 Good morning, Andreas. I'm enjoying. I'm enjoying your talk very much. Oh, good But I have a skeptical question. Of course. So as you can hear I'm from Europe where we still trust our government. Yes, and I'm Greek originally, so I would put a question mark next to that, but hey Well, I'm from the Netherlands. So so we still it's very good But but my question is really so I like your your your analogy with Foreign currencies. Yes. So but where when I arrive back tomorrow or Saturday at Skipple Airport, there's a sign Right at the customs, which says if you carry more than ten thousand dollars or euros or whatever You have to declare it. Yes And I think it's it's a good thing that you have to have because there are all kinds of money anti-money laundering and very good All kinds of things. How would this actually work? Who would create that trust and that that the guardianship in a old Bitcoin world? That world is gone I'm afraid to tell you that world is gone when I go through an airport I am transporting zero currencies because Bitcoin doesn't have a physical location So I don't actually have Bitcoin on my phone or my hardware wallets or my Bitcoin devices I have cryptographic keys the Bitcoin lives on the blockchain network, which is Propagated everywhere in the world. So when I arrive at Skipphole, the Bitcoin is already in the Netherlands waiting for me. I Didn't transport it across the border. It was already there. It is already everywhere I'm moving my money is global and is always global there is no such thing as Transmitting money in Bitcoin because all you do is you declare a change of ownership to a global network where the money is Always in the global network and never actually moves so the whole framework of laws around money transmission is Completely obsolete simply because you do not transmit money anymore It reaches a level of abstraction where as Microsoft would put it your money is in the cloud And what that means in practical terms is that message on the customs board Doesn't really have any practical meaning now when we have this discussion with regulators and law enforcement agencies around the world The immediate reaction is to think that I'm questioning their authority to do this like but we have a mandate from a Democratically elected government you can't tell us that we no longer have the authority to do this I absolutely do not question the authority to do this I very much question the means to do this and there's a very big difference when suddenly the authority is ever present But the means have disappeared completely Regulators are the first group to be massively disrupted by this technology because it has removed their ability To control money flows because money stopped flowing and This is going to face force us to face a world in which money exists universally and can be Changed can have changed ownership without ever being transmitted and borders are completely meaningless If at the same customs area, it said please do not bring any data Into the Netherlands you'd look at that and go that's a bit silly, right? My data isn't I can leave my USB sticks behind my data is in the cloud Well, what happens when money is data and that's what this technology does It is data and it's in the cloud and it isn't being transported. So Those restrictions basically no longer work at all although I do get sometimes customs officials asking me about You know, do you have Bitcoin in your bag? And I say no, I don't which is the honest answer because I don't have Bitcoin in my bag When I first started traveling across borders and being in the Bitcoin space I was very reluctant to say the B word at customs, but you know, it is one of their domains I found a much better approach is to go into full pitch And then they leave you alone. So what do you do? Bitcoin have you heard about it? It's this amazing peer-to-peer system that allows you. Okay. Welcome to now, sir Go ahead. Just overwhelm them with enthusiasm. They hate that Somewhat of a related question in your view. What's going to be the geopolitical impact of this? Especially when it comes to pegged currencies or rogue nations. Yes The geopolitical impact of this is absolutely enormous and part of the reason for that is because over the last 50 years We have converted money from being a store value medium of exchange and unit of account into being a system of control and a geopolitical pawn in a global game and when you have national money what I call flag money You remember the old airlines that had a flag on the tail, right? Those are obsolete But now that's happening to money the idea that money becomes a system of control to play geopolitical games through embargoes and currency controls is itself a relic of the industrial era and is being made rapidly obsolete by this technology it has radical geopolitical Implications it removes the ability of sovereigns to control monetary supply Most importantly it removes the ability of central banks to take the entire population hostage on some kind of crazy hyper inflation drive into Disaster as we're seeing happen right now in Venezuela We've seen it happen in Brazil Argentina Cyprus Greece etc etc And in all of those cases the initial reaction is to apply currency controls So as to stop the population from fleeing and keep them all bound into this experiment hostage That game is over not yet Visible because only a tiny sliver of the population can actually escape the controls right now in Venezuela We see the largest surge in use of Bitcoin in the world because of their hyperinflation problems Only a tiny percentage of the population can escape what happens when that's 10% of the population when it's 1520 25 at that point the entire hyperinflation experiment goes wrong the entire Whatever central bank currency control system becomes fatally undermined. This has enormous geopolitical implications Yes, and again your initial reaction to this is but we shouldn't but we mustn't but we can't But it is and that's the basis we have to start with