 Hi, this is Brock Pierce. I've been in the digital currency space since the late 90s. With video games like World of Warcraft and Second Life, I was the primary market maker with 400,000 people in China playing video games to mine digital currency, which naturally led me to Bitcoin and Blockchain. I've been working full-time in the space since 2012 and affiliated with a lot of projects. The Bitcoin price has actually been pretty resilient in light of all of the recent developments, specifically in China and South Korea, as well as the hard fork. It's very impressive how well the Bitcoin price has been able to hold up, which also means we could see continued increase in price just due to the increased demand. I recommend if you want to follow Bitcoin price information at my firm Blockchain Capital. I recommend following Spencer Bogart's research. I think he does the best work when it comes to Bitcoin price sort of analysis. Well, the Bitcoin price is not really connected with the technology. The price of Bitcoin is the primary barometer of sentiment, which actually has nothing to do with the fundamental performance of the technology. The technology itself has pretty consistently been improving and it's going to continue to do so. But the price, as we've seen over the years, really is completely disconnected because it's an emotional thing. It's driven by sort of market sentiment and very difficult to predict that. You know, I'm not a trader. I'm long Bitcoin. I'm long Bitcoin cash. If you have forked coins, I recommend not selling them because it's unclear how that development will evolve over time. And there may even be a third Bitcoin. So my advice to anyone listening is until you really have a strong opinion about how those markets are going to develop, the safest thing to do is hold. Or if you lose confidence, sell. I mean, whatever you want to do. The best thing is don't listen to anybody else's advice. I don't ever tell people what to do with their money or what to invest in. All I do is give people information so that they can make their own informed decisions. I mean, ICOs, I guess I've been around since day one. I was one of the founding board members of Mastercoin. We were the first ICO. In June of 2013, JR Willett's idea. Sometimes I've been getting overly credited with inventing the ICO. I wasn't the inventor. I was just one of the founding board members of the first ICO, which is still pretty close. But obviously, I've been in the ICO market and probably the largest investor throughout the first year, certainly one of them. And leading to what I did with BCAP or Blockchain Capital's third fund where it was the first ICO of a security, which is where I think the market is going. I think a year or two out from now, security tokens will outnumber utility tokens because I think the benefit to market participants and contributors is greater when they can be offered actual rights, when they can actually have ownership, when they can have royalties, when they can have dividends, when you can have smart contracts that would allow for projects that are not performing as they should to return money or tokens to their contributors. I mean, I think the market's a little out of control right now. I think that deals are being funded that shouldn't be funded. I think deals are getting more capital than they should be receiving. But that is the market. When the ducks are quacking, you feed the ducks. So I'm not blaming anyone for those market conditions. But if we want this market to continue to develop without having some sort of crash, we need to continue to evolve. You know, there's this Japanese term called kaizen, which is to continuously improve. Every time you look at a deal, figure out how you can do it the best you possibly can, improve on the work that the last person has done. And my thought on the current ICO market is we should be looking to incorporate a smart contract where if a deal brings in $50 million in contributions, which is probably more than that project needs in the immediate term, that there's some milestone. You know, this is how venture capital historically has worked. It's milestone-based financing. But where they say, with this first $5 million, we're going to accomplish blank and have some sort of KPI associated with it. And if the team fails to hit that market with that money in the time that's been allocated, those funds theoretically go back to all the original contributors. You know, essentially it's in escrow. And it's these types of improvements in the market that I think may, you know, allow the market just to continue to grow. If we continually improve with the market, the market will continue to, I think, perform well. For anyone in this space, whether you're focused on doing an ICO or anything else, I have a very strong principle that I communicate to everyone. I'm here to help everybody I possibly can. And I really only have one rule. And that is absolutely operate with complete and total integrity always. Never, ever, ever compromise your integrity. You know, in this space and over time, you may make mistakes, you may have projects that don't work out. But as long as you always operate above board, as long as you always try to do the best you can do and you're always looking out for others and not just yourself, the