20191015-How are the derivatives being transferred to BAKKT?


Bitcoin Ben （BTC/Crypto transition has begun）:

-The key number to pay attention is not just the trading volume of BAKKT platform.   You have to look at the amount of crypto stored in BAKKT’s custody account by Coinbase.

-Fed Now is going to be a tokenized exchange.   It’s a replacement for the SWIFT system.   EU Now will be the EU’s system. (6:00)

-A lot of the derivatives holders hold their derivatives in ICE, the largest derivatives clearing house in the world.   A clearing house is another word for exchange.

-ICE has a relationship with the Fed all the time, because they hold most of the derivatives.   When a bank goes to Fed ‘s window to ask for an emergency loan like the Overnight Loan, it will show Fed its derivatives at the ICE account and use them as collateral for its loan. (13:34).

-When the Fed lends the money to the banks, the derivatives (bank’s collateral) go to Fed’s balance sheet and the banks get USD into their ICE account.  These derivatives will remain in the Fed’s balance sheet.   The Fed is going to eat all these derivatives and they will go DOWN as the dollars being destroyed.   The Fed will be insolvent.  Not the banks. (15:17)

-These banks like Deutsche Bank or Morgan Stanley will pump the toxic derivatives into the Fed.

-Trump at the end will prove the Fed is insolvent with derivatives and issue a new US currency. (16:15)

-All the derivatives will turn into US$ and a lot of these US$ will go into crypto currencies. (16:50)

-The USD will go thru the ICE Exchange into the BAKKT Exchange.   That’s what we are starting to see.  The volume of the crypto being held in the BAKKT project’s custodian account is rising along with the trading volume.

-Ben thinks the ICE will be swallowed up in terms of liquidity and equity by BAKKT.   The BAKKT platform is going to absorb the value and purchasing power via Fed.   The banks are going to sell the derivatives to the Fed.   The USD borrowed from the Fed will go back into the client’s account at ICE.   They will push that USD to other assets.

-That’s why two days ago, the SEC declared BTC and ETH are commodities.   That’s because ICE deals with commodity derivatives.   The BAKKT project is going to work with BTC， ETH and LTC.    That’s three coins listed in the BAKKT’s custodian account.

-The bankers have set up all the structure and it’s all about timing now.   Right now it is about transfer the value into BTC and other commodities.   They got to prop up the oil price, the fracking industry.

-A lot of inflation that is coming back to US is being absorbed by the fracking industry.   The fracking industry runs on the future contracts.   A lot of these contracts run through ICE.

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