 What you said before, which one is possibly going to be bad in the next year or very strictly controlled? In some places. Yes. Unlikely. But yes. That's a great question. Do I think mining will be controlled in China? Or do I think that Bitcoin might be banned in China? I think it's extremely unlikely that Bitcoin would be banned in China. Just because every time there's a little blip in the yuan, we see like half a billion to a billion dollars flow into Bitcoin, doesn't mean that that's a large amount of money. For China, that is nothing. So it's like you're facing the imminent collapse of a giant hydroelectric dam. You're not going to worry about that tiny little trickle of water in the side there that's Bitcoin. You're worrying about the gushing outflows of the things they are worried about. Right now, they're passing a new law to restrict mergers and acquisitions. I heard this fantastic story of how Chinese companies are exiting money from the economy, even though there are currency controls. And it came about from a conversation with a lawyer. And this lawyer had been asked by a Chinese company to participate in an arbitration hearing. And they said, we want to do this arbitration hearing. And would you be interested in participating and representing us? And they said, yes, OK, who's the other party? Well, the other party doesn't exist yet. We would like you to create the other party. We would like you to represent both us and the other party. And then we would like to lose an arbitration award of about $5 million to the other party, which you will set up in another country. When the need is great, it becomes the mother of innovation. Legal innovation, corruption innovation, et cetera, et cetera. So they have much bigger problems. Now, you will see bans in some countries. In the countries where they can arbitrarily affect a ban, they can't actually affect that ban in practice on the ground. Because where the rule of law is weak enough that a single individual without any recourse due process or opposition can simply ban a form of money, then their ability to actually enforce that is probably pretty weak, too, because everybody below them is going to be taking bribes. So just imagine, for example, the ruling comes down and it says, you can do mining in China. And that goes down to the districts and from the districts to the smaller districts to the cities to the towns. And eventually some official sends a fax to the local village where they're running a mining farm off the hydro that represents 40 to 50 percent of the municipal income of the entire area. And they say, you must close your mine. What does the local official say? We have no mines here. Or, guys, close it down for 24 hours. We have eradicated money in China. Long live China and our great leader. Turn it back on. So the ability to actually affect change on the ground is mediated by layers and layers and layers of bureaucracy, which are more and more corrupt. And the bigger the crisis, the easier they are to corrupt. You've got to realize that these mines are quite decentralized within China, and in many cases they provide a stream of corrupt money throughout every official in the area. The police works for them, the mayor works for them, the electricity company works for them. Now the electricity companies are the ones who are mining. Good luck shutting that down. So, again, it's not as easy to do. And the higher the need, the more corruption and invention you're going to have. What happened in the future when Bitcoin becomes mainstream and governments realize there's some intra-governmental organization like the UN or the IMF or the US or the EU decides to implement their own cryptocurrencies, let's say US coin or IMF coin. And they make it, they sort of make it, they make it a rule. So everyone has to use that coin and they make it illegal to use any others. They set up their own nodes and put a lot of budget in that. Could they sort of drive all other cryptocurrencies in that way? No, they're going to turn a lot of people into criminals. Because a lot of people will then ignore that rule and break that rule. And you have to worry. If your government is setting up a system, they're not willing to use that system to compete on an equal basis on its merits, but instead have to pass the law that forces you to use that system and makes it illegal to use the competing system of open market economics. What the hell kind of government did you just elect? Like at that point you're beginning to wonder what kind of government is this? Let's go through the words. Democracy, no, public democracy, constitutional democracy, police states, fascism, totalitarianism. That sounds like totalitarianism. I never signed up for that. Great. So if your government starts doing crazy things, the question is can governments do crazy things that violate the rights of billions of people? Sure, they do it every day. And we have to resist and make choices. Make choices not only about which governments we elect, but also at some time make choices about using other systems. And people in Venezuela are making that choice today by breaking the law. Because the choices between feeding their family and not feeding their family at that point whether you've broken the law is a small issue. So again, I don't expect to see that. And the reason I don't expect to see that is because most governments in the world, when they see the idea of people being able to use a free electronic commerce system that is efficient, that creates growth and opportunities and jobs and innovation, that gives them access to the world of commerce across borders. What's not to like? That's something you should encourage. And if your government does not encourage that and does not believe in those ideals that people should be free to associate and free to express and free to make choices, then your government is not free. Which is a much bigger problem than Bitcoin at that point. I would be less worried about their power with cryptocurrencies than by the fact that they have all the guns.