Bakkt is done?

[hugeblack]

It is a mistake to judge something as if it were black and white, just as you did with Bakkt. There are many factors that will make it continue for a while, but this depends on the continuing growth rates.

Contracts circulating in Bakkt are still preliminary and face a lot of oversight and regulatory laws, but over time and the increase in trading volumes you will notice a lot of improvement. In fact, he was surprised by the current level of trading volumes.

As the price increases, regulations become clearer, adoption increases, you will notice a significant difference.

[fillippone]

It is a mistake to judge something as if it were black and white, just as you did with Bakkt. There are many factors that will make it continue for a while, but this depends on the continuing growth rates.

<...>

Totally agree.
In addition to that,for an exchange like BAKKT, i.e. with physical delivery, I think the most important metric to look at is Open Interest:



This metric has been steadily growing since inception.
Trading volume can be "faked". Open interest is, at expiry, the quantity of bitcoin being actually traded in the market: way more important.

[kesmex]

BAKT is not over, BAKT will be the beginning of history from Bitcoin, I understand the disappointment of all about it, but the effect will be in the future, don't worry

[Saint-loup]

sad reality, in 2019 Bakkt was used as material for FOMO Bitcoin and after Baakt was launched it looked disappointing, this made me think about Eth 2.0 information, and Halving Bitcoin this year, would it be like Baakt's fate?

We can talk about Bakkt's fate after it's been established for 5-10 years. Until then it's still finding its feet. There'll be dead phases. There'll be explosive phases.

Anyone who expected Bakkt to singlehandedly ignite a dead market is a twat. It's one solitary service for a small number of people. It might facilitate further bullishness when the time comes, it certainly doesn't magic it up out of thin air.

I'm not sure you were saying that before its disappointing launch. The mainstream narrative in medias depicted Bakkt as highly expected by institutional investors, in order to be able to invest in Bitcoin. Obviously it was false, they were satisfied with cash-settled futures on CME and CBOE exchanges.

[TopT3ns]

BAKT is not over, BAKT will be the beginning of history from Bitcoin, I understand the disappointment of all about it, but the effect will be in the future, don't worry

well, I think BAKT has been finished a long time ago because I see that there is no more development from BAKT, maybe if the price of bitcoin rises this is due to the influence of bitcoin which will experience halving bitcoin and will make bitcoin prices expensive because it will be increasingly difficult to get bitcoin.

[Darker45]

BAKT is not over, BAKT will be the beginning of history from Bitcoin, I understand the disappointment of all about it, but the effect will be in the future, don't worry

well, I think BAKT has been finished a long time ago because I see that there is no more development from BAKT, maybe if the price of bitcoin rises this is due to the influence of bitcoin which will experience halving bitcoin and will make bitcoin prices expensive because it will be increasingly difficult to get bitcoin.

What do you mean finished a long time ago? BAKKT has just been around for a short while. If you can remember it was launched just last quarter of last year. We are still in our first quarter this year. BAKKT has just started. It is still in its infancy stage, it has yet to grow and develop more and more. The adoption is still starting. It has not even crossed the first half year of its life yet.

And there's still an even bigger development plan in the pipeline. Perhaps you weren't able to read the news of its plan to develop a wallet which would integrate all reward points that could be spent anytime anywhere as cash or Bitcoin.^[1] That is one hell of a development plan from BAKKT. You simply cannot discount it as nothing. And they are already making the first few steps toward that goal.

[1] https://fortune.com/2020/02/05/bakkt-rewards-points-bitcoin-cash-wallet/

[wowz2010]

sad reality, in 2019 Bakkt was used as material for FOMO Bitcoin and after Baakt was launched it looked disappointing, this made me think about Eth 2.0 information, and Halving Bitcoin this year, would it be like Baakt's fate?

We can talk about Bakkt's fate after it's been established for 5-10 years. Until then it's still finding its feet. There'll be dead phases. There'll be explosive phases.

Anyone who expected Bakkt to singlehandedly ignite a dead market is a twat. It's one solitary service for a small number of people. It might facilitate further bullishness when the time comes, it certainly doesn't magic it up out of thin air.

A lot of people think there is some magic in crypto and the same people were investing in shill ICOs back in 2017-18.
If you're wise enough you do understand that crypto is just another investment field and a payment option with great potential.

[beerlover]

This is more about "Bakkt is a company that has to make a profit" type of situation rather than "lets not care about bakkt anymore" situation. When people say "is bakkt over" it is more about the question if the company will continue to provide bitcoin related stuff or will they think the volume is too low and it doesn't worth to continue operations which costs more than it profits.

Otherwise nobody is saying we should not care about bakkt, it could be zero or small and it still doesn't matter because even if they help 1 dollar in bitcoin world that is still good for us, plus when there is a hype going on, they might get more attention and the bigger they get the more companies will do what they are doing so it will be an example. That is why the topic is if it will continue or will they close down themselves.

