Topic: Is Bakkt really an overrated event? - page 2. (Read 607 times)
Bakkt launch is less spoken about after several postponements. Exchange are also considering some services related to bakkt with fiat to crypto transaction of some top coins. Bakkt should help the adoption rate and volume trade in USA, which could have ripple effect in adoption for other countries but all these delay affecting every part of the crypto space. After the last postponement from Jan 24 due USA shut down nothing had been heard on the launch.
This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
Problem is we keep depending on alternative financial instruments to help bitcoin and crypto in general gain traction, and I believe that that wasn't the original design for cryptocurrencies (or bitcoin in particular). We may have to focus on more mainstream payment channels and less on derivatives. However, I do think Bakkt is truly overrated, having said that it's all we've got for institution investors at best.
Undoubtedly - if the Bakkt platform will be opened and running without any restrictions that could interfere with its work on the part of SEC, this can very positively affect the entire cryptocurrency market. But I think that the SEC can still announce a number of conditions that will limit the capabilities of this platform.
Why wouldn't we want a company with hundreds of millions of dollars invested into putting up something like this ? That would only help us, even if it helps the crypto economy to grow 1% that is still a good thing.
Is it possible this growth may come at a cost? Let me throw an idea out there....
The markets with the most liquidity tend to lead price. This is rational because market participants will avoid slippage where possible. So we see things like COMEX gold futures being more influential on price discovery than the spot market. This means institutions using non-collateralized leverage (like shorting gold with USD collateral). It also means central counterparties using omnibus accounts and lending each unit of "backed" assets to multiple parties. That artificially increases circulating supply.
This is all totally normal on Wall Street. Is it good for Bitcoin? No.
Bakkt is very important. Of course, the price will not go to the moon.
The price did go to the moon before and guess what ?there is no bakkt that time . its just a pure demand from the public. bakkt is not really important because it is not the only way to help the price recover although it can somehow help a little if ever it will got accepted as early as possible .
I do not understand why people have a need to downplay the importance of Bakkt. First of all if you rate bakkt at a level where you think it will change the face of bitcoin then yeah you are overrating bakkt by a large margin. However, the reality is that its another way of buying bitcoin and a new system of delivery and that is always a good thing. Its not a world changing oh my god why wasn't this created sooner type of deal but its still "good" , that's it. Not even great.
Why wouldn't we want a company with hundreds of millions of dollars invested into putting up something like this ? That would only help us, even if it helps the crypto economy to grow 1% that is still a good thing. The overrated and underrated depends on how you rate it but if you rate it too low like it wouldn't even matter then you are wrong but if you rate it like it is the best thing that ever happened then you are wrong too.
Why wouldn't we want a company with hundreds of millions of dollars invested into putting up something like this ? That would only help us, even if it helps the crypto economy to grow 1% that is still a good thing. The overrated and underrated depends on how you rate it but if you rate it too low like it wouldn't even matter then you are wrong but if you rate it like it is the best thing that ever happened then you are wrong too.
This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
Bakkt is very important. Of course, the price will not go to the moon. But this is just a start for institutional investors. This is physical demand which will increase the price of BTC.
This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
Bakkt is very important. Of course, the price will not go to the moon. But this is just a start for institutional investors. This is physical demand which will increase the price of BTC.
This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
I think we are not going to see too much price when bakkt start. Like you said it is really over rated and most of the micro investors are putting their hope on that. The main reason why many see it as the event that should see bitcoin soar is because bitcoin is at oversold area and technically something must happen for us to see serious price movement. People are waiting for that technically set up. It`s marketing, and every kind of marketing is a good marketing, if you ask me, as long as they mention crypto a lot. About Bakkt I can`t say much, they have some idea and all I know that they promise some market break trough, will they achieve that who can say. For now they are letters on paper, with big names written all over.
Don`t they look like some service? For me they don`t have nothing new to offer, I`m doing that for years, long before them.
This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?
I think we are not going to see too much price when bakkt start. Like you said it is really over rated and most of the micro investors are putting their hope on that. The main reason why many see it as the event that should see bitcoin soar is because bitcoin is at oversold area and technically something must happen for us to see serious price movement. People are waiting for that technically set up.
there are so many events that say that there are a number of important events or good events that don't seem to be able to influence the price of cryptocurrency, so it might be an event like halving which will have an important influence on the price of cryptocurrency.
Honestly to tell you the truth I don't even know exactly what Bakkt is.
