Topic: Is Bakkt the Future of Bitcoin and cryptoworld? (Read 378 times)
Bakkt has agreed with Google to add a virtual debit card to the Google Pay payment system. The card is suitable for paying for purchases in online and offline stores with Google Pay support, the agreement also implies the use of Bakkt Google Cloud services. https://www.businesswire.com/news/home/20211008005265/en/
There has not been any news here for a long time, I will add the last one: Bakkt, in partnership with Sutton Bank, has launched a virtual Visa debit card. Its holders can pay for purchases using bitcoin, without waiting for the conversion of cryptocurrency into fiat.
Bakkt is a eagle with clipped wings. The US government made sure that it will not be able to fly soon, because they know that they will not be able to control it. Institutional capital injection into Bitcoin sounds like a good idea now, but do you really want institutional capital dominating and manipulating the Bitcoin price?
I would much rather see natural adoption and equal distribution of coins and not some fat cats from Wall street, dominating everything with their fiat power.
I would much rather see natural adoption and equal distribution of coins and not some fat cats from Wall street, dominating everything with their fiat power.
people who say it is, are clearly forgetting that things such as Bakkt are very centralized and they are the exact thing that we have been trying to avoid when we created bitcoin. in other words they are unnecessary services that will exist and the number of them will only grow as bitcoin itself grows bigger and bigger every day. but they are not the future. the future of bitcoin is (as it always has been) more decentralization and less government or any other centralized entity's involvement.
Bakkt will not make it scarier for newbies to adopt, but will make it more expensive as an entry point. As institutional money flows in, prices for crypto will rise
Not at all, people are spreading FUD's and I guess its a kind of marketing of BAKKT. I am sure bakkt launch will not Impact BTC in any aspect as it has faced many to them like this. Bitcoin is moving towards development and not focusing about any launches.
It's a big possibility. Changes are made to make things better and if this makes it better then the possibility of people coming in could be great. Of course we must see the physical economy as well so that we can really have a thorough analysis on the possible success of this new development. It is because the physical economy affects much of the movements of the digital currency.
Bakkt will only affect the price of bitcoin. At the current moment price is speculative and bakkt will not change it (tbh it is not even aiming to do so). No one will care about the entire ctyptoworld if you won't be able to use it. Price doesn't matter anything without adoption of crypto payments.
Bakkt seems ready to take off with a positive acceptance from Big companies. Bakkt aim to bring institutional money to crypto world.
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
The problem here is the thinking that Bitcoin is only about investing.
It doesn't matter who buys bitcoins, or how much they buy, or how many exchanges there are, or how many ETFs there are. If people can't come up with a good use for Bitcoin, its value will eventually go to 0.
- thinking that Bitcoin is only about investing.
it does not matter what people think about bitcoin, what matters is what we gear it's development towards. You could say that 'what people think' can sorta direct the development of bitcoin core, but that development follows a feature-based line of thought. We got our soft-fork for segregated witness due to scaling concerns, for example. - It doesn't matter who buys bitcoins
true, it doesn't matter - or how much they buy
this matters since the network is self scaling in regards to volume of use, mining and number of full nodes. the more use the network sees, the more it changes itself - or how many exchanges there are
this does matter, since bitcoin's nonce difficulty is gigantic to the point that no one can actually mine a full block alone anymore like they used to be able to. So exchanges are in a way, a layer of distribution for bitcoins, so you can say the more options we have, the less risk of centralization we will have. - or how many ETFs there are
this only matters because it may change how money and volume will behave in exchanges, hard to predict exactly how - If people can't come up with a good use for Bitcoin, its value will eventually go to 0.
bitcoin will never go to 0, it is mathematically unlikely, seeing how volume has just increased from 2009 to now. And bitcoin has great uses. At the moment, transfer fees are salty, but there was a time where sending BTC as a form of international money transfer was the cheapest method available. You achieve the same results by exchanging your BTC for altcoins who specialize in these types of transfers and are centered around low fees. BTC creates liquidity for these coins.
