 We're talking about the incentives for the work, and I was just wondering, do you feel like when the blockchain reward goes down to zero, do you think that people will still find the same level, and will the fees be the same as a visa transaction, and then we don't have these? The question was, based on the incentives that exist in the network, what happens when the reward for seniorage, for generation of new coins, drops to zero, and the only reward is fees? Will miners keep mining, and will the network fees be reasonable? First of all, just to give you some perspective, this happens gradually between now and 2141. By that time, people on Mars will have to decide if they want to go into mining with their solar panels. Who knows? I hesitate to make predictions for Bitcoin three months out. You're asking me to make some 136 years out, so I'll try. The important thing to realize is that this happens very gradually, and it happens in an environment where the reliance on seniorage drops, while presumably the number of transactions and activity rises, which means the transaction fees rise. What it should do, if you look at it in the graph, is it should do a curved X, so fees go up, reward goes down. Fees go up not because fees are getting more expensive, but because you have more and more transactions paying more or less the same fee. If you imagine a block today, which has 12.5 Bitcoin in it, and a tenth of a Bitcoin in fees, it's a 120-to-1 ratio in favor of seniorage fees. Let's construct a block in 2141. What's the minimum reward? What's a toshi? Let's say this block has 10,000 transactions. Just pull the number out of my head. Probably have more, but let's say 10,000 transactions. What's the minimum fee they can pay? What's a toshi? If you just had the minimum issuance and the minimum fees, you'd have 10,000 toshis in fees and one toshi in seniorage. The ratio of seniorage to fees went from 120-to-1 to 1-to-10,000. This didn't happen overnight. This happened over 140 years in a gradual curve. Somewhere in there, there's a crossover point. That crossover point is the day it's one-to-one. Now miners know that, for the future, they're going to focus more on fees. That happens way before you get to 2141. I'm not worried, because it's not going to be a surprise. This is the same kind of question that happened with the halving. What will happen when the halving happens? We see this coming four years in advance. Everyone's prepared for it. This is part of living in a deterministic currency. We don't have to wait until the Friday spokesperson... from the Federal Reserve Open Committee meeting to come out and tell us what our interest rate is. Mining doesn't stop. Will the fees be the same as Visa? If they are, we have failed badly. Quite honestly, the fees already for most transactions are lower than Visa. We're getting better at optimization. If we introduce things like Lightning Network and other technologies, if we increase the block size and do all of the other optimization and scaling things, we can do Visa. We can do much more than Visa, and we can do it cheaper. I don't think we're going to have any problem. The capacity issue for Bitcoin will be a problem all the time, but we will manage it in a way that is not fatal, and gradually make it better and better. Failing to scale gracefully for 25 years is the goal.