Bakkt update:Testing for bitcoin futures custody and trading planned this July

figmentofmyass

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Quote from: Kakmakr on May 14, 2019, 01:25:32 AM

Let's not over hype this whole "test" exercise from Bakkt. Roll Eyes

They created the platform and now they are doing some "tests" to see if there are a real demand for it, so it is not even close to full implementation yet.

The regulators are also not 100% on board for this, so it is a bit premature to say that it is going to be successful. We have been seeing a lot of promises and announcements from Bakkt in the last couple of months and most of that has been stalled by the regulators. Roll Eyes

we haven't heard anything from bakkt for the last several months, except for their successful seed investment round. that's because they realized they had greatly exaggerated their ability to quickly launch and didn't want to keep missing deadlines.

i'm still taking this announcement with a grain of salt since the CFTC can still stop it dead even if they self-certify. however, with the above context in mind, i'm inclined to think the july launch date might actually be for real this time.

Pamadar

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Quote from: btc_angela on May 13, 2019, 11:32:04 PM

Quote from: Genemind on May 13, 2019, 04:36:58 PM

There's nothing wrong in expecting the best but sometimes, too much expectations hurt. It's true that these events could really help the price increase but I don't think expecting too much after this event is effective. There would still be a lot of changes to come. No one really knows what will happen.

That is correct, at least another good news has come to us, but we shouldn't expect too much though. July is just a testing phase and we don't know if CFTC has given them the green light already. This is welcoming news if this comes to reality but we have to wait how things will go in the future.

It will be a testing period and if that will succeed we will expect the good outcome of this news, we are optimistic fro, this investment so whenever we heard some news about adoptions and things related to this industry we are all thinking positive, as believing that future will be good for this industry,
adoptions will soon be enjoyed.

Baofeng

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Quote from: Nadziratel on May 14, 2019, 02:48:16 AM

Quote from: Baofeng on May 13, 2019, 10:55:48 AM

As per CEO recent blog post:

https://medium.com/bakkt-blog/bitcoin-futures-custody-bakkts-differentiated-approach-59b88d6984b5

Quote

User acceptance testing for bitcoin futures custody and trading planned for July

In conjunction with our exchange and clearing partners at ICE, we’ll be working with our customers over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody, which we expect to start in July. We’ll provide more details in upcoming posts, but we expect to use UAT to ensure that customers have time to onboard and can test the trading and custody model we’ve built to their satisfaction.

So another good news that will really push the price of bitcoin to 5 digits this coming months. Brace yourself for another run if this come into fruition this July. Grin

And then fully operation and live before the end of the year.

Do you really think that BAKKT is useful for us? It seems to me to increase the manipulative effect on the market. I don't think they will work for us.

You tell me.

Manipulative effect? Where have you been this years? Crypto is a speculative asset so obviously it will be prone to manipulation What you gonna do if Bakkt is approved then? You going out of the market because you believe if won't work with us?

Nadziratel

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Quote from: Baofeng on May 13, 2019, 10:55:48 AM

As per CEO recent blog post:

https://medium.com/bakkt-blog/bitcoin-futures-custody-bakkts-differentiated-approach-59b88d6984b5

Quote

User acceptance testing for bitcoin futures custody and trading planned for July

In conjunction with our exchange and clearing partners at ICE, we’ll be working with our customers over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody, which we expect to start in July. We’ll provide more details in upcoming posts, but we expect to use UAT to ensure that customers have time to onboard and can test the trading and custody model we’ve built to their satisfaction.

So another good news that will really push the price of bitcoin to 5 digits this coming months. Brace yourself for another run if this come into fruition this July. Grin

And then fully operation and live before the end of the year.

Do you really think that BAKKT is useful for us? It seems to me to increase the manipulative effect on the market. I don't think they will work for us.

Kakmakr

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Let's not over hype this whole "test" exercise from Bakkt. Roll Eyes

They created the platform and now they are doing some "tests" to see if there are a real demand for it, so it is not even close to full implementation yet.

The regulators are also not 100% on board for this, so it is a bit premature to say that it is going to be successful. We have been seeing a lot of promises and announcements from Bakkt in the last couple of months and most of that has been stalled by the regulators. Roll Eyes

btc_angela

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Quote from: Genemind on May 13, 2019, 04:36:58 PM

There's nothing wrong in expecting the best but sometimes, too much expectations hurt. It's true that these events could really help the price increase but I don't think expecting too much after this event is effective. There would still be a lot of changes to come. No one really knows what will happen.

That is correct, at least another good news has come to us, but we shouldn't expect too much though. July is just a testing phase and we don't know if CFTC has given them the green light already. This is welcoming news if this comes to reality but we have to wait how things will go in the future.

Genemind

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There's nothing wrong in expecting the best but sometimes, too much expectations hurt. It's true that these events could really help the price increase but I don't think expecting too much after this event is effective. There would still be a lot of changes to come. No one really knows what will happen.

Haunebu

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Quote from: gentlemand on May 13, 2019, 12:46:11 PM

All I'm reading is that nothing has been settled and it's all still in the pipeline. There's no mention of any necessary regs being explicitly approved here. Just lots of talk of positive developments and 'working closely'.

