June 12, 2019
Dear Commissioners,
You may dont know: you are not making the decision on Bitcoin ETF, but making decision which could impact on human history and civilization in the long term. Bitcoin will not only change our world financially and economically, but also change our world politically, religiously, technologically, and even salvationally.
Financial Effect
Bitcoin has the potentiality to change the traditional monetary system fundamentally, it would be surprise if it was not severely criticized by people who have been adapted and benefited from existing system, and hated by a large number of people who dont really understand what it is, how it works and what it is for.
One common critics is its manipulation. While raising manipulation as a concern for approving Bitcoin ETF, do you REALLY believe there are no manipulation on gold, stocks, bonds and securities? As long as inequality of wealth and power exists, market manipulation always exists, not only for Bitcoin, but for all valuable commodities, including stocks, bonds and even currencies. This is the natural instinct of human being, the more powerful they are, the more they have, the more they desire.
However, Bitcoin has inherent feature of resisting manipulation that any other valuable commodities dont have, because its truly decentralized, no one can really control it. No control doesnt necessarily mean no manipulation, but control must mean manipulation, because we are not saint, we always think and act in the interest of our own: our individuals, our group, our nations .
At present, either in terms of population of people who really understand Bitcoin, or in terms of number of people who own Bitcoin, or in terms of market capitalization of Bitcoin, they are too small. As the market grows larger and larger, manipulation will become harder and harder. Manipulation of a market at $21 trillion (if $1M per BTC) will be much more difficult than manipulation of market at $210 billion (if $10K per BTC). Who can assure that BTC cannot reach $1M per BTC and more in the future? Who can affirm the current monetary system can last forever?
Exchange security concern is just another excuse to delay or reject Bitcoin EFT. Security is not an insurmountable obstacle. It can be enhanced through legislating and regulating exchanges, similar as regulating banks and financial institutes, such as requesting exchanges to deposit enough exchange reserves into third-party banks or institutes. As long as exchanges realize that they must be fully responsible for any hacking or losing damages, they will know how to enhance the security. Nowadays and forthcomingly, technical issues are always not issues at all, giving enough inducement to involved parties. Its hypocritical to chant security concern but doing nothing, whereas something can be done.
Economical Effect
With change of current monetary and financial system, Bitcoin and cryptocurrencies will change the global economy subsequently. Commercial transactions, government revenue, government expenditure, taxes, economic connections among different countries in the near future would be different greatly as we experience today, should Bitcoin and cryptocurrency not crushed down by autocratic regimes, should Bitcoin and cryptocurrency succeed as what they should be.
Its not a wise strategy to launch trade war with CN. As the world's largest current foreign-exchange reserve holder, it is emboldened to fight back. However, status of the largest holder can be fragile. If Bitcoin price could rally to its historical high point in next few months, people there would use various ways to move funds to crypto market and decrease its foreign exchange reserves substantially, though major exchanges were cracked down and citizens are under strict foreign currency control. If this happens, it must be a nightmare for its economy.
Political Effect
Bitcoin has the potentiality to become the universal currency. If it does, the whole world can be changed fundamentally, not only in finance and economy, but also in politics:
Think about some autocratic regimes, their expenditure on Social Stability Maintenance could be even higher than their expenditure on national defense. The expenditures from revenue rely on its hefty taxes and exploitation on their people. With Bitcoin anonymous feature somehow, people are easier to break foreign exchange controls and transfer funds internationally. Without sufficient funds, disorganization of such autocratic regimes can be accelerated. Bitcoin has the capability to change the world from the direction of dictatorship to democracy. Leaders in autocratic countries are frightened by Bitcoin more than leaders in democratic countries.
Autocratic regimes tend to impose heavily internet censorship, Blockchain could be the savior of breaking censorship, refer to https://finance.yahoo.com/news/metoo-activists-china-turning-blockchain-150140477.html. Hope There's no 404 in the world in the near future
Religious Effect
GOD created human in the image of GOD, every human, no matter who is poor and wealthy, strong and week, powerful and powerless, should have the same equality. However, under current monetary system, income inequality has not been reduced, but been risen, refer to the chart at: https://upload.wikimedia.org/wikipedia/commons/f/f6/Income_inequality_-_share_of_income_earned_by_top_1%_1975_to_2015.png
Bitcoin, the peoples currency, is the first individual sovereign-based money ever existed and existing in human history. With its capability to change traditional financial and monetary system, it can create more equality society, give human unprecedented sovereignty and dignity as the image of the Creation.
Technological Effect
According to Kardashev scale, there are three categorized civilizations: Type I civilization, also called planetary civilization, can use and store all of the energy available on its planet Type II civilization, also called a stellar civilization, can harness the total energy of its planet's parent star. Intelligent life may reach Type I civilization, but would be impossible reach Type II civilization, because they are too intelligent, double-edged swords. Current centralized systems are sharpening other side of the sword.
Autocratic regimes (more centralized political system) can achieve what they decide to do more efficiently than democratic regimes (more decentralized political system). Likewise, fully decentralized Bitcoin-based society can be further inefficient on development of science and technology. But this is not bad news, as we are approaching the edge of Type I civilization.
Birth of gene-edited babies was an important event in human history. Its not necessary at all to blame the scientist A. If it was not the scientist A, it could be B, C, or many others. There must have someone to do the same in other day, as the technology developed. Human has developed weapons which could destroy the whole world, for now, at the level of national commitment. With rapid development of science and technology, such level could be lowered down and further down
Recall the story of Bible in Genesis 11:3-9, people were going to build a tower that "reached to the heavens". God was not pleased and confused their languages so they could not understand each other and the tower was abandoned. Nowadays, advancement of technology is not too slow, but too fast. With centralized language and system, sooner or later, people will develop technologies to build their final tower to heaven (extinction).
Salvational Effect
The most precious thing in the universe are not at all any resources or energies, but TIME. Decentralization could somehow delay rapid development of technology. Bitcoin is the salvation for human to buy more time, because of its decentralized feature.
In the Multiverses, there are infinite intelligent lives, things are happening exactly the same in many plants as what are happening now in our planet Earth. Somewhere in the universes, planets have the same government agency called SEC, have the same Chairman named Jay Clayton, and review the same application of Bitcoin Trust, but results of application could be different. Sad on the planets who dont receive salvation, by the beings who dont know what they are deciding.
Dont make mistake, I am here not appealing you to approve the Bitcoin Trust, just hope you to understand what you are doing and what it does mean, although it could be hard to some of you.
Yours sincerely,
Joseph