BAKKT - Good or Evil? (Watch this excellent video so you can decide for yourself.)

in #cryptocurrency5 years ago (edited)

BAKKT - Good or Evil? (Watch this excellent video so you can decide for yourself.)

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IJCH - Inside JaiChai's Head (Meaning: My Warped, Personal Opinions and Musings)

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From the Author:

Salutations.

I am JaiChai.

And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.

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I invite you to interact with everyone, learn, and have as much fun as possible!

For my returning online friends, "It's always great to see you again!"

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(Before watching the video, a brief introduction to BAKKT is necessary.)

What is BAKKT?

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In August 2018, Bakkt’s parent company Intercontinental Exchange released a statement announcing its intention to use Microsoft’s cloud service Azure to “create an open and regulated, global ecosystem for digital assets.”

This new company, dubbed Bakkt, would start right off the bat with the inclusion of federally regulated markets and auxiliary services, like warehousing.

It would even feature Bitcoin to fiat conversions, a feature that is rare on cryptocurrency exchanges and one of the major differentiators between market-movers and also-rans.

In total, Bakkt expects to serve a digital marketplace that moves $270 billion per year.

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IMHO, BAKKT will undoubtedly be great for the Crypto Market Cap, raise crypto awareness, and encourage Mass Adoption.

But at what cost?

Much like Andreas Antonopoulus' reason for opposing Bitcoin ETFs, I think BAKKT is a "wolf in sheep's clothing" - a cleverly camouflaged device to commercialize cryptocurrency.

Before I end up ranting 'till the cows come home, here's an excellent video about BAKKT that will surely help you make up your own mind.

"The TRUTH About BAKKT!"

Parting Shots

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To be honest, I got into cryptos specifically to avoid the greedy clutches of Big Finance.

And when BAKKT supporters say that it's to "promote and protect", I instantly know they - in some form or another - will want and get their "due compensation", their "pound of flesh" (translated: BAKKT bites and big chunks of my personal freedom and financial autonomy are devoured!).

Who will protect the common crypto user from BAKKT?

As far as I'm concerned, BAKKT is simply the first step towards the same, massive market manipulation that's been running rampant in the legacy markets since the beginning of modern finance.

Sadly, whether BAKKT is authorized or not is - yet again - NOT in the hands of those who will be most profoundly affected.

What do you think?

By JaiChai

Really Appreciate You Stopping By.

Truly hope to see you again!

And if you liked my post, kindly Upvote, Comment, Follow, and ReSteem.

About the Author

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Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.

In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.

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After 24 years of active duty, he retired in Asia.

Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).

He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.

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(More articles by JaiChai can be found on the Busy.org website. Use this link to visit Busy.org. Better yet, come join the Busy.org community!)


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"My mind was a terrible thing to waste..." - JaiChai

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Good information @jaichai. I have serious doubts whether we have the ability to truly decentralise and place real power in the hands of the people. We will have to see...

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Thanks for visiting and commenting.

Namaste, JaiChai

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While I don't love the big boys getting into it we might need it in the long run.

Great information. Thanks for sharing.... Nameste

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Thanks for sharing this! I gotta share this with some of my friends .

Thanks for telling us about this. I would have preferred though if you had given more detail. I didn't understand what Bakkt is from your description. Still, I did some research, and it basically sounds like a centralized payment system where the company will hold your crypto for you and allow you to transfer it to merchants through their servers. Why anyone would want to do this is beyond me. So I vote EVIL or...can I vote STUPID instead?

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@jaichai i say badlygood hahaah. have a great day

Thank you for sharing this, @jaichai! I’m very interested in BAKKT! I’m actually currently working on a paper on trading Bitcoin futures on regulated exchanges. So I really appreciate any bit of information I can come across. Once again, thank you!

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