Rome wasn't built in a day, and we're not just reinventing payments here. We're reinventing money.
There's no need to stare at the screen and wait for it to happen, it took us ~60 years to start using cash instead of gold and the transition didn't come quietly. I'm confident the transition from today to cryptocurrencies will be alot faster because we're already familiar with money being in digital form/card payments/mobile payments etc. but it'll still take time.
It's better to build with precision and patience, the outcome will always be better.
> We're reinventing money.
true, but let me point bakkt is not reinventing anything. it will make adoption easier for some people. avg user can experience bitcoin withtout bakkt or goldman or coinbase, and in fact if you give them your bitcoins you are giving them the power to change bitcoin rules.
Higher liquidity and market cap are critical variables for stability. Removing volatility is one of the most important aspects in bringing bitcoin closer to a better unit of account which is critical for a currency.
that market cap and liquidity will be owned by major corporations not people transacting p2p. why you need a centralized security model for a decentralized currency? Im not against it but concentrated capital is not the same. sounds like bringing back the risks we are running away from (banks)
There are indeed some major security concerns if a few large entities control most the BTC keys and why I will continue to advocate for people to control their own keys. The beneficial consequence of higher market cap making bitcoin more stable is another matter however
That is a fair concern. This is going to happen regardless, and we will see both positive and negative consequences as a result. We simply need to openly discuss these tradeoffs and keep advocting people control their own BTC instead of using services like etoro, robinhood, and bakkt. Hopefully our efforts will limit the amount of BTC these services end up controlling
> openly discuss
this. we can't avoid it. I was thinking of a scenario where institutions start piling up peoples bicoins as with current rules, but when bitcoin goes private in a serious way like monero, and regulation changes because of that, those institutions may not be willing to return the funds or give more complications or make political pressure to devs to revert privacy and press users with their own money. scary things.
they could drive away from full nodes most of the economic activity, through political pressure derived from coin retention derived from regulation changes derived from protocol changes.
Its a good thing they are late in the game and cannot easily acquire too many Bitcoins. The concern is that early whales selling parts of their bags over the next 10 years may be purchased by fidelity and bakkt however leading to a disproportionate amount of BTC being held by these institutions. I would even go further and say that organizations like gemini and coinbase already have too much BTC , and it is our duty to convince as many people as possible to withdraw their BTC
As a point of consolation , there might already be enough exchanges worldwide holding BTC under different jurisdictions and different values to make the threat less dangerous. Either way , we should assume the worse and strive for better security
Also, learn about the financial system. Learn about the credit cycle, and the way that government controlled money functions, so that you can have real discussions about the problems with the current system.
20-30 months. It all depends on how long the traditional banking system can keep the shell game going. 2008 2.0 will mean your bank cards stop working. You know what will still work at that point? Yeah...
You simply sell the amount of BTC for your national currency and pay your bills & grocery. It's not like all bankaccounts will instantly be shut down in an economic crisis - the massive devaluation of your national currency would be the problem. See Venezuela, Turkey, Iran, etc. Bitcoin would be your store of value - and when push comes to shove a much better one than gold or other assets cause you can always leave the country and take your savings (=private key) with you.
They're accumulating, and keeping BTC in the price range they want to accumulate at, while buying OTC and selling small amounts on the public exchanges to keep the price in range.
That's my theory, based on nothing much except the weirdly stable price range, and the rumors of lots of OTC traffic.
I rather have another economic majority. Goldman, JPM, Bakkt, Fidelity et al. ...not good for Bitcoin. The Bitcoin revolution is meant to fix some big problems not to be a toy for those guys. Of course we all like to see how Bitcoin increases in value, but it will be much better and valuable longterm if they don't take it out of the hands of people.
We are still in a bear market so retail investors are fearful and hesitate - no matter what news they get. Positive news only affect prices in a bull market. Institutions will enter in november - earliest. Have a little patience and wait till Bakkt goes live.
It takes time to change investment bank policies. Most banks introduced a conservative ad-hoc "no dealing with cryptocurrency" policy, essentially banning any interactions with crypto businesses. Custody services give some ammunition to investment banks business divisions to pitch proper cryptocurrency products. Business demand is definitely there, so it's just a matter of time; and when the gates are opened, the money will start coming in. Fast.
The price went up. A lot of these consumption improvements were factored in the price when it spiked from under 1k to where it is now. Bitcoin is now at the point where it passes quite a few fiat currencies market cap.
If you were looking for BTC to double every few months then probably you will be disappointing. Also if you consider that 1 month spike to almost 20k which was based on low volume and market manipulation.
In general if you take those outliers out the overall value is increasing slowly.
Keep in mind that technologies like lighting network or news regarding Bakkt are just examples of things that are still under incubation and will probably take off next year. This year was a year of technological progress and gaining stability. This is what is much more valuable than a quick unfounded price spike.
Right - and currently they arent doing anything. So are you saying that they bought BTC at 20k because they called it a scam but now are selling at 6k because they claim to be buying?
This is basically word TA - its all speculation.