BTC also has digital scarcity, which functions as a store of value. BTC has tremendous security, never having being hacked once (exchanges are not bitcoin, "not your keys, not your bitcoin")
I could go on and list many other 'uses' that I do not remember from the top of my head. Your post truly puzzled me, as it said many things I consider untrue in my opinion
It could help the future of crypto but it should not be the only reason for crypto to have a better future.
They are gonna generate adoption and crypto will become popular in the world, so everyone is looking for the launch of Bakkt and I don't want to speculate a lot since it has not launched yet, maybe let's just see it and wait until it will formally launch and see the results.
They are gonna generate adoption and crypto will become popular in the world, so everyone is looking for the launch of Bakkt and I don't want to speculate a lot since it has not launched yet, maybe let's just see it and wait until it will formally launch and see the results.
BAKKT sounds very positive for bitcoin but where the hell is the launch date, they’ve delayed twice now.
Bakkt will be great
it looks like people don't know what Bakkt will be
Bakkt can have huge impact on Bitcoin
Read article what i am posting below
It is best explanation what Bakkt gonna be
From the start, Bakkt has harbored a second, parallel goal: To transform the retail payments system where merchants pay steep fees for every dollar you and I pay at the checkout counter. “The evolution of blockchain technology opens new possibilities for digital assets to serve as an an efficient payments mechanism at the consumer and merchant level,” Loeffler tells Fortune.
http://fortune.com/2019/01/14/bakkt-acquisition-consumer-payments/
it looks like people don't know what Bakkt will be
Bakkt can have huge impact on Bitcoin
Read article what i am posting below
It is best explanation what Bakkt gonna be
From the start, Bakkt has harbored a second, parallel goal: To transform the retail payments system where merchants pay steep fees for every dollar you and I pay at the checkout counter. “The evolution of blockchain technology opens new possibilities for digital assets to serve as an an efficient payments mechanism at the consumer and merchant level,” Loeffler tells Fortune.
http://fortune.com/2019/01/14/bakkt-acquisition-consumer-payments/
Bakkt seems ready to take off with a positive acceptance from Big companies. Bakkt aim to bring institutional money to crypto world.
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
I remember when the futures started for Bitcoin. People were excited. When we started, we saw that it was actually not very useful. Bakkt is a business established to earn money. How could that help us? They will use the market to make money.
I guess we still can't develop Blockchain and Bitcoin because we don't understand. The terms Baktt, Nasdaq, SEC, ETF won't give us anything. The most important thing that makes Bitcoin and Blockchain special is that it is DECENTRALIZATION! Institutions work for their own interests. Decentralized economy is completely on the free market!
https://ir.theice.com/press/press-releases/all-categories/2018/08-03-2018-133022149
aunch of regulated, physical Bitcoin futures contract and warehouse planned for November 2018
Bakkt to draw on expertise from leading companies across regulated markets, risk management, technology and consumer experience including BCG, Intercontinental Exchange, Microsoft and Starbucks
aunch of regulated, physical Bitcoin futures contract and warehouse planned for November 2018
Bakkt to draw on expertise from leading companies across regulated markets, risk management, technology and consumer experience including BCG, Intercontinental Exchange, Microsoft and Starbucks
Bakkt and ETF approval is one area I always have reservation to make comments on due to the high politics that is being played with this two very significant aspects that have the ability to option in another face of bitcoin which is adaptation and possible price rise and regulations. So the best I can do is to keep watching and hoping for the best to come.
I believe that Bakkt ETF if finally approved will really do much to lift bitcoin price and market. It is one of the major events that we are hoping to start the expected bull's run or at least to maintain reasonable market value. With Bakkt ETF onboard will definitely bring in more institutional funds to crypto making the market bigger.
Recently, I often hear about Bakkt. I believe that Bakkt can help bitcoin and other cryptocurrencies, despite the fact that the Bakkt will be a fully centralized structure.
