Bakkt

[1Referee]

BAAKT will be exactly how the richy-rich whales, very discretely and very quietly, drain the float on every major exchange.

It may take some time.

But then after that, watch out.

Richy-rich whales are smart. The small fishes that are willing to sell to these whales are not. In that regard, the concentration of wealth in Bitcoin will be extremely high amongst whales, and probably much worse than the already existing inequality in the legacy world. They will not get any of my satoshis.

But then again, this has been happening for years now. Whales continuously see their Bitcoin stack increase, while the rest continuously see their Bitcoin stack decrease because they cash out some of their holdings each time the price appreciates in value.

[sana54210]

BAAKT will be exactly how the richy-rich whales, very discretely and very quietly, drain the float on every major exchange.

It may take some time.

But then after that, watch out.

Richy-rich whales are smart. The small fishes that are willing to sell to these whales are not. In that regard, the concentration of wealth in Bitcoin will be extremely high amongst whales, and probably much worse than the already existing inequality in the legacy world. They will not get any of my satoshis.

But then again, this has been happening for years now. Whales continuously see their Bitcoin stack increase, while the rest continuously see their Bitcoin stack decrease because they cash out some of their holdings each time the price appreciates in value.

We are still the ones gathering this wealth to the whales, we give them power a lot when we sell to them which majority of us have even done unknowingly. I am glad that you are a string investor and you already understand the game plan of the whales to get most of the bitcoin and then use it against the poor people still.

We really need to stop putting our welt into their hands, even if they are richer than us, but they are not wiser than us except we prove otherwise, no matter their riches, if we cannot get our coins into  their hands, there is no way they would be able to manipulate us easily or manipulate the market generally as they have been doing in the time past. September is already here, let’s wait and see the impact of the bakkt on the market.

[seradj0]

If there is something to happens it should already start
not sure if it is the case !!! your thought ?

[Slow death]

If there is something to happens it should already start
not sure if it is the case !!! your thought ?

they fulfilled the first thing:

Bakkt Warehouse Launches Deposits and Withdrawals as Planned

and the price rose to $10900, but didn't have much strength to break the $11000 and fell to $1029.



let's wait and see how the price will react after September 23

[exstasie]

they fulfilled the first thing:

Bakkt Warehouse Launches Deposits and Withdrawals as Planned

The market dumped ($10,950 to $10,250) right after this news came out. "Buy the rumor, sell the news" strikes again! Granted, I think the reasons were more technical.....the mode around $10,800 and this trend line. But the timing was so sweet, I had to mention it.

[Febo]

https://twitter.com/jimbtc/status/940076411817041922


This will happen when BAKKT bring Bitcoin on Wall street. They have no ideas what they put themselves into.

[btc_angela]

they fulfilled the first thing:

Bakkt Warehouse Launches Deposits and Withdrawals as Planned

The market dumped ($10,950 to $10,250) right after this news came out. "Buy the rumor, sell the news" strikes again! Granted, I think the reasons were more technical.....the mode around $10,800 and this trend line. But the timing was so sweet, I had to mention it.

But at least we're glad to hear that it was more of a technical rather that pure manipulation from those so called "whales". So we can still cling and hoping that this good news will boost the price in the next coming days. We are still in the second week of the month, more things will certainly come in the ecosystem. So let see how it will pan out.

[pooya87]

they fulfilled the first thing:

Bakkt Warehouse Launches Deposits and Withdrawals as Planned

The market dumped ($10,950 to $10,250) right after this news came out. "Buy the rumor, sell the news" strikes again! Granted, I think the reasons were more technical.....the mode around $10,800 and this trend line. But the timing was so sweet, I had to mention it.

lol, yeah it was funny and coincidental to see price go down a little after this news instead of shooting up. but there was no connection though. it was just another indication of the panic mode being ON these days since the price didn't break into $11k range some panic began and the price took a dive but since it was panic it recovered back up to $10.5 again.

[Gohs]

 I'm not surprised that BTC dumped after the news. It's just like back in 2017, when CBOE and CME launched BTC started falling all through 2018.
I won't be totally surprised if history repeats itself.

[Lucius]

I'm not surprised that BTC dumped after the news. It's just like back in 2017, when CBOE and CME launched BTC started falling all through 2018.
I won't be totally surprised if history repeats itself.

That news had nothing to do with that dump, do you and some others can start reading that almost identical things have been going on for months. You also mix BTC futures back in 2017, their effect was enormous and it pump price to $20k, with huge media FOMO of course. But it was time after halving, now we are in pre-halving time, and Bakkt can only help to boost price.

History repeats itself, there are some patterns that we can follow through Bitcoin history, but 2020 does not fit that pattern. After long crypto winter and recovery, we are now moving towards a new achievements, price should go up, not down.

[stfN2128]

I'm not surprised that BTC dumped after the news. It's just like back in 2017, when CBOE and CME launched BTC started falling all through 2018.
I won't be totally surprised if history repeats itself.

That news had nothing to do with that dump, do you and some others can start reading that almost identical things have been going on for months. You also mix BTC futures back in 2017, their effect was enormous and it pump price to $20k, with huge media FOMO of course. But it was time after halving, now we are in pre-halving time, and Bakkt can only help to boost price.

