Amigo 1,562 Posted January 20, 2019 (edited) News is swelling a bit about a Bakkt application to convert digital assets at Starbucks-payments and they will market it significantly https://abacusjournal.com/bakkt-behind-the-pending-launch-faced-with-an-unexpected-delay-bakkt-prepares-massive-roll-out-and-marketing-blitz/ Quote As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. About a year ago, the executive chairman of Starbucks mentioned that cryptocurrencies are coming, yet ruling out bitcoin https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html Quote "One or a few legitimate" cryptocurrencies are coming, but bitcoin is not one of them, according to Starbucks' executive chairman and former CEO, Howard Schultz. (..) Instead, Schultz told investors he sees potential in blockchain, the online ledger technology underlying digital currencies. "I'm talking about ... the possibility of what could happen — not in the near term, but in a few years from now — with a consumer application in which there's trust and legitimacy with regard to a digital currency." In august, Starbucks mentioned that paying directly with assets like bitcoin will not be the case, but there will be an exchange step in between. http://fortune.com/2018/08/06/starbucks-accepting-bitcoin/ Quote But based on Starbucks’ later statement, the closest that customers can expect to come to paying for their coffee with Bitcoin—for the time being, at least—is that the exchange will convert digital assets like Bitcoin into U.S. dollars, which can indeed be used at Starbucks. Now, obviously Bitcoin transaction costs are at most moments too expensive and the involved speed too slow to make it usable to pay a cup of coffee. Bakkt could off course offer an app with which you can "upload some value in Bitcoin to a Starbucks wallet" yet convert it to USD at that very moment, but that's zero innovative and in essence creating consumer-mini-nostro-USD accounts at retailer businesses. As Bakkt is handling things carefully and will have done their homework, my take is that Bakkt will offer some form of XRP-integration as it's basically the only liquid coin with enough speed and low transaction costs enabling instant conversions (enabling sort of an xRapid for retail payments). PS. With the additional 51% attack risks of Proof-of-Work coins like Bitcoin I still find it odd that financial products like futures and ETF's are requested for approval for bitcoin only and similar products for XRP are not being applied for approval. But I guess that's food for another topic. Edited January 20, 2019 by Amigo 6 Truckdriver, ADingoAteMyXRP, BBS and 3 others reacted to this Share this post Link to post Share on other sites
Truckdriver 12,540 Posted January 21, 2019 http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/ a good article about Bakt/NYSE mentions their thoughts on Starbucks and bitcoin, I hope your right and the possibility of XRP being utilized, it makes sense to us , but we'll see with these sneaky bitcoin maximalist or they use both ? Whoever uses bitcoin will die of thirst 4 Amigo, Cesar1810, Scout and 1 other reacted to this Share this post Link to post Share on other sites
Guest Posted January 21, 2019 With the gov't shutdown and all I don't see Bakkt launching anytime soon and I think we may as well kiss the idea of a Bitcoin ETF in 2019 goodbye. Share this post Link to post Share on other sites
scoobysi 391 Posted January 21, 2019 If it involved XRP it would make the rabbit hole digging & tin foil hat lovers explode given the repeated example of bitcoin not working to pay for starbucks because of time which Brad et al used in speeches lots last year? Share this post Link to post Share on other sites
aye-epp 467 Posted January 23, 2019 On 1/21/2019 at 12:06 AM, Ylod said: With the gov't shutdown and all I don't see Bakkt launching anytime soon and I think we may as well kiss the idea of a Bitcoin ETF in 2019 goodbye. According to Jake, the shutdown can't affect the decision: "the SEC doesn't have the power to extend the 240-day deadline. The statute absolutely prohibits any further delays. By law, that means if the SEC fails to make a decision by the February 27 deadline, the ETF will be automatically approved." https://twitter.com/jchervinsky/status/1086266220381421569 4 1 lu_stgm96, lucky, Cesar1810 and 2 others reacted to this Share this post Link to post Share on other sites
Guest Posted January 23, 2019 6 minutes ago, aye-epp said: According to Jake, the shutdown can't affect the decision: "the SEC doesn't have the power to extend the 240-day deadline. The statute absolutely prohibits any further delays. By law, that means if the SEC fails to make a decision by the February 27 deadline, the ETF will be automatically approved." https://twitter.com/jchervinsky/status/1086266220381421569 That would be great, if it is true. 240 day deadline and using every single day of it just to say yes or no, you've got to admire the goverment's approach to life. Share this post Link to post Share on other sites
KarmaCoverage 3,152 Posted January 23, 2019 3 hours ago, aye-epp said: According to Jake, the shutdown can't affect the decision: "the SEC doesn't have the power to extend the 240-day deadline. The statute absolutely prohibits any further delays. By law, that means if the SEC fails to make a decision by the February 27 deadline, the ETF will be automatically approved." https://twitter.com/jchervinsky/status/1086266220381421569 That was a good read, thanks for sharing. 2 Cesar1810 and aye-epp reacted to this Share this post Link to post Share on other sites
Guest Posted January 23, 2019 Looks like it ain't happening https://www.coindesk.com/cboe-withdraws-proposal-for-vaneck-solidx-bitcoin-etf Share this post Link to post Share on other sites
