Bakkt physically-settled bitcoin futures a dead born baby?

HeRetiK

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Quote from: Kakmakr on July 24, 2019, 01:07:38 AM

I like the "Buy on the rumor, sell on the news" part of your post, because I have noticed this a lot of time in the past. The latest "India is banning Bitcoin" is a perfect example of that. The rumors were doing the rounds and everyone started to panic and the price started to drop, but it took only a few days for their government to react and to tell people that it was not going to ban Crypto currencies. Roll Eyes

That's funny, I never quite thought about how this old adage could also work the other way round (ie. regarding rumors about bad news). Come to think of it that's more or less what China did for the longest time (ie. every time they "banned" Bitcoin).

Coyster

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Quote from: Kakmakr on July 24, 2019, 01:07:38 AM

...you cash in on the price drop and then sell for profit, when the factual news hits the market and the price recovery takes place. Grin

Lol, this strategy is in every way viable and profit-geared, and it's one investors can always look to adopt because with the bitcoin, the rumors never seems to stop nor will it really.
How such rumors spurs people into selling and drives them into panic is what I do not understand, I for one actually pay little or no interest in all this rumors on this or that, but I'll surely love to be cashing in on it whenever it springs up Grin

@BrianLim

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Quote from: Kakmakr on July 23, 2019, 01:13:48 AM

You would have thought that the "testing" of the first physically-settled bitcoin futures by Bakkt would have made some ripples in the pond by now, but it is either a born dead baby or the ripples in the pond has been over hyped by the media and the response to this announcement were anticipated and priced into the market. Tongue

It is either that or the market anticipates that this "testing" is just a marketing gimick, because the Commodity Futures Trading Commission (CFTC) has not approved this new product yet. Huh

Anyone know anything more about this and/or participated in this testing?

I have seen a review about BAKKT check this out: https://www.youtube.com/watch?v=_aAw6-lwPns

Kakmakr

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Quote from: HeRetiK on July 23, 2019, 05:59:34 AM

Quote from: Kakmakr on July 23, 2019, 01:13:48 AM

[...] the response to this announcement were anticipated and priced into the market. Tongue

[...]

The bear market reversal pretty much coincided with the Bakkt announcement for the July test phase, so I think that's the answer right there. "Buy on the rumor, sell on the news" and all that.

I think it's way too early to assess whether Bakkt is dead on arrival and whether it's going to have any meaningful impact besides marketing hype.

I like the "Buy on the rumor, sell on the news" part of your post, because I have noticed this a lot of time in the past. The latest "India is banning Bitcoin" is a perfect example of that. The rumors were doing the rounds and everyone started to panic and the price started to drop, but it took only a few days for their government to react and to tell people that it was not going to ban Crypto currencies. Roll Eyes

So, when the rumor hit the streets, you cash in on the price drop and then sell for profit, when the factual news hits the market and the price recovery takes place. Grin

Bakkt is also going to follow the same pattern, so I am buying cheaper coins now. Grin

HeRetiK

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Quote from: Kakmakr on July 23, 2019, 01:13:48 AM

[...] the response to this announcement were anticipated and priced into the market. Tongue

[...]

The bear market reversal pretty much coincided with the Bakkt announcement for the July test phase, so I think that's the answer right there. "Buy on the rumor, sell on the news" and all that.

I think it's way too early to assess whether Bakkt is dead on arrival and whether it's going to have any meaningful impact besides marketing hype.

kryptqnick

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I didn't understand the hype around Bakkt before, and I surely agree with CryptoBry that the project kind of disappointed people already, so nothing weird that now they're not interested. Honestly, Bakkt does not make much sense to me. Futures contracts are not healthy for the real market. They ignore the actual demand and offer, the real prices, and lead to agreements to buy/sell something at a certain price and certain time regardless of the market price. It's kind of an attempt to take control over Bitcoin at least in some way, no? And some people were simply interested in Bakkt, because they believed it was a chance for the market to go bullish again. But guess what? It already went bullish without Bakkt.

Kakmakr

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Quote from: CryptoBry on July 23, 2019, 02:46:04 AM

The excitement surrounding the Bakkt platform was too much on hypes right from the very start and when it failed to launch as scheduled many people just lose interest with this. Now, having said that, the best gauge on this will always be the market or the volume of business it will get once the platform is fully open to the public. Sadly, there is a big possibility that the Bitcoin market will not anymore be reacting to this positively as its effects were already factored in many months ago. Still, I am wishing Bakkt the best and more power!

Yes, Bakkt has disappointed us a lot before this, but the fact that this is the first physically-settled bitcoin futures and a entry point for institutional capital, should have made a lot more ripples in the pond. Roll Eyes

I am very curious to see how much trading are actually done on this test platform and if there are actual demand for this by institutional investors, after the whole Trump tweet fiasco. Roll Eyes

Well, I guess time will tell and we cannot discount the negative impact that the FUD about a ban on Crypto currencies from India, might have had on the latest price. Tongue

CryptoBry

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The excitement surrounding the Bakkt platform was too much on hypes right from the very start and when it failed to launch as scheduled many people just lose interest with this. Now, having said that, the best gauge on this will always be the market or the volume of business it will get once the platform is fully open to the public. Sadly, there is a big possibility that the Bitcoin market will not anymore be reacting to this positively as its effects were already factored in many months ago. Still, I am wishing Bakkt the best and more power!

squatter

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Quote from: Kakmakr on July 23, 2019, 01:13:48 AM

You would have thought that the "testing" of the first physically-settled bitcoin futures by Bakkt would have made some ripples in the pond by now, but it is either a born dead baby or the ripples in the pond has been over hyped by the media and the response to this announcement were anticipated and priced into the market. Tongue

It is either that or the market anticipates that this "testing" is just a marketing gimick, because the Commodity Futures Trading Commission (CFTC) has not approved this new product yet.

Hyping up the testing phase seemed like a marketing gimmick. Maybe the market will react to the actual launch, or maybe it won't react at all. The Bitcoin markets seems to defy all logic sometimes.

My understanding is they don't need CFTC approval since they are self-certifying through the ICE. What I'm not sure about is whether there is a delay in receiving NYDFS trust status. That's central to their custody arrangement.

Kakmakr

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You would have thought that the "testing" of the first physically-settled bitcoin futures by Bakkt would have made some ripples in the pond by now, but it is either a born dead baby or the ripples in the pond has been over hyped by the media and the response to this announcement were anticipated and priced into the market. Tongue

It is either that or the market anticipates that this "testing" is just a marketing gimick, because the Commodity Futures Trading Commission (CFTC) has not approved this new product yet. Huh

Anyone know anything more about this and/or participated in this testing?

Topic: Bakkt physically-settled bitcoin futures a dead born baby? (Read 238 times)