Bakkt continues to be a wildcard. With Caitlin Long and her constant rehypothication/comingling warnings about Wall Street's arrival as well as other things I think it has muted any front-running of price rise. I still cant figure if her constant warnings are purely cautionary or if there is a fud aspect. So I think the market is spooked there, as we are pricing in the sentiment that ETFs are NOT coming any time soon. I think once BAKKT and others are up and running we will see the real effects. And I think as usual this will echo in the Monero market.
I think Caitlin Long has a point - and if you've see her talking on it, it's pretty convincing. I do think the crypto market is equivocal about it, I am not personally convinced it will be 'all good' either. Yes it involves real bitcoin, unlike the CME /CBOE futures and therefore should draw coins from the market. However, the habitual rehypothecation habits those behind BAKKT are used to are real - and these habits, if applied - risk challenging part of the the value proposition Bitcoin offers; that of it being hard money with a verifiable, fixed and limited supply.
I would like to think it will help Monero, but Monero is still in a crypto market driven by Bitcoin, so if BAKKT is bad for Bitcoin, then even if Monero is not part of it, it won't help.
Let's hope BAKKT is a positive, we can only wait and to see.
Yes, it seems we see this very similarly. As to Caitlin Long... I feel like she often plays the blockchain vs. Bitcoin game a little more than I like. The constant talk about how blockchain is going to revolutionize the financial world, but then in other interviews acting sort of like a Bitcoin maximalist. It makes me think she almost is saying what is expedient in that moment. On the other hand I think she brings a level of intelligence, professionalism, and Wall Street Experience to the discourse that very few others have. So I judge her message similar to her person... kind of mixed - kind of unpredictable and it makes me just slightly suspicious at times that she could even be some sort of industry plant spreading a little bit of fud to make the markets sort of look the other way while... Well I don't know... I'm starting to sound like a conspiracy theorist.
Hey - I am not going to judge a fellow OG with the same fears as I have
I think Caitlin's a pretty square old school banker (she was a big cheese in merchant banking) who went a little bit 'rogue'. So I listen, but sure - with a small pinch of salt.
I think she is used to being combative and effective... but she is flagging up banker scam-thinking and so is worth a listen. We're talking about it - and maybe a little more sceptically because of her, so she is at least doing some good. Her POV is at least a contrary one and a thought provoking.
BAKKT aside; bigger picture:
Basically, we are hodling and passing through dark times. It is tough. We may, or may not be right. But if we are right, these will be the times we will feel vindicated by.
I am betting (and buying) on a gut feeling we are right. So are you (you're still here, right?) and it's too late to sell at the top, too late for pointless hindsight. Now we can only take the pain, sit it out and find out.
If it works out, we will have EARNED the right to feel smug as fuck that we were right all along.
And I think we
are right.
I bought Monero from the earliest point it was possible to and just kept going because I believed in it. I cost averaged down by buying more when it dropped, I traded the hell out of it to get more and in the end it came through beyond my wildest dreams. Bitcoin the same.
One I thing I have learned is that is keeping cool and sticking to what you know is fundamentally of value is what worked for me and so I have no reason to change that strategy anytime soon.
The next couple of months will be a great buying opportunity for those with the balls to take it.
Ummmm yeah. What Febo said.