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Author Topic: How did the Bakkt launch go? Quick recap  (Read 193 times)
Pipdips
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October 03, 2019, 07:01:34 PM
 #1

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened?

How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?
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October 04, 2019, 02:09:21 AM
Merited by dbshck (2)
 #2

It flopped, signaling that retail investors might not be too interested in Bitcoin after all, contrary to past reports. Binance and JPMorgan both think that the flop was a contributing factor towards the price drop.

Both Bakkt and the market got rekkt, and I doubt either party wanted this outcome.

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October 04, 2019, 02:36:39 AM
 #3

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened? How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?


Sadly, the Bakkt launch became the biggest contributing factor to the recent and still continuing dip of Bitcoin. Or to be specific, it is the fact that Bakkt failed to get the expected volume of transactions which many assumed can be an avalanche but turned to be a dud. It tanked. It bombed. And then it pushed Bitcoin downward.

I read in this article, that there seems to be a similarity with what happened to the IPO launch of Facebook back in 2012 where we saw that days after the said event the value nose-dived significantly losing as much as 50% of its value but right now things are going right.

In other words, there can still be a hope for Bakkt and maybe what we are seeing now are just birth pains and that they can eventually avoid the fate of the Bitcoin futures. Otherwise, this can mean that the market is not really that ready for a platform like Bakkt...maybe we can say right platform, right product but introduced at the wrong section of history.

 
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October 04, 2019, 08:26:24 AM
 #4

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened?

How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?
It didn't really bring out the benefits it would have when it released. Many were disappointed with the results when Bakkt launched since they expected a price pump on bitcoin. It went the other way. A lot of people were hyped about the Bakkt launch and when the launch started, the same amount of people were disappointed. Bakkt got rekt, and not really their fault but the market also got rekt. Big time.

 
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October 04, 2019, 08:36:24 AM
Merited by magneto (1)
 #5

They launched at the wrong time.

Most institutional investors are getting increasingly jittery about the world economy and are sitting in cash. They don't want to take any risks at all.

Bitcoin and crypto is inherently risky, so the time to launch these types of things is during a bull market when people are feeling optimistic and eager to try new things and take some risks.

 
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October 04, 2019, 11:09:19 AM
 #6

In other words, there can still be a hope for Bakkt and maybe what we are seeing now are just birth pains and that they can eventually avoid the fate of the Bitcoin futures. Otherwise, this can mean that the market is not really that ready for a platform like Bakkt...maybe we can say right platform, right product but introduced at the wrong section of history.

Smart investor obviously knows how to avoid getting busted by the market. It's clear that because the previous anticipation of Bakkt are so high, the market are likely going to move in another direction. It's quite understandable because lots of people would've buy Bitcoin before the announcement instead of buying it after that.

Let's see where we will go with this Bakkt thing. I still believe even without Bakkt we will get a new ATH.
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October 04, 2019, 11:23:36 AM
 #7

It flopped, signaling that retail investors might not be too interested in Bitcoin after all, contrary to past reports. Binance and JPMorgan both think that the flop was a contributing factor towards the price drop.

Both Bakkt and the market got rekkt, and I doubt either party wanted this outcome.

It did not flop. People had unrealistic expectations and it was over hyped by the media. If you knew how institutional investors trade, then you would understand why it had a slow start.

Remember, previous Bitcoin Futures offerings was cash settled and investors love cash settled future contracts, so they did extremely well when they were launched.

Bakkt offered asset settled Futures and it is not something that institutional investors normally like to invest in. To make things more complicated, Bitcoin is not something physical and it is so complex that nobody understands it. Would you invest Billions into something that you do not understand?

Give it time, it will grow slowly at first.  Grin

 
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October 04, 2019, 12:23:20 PM
 #8

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened?

How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?

Bakkt is only for institution .There is slowly growing volume on Bakkt. In a case of Bakkt i am much more interested in his merchant program than his futures.Futures are yet another futures at least it is not paper futures but service for institution interested in earning bitcoin.But his merchant program can serve bitcoin adoption
That is what we really need

 
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October 04, 2019, 01:13:32 PM
 #9

It flopped, signaling that retail investors might not be too interested in Bitcoin after all, contrary to past reports.
Most importantly, big retail investors like hedge funds and others that might have been very interested in bitcoin futures dont seem to be rushing to buy them.  After seeing the first few days of Bakkt's performance I was quite shocked, because I figured this was exactly what they wanted.  My assumption had been that Bakkt would not have launched if the demand for the service wasn't there. 

On the other hand, it might be far too early to judge its success or failure.  Could anyone have called bitcoin a failure after the first week?

Both Bakkt and the market got rekkt, and I doubt either party wanted this outcome.
Neither the market nor Bakkt is wrecked yet.  Bitcoin dipped but could have fallen much further than it did, and Bakkt volume could still pick up. 

Let's see where we will go with this Bakkt thing. I still believe even without Bakkt we will get a new ATH.
That's what I would say as well, wait and see.  I also agree with your second statement, though I do wonder if bitcoin would have sunk to $8000 if it weren't for Bakkt.  That's a question that I dont think anyone can answer.

 
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October 04, 2019, 01:52:37 PM
 #10

Bakkt has really rekt since its launch, no one expected its fading when one day the transaction volume was only 70 bitcoins and that was an embarrassing number.
Bakkt's failure seems to have had a negative impact on the crypto market and led to a panic sell on the night of 24.

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October 04, 2019, 02:43:47 PM
 #11

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened?

How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?

