Dear. Securities and exchange commission,
I am a student learning in high school and recently doing a project about , and I found that can be very harmful to our nation because it can be harmful to economy, and it is a dangerous currency. So I strongly suggest that the government should do something to stop the harming our economy. The reason I write this letter to you is that you are an organization that amend the law of securities, and I believe you can pay more attention to after reading my letter. You may laugh me that I’m being naive because you think banning will be a difficult problem; actually, it is very simple for a nation to stop . And you may think that can not be an issue for America, but America is actually one of the countries which should concern about the most.
You should know that the currency of , throughout its uncontrollable property, can let a nation lose money. According to a article called why ’s success could be its downfall from Washington post, it explain how inflow domestic property into other countries: “ Digital currencies can provide a means to evade government restrictions on currency exchange and capital outflows.” (Benjamin A.T. Graham and Allison Kingsley) Since it will freely exchange other types of currency and performing capital outflow, this property of ’s controllable property can lead to our nation’s economical damage. Such a enemy, which steal a nation’s money away, should be illegalized and censored, so the government should have little reason to not stop market. An excerpt from the same article said that: “The United Kingdom may well tinker with its currency exchanges to “manage” Brexit better domestically, for example. If citizens hold large reserves, their holdings are effectively free from these types of traditional government restrictions on currency flows.” (Benjamin A.T. Graham and Allison Kingsley) This quote is explaining why the British government want to ban , and it shows that the British Government even afraid the currency flows caused by spread will prevent their Brexit. Therefore, it indirectly proves that can cause a serious economic outflow.
can also be a currency that creates many chances for cyber crimes due to lacking of security. Another article called ’s Legality Around The World wrote by Kashmir Hill introduced a survey studying about other countries’ situation with . The article said that: “In October 2013, an Australian bank was hacked, resulting in the theft of over US$1 million of the currency.”(Kashmir Hill) Because was popular before the laws about it were put into place, a lot of hackers targeted it. This led to an increase in cyber- which seriously affected the social order. is made to be not secured that hackers can use as can be a prankish plans that large-scale looting people’s property. Your Commission should help us banned it to save more people and banks from losing money. The survey studied another countries with robberies. The article said that: “An incident of an alleged attempted extortion involving a request for payment in bitcoins was reported on December 19, 2013. At least three Israeli banks have received emails from an unknown individual threatening to release the personal details of millions of their unless the payment was made.”(Kashmir Hill) Throughout the multiple time of robberies in Israel, as a example, it proves that is a currency that can be easily stolen; it gives hackers many chances for committing cyber crimes and in turns harm the society. Therefore it should be banned because it is a currency that can not bring happiness to people but creates many social issues because of lacking security.
You may think stopping is very hard just like how a nation can’t control from exchanging other currencies or outflow money because it is a new type of currency that we haven’t seen before. However, I promise you that the power of is not worth mentioning compare with the nation’s force if your commission once decided to illegalize and control it. According to the report of other countries’ law making on , in second article, it said that: “Overall, the findings of this report reveal that the debate over how to deal with this new virtual currency is still in its infancy. The currency is only toddler-aged so that’s no surprise.” (Kashmir Hill) You use the current situation of governments against as a basis to express your belief that cannot be controlled. In fact, that’s because people have just started to notice , and our law making of is still in an initial stage, which does not mean that will not be effectively illegalized and boycotted in the future.
After I talked about many examples about other countries, you may have question about how does it affect america; you may not believe that america should concern about ’s spreading issue, and take it seriously. However, it is a crisis far away from us. American economy and society have strong bond with because our nation depends on issuing dollar. The first article which called Why ’s Success Could Be Its Downfall said that: “Don’t forget that the United States profits from issuing U.S. dollars that are then held for decades by individuals and governments overseas — these are essentially interest-free loans to the U.S. economy. These benefits are worth roughly $20 billion per year.” (Benjamin A.T. Graham and Allison Kingsley) This quote is simply saying that U.S. got 20 billion dollar per year by selling dollar for getting interest-free loans. If people in other country are all changed to start buying in bitcoins instead of dollar for investment, the currency market will be controlled more and more by rather than dollar; at that time, our government can not depend on selling dollar to get interest-free loans as much as right now when we need to borrow money.
After considering these facts, I hope you can take as a more serious issue because it can deprive the economic interests of the United States, damage our public security that cause people to lose their property. If you listen to me and start addressing the problem, I believe that it will not be difficult to resolve it. And because america depend on dollar for selling debt, in order to protect U.S, we cannot let rob the business of the U.S. and compete our profit in the international currency market. I expect you to first publish information introducing the negative effect of to our nation because citizens are the customer of ; If citizens stop buying , it can lose its market. In another hand, illegalize or at least regulate the domain by enhancing network security to prevent steal our money.
Thank you for reading my letter,
a student in a high school.
Published at Fri, 29 Mar 2019 01:09:28 +0000
