 Ashley asks, are you worried about the prospect of a Facebook or Telegram coin? No, let me elaborate. I have been saying from very early days that we will see corporate coins like Facebook or Telegram. We will also see digital currencies that are pegged or stable coins that are developed by large banks, JP Morgan Chase Coin, and we will eventually see central bank digital currencies such as a Fed coin, or DigiDollar, or something like that. It could be any central bank in the world that does this. All of these have one thing in common. They are fiat, fundamentally centralized, censorable, bordered, controlled, vetted, closed systems that have all of the same characteristics of fiat. They are simply digital. And guess what? We already have digital fiat. All banks operate primarily with digital fiat. 92% of the money supply in the world is digital fiat that has no physical equivalent in cash. The only difference here is the implementation. Instead of being implemented as a sequel database, it is implemented as a blockchain database. Both are centralized, controlled by a central operator. Nothing changed here at all. Facebook will still not be able to transmit facecoin across borders without complying with all of the banking regulations. Facebook will not be able to offer a coin that does not have strict KYC-AML anymore than PayPal can. Facebook will not be able to produce a coin that is censorship-resistant, open, decentralized, neutral, borderless, or in any way similar to any cryptocurrency. They will recreate the world of digital dollars, PayPal, Venmo, etc. Sure, they will be massively successful. They will compete not against cryptocurrencies, but against banks. The reason they compete against banks is because the product they are offering does not differentiate from digital fiat that banks offer. They can offer better user experience, better speed, better customer service, perhaps more brand recognition, better access for their digital fiat than Visa, JPMorgan, Chase, PayPal, and Venmo. They should be very scared, because they will get competition from Silicon Valley. None of this competes against crypto. The reason it does not compete against crypto is because crypto's differentiator is freedom, open, decentralized, neutral, borderless, censorship-resistant money for the entire world without discrimination, identification, censorship, and control. None of those features can be offered by any of these coins. If you believe that those features are needed in the world, I can tell you they are, perhaps not by your average North American or Western Europeans. They already have PayPal, Venmo, etc. Adding face coins isn't going to change anything to that. They are needed by people who live under currency controls and failing fiat systems. Authoritarian governments control centralized institutions, corrupt democracies, kleptocratic, mafiosi banks, and all of these things. Guess what? That is 90% of the human population who live under those conditions. For them, face coin isn't a solution. It is simply another form of broken central currency. The open system is a solution to a very specific problem. The problem is caused by centralization of control. That problem cannot be solved by face coin, and will never be solved by face coin. Face coin will de-platform users. It will censor transactions. It will have to slow things down. It will require you to document who you are paying and why, for what reason, where you got it, and if they don't like the answer, they don't like who paid you, they don't like who you paid. Guess what? Your account will be frozen just like PayPal does today. Nothing changes. Facebook will probably be more aggressive in freezing your account. It will be more aggressive in applying surveillance to all of your transactions, and selling that surveillance to hundreds and hundreds of different intelligence agencies, corporate and commercial surveillance companies, totalitarian regimes, and things like that. Facebook will sell the financial transactions of dissidents to the dictators that are hunting them down, and get people killed, because that's how fiat works. JP Morgan Coin. This question comes from Jamie. Does it really come from Jamie though? Maybe. Maybe that's just a pseudonym. JP Morgan Coin. Just curious what your thoughts are on whether bank coins will become more mainstream, and if so, what impact will that have on other coins? Yes, bank coins will become more mainstream, bank coins will have more market capitalization, bank coins will have more users, and bank coins will deliver less freedom, less decentralization, less neutrality, less censorship resistance, less borderless operation, less of everything that matters, competing primarily with fiat and other bank coins, and not really offering any competition to coins whose primary differentiation is freedom, decentralization, open, borderless, neutral, censorship-resistant access for the world. Something that bank coins cannot offer, will never offer. As a result, they cannot compete with. Does that mean they are going to be bigger? Absolutely. Richer? Absolutely. Well, guess what? Fiat is already bigger and richer than crypto. That doesn't matter. The measure of success here is not market cap. The measure of success is not how fast you can shed principles of liberty, or give in and compromise to absurd regulations that impoverish people both financially and in terms of their freedom, and make them subject to surveillance capitalism and the rapacious corruption of dictators around the world. That is not the measure of success. The measure of success is how much freedom can you give to as many people as possible around the world to be able to exercise their human rights, free trade, commerce, open access to the possibility of a better future, freedom of speech, freedom of association, and all of the other important freedoms through a system of money that does not discriminate, is not controlled by a few, is not manipulated to enrich an upper class, and all of those other things that we have in fiat. Will bank coins keep coming? Sure they will. No matter what, if you start compromising your principles, you will discover that there are very big well-funded organizations in the world that have made, as their business plan, the ability to compromise their principles faster than anybody else. That is a race to the bottom. What we should be doing is strengthening the principles within crypto, introducing better privacy, better anonymity within these crypto systems, better fungibility, and also working on improving the technology in terms of security, usability, and all of the other wonderful things that are already happening in the crypto space. JP Morgan Coin, they can have it, enjoy, have fun with that. I expect that experiments like this, especially in the beginning, will fail miserably, because fundamentally they misunderstand the differentiator and value of cryptocurrencies. Fundamentally they misunderstand the value of blockchains. Fundamentally what they're doing is business as usual wrapped in the disguise of innovation, which really doesn't contain any change in the fundamental power balance, which is what crypto is all about. Ecoin, yes, evil corp. It's really funny how JP Morgan Chase is quite explicitly following the plot of Mr Robot and doing the exact plotline of season two, even though we know exactly how it ends with most of their offices in flames.