what facts, lol?

you can't point to any filings that confirm what you're saying. this is all speculation, including everything you've said. you're the one hand-waving away how wall street literally operates day-to-day by saying "no way, not with bitcoin, cuz wall street banksters said so in a press release"!

if what you're saying about bitcoin vs gold is true, why does grayscale charge a 2% annual fee to hold bitcoins for its traders? why does everyone say "wall street is waiting for regulated exchanges"?

if holding gold is "difficult", why does that mean comex should implement fractional reserve practices?


comex has large gold vaults too. they have gold; they just can't fully deliver on it. FYI, gold is just one example of how collateralization works on wall street. 

i'll tell you one thing: an exchange can make a lot more via trading commissions and carry costs with fractional reserve. if they can legally issue more contracts than they can cover, why wouldn't they? it's simply rational.


again, comex says they hold physical gold in their vaults. and it's true. that doesn't mean they can cover all outstanding longs with physical gold.

this is literally the exact same dynamic. bakkt has rational incentive to issue contracts beyond physical bitcoin collateral, there's no legal reason not to, and it's how everything else works on wall street. why would you assume everything will be different for bitcoin?