May 3, 2017
Hello
To whom this may concern,
I'm writing to you regarding case File Number SR - NYSEArca - 2016 - 176
I do not support the listing and trade shares of the EtherIndex Ether Trust on the exchange.
My reason are:
-Volatility that is created due to lack on control of who purchases and sells,
-Cryptocurrency exchanges owning, trough a web of subsidiaries media outlets that push their view to manipulate markets,
-Organized dumps to profit from the dip,
-Hyping a initial coin offering token based on Ether which has no workable product but just a white paper describing the potential, these tokens are years away of putting their idea into work.
This influences the price of Ether since you need to own ETH to be able to purchase these Token.
Exchanges like Poloniex and Kraken buy these tokens during the ICO, then release it to the public at 2x the original value.... Since its based on the ether technology, it hypes the price of Ether...
Anything at the moment that uses Ether technology is valued at millions even thought they have nothing working, just a idea.
-Lack of transparency when it comes to who ones what, you can own or have a take in a publication outlet, talk one cryptocurrency up or down to suit your needs and at the same time own Bitcoin, Ethereum, Litecoin... No one knows that you have a personal stake in the matter.
- File No. SR-NYSEArca-2017-06" There are major ethical concerns and conflicts of interest around Digital Currency Group (DCG), the parent company of the Bitcoin Investment Trust, and their media subsidiary Coindesk." How do we know that this media subsidiary is the only one that has a personal connection to any developers or stake holders of any cryptocurrency?
-Manipulation of markets using inexperienced traders and users
-Chinese having access using Coinhills exchange to trade ETH
-Why did the SEC not approve the BTC Etf? the same concerns are even more valid with ETH. Since it's more than just a currency but a platform to support DAPPS, it is even more prone to abuse,
Conclusion
Until there is more control over the cryptomarket in general the risk for abuse is too big. The announcement that the SEC was going to consider the ETH Etf request a few weeks back brought the price to an all time high. Gullible people don't understand that its being reviewed and that no decision has been maid.
The developers in this area have no oversight. If they follow trough with their idea and turn it into a workable project, great! If they decide for whatever reason to abandon their project, all the investors are left holding the bag and have no recourse. Basically it's the wild west. The situation at end isn't ready for this level of commitment.
Regards
PS. If you have any questions relating my concerns don't hesitate to contact me. I would also like to be kept inform on the issue.