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Amigo

Bakkt - Starbucks - XRP

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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 by Amigo

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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 :biggrin:, but we'll see with these sneaky bitcoin maximalist or they use both ? Whoever uses bitcoin will die of thirst :good:

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Guest

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.

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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?

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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

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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.

 

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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.

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