March 10, 2017
Hello SEC,
I do agree with some of the comments that a bitcoin ETF at this point in time is too early. There indeed is a civil war going on within bitcoin at the moment. The two sides are Bitcoin Core and Bitcoin Unlimited and both sides are fighting for control of the bitcoin name. For an example of this, simply visit www.reddit.com/r/bitcoin for the Core side of the argument and www.reddit.com/r/btc for the Bitcoin Unlimited side. Forbes recently published an article about the hard fork debate titled "Double Your Money? Looming 'Hard Fork' Uncovers Fatal Bitcoin Flaw" which summarizes it well.
An argument posed by COIN ETF supporters is that we will pioneer a technological revolution. If we were to compare bitcoin to the early days of internet, we are not in 1994 as some suggest. The internet was invented, arguably, in the 70's and slowly made its way up to the form of the world wide web in the 90's. That took 20 years. Bitcoin is still in its infancy and has no equivalent technology like the web. To rush speculators in on it now would undermine its credibility and kill its chances to grow organically as it has been.
Please keep in mind that bitcoin is still officially in BETA. The software is not even at version 1.0 but rather 0.14.0 which was released only two days ago. We have a ways to go before it is ready for prime time. Can we really have people investing their hard earned dollars into this right now?
I would love to see a bitcoin ETF in the future but right now, it is risky and highly controversial. I urge you not to rush your decision and approve of this tomorrow. There will be plenty of chances in the future to do this. The comments that support this are driven by one thing only - greed.
Thank you for reading.