History repeats itself, there are some patterns that we can follow through Bitcoin history, but 2020 does not fit that pattern. After long crypto winter and recovery, we are now moving towards a new achievements, price should go up, not down.

Don't forget to mention the fact that bakkt futures are settled by real btc, all the other were only settled by cash. As more traders are trading on bakkt, as more futures bakkt has to hold in their wallet. so it could have an big effect on the price of btc..

[gentlemand]

Don't forget to mention the fact that bakkt futures are settled by real btc, all the other were only settled by cash. As more traders are trading on bakkt, as more futures bakkt has to hold in their wallet. so it could have an big effect on the price of btc..

It goes both ways. It'll be very interesting to see what it does after another bubble pop. Most will want to switch to shorting for dollars in that scenario, that's if they were ever interested in physical BTC in the first place.

[1Referee]

Don't forget to mention the fact that bakkt futures are settled by real btc, all the other were only settled by cash. As more traders are trading on bakkt, as more futures bakkt has to hold in their wallet. so it could have an big effect on the price of btc..

It's at least a good development in the sense that shorters can't short more than there are Bitcoins in the reserves of Bakkt. CME allows anyone with money to short Bitcoin's entire market cap over and over, which isn't possible with Bakkt. Naked shorting is what has destroyed Gold's aspect of scarcity market wise, and for now it's fantastic to have a player as Bakkt on board to counter that.

CBOE leaving the cash settled futures space has done Bitcoin well. Their volumes may not have been super duper high, but less naked shorts is always a plus.

[figmentofmyass]

It's at least a good development in the sense that shorters can't short more than there are Bitcoins in the reserves of Bakkt.

i'm not sure that's true. bakkt isn't allowing leveraged trading (yet) but the ICE and the rest of wall street engages in commingling and rehypothecation practices. this effectively inflates the supply available for shorting---and significantly so. a wall street veteran warned us about what this means:

Singh has recommended that regulators’ financial stability assessments be adjusted to back out “pledged collateral, or the associated reuse of such assets,” but policymakers have not heeded his wise advice.

Dr. Singh estimates that collateral is re-used 2.0 times (as of year-end 2017). This means only one of the three people who think they own a U.S. Treasury bond, for example, actually does own it—namely, the original owner of the bond and the two parties that reused the bond. The brokerage statements of all three people show that they own the bond, so it’s impossible for them to detect that behind the scenes only one bond exists!

that means that eventually, on average, every bitcoin in bakkt's vaults will be re-pledged twice. bakkt's supply would essentially be tripled out of thin air. this is one of the ways wall street suppresses prices.

[hatshepsut93]

Bakkt is just one step on Bitcoin's way of becoming a more established and recognized asset, and I think regardless if it will have a positive or a negative effect on the price, it will be quite small, maybe even unnoticeable in all this crazy volatility that is always here. So, I'm not really hyped about Bakkt and don't track all the news about it. Bitcoin market seem to also stop being so sensitive to all these trading platform news, compared to what we saw last year.

[gentlemand]

that means that eventually, on average, every bitcoin in bakkt's vaults will be re-pledged twice. bakkt's supply would essentially be tripled out of thin air. this is one of the ways wall street suppresses prices.

I seem to remember Bakkt saying something along the lines of 'well, we could do that but, trust us, we won't because that would be uncool.'

That type of attitude really doesn't tend to last very long.

The one thing that BTC has to defend against that that nothing that's gone before it has had is the ability to personally verify it near instantly. I get the feeling that hardly anyone will give a shit if they have dollars dangled in front of them.

[serjent05]

I'm not surprised that BTC dumped after the news. It's just like back in 2017, when CBOE and CME launched BTC started falling all through 2018.
I won't be totally surprised if history repeats itself.

Probably it won't repeat itself.  As far as I know CBOE and CME is cashed settled which means, they do not necessarily need to back up their futures with physical Bitcoin while these Bakkt is physically backed meaning their futures is backed by Bitcoin itself.  So this time around, there is really a demand for Bitcoin unlike the CBOE and CME where they can sell unlimited amount of BTC even though they don't have them.

[davinchi]

This wasn't "buy the rumour, sell the news" tho . I mean it surely looked like it when you look at the prices but it was just pure coincidence . Of course, there is truth in every lie so maybe even if that wasn't the main reason maybe there was some inside this fall.

I am not saying it was because of it by the way, I said it wasn't at the start but maybe just a small part of the fall was due to that? After this starts I am sure there will be a lot more people who will bet on shorting as well and that is a sad reality, the more chances people have making money from bitcoin falling down, the harder it will be for us to go down. You give people to make money easier when they just sell their coins, they will do that instead of risking via buying bitcoin.

[Febo]

It looks Wall street dont like Bitcoin that much. Apparently is not that much interest. Hopefully just yet and not at all.

[mindrust]

It looks Wall street dont like Bitcoin that much. Apparently is not that much interest. Hopefully just yet and not at all.

Bitcoin don't give a fuck. With WallStreet or without, Bitcoin will still do what he knows the best. Shitting on FIAT hodlers.