 My question is pertaining to the ICO Council. We are seeing the rise of many ICOs this year and also are coming from many more ICOs. What is your take on about ICO? Do you recommend us to consider enquiring ICOs? If yes, what do you actually look for in deciding to buy those ICOs? Excellent. Great question. So, how many people here have heard of ICOs, initial coin offerings? Okay, what these are, are the ability to raise money for startup functions for companies that are trying to raise capital in order to build applications. First of all, you need to raise a capital organic, angel investors, venture capital, bank loans, daddy's credit card, mommy's credit card, all of those various systems. I've used some of those, including parent's credit card, to raise money for my businesses. You know, those are fairly limited. And once you start getting into larger amounts, it gets more and more difficult because you get restricted by a lot of rules. So, if you want to raise money by venture capital, it has to be, usually you're limited to which countries you can go to. Venture capital is mostly in the west coast of the United States. There aren't that many of those around. So, what ICOs did is they gave companies the opportunity to instead offer a digital coin for someone to buy and that then gives them something in return. Maybe it gives them access to an application, maybe it gives them a discount on the future use. Maybe it gives them dividends or returns on investment or whatever. And the idea being that now you can open up these investments to everyone in the world. Anybody who has a digital currency can take that digital currency, use it to buy one of these digital coins, funds this new company, this new venture, and then if this company is successful, participate somehow in the success and if it's not successful, lose all their money. What do I look for in an investment? The exact same things that I look for in an investment in any other realm. I'm looking for a product. I'm looking for an established track record in business or at least a well-baring robust prototype with some early users. I'm looking at an addressable market. Does this application they're proposing to build have actual uses out there? I'm looking very importantly at timing. As an investor, I look at things and I say, okay, yes, one day what you're thinking of doing would be successful but before that day happens more people have to have digital currencies or more people have to have smartphones or other things need to happen so it's not yet the right time. Great idea, wrong time. So you need a market. You need an idea. It has to be the right time. You have to have a team. That team has to work well together and be focused on execution and all of these things have to come together for that company to be successful and then they have a 10% chance of survival the first five years. That's the truth of startups. If you have a real market, a real product, a great team, a plan and some funding, 10% chance you're going to make it through five years as a startup. 90% you're going to fail. That's the real world. So now we see these ICOs. Do they have an app? Not really but they have a white paper. Do they have a plan? Kind of not sure. Is the timing right? Usually not. Do they have a team? Three dudes. Never done a business before. Kind of got together, started an ICO. Let's give them $100 million. What could possibly go wrong? They haven't invested in any of the current ICOs. I haven't invested in any of the current ICOs. Unless you consider Bitcoin and Ethereum itself. And those I did after I read the white paper, after I downloaded the software, run the software, looked at the code, understood the problem, see what they were solving, looked at the team. I said, yeah, this could work. I'm still expecting that I might lose both of those investments. But I haven't invested in the ICOs. So the reason I haven't invested in the ICOs is because I haven't seen that particular combination. And if I do, I might. Although because I'm an American, they're probably not allowing me to in order to protect themselves from the wrath of the SEC. Here's the thing. You've got to make this fundamental distinction. The idea of ICOs is radical, disruptive, revolutionary. We'll have an enormous impact. And it will eventually become a multi-hundred billion dollar market while companies around the world to fundraise for incredible projects and creates many giant successful companies. It is revolutionizing venture capital and early stage investments and it will completely transform those two industries. Any of the current ICOs actually doing that? No, not really. Keep those two ideas separate. There's nothing wrong with the idea of ICOs. The idea of ICOs is silent, not quite yet right on timing. I think it's going to take a few years before we see mature models come out of that. And 99.9% of all of the ICOs right now will fail. Maybe one or two will succeed. If you like playing those kinds of numbers, good luck to you. That's above my risk tolerance. But being an investor, you have to know your own risk tolerance, right? Maybe you want to put five dollars into 100 ICOs for a $500 total investment, assuming that 499 will fail, but that one will turn the five dollars into a lot more. I wouldn't take that bet. I wouldn't take that bet. Do you have casinos in Malaysia? Blackjack's a much more fair game. So, I really wouldn't. But that doesn't mean that nobody should. Most of them are scams. You need to be very careful. Many of them are absolutely blatant Ponzi's. And that applies for many of the blockchains and many of the investment opportunities. Southeast Asia is absolutely full of people pushing pyramid schemes and Ponzi's. You have to be very careful as you may have noticed. I have not suggested to anyone to go invest in Bitcoin because I don't think that's a good idea if you don't understand it. Learn about the technology, experience it, get an education in it. Yes, this is not an investment plan. I've watched with a small group of other investors with a lot of enthusiasm over the last couple of months of this ICO crazy talk to them. As with probably the other 25% of people in the room but they hang up at the time will lose 90% of what we put into it. Now, at