Is Bakkt really an overrated event?

[jrrsparkles]

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.

Maybe it is just a work keep using by the price manipulators forever? There is some conspiracy throry says the intitutional investors are already started to grab bitcoin with cheap prices so we need to be really holding our coins or it won't gettable to our hands once the prices starts to keep rising when more and more institutional investors are entered.

[wuvdoll]

I do not understand why people have a need to downplay the importance of Bakkt. First of all if you rate bakkt at a level where you think it will change the face of bitcoin then yeah you are overrating bakkt by a large margin. However, the reality is that its another way of buying bitcoin and a new system of delivery and that is always a good thing. Its not a world changing oh my god why wasn't this created sooner type of deal but its still "good" , that's it. Not even great.

Why wouldn't we want a company with hundreds of millions of dollars invested into putting up something like this ? That would only help us, even if it helps the crypto economy to grow 1% that is still a good thing. The overrated and underrated depends on how you rate it but if you rate it too low like it wouldn't even matter then you are wrong but if you rate it like it is the best thing that ever happened then you are wrong too.

[shoreno]

Bakkt is very important. Of course, the price will not go to the moon.

The price did go to the moon before and guess what ?there is no bakkt that time . its just a pure demand from the public.   bakkt is not really important because it is not the only way to help the price recover  although it can somehow help a little if ever it will got accepted  as early as possible .

[exstasie]

Why wouldn't we want a company with hundreds of millions of dollars invested into putting up something like this ? That would only help us, even if it helps the crypto economy to grow 1% that is still a good thing.

Is it possible this growth may come at a cost? Let me throw an idea out there....

The markets with the most liquidity tend to lead price. This is rational because market participants will avoid slippage where possible. So we see things like COMEX gold futures being more influential on price discovery than the spot market. This means institutions using non-collateralized leverage (like shorting gold with USD collateral). It also means central counterparties using omnibus accounts and lending each unit of "backed" assets to multiple parties. That artificially increases circulating supply.

This is all totally normal on Wall Street. Is it good for Bitcoin? No.

[2chase]

Undoubtedly - if the Bakkt platform will be opened and running without any restrictions that could interfere with its work on the part of SEC, this can very positively affect the entire cryptocurrency market. But I think that the SEC can still announce a number of conditions that will limit the capabilities of this platform.

[olumyd]

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?

Problem is we keep depending on alternative financial instruments to help bitcoin and crypto in general gain traction, and I believe that that wasn't the original design for cryptocurrencies (or bitcoin in particular). We may have to focus on more mainstream payment channels and less on derivatives. However, I do think Bakkt is truly overrated, having said that it's all we've got for institution investors at best.

[ololajulo]

Bakkt launch is less spoken about after several postponements. Exchange are also considering some services related to bakkt with fiat to crypto transaction of some top coins. Bakkt should help the adoption rate and volume trade in USA, which could have ripple effect in adoption for other countries but all these delay affecting every part of the crypto space. After the last postponement from Jan 24 due USA shut down nothing had been heard on the launch.

[DeathAngel]

Undoubtedly - if the Bakkt platform will be opened and running without any restrictions that could interfere with its work on the part of SEC, this can very positively affect the entire cryptocurrency market. But I think that the SEC can still announce a number of conditions that will limit the capabilities of this platform.

I haven’t seen an update for ages now, when is BAKKT due to open its doors, so to speak.

[deisik]

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?

Problem is we keep depending on alternative financial instruments to help bitcoin and crypto in general gain traction, and I believe that that wasn't the original design for cryptocurrencies (or bitcoin in particular). We may have to focus on more mainstream payment channels and less on derivatives

But how can it possibly be any other way? It is definitely not like Bitcoin was created yesterday and overnight it is a universally accepted world reserve currency (or "digital gold"). Things simply don't work that way. It is more like one step forward, two steps back (well, maybe, not back but rather sideways, but you get the point). We have to rely on legacy systems, no matter what Bitcoin maximalists or cultists may think or claim to the contrary. This is a given

Even fiat money had been backed up by hard assets (gold in most cases) for centuries

This means institutions using non-collateralized leverage (like shorting gold with USD collateral). It also means central counterparties using omnibus accounts and lending each unit of "backed" assets to multiple parties. That artificially increases circulating supply

I'm not sure I understand what you mean by this. Care to explain?

