Subject: Comments regarding SR-CboeBZX-2018-040
From: Dr. Wang

Nov. 04, 2018

Dear SEC officer, 
I'm writing to express my opinion against SR-CboeBZX-2018-040. 

In my opinion, Bitcoin ETFs shouldn't be granted because Bitcoin (the cryptocurrency by the code name BTC) is currently a Ponzi scheme, and it is heading for complete failure. Granting a Bitcoin ETF to save it would be a grave mistake that is bad not only for US, but also for the world and anyone who believes in a good future with cryptocurrencies. 

BTC was designed to be a world money, but it was turned into a Ponzi scheme by Blockstream. They refuse to upgrade it so that they can profit from side-chain products. As a result, BTC doesn't have the capability (the technical term is scalability) to meet the requirement for a world money. The so called "Lightning Network" is a hype that is said to be orders of magnitude more complex than Bitcoin and it has been in beta stage forever. 
Knowing that BTC can never function as a wold money, some people cooked up the store of value" or "digital gold" stuff just to encourage people to continue buying BTC. 

Failing to deliver a convincing real-life application after all these years, BTC is just a Ponzi scheme hidden behind technical terms and the flag of "innovation". A Ponzi scheme needs a lot of of newcomers and fresh money to succeed, as was the case before Jan 2018. When there are no more newcomers, a Ponzi scheme will fail, as was the case afterwards. The majority of retail investors were in a bloodbath, and their money was taken by Whales and market manipulators who used bots to beat them in this zero-sum game. Sadly many of them still haven't realized why they lost money, and still hope for a miracle to get their money back. 

Well, sometimes there are more manipulating tricks than bots, for example, the recent tether crashing event should remind everyone how much non-backed tether was injected into the market to artificially pump up BTC price.  

BTC has been on a downward trend all this year, as it deserves. Furthermore, if the price drops below $6k, many miners will be out of business, and BTC will probably fail completely. 
Why give this apparently defective coin an ETF to save it from dying? So that this Ponzi scheme can keep sucking money from more people, pose as a greater financial risk, and endanger the integrity of the whole cryptocurrency field? 

Please make the right decision. Thank you. 

Dr. Wang