies Wall Street doesn't care about "being their own bank" and doesn't mind third party trust. If so, isn't Bitcoin a purely speculative vehicle to them, or in other words just for gambling on the price? What else is it for? Wall Street types are die-hard speculators and profiteers Then yes, they don't care about "being their own bank" and I'm utterly curious why everyone can be so deluded about their real intentions. They are vultures that parasitize on something that has real value, though I wouldn't call them just gambling on the price as they don't gamble but suck in money like a cleaner. On the other hand, they may not be very interested in Bitcoin specifically because it is already mostly a vehicle for speculation, so there is not much left in it for them (and they are not going to become next bagholders)
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adaseb
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February 05, 2019, 08:44:52 AM |
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Honestly to tell you the truth I don't even know exactly what Bakkt is.
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
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deisik
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February 05, 2019, 08:57:57 AM |
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There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about I remember those talks And some of them are going on years, for example, about Amazon being ready to accept Bitcoin in the near future, when that "near future" should have come a couple years ago already. But as far as I know, Microsoft had really been accepting Bitcoin directly at their site for some services in the past. Then there were rumors that they disabled this possibility (around the time Steam shut down their Bitcoin operation), but they had been refuted if I'm not mistaken. How things are now with Bitcoin at Microsoft I don't know, though
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buwaytress
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February 05, 2019, 09:03:37 AM |
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Honestly to tell you the truth I don't even know exactly what Bakkt is.
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
Don't worry, I don't think news and rumour require much understanding of the event. Halving? Bitcoin civil war? Exchange hacks? CME/CBOE futures? All of these events seemed to fill speculators with fervour, spawned scores of headlines, and . The main hype about Bakkt and why it's different from other instruments? Regulated trading for accredited traders and a first: futures settled with actual Bitcoin. They got other stuff crammed in the pipeline but that's what everyone's waiting for.
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figmentofmyass
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February 05, 2019, 09:05:00 AM |
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Honestly to tell you the truth I don't even know exactly what Bakkt is.
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
absolutely. even if bakkt will eventually be a major gateway for institutional investment, that'll take a long time (possibly years) to fully materialize. in the meantime, it's just a pump-and-dump news story. assuming this all happens in the next few months---the market will probably rise during the open commenting period, spike on approval, then go back to dumping.
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whiteblue
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February 05, 2019, 09:31:51 AM |
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there are so many events that say that there are a number of important events or good events that don't seem to be able to influence the price of cryptocurrency, so it might be an event like halving which will have an important influence on the price of cryptocurrency.
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arpon11
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February 05, 2019, 10:47:35 AM |
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This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
I think we are not going to see too much price when bakkt start. Like you said it is really over rated and most of the micro investors are putting their hope on that. The main reason why many see it as the event that should see bitcoin soar is because bitcoin is at oversold area and technically something must happen for us to see serious price movement. People are waiting for that technically set up.
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iv4n
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February 05, 2019, 02:29:39 PM |
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This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
I think we are not going to see too much price when bakkt start. Like you said it is really over rated and most of the micro investors are putting their hope on that. The main reason why many see it as the event that should see bitcoin soar is because bitcoin is at oversold area and technically something must happen for us to see serious price movement. People are waiting for that technically set up. It`s marketing, and every kind of marketing is a good marketing, if you ask me, as long as they mention crypto a lot. About Bakkt I can`t say much, they have some idea and all I know that they promise some market break trough, will they achieve that who can say. For now they are letters on paper, with big names written all over. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fblockonomi-9fcd.kxcdn.com%2Fwp-content%2Fuploads%2F2018%2F10%2Fabout-bakkt.jpg&t=665&c=5nJJENMflhu7eA) Don`t they look like some service? For me they don`t have nothing new to offer, I`m doing that for years, long before them.
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ophyrim
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February 05, 2019, 02:44:06 PM |
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This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
Bakkt is very important. Of course, the price will not go to the moon. But this is just a start for institutional investors. This is physical demand which will increase the price of BTC.
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