February 5, 2016
To whom it may concern, I am writing to discuss and send a comment on the proposed The BIT, on the NYSE Arca exchange.
Bitcoin is a currency which was invented as a way to try and make money usable by all persons and available to all who had computing power. Over the years, specialized hardware has made this peer to peer availability of money limited. The theory behind bitcoin is one of lawlessness. Bitcoin was created to bridge the gap between people and countries who are not allowed to be sending money to one another. Such transactions include darknet markets, grey net markets, chinese chemical suppliers and world wide drug cartels. No longer do you need large amounts of cash to be able to have millions. Now all you need is a thumb drive and you too can skirt taxes.
This is not an issue with american bank notes as they only go up to 100 usd as notes higher than 100 usd were discontinued so that it would be harder to move money around the world.
Bitcoin had many ponzi schemes which ruled its beginning and currently the most notable uses of bitcoin are drug sourcing and illicit gambling.
All "darknet" programs, such as TOR and I2P, are frivolously (and vainly) being used to try and hide traces of steps and other currencies are trying to also cover their tracks. Privacy online is one thing and is a good start to creating a censorship free world wide internet, but sending money to drug dealers over these programs just decreases their value as more and more people will stay away from these programs due to their hand in hand nature with darknet markets (illegal drug markets).
If we do not stop them now, we may never be able to get back to the financial levels we were once at as Americans. We are in a turning point in the country and right now is not the time to be adding in new currencies to the mix.
History of bitcoin has a lot of issues. An issue that many of you are aware of is the Butterfly Lab (BFL) scam. This was just the breaking of the iceburg. As time continues to go on, more and more companies like bfl will come to light and make it harder for the country to integrate bitcoin in a proper manner
There are a few places on the internet which give a very even keeled view of the state of bitcoin which is why i am encouraging anyone who is reading this to go to https://www.reddit.com/r/Buttcoin/ and check out what the opposite side of the "coin" is.
As a former "bagholder" of bitcoin and other currencies such as FreiCoin and litecoin, I can contest that the only people who are making out from bitcoin now days are criminals. Former bagholders cashed out early investors are all but gone due to the changing nature of bitcoin from a fun project to a world wide mess. The current bagholders of bitcoin are ones who were already rich and are just making more money. Those who are not rich will do anything they can to hack your accounts and make you lose money.
The long short is that bitcoin is not ready yet for wide scale use as there are too many people who can be controlled by the network by a few people who the government does not have any say over. It also is the largest carrier of drug money on the internet.
Thank you for your time
Joseph Stephen White