May 14, 2017
Good afternoon,
I'm a venture capitalist, security researcher and software developer from Maine.
I'm writing in support of the Ethereum ETF.
Unlike Bitcoin, Ethereum is backed by organizations such as JPMorgan, Intel, Microsoft and others. Also unlike Bitcoin; Ethereum is the emerging front-runner in a whole new spectrum of technology. Ethereum isn't Bitcoin.
Bitcoin is akin to AOL on a 56k dial-up connection in the late 90s whereas Ethereum is a cable modem of the same era. Bitcoin is the drunk uncle sleeping on the couch at a young Mark Zuckerberg's house.
A large Ethereum associated project was hacked last year; but order was restored. Bitcoin is a headless monster and Ethereum, very likely the future backbone of valuable information storage and contract execution, is a new technology on the precipice of wide-scale adoption. The developers are there. The banks are there. The fortune 5's are there. This is inevitable.
If Bitcoin is the untraceable currency of the Internet Ethereum is the Email, the Instant Messaging, the banking, the contracts and the deeds. The only thing Ethereum took away from Bitcoin was the blockchain; which is essentially just distributed cloud storage.
The blockchain tech community seems to be putting the Ethereum ETF approval at a very low percentage of success, but I am not. I believe the SEC to be competent and intelligent enough to make the most logical decision and embrace the inevitable.
Thanks,
Kevin McSheehan