It looks like they'll self certify and there's a ten day period for the CTFC to point out any violations. That still doesn't mean it's going to arrive any time in the near future.

Agreed. People are getting hyped up over stuff which we are not sure will likely pass or not. I have observed such news on many occasions and nothing usually comes out of it majority of the time which is why people need to keep their expectations grounded.

Let it actually happen and then we can celebrate.

salty

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It seems to me that this news provoked such a significant growth of bitcoin.And of course the consensus that is currently taking place in New York.Almost every year during the consensus period bitcoin shows growth.I think that after the launch of futures contracts for bitcoin, its price will never be low.Waiting for July!

qwertyup23

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Almost everyone is indeed waiting patiently for the implementation of Bakkt platform in the cryptocurrency world. The price of bitcoin has already increased in the past few days and hearing this news may further elevate its price more. I really do hope that the bull run we are currently experiencing stabilizes soon enough so we can have a grasp on the trend for this quarter.

Quote from: amrulshare on May 13, 2019, 11:42:30 AM

One of the positive news this week seems to be able to provide the power to increase the value of bitcoin, I see many companies and investors who have made investments that have denied bullish on Bitcoin a few hours ago.

Of course they will deny it for reasons of greed. From the price itself, one may say that we are in the bull run as of now. Prices have gone from $6,000 to $7,800 in just a matter of days!

Ailmand

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This has been expected. There would be a huge number of implementations and adoptions that would surely happen which could make the prices higher. These adoptions are something that we must look forward into. Bitcoin is well prepared to deal with these events.

squatter

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Quote from: gentlemand on May 13, 2019, 12:46:11 PM

All I'm reading is that nothing has been settled and it's all still in the pipeline. There's no mention of any necessary regs being explicitly approved here. Just lots of talk of positive developments and 'working closely'.

It looks like they'll self certify and there's a ten day period for the CTFC to point out any violations. That still doesn't mean it's going to arrive any time in the near future.

After their earlier blunders, Bakkt stopped giving launch estimates at all. At least this indicates a reasonable expectation on their part that this will actually come to fruition this time.

The CME and CBOE went through a similar process. Even though they ended up self-certifying, it took months of negotiating with the CFTC and changes to their products before they actually self-certified and launched futures markets. I believe that's what's been happening behind the scenes for the last several months. The ICE won't self-certify until the CFTC is 100% on board with their product specifications.

Olalomi

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Quote from: b3llsf1l3s on May 13, 2019, 12:35:54 PM

https://www.ccn.com/ebay-crypto-new-york-adverts-huge-mainstream-breakthrough

I am also sure the news above also contributed greatly to the growth of bitcoin prices to date, eBay using BTC means it is also ready to be used on almost the same platform.
It's just the matter of time till we sure about how this price will be going.

This is indeed a great news that will have significant impact on the price of bitcoin indication is now rife that bakkt will be tested come July bitcoin is.now getting needed attention and the possibility of it price skyrocking is very obvious having seen the price showing a decent sign of recovery.

mk4

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Quote from: tomahawk9 on May 13, 2019, 11:55:17 AM

Why don't you create a new thread for this? I doubt this will get any visibility here.

I just added that information solely in addition to OP's price speculation. But yea, I might post it on a separate thread.

gentlemand

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All I'm reading is that nothing has been settled and it's all still in the pipeline. There's no mention of any necessary regs being explicitly approved here. Just lots of talk of positive developments and 'working closely'.

It looks like they'll self certify and there's a ten day period for the CTFC to point out any violations. That still doesn't mean it's going to arrive any time in the near future.

b3llsf1l3s

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https://www.ccn.com/ebay-crypto-new-york-adverts-huge-mainstream-breakthrough

I am also sure the news above also contributed greatly to the growth of bitcoin prices to date, eBay using BTC means it is also ready to be used on almost the same platform.
It's just the matter of time till we sure about how this price will be going.

tomahawk9

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What are the odds that this triggered the pump from 7.5k to almost 7.8k earlier today? Throughout this morning there have been some news and rumours floating around that could've caused the recent spike. This news might be the one behind the pump as some people have been waiting ages for an update regarding Bakkt...And now they have a date: July.

Quote from: mk4 on May 13, 2019, 11:29:07 AM

Just to add: There are rumours that eBay is about to accept cryptocurrency payments, that's rumoured to be announced in consensus tomorrow.

NOTE: it's a rumour

https://i.imgur.com/8oiDnYw.png

https://twitter.com/DesiCryptoHodlr/status/1127922080031207425

Why don't you create a new thread for this? I doubt this will get any visibility here.

amrulshare

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One of the positive news this week seems to be able to provide the power to increase the value of bitcoin, I see many companies and investors who have made investments that have denied bullish on Bitcoin a few hours ago.

mk4

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Just to add: There are rumours that eBay is about to accept cryptocurrency payments, that's rumoured to be announced in consensus tomorrow.

NOTE: it's a rumour

https://twitter.com/DesiCryptoHodlr/status/1127922080031207425

betty11

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With this, bitcoin is going to surpass the inertial $20k ATH. Many other goodness are excepted to follow. Now that the banks has seen a formidable bitcoin, what are they going to do now? surrender of course. Thanks to all who has faith for bitcoin to always win and congratulation.

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