[deisik]

Very interesting.  I was among those who thought Bakkt would boom once launched, because I'd figured that hedge funds and other big-money investors would want in on the crypto game, and the only good way to do that would be through futures and options.  Apparently the reception is tepid at best, and I'm kind of surprised to see that.

Even the volume on the CME seems pretty low.  I've no idea what's going on behind the scenes, but my guess is that if business doesn't pick up on Bakkt, they'll shut their doors

My take is that no one is actually interested in Bitcoin derivatives

How come? The reason for that is simple. You can store Bitcoin without any hassle and the requirement to pay storage and transportation costs, for example (apart from transaction fees, obviously). And in this regard Bitcoin is strikingly different from gold, oil, gas, and other material assets. With them derivatives make perfect sense as you can buy and sell paper gold, etc. But paper bitcoins simply don't cut it as you can just as easily have real bitcoins totally under your control in your personal wallet

[1Referee]

well, I think BAKT has been finished a long time ago because I see that there is no more development from BAKT

Development you most likely wouldn't make use of anyway, so why care?

Bottom line is that people expected moon during Bakkt's launch, but were presented the exact opposite. It's easy to trash talk a company but not do anything to make Bitcoin or the user-experience better yourself.

If we're talking about institutional products that are a flop, then it's definitely Vaneck and SolidX's Bitcoin trust; https://www.vaneck.com/institutional/bitcoin-144a/overview

The same ~64BTC has been sitting in the fund for months without a single penny in new capital, and that while the market has been super bullish for quite a while now. Too many restrictions and pretty high fees make it just not a viable instrument to gain exposure to Bitcoin.

[gentlemand]

My take is that no one is actually interested in Bitcoin derivatives

No big dicks care about that. They don't care about anything other than dollars. Us little people think that way. The last thing on their mind is financial sovereignty. We'll see stuff like this take off when everything else does. I don't expect professional money to take the lead. They'll leach off the real people.

If Bakkt do throw in the towel within 3-4 years I'd be rather surprised. They have Circle as a timely warning. They've thrown in the towel just before whatever they abandoned exploded.

[deisik]

My take is that no one is actually interested in Bitcoin derivatives

No big dicks care about that. They don't care about anything other than dollars. Us little people think that way. The last thing on their mind is financial sovereignty. We'll see stuff like this take off when everything else does. I don't expect professional money to take the lead. They'll leach off the real people

And that's precisely the point

Us little folks are no fools either, I mean not anymore since we got Bitcoin. So instead of putting our hard earned money into shady schemes like trust funds and their likes, and then letting their managers feed off us, we can do ourselves whatever they have been doing all that time, but this time to our own advantage. Thus they are left with hungry mouths and empty pockets, which is a good thing if you ask me. Wild-west and cut-throat financial capitalism should be made great again, and available to everyone, now on equal terms

[Saint-loup]

Very interesting.  I was among those who thought Bakkt would boom once launched, because I'd figured that hedge funds and other big-money investors would want in on the crypto game, and the only good way to do that would be through futures and options.  Apparently the reception is tepid at best, and I'm kind of surprised to see that.

Even the volume on the CME seems pretty low.  I've no idea what's going on behind the scenes, but my guess is that if business doesn't pick up on Bakkt, they'll shut their doors

My take is that no one is actually interested in Bitcoin derivatives

How come? The reason for that is simple. You can store Bitcoin without any hassle and the requirement to pay storage and transportation costs, for example (apart from transaction fees, obviously). And in this regard Bitcoin is strikingly different from gold, oil, gas, and other material assets. With them derivatives make perfect sense as you can buy and sell paper gold, etc. But paper bitcoins simply don't cut it as you can just as easily have real bitcoins totally under your control in your personal wallet

I disagree with that, everyone needing to sell an important amount of BTC could have interest in BTC futures.
For example if you need to buy a car or a flat in June you will be happy to be able to secure now a virtual sell of your bitcoins at 10800$ on a future exchange. You won't want to have to look at the price everyday till june while praying the Savior for the price to not drop.

[jostorres]

So were you expecting institutional Investors to just rush into Bakkt without knowing anything about it? Even if they were going to start investing into bitcoin through Bakkt, they wouldn’t just rush into it, everything is step by step. They would have to study and learn more about it and also know whether it’s good for them or not before they start investing. Companies don’t work as you think, they don’t rush things, they have to table it and discuss over it before any actions are taken.

So relax, as time goes on a lot of them might start considering it. I mean to say, this would be too early to conclude about bakkt which was once considered as a Savior when bitcoin was struggling below $4000 last year (but fortunately bitcoin managed to bounce back to $13k before the launch of Bakkt). Still, I agree bakkt needs to work on something which may lead to get it promoted wildly among higher end investors so that they may start using it regularly so that bitcoin markets may experiencing continuous positive impact of existence of Bakkt!

[gentlemand]

Us little folks are no fools either, I mean not anymore since we got Bitcoin.