market will reward you with continued opportunity. You know, this is a market that is filled with, you know, infinite opportunities at this point. You know, there's going to be so much abundance here that you should never, ever, ever compromise your integrity. This is one big family. And if you're new to this space, that might not be immediately obvious. But, you know, most of us that have been around this space a long time are looking out for each other. And we're inclusive of newcomers. And the only rule, at least with me, is never, ever, ever compromise your integrity. You know, blockchain technology being played with in every sector. I mean, it's... The blockchain is going to have a larger impact on the world than the internet has me. I could argue that all it is is a secure internet. It's the real internet 2.0 or, you know, call it 3.0, Web 3.0. Governments are no different. I mean, this is a technology that's going to be pervasive in a way that it touches every industry. And governments are recognizing that there's great benefit for them as well. As well as banks. I mean, it's worth talking even about the JP. The JP Morgan and Jamie Dimon type quotes. You know, I see a lot of people in the sector criticizing the incumbents. And generally, they're just doing their jobs. You know, Jamie Dimon is doing his job. His job as the incumbent is to protect the status quo. And the fact that he's making statements about Bitcoin in a negative context is actually something very good. He's validating the things that we're doing. And, you know, thank you, Jamie. And governments are doing the same thing all over the world, whether it's looking at putting their national or fiat currency on the blockchain so that it can get the benefits of things like Bitcoin. The Philippines had talked about this for a while. You know, they could have, you know, call it financial inclusion, ubiquitous financial inclusion across that whole nation. You know, much in the way that the industrial revolution allowed the developed world to, you know, get this advantage over the developing world, I think that blockchain technology has the potential of allowing the developing world to leapfrog the developed world because they don't have the same incumbent infrastructure that's going to, you know, make it take more time for them and the benefit is greatest. You know, I get approached by these days because everything in our space is too hot. But, you know, for many years now by people that are going, why should I want Bitcoin? And always, like, argumentative because they've read some fake news or something and some sensational headline that has led them to believe they actually know something about the subject. But maybe, like, Brock, why should I want it? My answer was always, you shouldn't. And then I'm like, confused. What do you mean I shouldn't? Well, it's not for you. And then this really gets them upset. And they're like, what do you mean not for me? And I go, do you have a bank account? And they're like, yeah. And I'm guessing you got a piece of plastic in your pocket, too, that lets you conveniently pay for things. And they're like, yeah. And I go, yeah, you've got rule of law, the tier in theory to protect you, and in most cases, often will. You've got faith in the system, I'm guessing. And the 200 currencies in the world, you've got one that everyone wants more of. This isn't going to change your life in the short term unless you want to speculate and judging by the things that you said so far, you're not going to be the speculator unless it's shorting. And I would probably advise you against that no matter what your beliefs are. But the real benefit is south of the border. It's in Africa. It's in Southeast Asia, much like Africa leapfrogged wired telecommunications and went straight to wireless. It's these parts of the world that stand to benefit the most and where adoption is likely to happen, you know, to the greatest extent. I mean, the most advanced payment market in the world is Kenya. And the primary currency of Kenya is now no longer the government-issued one, the Kenyan Chilling. It's a prepaid cell phone minute known as N-Pacer. Well, the concept of selling cryptocurrency is something that I'm often asked by kind of people with old-world mentalities. I don't have any intention of selling my Bitcoin or my cryptos. You know, I got approached by some traditional wealth management the other day saying, how are you diversifying? And you know, how are you getting out of this? What are you doing? What are you doing? You know, and I'm like doing everything as aggressively as I can. He goes, what's the strategy? I go, I'm trying to get rid of my dollars as quickly as I can for more cryptocurrency. He's like, what? You know, trying to understand why that would be the approach. I mean, the reality is that fiat money was designed to go down in value over time. Most cryptocurrencies are designed to go up in value over time. You know, so really the main asset classes that I find interesting today are blockchain-related things and real estate, if I'm looking for something more conservative because it weathers well against currency depreciation and price. You know, it's the other thing I like right now. But I don't intend to, if I sell my Bitcoin, it will be for other cryptocurrencies. Thank you.