the same time... 99.9 is what I said, but okay, you're an optimist. Hopefully, it's slightly better than one of the investment community. No, but my point is most of this community doesn't have any kind of financial education. Most of the people who are putting money in often referred to as Mrs. Wan Tabi are coming in and they just see this craze going and they're pumping money into it. Yes. Now, in the current financial system as we have it, people are educated to go into that system. They then get regulatory rights to invest the money in that system. Yes. And by that level of regulation they are protected as people. They are told they are protected. Incorrectly putting money into the system and losing maybe, as you've said earlier, their children as well. Yes. So, in the current system as it is, how do you propose without some kind of regulatory governance to protect the individual investor from putting money into an ICO, which realistically, if you do crunch the numbers, are raising five to six times their actual valuation. Yes. And how do you protect those people who don't know how to value government? So this is a really important question and the underlying problem is that in the regulated system investors are not protected. They're excluded in many cases but even the ones who are not excluded are not protected. They're given the illusion of protection. So, when all three of the rating and regulatory agencies took the absolute pile of shit that was coming out of AIG, credit default swaps and CEO which combines pile of junk bonds into two or three AAA rated and they sent that AAA and they sold that to investors and those investors lost a million holds to four closures and almost a trillion dollars off their savings. Right after that, thousands of those regulators and financial advisers went to jail and the system protected consumers, right? Not a single one of them went to jail. Nothing changed. None of the rules. None of the education. None of the investment plans. Nothing happened. The investors weren't protected. No, wait. One went to jail. Burn you out. Because he made the biggest mistake of all. He stole from rich people. Unacceptable. Unacceptable. The middle class in America, the million homeowners who got four closed illegally, fuck them. That's what happened. And now, we're looking at it ten years later and absolutely nothing has changed. You don't protect investors by giving the power to someone else to decide whether they can be investors and what they should be investing in. Because when you do that, it doesn't protect the investors. But it does give enormous power to that one agency, one institution to create the illusion of safety and then take all of the sheep to the slaughter in one big disaster. Which, by the way, ten years later, we're now overdue for. It's coming again. And nothing has changed except for the fact that now it's in the automobile loans, student loans, real estate, bond market, and equities simultaneously and it's $4 trillion larger and there's no room in any central bank to stop it. Oops. So the idea that consumers or investors were protected is a myth. It's an illusion. When things go bad at a systemic risk, no one gets bailed out. And the reason no one gets bailed out is there isn't enough money in the world to get people out. If you tell them don't worry this has the standard of approval, what do people do? They don't worry. They don't ask questions. They fail to educate themselves. So you can do two things. You can either protect investors or you can educate investors. And the only way to educate investors is to stop protecting investors because the protection is denying the education. And guess what the best education is? Losing money. So, the reason investors are sophisticated in the United States more so than they are here is not because they're protected better. It's because they have invested, made poor choices, lost money, learned, invested better, made poor choices, lost money, learned a bit more, repeat-repeat-repeat and totally become sophisticated investors. Now, the trick is to educate them first in the most basic form of education which is do not invest too much, too fast so that then they can survive the first lesson, the first loss enough for them to take that and get to the second loss and the third loss or by the fifth one maybe they make a gain and that's how markets work. The illusion of safety failure is not an option. We can all win. There's no risk. It's all upside. This is a guaranteed investment. All of those words are lies and anytime you hear them take your money and run away. The best way you can educate investors is to allow them to make mistakes and not pretend that you can pick winners and losers or protect them from making educated decisions about risk. We've created this environment where we tell people don't worry these experts have done all the work for you. But guess what happens when it all collapses? They're not going to jail. You're not getting your money back and you learned nothing. So yes, people will lose money at high CEOs. I hope they've learned lesson number one and don't invest too much. In that way, they can work. Two years from now, there's another round of our CEOs they'll go, oh, what do you have? A white paper? And no team and no investment or startup experience and you haven't yet hired any developers and you have three slides in your presentation. No. Ya? How do you learn that? Because the first three things you invested and blew up in your face and you made no money. So this is a fundamental problem we have which we've created this illusion of safety and the illusion of safety itself is toxic because it prevents people from marting. Every parent in this room knows that. How do you teach the child not to touch the stove? You let them touch the stove. Hopefully when it's not scorching hot just once and they learn really fast. Right? Because there's nothing you can say that will express the level of ouch that happens until they really feel it. Lessons in life are only learned one way by making mistakes. And if you try to prevent investors from making mistakes they don't learn. And then the person responsible for preventing the mistakes gains all this power. And then they abuse it and then they get burned.