August 24, 2018
I am strongly against any Bitcoin ETF or any legitimacy to this market. Tether is a monopoly money which is used to pump this market whenever they want. They just print $500 Million on an average every month out of thin air. Telegram,Twitter and other social media platforms are used to Pump Dump this market.
There are various studies done in the past which show how manipulative this market is. Only Handful of people controls the whole market and they can significantly move the price.
The recent Bitmex incident on the day of ETF decision is the best example of manipulation and Pump Dump. Exchange was shut down to liquidate retail investors. $100M worth of retail money was liquidated. The slippage was at whooping 10%+ which indicates the lack of liquidity or Manipulation by exchanges.
I strongly believe there is nothing fundamental behind this asset and everything is fugazi. Approving something like this which SEC has no control to regulate as 95% exchanges and trading happens outside US will be disastrous for average US investors who are lured by daily volatility of this asset class.