Bakkt really is the reason behind the sudden downfall of bitcoin. Many transactions are wasted and didn't reached the expected volume of transactions in the market. I think it is also because of unpreparedness of the market. Many were upset because of its failure. Just don't let our anger be the hindrance in helping Bakkt to work successfully. Always look on the bright side.

Maybe the Bakkt needed some time to develop itself and grow from time to time. We just need to be patient because someday Bakkt can become more useful for us and help to gain more profits.

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October 04, 2019, 03:20:49 PM
 #12

It been so long since waited to release, many got too excited some makes assumptions, FUDS and fake news integrated that makes it unsuccessful. The idea should benefit the market but it goes in different way since there are still task then needed to implement or some points that are missed. Many doubt it due to performance. But that's how the market is, we must still try to survive even the market is not in our side. Now, Bakkt need more time and as the progress goes and if will be handled carefully by a responsible team then it may soon really benefit the market soon as what we wanted t purpose to be.

 
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October 04, 2019, 03:23:00 PM
 #13

Alright so Bakkt launched this thing and then the price of Bitcoin sank faster than whale shit.   What happened?

How do I sign up and get an account at Bakkt?  Did Bakkt get rekkt?  Or did Bakkt do the rekkting?

My memory cannot count the threads on this topic anymore. It seems there is a new Bakkt thread made everyday now.

I would like to repeat that Bakkt is already talked about since more than a year ago and people were really excited about its launching. And yet there were countless of next times just as there were countless of Bakkt threads today. And that killed all the excitement and anticipation. When Bakkt was finally launched, there is very little buying and hard selling. That has kicked Bitcoin's ass rather badly.

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October 04, 2019, 03:33:09 PM
 #14

I think right away people started posting using the two terms "Bakkt" and "Rekkt" and it was downhill from there.  People in this community take the first thing they read in a topic, and just run with it.

They will not read full topics before commenting.
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October 04, 2019, 09:40:55 PM
 #15

Bakkt was a big joke from the onset. With continuous postponement and rescheduling of launch, it gradually drive away the interest of the people such that when it finally launched, nobody gave two thoughts about it. The market as it is now needs something stronger than Bakkt launch to get the prices back up just like CME futures in 2017 did.

 
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October 04, 2019, 10:26:24 PM
 #16

It flopped, signaling that retail investors might not be too interested in Bitcoin after all, contrary to past reports. Binance and JPMorgan both think that the flop was a contributing factor towards the price drop.

Both Bakkt and the market got rekkt, and I doubt either party wanted this outcome.

Bakkt didn't flop, the people did who thought it would generate tons of volume right off the bat.

Bakkt is a retail driven platform, launched during a time where the market took a massive dive. Retailers have a tendency to only enter an asset when its price has been trending up for a while, which isn't the case with Bitcoin. I expect Bakkt's volumes to pick up when the retailer's confidence in the price has been restored, so give it some time.

Somewhat of a positive point; Vaneck's trust has seen an inflow of 60BTC a couple of days ago.

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October 04, 2019, 10:59:02 PM
 #17

I lost interest in Bakkt when they kept postponing the launch over and over. You can do it once or twice but they were trying to start a big hype around the launch and every time this hype ended in a failure so we could expect the investors would not stand with bags of money at the door.

I wouldn't call it a total failure though. I read that all platforms like similar to Bakkt start slow and then gain speed after a year or two. Bakkt will start contributing once we enter bull market.

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October 05, 2019, 11:31:50 AM
 #18

Bakkt is a joke. I gave them the benefit of the doubt when they launched, but if you only trade 30-50BTC in 24 hours, you're a failure, especially if this volume is largely generated by Bakkt's market makers to get things going.

Another big failure is that they advertised their daily futures before they launched, where in the last couple of days, not a single daily contract has been bought. Only their monthly futures are generating some low amount of volume.

People are rightfully disappointed in Bakkt. They hyped themselves up a lot for nearly a year and delivered nothing. Maybe that if they hadn't been hyping up their platform so much people wouldn't be as disappointed....

 
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October 05, 2019, 01:49:43 PM
 #19

Looks like BAKKT is reckt. No to the moon, only fleet ~7900-8400 and nothing. Wall Street as always got all us Cheesy

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October 05, 2019, 04:39:12 PM
 #20

Sadly, the Bakkt launch became the biggest contributing factor to the recent and still continuing dip of Bitcoin. Or to be specific, it is the fact that Bakkt failed to get the expected volume of transactions which many assumed can be an avalanche but turned to be a dud. It tanked. It bombed. And then it pushed Bitcoin downward.

I read in this article, that there seems to be a similarity with what happened to the IPO launch of Facebook back in 2012 where we saw that days after the said event the value nose-dived significantly losing as much as 50% of its value but right now things are going right.

In other words, there can still be a hope for Bakkt and maybe what we are seeing now are just birth pains and that they can eventually avoid the fate of the Bitcoin futures. Otherwise, this can mean that the market is not really that ready for a platform like Bakkt...maybe we can say right platform, right product but introduced at the wrong section of history.
I don't believe this, if the trade volume on bakkt was much, I could say that it was actually as a result of bakkt and being that they were just released, bakkt only traded 7 btc when they started and that was when the market plunged, how is 7 btc supposed to actually have any positive or any negative effect on the price of bitcoin, to me, I think it was just a coincidence, something else must have happened that probably made bakkt look devilish to people.

We might have some whales that has actually been waiting for the right time to exit the market, and probably hid under the bakkt release. It got to a point when I could never link the release of bakkt to the current condition of bitcoin that I started thinking it could be a setup for those who wishes to crash bitcoin, but thank God that the value is going up again now.
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