 What do you see as the biggest risks to Bitcoin? 51% attacks, pandemics, catastrophic hash losses, market manipulation by whales, crackdown by government, monetary catastrophes, electromagnetic pulses, hurricanes, tornadoes, sharknadoes, Godzilla, and alien interventions. No, not really. They didn't add all of those things, but I thought it would be fun to add them. Listen, all the time I get similar questions, especially for people who are new to Bitcoin, and keep reading all of these catastrophic media articles that say that Bitcoin will die the next time a giraffe farts somewhere in Africa in a catastrophic way that dismantles the Bitcoin fragile ecosystem. Turns out, though, Bitcoin isn't that fragile. It's quite robust. I remember quite clearly when empty gocks crashed and collapsed catastrophically, and that was the first and also the last time that I said, oh, this might be it. We might have lost this forever and have to rebuild it from scratch. Turns out, Bitcoin survived that, and I developed this kind of calm and confidence that I felt that it was unlikely we're going to see catastrophic attacks on Bitcoin or catastrophic failures of Bitcoin. So what do I worry about? Well, I can tell you I don't worry about 51% attacks. We've seen, repeatedly, that such attacks are both very expensive to pull off, require enormous coordination, deliver very little in benefits, and can be relatively easily thwarted. So for such an enormous cost, such little reward and such enormous risk, we haven't seen 51% attacks, and I don't think we will see 51% attacks. I could be wrong, of course, but I think Bitcoin would survive those because there's not much you can do when you do a 51% attack. You can't steal other people's money. You can't change the consensus rules. You can't make invalid transactions magically become valid. Consensus in Bitcoin is spread across multiple constituencies and is quite decentralized. It's not just miners who validate transactions. It's also nodes, and it's also economically important nodes like exchanges and merchants. An electric failure would certainly damage Bitcoin, but it would damage the existing banking and financial system much, much more severely and cripple the ability for international finance to continue. In fact, I would predict that if we did have a massive electric failure or natural disaster that damaged infrastructure, such as the internet or the electric grid, Bitcoin would be one of the first things to come back. And the reason for that is because not only is Bitcoin a self-funding system, but also because of the decentralization of users, node operators and miners who would have many, many incentives to rebuild local infrastructure in a very decentralized way. Remember, Bitcoin doesn't need the internet in order to exchange transactions and blocks. It simply needs a communication medium. We've already seen commercial satellite channels being used for that, which of course have redundant power and great resilience against things that might hit the earth. These types of systems would still be available. And with a simple satellite dish that you can get for TV, you can get transactions and blocks from a satellite. You can also rebuild this infrastructure with other communication media such as shortwave radio, FM radio, packet radio or telephone lines. Who knows? So, I think of all of the technologies that might be affected by such infrastructure disruption, Bitcoin would likely be the first to bounce back. Finally, what is the real big threat I worry about? I am worried about concerted attacks against mining equipment, for example, through a virus or a worm. But again, I think these are survivable and would result in quick fixes that would be fixed. I am worried about political attacks, especially sneaky political attacks like changing the tax status of cryptocurrencies in order to drive it underground. And I do think that such attacks could alienate a big chunk of the middle class and speculative investors who will not take the risk to oppose government in order to use Bitcoin. But for better or worse, more than half of the human population lives under totalitarian, dictatorial or authoritarian regimes. And in those places, well, opposing the government is really a matter of life or death. And so being able to use Bitcoin by breaking a law is probably the least law that people will break. And, you know, in places like that, the incentives are totally different. So in summary, over my 10 years almost of being involved with Bitcoin, well, eight and a half years, I have gradually developed more and more resilience to the fear that this is about to go away. And more and more confidence in the robustness, security and reliability resilience. Now, I'm not talking about the price. I'm talking about the system. That's a big difference. The price can be attacked in many different ways, and those attacks can drive the price down quite dramatically, and perhaps even for extended periods of time, but they will not change either the monetary fundamentals or the technical operation of the network.