[exstasie]

This means institutions using non-collateralized leverage (like shorting gold with USD collateral). It also means central counterparties using omnibus accounts and lending each unit of "backed" assets to multiple parties. That artificially increases circulating supply

I'm not sure I understand what you mean by this. Care to explain?

You can short the COMEX Gold market without actually needing to borrow gold and sell it. This means USD and other collateral can be used to push prices down. If COMEX actually leads the spot market due to its superior liquidity, it's a theoretical avenue for manipulating price downward.

On omnibus accounts and related issues: https://www.sec.gov/divisions/investment/allen-bishop-crespigny-fearey-long.pdf

[gabbie2010]

Undoubtedly - if the Bakkt platform will be opened and running without any restrictions that could interfere with its work on the part of SEC, this can very positively affect the entire cryptocurrency market. But I think that the SEC can still announce a number of conditions that will limit the capabilities of this platform.

I haven’t seen an update for ages now, when is BAKKT due to open its doors, so to speak.

The US government shutdown the longest in its history of that coubtry had really affected the launching of bakkt and causes a major delay and setback I hope this issue is resolved as soon as possible and bring things back to normal as expectations for a bullish runs of Cryptos this year is high and not to dash the hope of Cryptos enthusiasts.

[deisik]

This means institutions using non-collateralized leverage (like shorting gold with USD collateral). It also means central counterparties using omnibus accounts and lending each unit of "backed" assets to multiple parties. That artificially increases circulating supply

I'm not sure I understand what you mean by this. Care to explain?

You can short the COMEX Gold market without actually needing to borrow gold and sell it. This means USD and other collateral can be used to push prices down. If COMEX actually leads the spot market due to its superior liquidity, it's a theoretical avenue for manipulating price downward

Well, that was kinda obvious to me

Somehow I thought something more intricate and complicated than that. Moreover, I don't think that gold is very interesting in this regard (I mean when assessing the potential of price manipulation). If we take a look at the market for crude oil, for example, we will see that it is by far more susceptible to manipulation and on entirely different levels at that (e.g. via cartel agreements between major oil producers like SA, other OPEC countries, Russia, etc)

[Oceat]

Bakkt is very important. Of course, the price will not go to the moon.

The price did go to the moon before and guess what ?there is no bakkt that time . its just a pure demand from the public.   bakkt is not really important because it is not the only way to help the price recover  although it can somehow help a little if ever it will got accepted  as early as possible .

I was so excited before if there is bakkt that would change the situation in the market but as long as i've waited too long the longer i feel that bakkt has no need for the changes in the situation of the market. I am not waiting for the ETF and Bakkt anymore since the situation of the market would be the same anyway.

[olumyd]

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?

Problem is we keep depending on alternative financial instruments to help bitcoin and crypto in general gain traction, and I believe that that wasn't the original design for cryptocurrencies (or bitcoin in particular). We may have to focus on more mainstream payment channels and less on derivatives

But how can it possibly be any other way? It is definitely not like Bitcoin was created yesterday and overnight it is a universally accepted world reserve currency (or "digital gold"). Things simply don't work that way. It is more like one step forward, two steps back (well, maybe, not back but rather sideways, but you get the point). We have to rely on legacy systems, no matter what Bitcoin maximalists or cultists may think or claim to the contrary. This is a given

Even fiat money had been backed up by hard assets (gold in most cases) for centuries

Truth is global adoption has gained the necessary traction for the first phase of digital disruption. But I kinda agree with what CZ says in regards to ETFs, with or without crypto is still golden. And I can say the same thing about other crypto.

