Dear [UGLY OLD GOAT],

I have included parentheses strictly because I have no intention to use your chosen nickname as an affront to you.

Thank you for taking the time to read my work and for (rightly) pointing out my failure to mention Bitmex and the other unregulated futures and synthetic derivative marketplaces that exist in the cryptosphere.

Such an omission was not unintentional. As it is conceivable that the goal of cryptocurrency exchanges to increase trading volumes and encourage trading activity, the value of futures and derivatives on such markets is circumspect at best.

Rather, I would prefer if futures contracts for delivery were developed — which would at the very least provide an approximate gauge to the interest and demand for digital assets such as Bitcoin.

For now at least, it seems that participants in the cryptosphere are quite content to develop more and varied tools to encourage greater speculation in cryptocurrencies, from futures to ETFs, which at this current stage have limited value in what is perhaps more crucial in cryptocurrency development — adoption.

As always, I thank you for your input, the time taken to analyze my work as well as the insight provided by adding to the discussion.

Any errors and omissions remain mine.

Yours,

Patrick Tan