Edit - dont be a pussy and downvote - explain why im wrong
I’m saying absolutely the opposite. They call it a scam and spread fud to lower the price, and then they get in. They’re not only getting in as buying coins, but they’re purchasing or setting up major pieces of crypto infrastructure.
What a sweet life, "Everyone bring me my research". Yes sir, sorry it took so long.
I agree, but if BTC were worth $1 million, I wouldn't be comfortable keeping my entire stack on a Ledger in my sock drawer (not that I do that now). If Goldman is buying many millions of dollars worth of BTC or managing a lot of BTC at Poloniex, they're going to make sure it's secure and outsource that job to someone who specializes in it. Custodial services do have a future.
You've obviously never heard of Goldman and their antics. Here they were bragging about selling their own customers shit and rekking them. Wake UP ! This is just one among many examples:
"regulators from the US Securities and Exchange Commission say they’ve identified that Goldman Sachs deliberately sold packages of low quality mortgages to customers and then bet against them. As the subprime mortgage market collapsed, as millions of people lost their homes, Goldman got rich."
how will they determine how much you earn? What is the expense ratio? they will have a ton of expenses in the example you put forward. Since only a few btc are mined per day, and being thrown in a vault, that takes them straight out of the publics hands and reduces the volume available to use in the real world. This would eliminate its use as a currency, would it not?
With more coins essentially hoarded it just increases the value of the coins in circulation. It would mean everyone who uses as a currency would end up with increased spending power, which attracts others to use it, which further increases the value. That's the power with 8 zeros, more if you go LN.
The guy who crashed the world economy in 2008. The guy who sold junk debt to his own clients while betting on its demise. The guy through political donations gets the o.k. from big government to run financial scams bilking retail investors out of billions of dollars a year. That's the guy.
Seriously, if you're reading this and can afford to buy more Bitcoin right now you should. This is a once in a life time opportunity. It's not often in life guaranteed trades with upsides like this come round. It's so exciting!
I'm 12 years old and your jizzing your pants telling people to buy more bitcoin right now like a cheap suit wearing used car dealer! I'm sure you are hoping you can get rich quick in your mommas basement.
I rotate accounts. I made it entirely from investing, too.
Edit: You had to edit that post?
>[score hidden] 34 minutes ago*
>I'm 12 years old and your jizzing your pants telling people to buy more bitcoin right now like a cheap suit wearing used car dealer! I'm sure you are hoping you can get rich quick in your mommas basement.
You couldn't come up with *this* on a first attempt? Wow...
1. No one 'should' buy more Bitcoin, even if they can afford it. I certainly believe it would be a smart thing to buy, but many people aren't ready for this. Be careful with giving advice like this (especially IRL, with friends/family/etc.).
2. Nothing is guaranteed, even in Bitcoin. I do believe in the Bitcoin project, but it's still a believe we share.
3. But yeah, I do agree, this is exciting news.
This is the original source for the article:-
>And on both fronts, Goldman Sachs wouldn’t confirm or deny what they were building, discussing or the timing of any of it. The way it sounds today, there was a reason why they haven’t confirmed any reports. Goldman was aware of the multiple institutional offerings that were on the way and evaluating who they’d choose to use as the backbone of their digital asset offerings.
>It looks like it will be Bakkt, and that the evaluation was easy and the decision swiftly made. **Speaking to several sources at the investment bank the scale of Bakkt’s infrastructure was the deciding factor.**
Between Yale investing, Bakkt, Fidelity and now Goldman confirming they WILL be making a desk - it's guaranteed.
I wouldn't really get a super yacht, as they are just throwing the money in the air. But 600-800k USD will get you something nice second hand without breaking the bank. Just the fuel which I worry would ruin the experience, can you imagine the few hours after getting a 20k USD petrol bill to last you a few weeks? (Sounds like you might have experience of this). That's what kills it for me.
Don't worry so much about oil, worry first and foremost about employees on board, maintenance of boat, and price of port parking
Having a boat is about the price of purchase as spendings every year.
Now you can cry.
No employees on a self-owned boat under 1M USD, from where I'm standing. Maintenance and port costs aren't bad at all. Tax and insurance is expected and you can register the boat in offshore locations.
But fuel is something people never consider, as evidenced by your response. Maybe in the USA no one needs to consider that. But elsewhere in the World labor is cheap but fuel is not. Diesel in USA is like 2USD a gallon, everywhere else is basically 5+.
The tank can be 1200 gallons and it will get you 600nm, so if you want to cruise the length of Brazil (roughly 4000nm) it's going to cost you in the region of $50,000USD.
So you want to do an expedition a few times a year? Lets say 4 times a year ($200,000). In 4 years you've spent the cost of your Yacht on diesel. Think about it, you've burnt the cost of your Yacht in Diesel.
I think this is why all these Yachts never really get used, everyone is shocked at the fuel costs to actually use the thing, lol.
"Lets go over to that Island over" "But it will cost us 2000USD, lets just stay here, its similar anyway."
...and just like that I've put myself off getting one for another year.