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
absolutely. even if bakkt will eventually be a major gateway for institutional investment, that'll take a long time (possibly years) to fully materialize. in the meantime, it's just a pump-and-dump news story. assuming this all happens in the next few months---the market will probably rise during the open commenting period, spike on approval, then go back to dumping.
Honestly to tell you the truth I don't even know exactly what Bakkt is.
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
Don't worry, I don't think news and rumour require much understanding of the event. Halving? Bitcoin civil war? Exchange hacks? CME/CBOE futures? All of these events seemed to fill speculators with fervour, spawned scores of headlines, and .
The main hype about Bakkt and why it's different from other instruments? Regulated trading for accredited traders and a first: futures settled with actual Bitcoin. They got other stuff crammed in the pipeline but that's what everyone's waiting for.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about
I remember those talks
And some of them are going on years, for example, about Amazon being ready to accept Bitcoin in the near future, when that "near future" should have come a couple years ago already. But as far as I know, Microsoft had really been accepting Bitcoin directly at their site for some services in the past. Then there were rumors that they disabled this possibility (around the time Steam shut down their Bitcoin operation), but they had been refuted if I'm not mistaken. How things are now with Bitcoin at Microsoft I don't know, though
Honestly to tell you the truth I don't even know exactly what Bakkt is.
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
From what I can tell its a different form of Bitcoin futures where they are physically delivered and there is no leverage.
There was also some talk about Starbucks accepting Bitcoin, and then Starbucks saying that its not accepting Bitcoin. Same with Microsoft. The entire thing is just way confusing and I am waiting first for approval before I Start to really learn what its about.
So far I think its all just "buy the rumor...sell the news".
I think BAKKT is very important as it is the first time Wall St will actually be offering a real Bitcoin product (not just gambling on the price of bitcoin which is what the two futures markets from dec 2017 were).
People say Wall Street is waiting for custody services like Bakkt before investing, which implies Wall Street doesn't care about "being their own bank" and doesn't mind third party trust. If so, isn't Bitcoin a purely speculative vehicle to them, or in other words just for gambling on the price? What else is it for?
Wall Street types are die-hard speculators and profiteers
Then yes, they don't care about "being their own bank" and I'm utterly curious why everyone can be so deluded about their real intentions. They are vultures that parasitize on something that has real value, though I wouldn't call them just gambling on the price as they don't gamble but suck in money like a cleaner. On the other hand, they may not be very interested in Bitcoin specifically because it is already mostly a vehicle for speculation, so there is not much left in it for them (and they are not going to become next bagholders)
I think BAKKT is very important as it is the first time Wall St will actually be offering a real Bitcoin product (not just gambling on the price of bitcoin which is what the two futures markets from dec 2017 were).
People say Wall Street is waiting for custody services like Bakkt before investing, which implies Wall Street doesn't care about "being their own bank" and doesn't mind third party trust. If so, isn't Bitcoin a purely speculative vehicle to them, or in other words just for gambling on the price? What else is it for?
I guess it depends how much hype each person puts into BAKKT. I think BAKKT is very important as it is the first time Wall St will actually be offering a real Bitcoin product (not just gambling on the price of bitcoin which is what the two futures markets from dec 2017 were). I think it more represents the first marker in a shift that will pour hundreds of billions of dollars into Bitcoin from Wall St investors. I don't expect a big price rise from when BAKKT finally gets approved or when it finally goes online - firstly because they are gonna be buying off OTC markets anyway so they effect of Wall St will be gradual as it dries up the OTC markets and so OTC sellers have to start buying directly off exchanges eventually, thus skyrocketing the price. Basically I view BAKKT as the first step (or one of the first steps depending on how long it takes until they get approval) of a slow flood of institutional money into Bitcoin that will take up a lot of the supply during the next bull market.
It is important but its more what it represents (the first slow steps of institutional money coming into Bitcoin) that will cause the price to skyrocket over time.
It is important but its more what it represents (the first slow steps of institutional money coming into Bitcoin) that will cause the price to skyrocket over time.
Just wary that almost every significant event has long been priced in, as can be seen even from the bch split and halving
Certain things simply can't be priced in. But I definitely understand what you mean here as exactly this argument had been prevalent on the forum before the 2016 halving. People were telling that the effects of the coming halving had already been priced in and I was telling them that you can't possibly price in future decrease in supply due to halving as it has direct impact on prices (and I was proved right in the end). In other words, to price it in, you should diminish this supply for real and then see what happens to the price
That will be your "pricing in"
Yes. And the ETFs, too.
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