[2chase]

I am not quite sure whether the current rise in Bitcoin price is related to the fact that Bakkt will be launched in March, but if this happen and the launch will not be transferred again for any reason, then this should lead to a significant increase in Bitcoin price possibly up to level 5000.

[cellard]

It all depends on the demand for Bitcoin, it's as simple as that. If Bakkt, ETF, Fidelity and products like that will allow a ton of investors which have been intimidated by the technological barrier to enter Bitcoin interested in buying, then the pump will be legendary, since Bitcoin is still tiny.

So as soon as all that money that has been on hold to enter comes, ATH will be achieved quickly:

[Pab]

Bakkt will be great.If you want news about Bakkt development you can follow his twitter https://twitter.com/Bakkt

Problem is shutdown and CFTC has not any deadline for Bakkt approval
Bakkt will be global from day one will support big merchants
It will be possible to pay with bitcoin without any fee
But Bakkt has much more to offer
Below best article what i have found about what Bakkt really will be

http://fortune.com/2019/01/14/bakkt-acquisition-consumer-payments/

[exstasie]

It all depends on the demand for Bitcoin, it's as simple as that. If Bakkt, ETF, Fidelity and products like that will allow a ton of investors which have been intimidated by the technological barrier to enter Bitcoin interested in buying, then the pump will be legendary, since Bitcoin is still tiny.

So as soon as all that money that has been on hold to enter comes, ATH will be achieved quickly

That's the eternal question......is there really all this hidden Wall Street demand just waiting for the right regulated security to come along? Are they really intimidated by the technological barrier?

I suspect it's all a bit more organic than that. Bitcoin isn't exactly proven as a reliable asset that can stand alongside gold, physical assets like real estate, etc. It's been around ten years, it's very experimental, serious bugs are still emerging. In due time, we could see Bitcoin exposure in pension funds and the like, but I wouldn't put all the emphasis on Bakkt or any instrument like that. It still may take a lot more time for the type of institutional demand you're suggesting to really develop.

[deisik]

It all depends on the demand for Bitcoin, it's as simple as that. If Bakkt, ETF, Fidelity and products like that will allow a ton of investors which have been intimidated by the technological barrier to enter Bitcoin interested in buying, then the pump will be legendary, since Bitcoin is still tiny.

So as soon as all that money that has been on hold to enter comes, ATH will be achieved quickly

That's the eternal question......is there really all this hidden Wall Street demand just waiting for the right regulated security to come along? Are they really intimidated by the technological barrier?

I think I can explain that thing to you in simple words

As it is definitely not about the technological barrier (whatever you might mean by this) or anything similar. The Wall Street types are wolves and sharks, they won't engage in an activity (read, speculation) unless they will the ones earning profits. But Bitcoin is not their element as there are no futures and options, and all other derivative financial instruments which would allow them to use their sophisticated techniques to strip the regular trading crowd off of its money

Well, technically, there are Bitcoin futures, but I rather mean the market here like gold or crude oil (in terms of trading volume and money circulating). In simple terms, they don't want to be bagholders, and that's a rational decision on their part to stay away from Bitcoin for the time being. They will enter the market after it gets filled with money

[olumyd]

It all depends on the demand for Bitcoin, it's as simple as that. If Bakkt, ETF, Fidelity and products like that will allow a ton of investors which have been intimidated by the technological barrier to enter Bitcoin interested in buying, then the pump will be legendary, since Bitcoin is still tiny.

So as soon as all that money that has been on hold to enter comes, ATH will be achieved quickly:

Hi Cellard, can you share the source of that data. I'd really love to read more on it. As u said earlier, these instruments may be necessary for the next term ATH, but we talking about stability, and long term sustainability. I look at the conventional traditional market, it's awful. It's design is for the top 1% of the 1%, regular guys - like those enriched by the crypto revolution wouldn't survive there. So in the end we need more sustained growth plans and not 'just' derivative instruments.

Ps: couldn't see the referenced double green dots in the image.