July 4, 2021
Bitcoin narrative is being pushed as something of revolutionary way to improve on either capital allocation is done traditionally or to improve on existing payment networks thus \"banking the unbanked\" so to speak.
This however is entirely false and far from the truth.
Cryptocurrencies in general are quite opaque and complex dynamic structures that are very hard to model even by trained professionals let alone retail investors making them ideal vehicles to mis-sell to average mom and pop investors, putting them at grave risk.
Bitcoin network is largely controlled by unrelated centralised collection of entities operating globally, largely to play cat mouse games with either rule of law or with existing financial regulations.
Technically, the network itself is autonomous and decentralised - operates Without centralised governance and oversight authority.
However the entities participating in the network are very much colluding Cartel like in their Operations making retail participants vulnerable.
It is also preferred network of choice for global criminals causing national security concerns for governments around the world. Recent randsomware attacks in United States are examples of activities carried out on this network.
Existing holders of bitcoin are encouraged to keep holding while new retail investors are enticed to invest.
This endless cycle is being pushed by top HOLDERS Traders of the Cryptocurrency, making it a Pyramid scheme.
The above is just the financial implications of the the network, an environmental impact (negative) is well documented.
Basically, it is designed to be pointlessly consume energy in pursuit of being awarded a token. This process is multiplied many million times by \"mining\" computers, making the network consume more energy than entire (large) nations.
SEC should not approve this ETF that allows individuals to invest in this network that is uncontrollable and entirely pointless, putting all legitimate parties at grave danger.