Only a select few think that way. It's great for them that they have that option but the vast majority don't think that way and never, ever will. They'll leave it to the big dicks and the dicks will be only too happy to package it up nicely and feed it back to them.

[fillippone]

My take is that no one is actually interested in Bitcoin derivatives

No, big dicks care about that. They don't care about anything other than dollars. Us little people think that way. The last thing on their mind is financial sovereignty. We'll see stuff like this take off when everything else does. I don't expect professional money to take the lead. They'll leach off the real people.

If Bakkt do throw in the towel within 3-4 years I'd be rather surprised. They have Circle as a timely warning. They've thrown in the towel just before whatever they abandoned exploded.

FTFY.
I do care about financial sovereignity, but you are right, big money, Wall Street care about dollars.
And as many Wall street institution cannot trade Bitcoin directly, for lack of regulation, in the first place, but also for a variety of reasons (reputational risks, internal rules, inadequate  investment mandate, etc),  but only want to be exposed to price appreciation, trading bitcoin derivatives is the only choice left for them.
This is why growing Open Interest is so important for future  (pun not intended) bitcoin growth: more money coming into bitcoin, means more physical bitcoin buyers, directly, if such future is Bakkt related, or indirectly, if different exchanges are involved).
Just remind it’s not that Bitcoin needs Wall Street, but Wall Street that needs Bitcoin.
Traditional investment greatly benefit from an highly uncorrelated positive alpha generating asset (here a glimpse of why this is happening), so they will try to use every way to smuggle a little bit of bitcoin in traditional investments.

[deisik]

Very interesting.  I was among those who thought Bakkt would boom once launched, because I'd figured that hedge funds and other big-money investors would want in on the crypto game, and the only good way to do that would be through futures and options.  Apparently the reception is tepid at best, and I'm kind of surprised to see that.

Even the volume on the CME seems pretty low.  I've no idea what's going on behind the scenes, but my guess is that if business doesn't pick up on Bakkt, they'll shut their doors

My take is that no one is actually interested in Bitcoin derivatives

How come? The reason for that is simple. You can store Bitcoin without any hassle and the requirement to pay storage and transportation costs, for example (apart from transaction fees, obviously). And in this regard Bitcoin is strikingly different from gold, oil, gas, and other material assets. With them derivatives make perfect sense as you can buy and sell paper gold, etc. But paper bitcoins simply don't cut it as you can just as easily have real bitcoins totally under your control in your personal wallet

I disagree with that, everyone needing to sell an important amount of BTC could have interest in BTC futures.
For example if you need to buy a car or a flat in June you will be happy to be able to secure now a virtual sell of your bitcoins at 10800$ on a future exchange

Makes no sense if you ask me

You can just sell your bitcoins for dollars (or whatever) and get done with that. Or not sell anything at all and just keep your bitcoins intact until you actually need them, and hopefully with their price risen by that time. The example you provide makes sense for producers who buy raw materials in advance and want to secure current prices for future production because it affects their profits. With direct consumption like buying a car or whatever futures are pretty much useless (not even speaking of trade costs they incur)

Us little folks are no fools either, I mean not anymore since we got Bitcoin.

Only a select few think that way. It's great for them that they have that option but the vast majority don't think that way and never, ever will. They'll leave it to the big dicks and the dicks will be only too happy to package it up nicely and feed it back to them

So far it hasn't played out that way

[vintages]

This Bakkt scenario is the same reason I am personally skeptical of the upcoming Bitcoin halving. So many people have extra high hopes that Bakkt will be the game changer for Bitcoin. And also skyrock the price but instead the opposite was totally the case.
With the way it is now, I guess those who kinda gained from Bakkt are those who set it up.
We probably always overhype events in the cryptocurrency industry.

[Febo]

With the way it is now, I guess those who kinda gained from Bakkt are those who set it up.

They set it up to make a profit. That is sow it is in business. If they would not see a profit they would never bother starting it. They are not a charity organisation that helps poor bitcoin holders.

[Saint-loup]

I disagree with that, everyone needing to sell an important amount of BTC could have interest in BTC futures.
For example if you need to buy a car or a flat in June you will be happy to be able to secure now a virtual sell of your bitcoins at 10800$ on a future exchange

Makes no sense if you ask me

You can just sell your bitcoins for dollars (or whatever) and get done with that. Or not sell anything at all and just keep your bitcoins intact until you actually need them, and hopefully with their price risen by that time. The example you provide makes sense for producers who buy raw materials in advance and want to secure current prices for future production because it affects their profits. With direct consumption like buying a car or whatever futures are pretty much useless (not even speaking of trade costs they incur)

But thankfully to futures you can just sell your BTCs in June at the current price (even a little bit higher in fact). Of course you're free to gamble on the price in June on the spot market, and just wait until then to see... but if Bitcoin worths $7000 in June finally, you will lose almost 40%...