Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

As Bakkt volume appears to be growing, one skeptic believes that the physically-settled Bitcoin futures platform is nowhere near as good for the cryptocurrency as many first believed. YouTuber Chico Crypto goes as far as to say that Bakkt represents an attack by Wall Street on Bitcoin.

In the recently-posted video titled “Bakkt is BAD for BITCOIN! Exposing the Wall St. Attack,” he highlights several peculiarities about the ICE-backed futures exchange and custody solution. The most notable of these relate to the actual process of taking delivery of the “physical” Bitcoin from the “physically-settled” Bitcoin futures contracts.

No Public Address

After noticing that Bakkt has never posted a public address for its custody solution, Chico Crypto did a bit more digging. He discovered that the company behind the Bakkt Warehouse custody solution was likely created by Bakkt itself. Further research concluded that there is no public information about the process of withdrawing Bitcoin from the Bakkt warehouse whatsoever.

Given that every other regulated, deliverable commodity contract in existence publishes detailed information about how a trader will actually take delivery of a commodity, this seems suspicious. Raising further questions from Chico Crypto is the fact that he was unable to find any evidence of knowledgeable futures commission merchants at Bakkt. Again, he reasons that this is inconsistent with other futures markets.

Bakkt

Bakkt

In his research, Chico Crypto concludes that the company providing its custody solution was acquired by Bakkt itself in August 2018 for a suspiciously low fee when compared to similar acquisitions by cryptocurrency companies. He asks:

“Why create an independent warehouse, which you own and is tied to delivery and not be like a normal futures product with physical delivery where a third party usually has the commodity?”

The YouTuber ultimately questions if there is even any way for a trader to take their money out of the Bakkt Warehouse once it’s in there.

Bakkt and Bitcoin

With such peculiarities and the lack of transparency surrounding Bakkt, Chico Crypto argues that the platform is an attack on Bitcoin. Just like how the CME Group’s Leo Melamed stated “we’ll tame Bitcoin” at the December launch of its cash-settled futures, the YouTuber believes that Bakkt is another effort by Wall Street to control Bitcoin:

“It’s just another product to attack [Bitcoin’s] growth and keep the dollar dominant.”

Bitcoin Bakkt

Bitcoin Bakkt

Finally, raising further suspicion about Bakkt’s motives, Chico Crypto highlights the fact that President Donald Trump and Bakkt CEO Kelly Loeffler have attended official functions together. In July this year, Trump announced his Presidential Delegation for the final match of the FIFA Women’s World Cup. Kelly Loeffler was a member. This seems most bizarre, particularly given the fact that Trump tweeted his disdain for Bitcoin that very same month.


Images are courtesy of Shutterstock, Twitter.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2020 Cryptoracle.info - Crypto News