Comments on Cboe BZX (BTC ETF) RulemakingThe Lord hath spoken:
Subject: File No. SR-CboeBZX-2018-040
From: Lord Bogdanoff
July 11, 2018
POMP EET.
The comments are piling up, but there is a several day lag before they are actually posted. A (very slow) human must be reviewing. I suspect a tsunami of comments is building up.
While the vast majority support the ETF, I managed to find a couple negative nancies:
Subject: File No. SR-CboeBZX-2018-040
From:
Anthony ArcieriJuly 11, 2018
A Bitcoin-backed ETF on regulated exchanges is a worrisome prospect due to ongoing "anomalies" in Bitcoin's price, which appear to be the result of price manipulation using methods which would be illegal on regulated exchanges, e.g. wash trading.
I would draw your attention to this study, which uses statistical methods to attempt to answer questions about whether Bitcoin's price was (and still is) being manipulated at the time of the price bubble at the end of 2017:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066While I would love to see a path towards creating ETFs out of digital assets in the future, I'm not sure it makes sense to create one out of something whose price is actively being manipulated.
Subject: SR-CboeBZX-2018-040
From:
Muggeo VincenzoJuly 11, 2018
Goodmorning,
You have to pay close attention to Bitcoin and the products you want to authorize (ETF).
Most bitcoins (and other cryptocurrencies) are in the hands of a few exchanges that every day manipulate the market to speculate on projects and tokens that directly and indirectly manage.
This is the bitcoin rich list, you can see that the first 20 bitcoin owners are exchange and have most of the bitcoins in circulation:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.htmlMany exchanges use "false dollars" to pump the price of bitcoins and other coins (theter !!!)
In addition, the processing of transaction data is carried out by a few centralized entities that can decide what, how much and how to move everything at any time, these are called miner, the biggest miner in the world is called
https://www.bitmain.com (there have been many problems in the past and the risks are very high).
BEFORE AUTHORIZING ANY PRODUCT YOU NEED TO RESOLVE MANY PROBLEMS THAT ARE ON THE BACKGROUND.
PLEASE, DO NOT BECOME CAUSE OF A TRAGEDY!
Best regards,
Vincenzo Muggeo