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When Moon, shut the Fork up and put on a tie. Just kidding, now where is my Lambo.
Everybody knows the moon is made of cheese. We were taught this as children, it is true. Bitcoin has been going to the moon as long as I can remember. When moon I hear people say, where did this saying come from, personally I can’t stand it? When Lambo, please no, just stop it.
The Cheese might be over and it is time to put on a tie.
I love the crazy people in crypto, or as Nouriel Roubini calls us, the trolls, shills, scammers, crypto zealots and lunatics. When he is finished his next ‘Ten Women to one Man orgy’ Nouriel can now add corporate America to that list.
I’m just kidding about putting on a tie, no one wears ties anymore do they? They do, wtf, why? Who are these people wearing ties then that seemed to have arrived all of a sudden? John Heywood is widely accepted as starting ‘the moon is made is cheese’ chat. He is gave us some pretty good proverbs back in the 1600s one was ‘The more the merrier’ with that in mind lets see who is joining us in the cryptoverse. Yes another cheesy term.
- Fidelity investments with $7.2 trillion dollars, making it the fourth largest asset manager in the world, has entered the Cryptoverse. They have 27 million customers, yes 27 million, there is not enough Bitcoin for each of their customers to have one. Lucky we have shit coins so they can buy some of them to. Please leave the Bitcoins to people who know what they are doing.
- Bakkt. Great name but what is it? It is a platform set up by the Parent company Intercontinental Exchange (NYSE: ICE) In their words they say;
Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.
Bakkting up here, (cheesy) yes you read that correctly, ICE as they are called, is in Crypto. Here is how ICE describe themselves.
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company formed in the year 2000 to modernize markets. ICE serves customers operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. ICE is the parent company of the New York Stock Exchange, which has helped companies raise more capital than any other exchange in the world, driving economic growth and transforming markets.
WOW America. I am very happy to see Bitcoin and Crypto being handled in what is starting to look like a measured, intelligent (except asking Nouriel Roubini to leave one of his orgies to teach you about Crypto) way. I had half expected anyone who was involved in Crypto might have been rounded up and shot this year or at a minimum sent to reeducation camps. Nope looks like calm heads have prevailed. These are truly exciting times.
ICE will list Bakkt Bitcoin (USD) Daily Futures Contracts for trading on Dec. 12, 2018. The product will be physically-settled and cleared by ICE Clear U.S., Inc. They say;
“Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day.”
What I really like about this development is that we will now have a fully regulated scenario that will allow for better price discovery, open Cyrpto up to a wider public, lend more credibility and remove some of the cheesy behavior still very much present in crypto. What do I mean by cheesy? We are still a bit of a mess, joke whatever you want to say when it comes to many of the exchanges. I think there are around 1500 Crypto exchanges and some pretty questionable practices happen on many. For Crypto to have a chance to flourish we need reliable price formation and the addition of Bakkt and the likes of Fidelity recently will certainly help with this.
Go hard or go home
There is a lot of Grey in Bitcoin and Crypto trading, a lot! The addition of Bakkt and Fidelity will create a situation where you can now trade in a fully regulated KYC’ed to the max environment. Presently you still have to do KYC procedures upload documents (get permission to use your own money basically) on many exchanges, at least when on boarding with fiat. But you still run the risk of having your funds frozen and taken by a government as recently happened with Onebroker.
Bitcoin and Blockchain Projects can make the world a better place.
Another John Heywood proverb is ‘Rome wasn’t built in a day’. Blockchain tech is in it’s infancy but I applaud the rule makers for what so far seems a stance that will give the brilliant minds in this space a chance to experiment, to find better ways of doing things and ultimately use technology to improve lives. There has been much talk since I have been in Crypto about how this space would bank the unbanked and enable the farmer in Fiji to sell his produce to a buyer in Indonesia and so forth. I do hope we get some headlines soon about these types of stories as I suspect we will be seeing lots of pictures of people wearing suits (no ties) announce large institutional deals. Come on people forget the cheesy moon lets aim for the stars.
*If you know of a great project that will change lives for the better please get in touch so we can help share the story and help fund the right projects.