Bakkt news seems like one of the good news that we have heard this year but there is no way that a centralized service in US be the "future of bitcoin and cryptoworld" as you put it. it is still going to be A service and a centralized one at that.
We can not be fully sure what the result will be.If people don't find any use of bitcoin,it won't bring any good.We just need to find some good ways to spend the bitcoin.
Bakkt may not really do much alone but could be a model other companies could copy and create a competition.If that be the case ,there may be less need for a Bitcoin ETF considering the fact there is likely going to be a delay in it. The real future of bitcoin is neither in bakkt or ETF but in mass adoption.
This might be a little tricky considering this is institutional money, not institutional support or exchange. Basically, you have to have options so that you could make good use of your bitcoin.
Bakkt is building an open, seamless global network to enable of buying, selling, storing and spending digital assets simply, safely and efficiently. So it can be said that it is the future of bitcoin and cryptoworld.
Institutional money needs to flow in freely without doubt that they are breaching regulations or taking huge risks with investor funds. Anything that can provide that type of security will help to bring more whales into crypto
Bakkt seems ready to take off with a positive acceptance from Big companies. Bakkt aim to bring institutional money to crypto world.
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
We can not be very sure about the outcome yet. But we think it might be a hope for BTC's acceptance. If this project is a success, BTC might be overwhelmed. Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
Bakkt seems ready to take off with a positive acceptance from Big companies. Bakkt aim to bring institutional money to crypto world.
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
The problem here is the thinking that Bitcoin is only about investing.
It doesn't matter who buys bitcoins, or how much they buy, or how many exchanges there are, or how many ETFs there are. If people can't come up with a good use for Bitcoin, its value will eventually go to 0.
Bakkt seems ready to take off with a positive acceptance from Big companies. Bakkt aim to bring institutional money to crypto world.
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
One thing it will bring is leverage financialization, which isn't necessarily a good thing. Here's what one Wall Street veteran says could happen to the Bitcoin market once bitcoin-deliverable derivatives like Bakkt are launched:
Quote
“As cryptocurrency markets develop further, here’s what I’ll be on the lookout for: financial institutions beginning to create claims against cryptocurrencies that are not fully backed by the underlying coins (which could take the form of margin loans, coin lending / rehypothecation, coin-settled futures contracts, or ETFs that don’t 100% track the underlying coins at any given moment). None of these are happening in the market yet, though.
“So far, regulators have only allowed bitcoin derivatives in cash-settled form among major derivatives counterparties. While cash-settled derivatives can affect the price of the underlying asset, the magnitude of the impact is lower than the impact if derivatives were settled in an underlying that is “hard to borrow” or “special” (using securities lending parlance). Bitcoin is especially “hard to borrow” so a requirement to deliver the underlying bitcoins into derivatives contracts would amplify bitcoin’s price fluctuations.
“Eventually it’s likely regulators will approve bitcoin-settled derivatives among major derivatives counterparties. At that point, banks will be looking to borrow the underlying bitcoin—and that’s when the custodial arrangements made by institutional investors will start to matter. Will custodians make their custodied coins available for borrowing in “coin lending markets” as they do with securities lending today? Or will they deem the cybersecurity risks of lending coins (which entails revealing private keys) too high relative to the extra return available for coin lending? And will institutional investors even allow coin lending by their custodians? Regardless, when bitcoin-settled derivatives appear on the scene, it’s very likely that cryptocurrencies will be “hard to borrow” for quite some time because HODLers (long-term holders) own most coins and rarely use custodians.” (emphasis added)
Why does this matter? Bitcoin has algorithmically-enforced scarcity, and that’s a big part of what gives it value. If Wall Street begins to create claims to bitcoin out of thin air, unbacked by actual bitcoin, then Wall Street will succeed in offsetting that scarcity to some degree.
The same pattern happened in commodities markets, such as gold and silver. It also happened in credit derivatives, which, before the 2008 financial crisis, had grown to 10x the size of the underlying corporate bond market and had become the proverbial “tail that wagged the dog” by driving the price of the underlying corporate bonds.
