Bitcoin - Bakkt Fails - Why?

Welcome back to the channel, and I hope you all are having a great day. So we want to talk Bitcoin today. We want to talk back, why backfield, why Bitcoin prices have moved to the negative, and why haven't we seen some of the changes we were hoping to see trying to get these institutions involved. So, um, I think I want to just start at some of the very basic ideas in invest— in investing, or, uh, some areas new products and projects can go in. So if we think about the concept or the idea of a first mover, right? Look at something like Bitcoin. It is the first cryptocurrency to emerge over a decade ago now and, uh, have the success now, have this, uh, market cap worth hundreds of billions of dollars going upwards from pennies. Quite an amazing feat what happened with Bitcoin. But Bitcoin was the first product in cryptocurrency. If we compare that to what we get in traditional business Look at something like social media. What was the first social media site, right? You go back, you get a list of different social media sites. Friendster, MySpace, and MySpace kind of emerges as one of the most successful ones in the early stages of, of the social media world. But MySpace doesn't end up the best product. Facebook does, right? So at the time that was happening, we could kind of look at products like what we got with, uh, MySpace and conclude something to the effect of, oh, nothing's gonna beat MySpace. MySpace is where it's at. Everybody's heading over to MySpace. Everybody's using MySpace. But that wasn't the case. I Um, I think the next area you want to look at, or what might be causing this, is just simple demand, right? Have we made a good enough case for the use of Bitcoin yet? Um, sometimes we in the cryptocurrency space, through our own wants and desires, kind of envision these cryptocurrencies as Bitcoin. As this kind of global currency that everybody's using, because to us it makes sense. Uh, you would think that products like Bitcoin could easily go into hyperinflated land and replace their dollars. Hasn't happened in Venezuela, hasn't happened across the world. So there is something in the area of demand that Bitcoin is lacking on to start to get use and adoption across, uh, the world. Another thing that came up that was interesting was this idea of the quantum— of quantum computers. And some people might be familiar with that and some people might not, but, uh, in short, what it is is this next level of supercomputers that, uh, supposedly will be able to crack cryptocurrency encryption. And, you know, with the onslaught of technology and how fast it develops, Google made an announcement that that would be the case. Is that gonna— is that really true? Would that happen? Possibly, right? And what time frame are we talking? It's hard to tell with technology. You could be talking to, uh, tomorrow, or you could be talking 10 years from now. But one protection against such, uh, situations is that technology races against each other. It's a technology race. Unfortunately, many of us in the cryptocurrency space, as we well know, uh, have chosen not to interfere with Bitcoin, have chosen not to interfere with the Bitcoin code. It's gonna probably at some point require development in order to meet challenges that could be on the horizon like that. I think all these uncertainties in short gives us a Bitcoin that, uh, you know, can become somewhat questionable, and, and that's going to affect the value and the price, uh, as what the future holds for Bitcoin if you're investing your money in Bitcoin. Um, in any event, I think nothing beats just good old-fashioned demand, right? If people are using Bitcoin every day, if they need to use it, and what do they need to use it for? Not just do they want to use it or they think it's a good idea or it fits in a type of revolutionary revolution anarchist mantra. But what do they need to use it for? What is it being used for? So when all these questions are answered, you know, I think we can really start to see these, this value of Bitcoin expand forward and move on, right? Uh, Bakkt wasn't able to do it. It's probably not going to be able to do it. Bakkt performed worse than the CME futures. That everybody complained about. A lot worse. A great deal worse. So it's nowhere near the ballpark here. What needs to happen with Bitcoin? So in my view of Bitcoin, or I can't really even say Bitcoin at this point. I have to say a Bitcoin-like product because just like at the beginning of this video, we discussed that the first mover in in a, in a certain area aren't always going to be the last standing, or someone's going to create a technology that can keep up with the technology race. And if the idea is that the Bitcoin structure shall remain pure and cold, unchanged, then that might not be representative of what needs to happen, and it might not be Bitcoin. And that's gonna be tough for some Bitcoin maximalists, but I think what needs to happen is there needs to be a type of Bitcoin-like product. I think in terms of something like Libra coin with a social media interface with a very easy Uh, or rather fast transactions that can scale, uh, free transactions. That's, that's actually great. And, um, something that does something that I think has given Bitcoin a great, uh, uh, story, a great use and a reason to pull people in, and that is deflation, right? But if deflation is the idea of what gives Bitcoin so much, uh, of this, uh, store of value concept and makes us want to use it for that, then why not make it the best store of value it can be? And so what comes to mind to me is something like a merge of Facebook, Facebook-like interface with a PayPal-like payment structure that then has a deflationary feature that moves against the supply and deflates the supply. And I think all of these things combined together will help to solve the Bitcoin demand issues, will help to solve the value of Bitcoin and what we've sought to see happen with Bitcoin. So I think that's where we're at with that. I think we have to really get to the root of the problem. I don't think it's enough to sit back anymore and hope that an institution comes in or that the next new technology, uh, comes on the scene that the Bitcoin cult doesn't want to touch. Um, I think it's going to have to move to some type of Bitcoin product that answers these questions. And, uh, I think, uh, such products exist. I'm working on one called BitcoinNYK.com. I invite you all to take a look at that. It does encompass many of the qualities I mentioned, like free transactions, uh, on all your, on all your transactions and payments you send across the network. Um, it encompasses things like deflation. It deflates more than Bitcoin. So whereas Bitcoin is going to be doing a halving next year, this cryptocurrency project we're working on, it does it all the time, right? It's a constant burning of the tokens against the trade volume. So that answers a lot of store of value qualities that really has made Bitcoin this premier product. And it is only because of that that Bitcoin is this premier product. It is not based on the use of transactions. And that's why the prices are stuck in limbo as they are. And that's why they go down when supposedly good things happen. And these are all things we have to question and bring to mind. We have to really think harder about what we want the cryptocurrency space to do and what it needs to do. Uh, I don't think it's enough any longer to just kind of sit back and hope something happens. We have to either create products that work in this space, uh, for, uh, the end user. Um, you know, or we're going to have to accept that, you know, we're going to see these type movements and price changes, uh, for quite a while until we address that. But I would love to hear you guys' thoughts and opinions on that. Uh, be sure to try our product out. We'll leave a link in the description. But that's all I got to say in this video. Until next time, take care.