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Well today is the day and as of a few hours ago the much anticipated BAKKT is now LIVE!
Bitcoins price is down below $10,000 and so far BAKKT has only seen about $250,000 in trading.
I figured it was going to be a slow start but maybe not THAT slow. I will be curious to see what happens as the normal trading days start to open and we get some movement in the markets.
Most top people are saying that Bakkt will be a slow start but then open the flood gates of money into Bitcoin. This could be the case as people test the waters and figure out how Bakkt works. Once one large investment is made and it all looks good then others most likely will follow up quickly. But that first one needs to happen and I would be curious as to who will make that leap of faith.
Remember the one BIG thing that separates BAKKT from the other systems have have launched is that payouts happen in BTC and not in FIAT. This means at least for a portion of time that the money STAYS in bitcoin instead of instantly being dumped out. However there is nothing stopping someone from exchanging that earned BTC into FIAT shortly after.
The other two systems that launched that are like BAKKT are CBOE and CME and looking back at the price charts both of these ended up bringing major dips to bitcoin. CBOE saw roughly a 10% decline and CME is pretty much what drove bitcoin from 20k all the way down to 3.5k in the matter of a year. Will Bakkt do the same or will it be the system that fuels money into crypto ?
I find it quite funny that people believe institutional money would enter the market at this stage. With all fraud the surrounding Digfinex-Ifinex-Bitfinex-Tether and Blockstream.
At the moment all fundamentals in relation to bitcoin are bad and have been throughout the entire pump.
The whole industry to bitcoin rival Bitcoin cash has ties to Bitfinex.
Tether has the first mover in fiat and shaking it off is way to hard.
But to be fair tradtional markets are just as shady except one is backed by gov and not. :(
I was not aware BCH had links with bitfinex. Could you link me something relevat if it's handy?
From what I understand it was more the case that a company in which Bitfinex was a seed investor, Blockstream, manufactured the massive bitcoin v cash fiasco. They owned all the mods on the bitcoin sub-reddit and essentially censored all opposing views.
This is very well documented and super interesting
"there are no offical" records but many rumors and signs exist that prove ties are present.
One thing is to look at is Bitcoin dot com exchange. Along with the how Roger claims to invest in "every" buisness that used bitcoin in the early days....
not really true but not wrong forsay. Wouldn't deny the ties but there were more than just Blockstream present and reason for existing. No side wanted to back down leading to the bitter debate.
Segwit 3x seemed right but it would of lead to a whole cans of worms if it passed.
Extension block would of ironically been the best deal for both sides.
They don't own all the mods but many do support Blockstream.
Censorship is true and not r/btc does have some as well.
It just a messy drama that could of been handled better a bitter Divorce.
(Also you didn't comment undermind and would of missed this had i not seen an upvote)
""there are no offical" records but many rumors and signs exist that prove ties are present."
https://soundcloud.com/user-173875295/bitfinex-itself-will-not-be-taking-a-haircut#t=20:09
Here is your direct tie to blockstream :)
"Censorship is true and not r/btc does have some as well."
Two wrongs obviously do not make a right and the scale, even if true, are not even comparable.
Whoops sorry for not replying to your message directly ^^
"One thing is to look at is Bitcoin dot com exchange. Along with the how Roger claims to invest in "every" buisness that used bitcoin in the early days...."
Also I am not interested in playing the sling poop game. Just stating facts bout bitfinex, blockstream and tether.
Do not confuse that with talking about BTC and BCH directly.
oh no never denied invesment from them to blockstream.
Was talking more so for Roger
Finex is damn shady but they planned and made this entire industry tied to them.
yeah agree two wrongs don't make it a right
was trying to make a statement that the battle was more than just Blockstream.
Oh my apologies I completely misunderstood you haha . But I disagree the battle is more than blockstream. I couldnt care less what BCH doe's. Makes no difference to anything in the long run.
Blockstream and Ifinex, bitfinex's parent company, however could have a colossal impact on the entire crypto market. That is the true battle.
The sooner this all blows up the sooner crypto can become mainstream.
Yeah Blockstream while I do respect them is not the only major company that Finex invested in. With some rumors that they own/invest in major part of the eth and eos ecostem as well
Makes me sad but also understading-there is a major funding problem in the early days and even now that has let and continues to bring them more power ever single day.