If a large degree of leverage-based financialization ever happens to bitcoin, the community that secures the Bitcoin network with its processing power may move on to a different currency. Unfortunately, the news on this front is already not good, as traders confirmed that daily liquidity for synthetic versions of bitcoin is already approximately $15 billion, which is 3x bitcoin's daily spot liquidity of approximately $5 billion. Leverage-based financialization of bitcoin to date has happened mostly outside of the US—a good example of this is Hong Kong-based exchange OKEx’s confirmation today that one of its customers had major losses on a leveraged $400 million futures position, causing it to claw back $9 million from its customers to cover the exchange’s loss.
“So far, regulators have only allowed bitcoin derivatives in cash-settled form among major derivatives counterparties. While cash-settled derivatives can affect the price of the underlying asset, the magnitude of the impact is lower than the impact if derivatives were settled in an underlying that is “hard to borrow” or “special” (using securities lending parlance). Bitcoin is especially “hard to borrow” so a requirement to deliver the underlying bitcoins into derivatives contracts would amplify bitcoin’s price fluctuations.
“Eventually it’s likely regulators will approve bitcoin-settled derivatives among major derivatives counterparties. At that point, banks will be looking to borrow the underlying bitcoin—and that’s when the custodial arrangements made by institutional investors will start to matter. Will custodians make their custodied coins available for borrowing in “coin lending markets” as they do with securities lending today? Or will they deem the cybersecurity risks of lending coins (which entails revealing private keys) too high relative to the extra return available for coin lending? And will institutional investors even allow coin lending by their custodians? Regardless, when bitcoin-settled derivatives appear on the scene, it’s very likely that cryptocurrencies will be “hard to borrow” for quite some time because HODLers (long-term holders) own most coins and rarely use custodians.” (emphasis added)
Why does this matter? Bitcoin has algorithmically-enforced scarcity, and that’s a big part of what gives it value. If Wall Street begins to create claims to bitcoin out of thin air, unbacked by actual bitcoin, then Wall Street will succeed in offsetting that scarcity to some degree.
The same pattern happened in commodities markets, such as gold and silver. It also happened in credit derivatives, which, before the 2008 financial crisis, had grown to 10x the size of the underlying corporate bond market and had become the proverbial “tail that wagged the dog” by driving the price of the underlying corporate bonds.
If a large degree of leverage-based financialization ever happens to bitcoin, the community that secures the Bitcoin network with its processing power may move on to a different currency. Unfortunately, the news on this front is already not good, as traders confirmed that daily liquidity for synthetic versions of bitcoin is already approximately $15 billion, which is 3x bitcoin's daily spot liquidity of approximately $5 billion. Leverage-based financialization of bitcoin to date has happened mostly outside of the US—a good example of this is Hong Kong-based exchange OKEx’s confirmation today that one of its customers had major losses on a leveraged $400 million futures position, causing it to claw back $9 million from its customers to cover the exchange’s loss.
In other words, it's not necessarily the gateway to Bitcoin adoption. But it might be the gateway to Bitcoin financialization.
i am trying to reserve my judgement about Bakkt and generally things such as ETFs that the governments or big companies are involved in. specially when i hear the words "institutional money". i believe it has the potential to be so much more damaging to bitcoin than they can bring us anything good. and i also see that people are hyping these things up a lot which makes me even more skeptic about them.
the average Joe is either already scared of bitcoin or doesn't give a ... about it and Bakkt, ETF, SEC,... are not going to change that.
~or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
the average Joe is either already scared of bitcoin or doesn't give a ... about it and Bakkt, ETF, SEC,... are not going to change that.
Bakkt seems ready to take off with a positive acceptance from Big companies. Bakkt aim to bring institutional money to crypto world.
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
Will this be the gateway to bitcoin adoption and possible Bitcoin ETF approval or this will only make bitcoin more scarier for regular joe to invest and hard to adopt?
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