 What what's your view on icos in general? Do you have your view on icos? Initial coin offerings initial coin offerings. Yes, and Are there any initial coin offerings you're very interested in and why? great question So initial who knows what initial coins offerings are Okay, great great I think one day in the distant future The possibility of being able to fund new initiatives and Create ventures on a global basis without the traditional limitations is going to Open opportunities for companies that have never had opportunities before The problem is that first investors will have to run the gauntlets and and Swim in these infested shark infested waters full of these unscrupulous people who are taking their shit coin and Making an initial offering whose primary purpose is not to add funding for a worthwhile Project that is already achieving success, etc. It's not to generate value or Take growth to a next level for something that is already worthwhile They smell money in the water and they come like sharks. I would say at least 95% of the ICOs out there have No basis Fundamentals or anything like that now does that mean? That we should have a regulatory agency that says that's a good one. That's a crap one No, we've tried that. They said that's a good one about Madoff's Ponzi right That doesn't work either But it will require much more maturity among investors to learn how to identify things that are Ponzi's One great way you get that education is by losing your money right and eventually we're going to have a Bit of a clear out in this space part of the business cycle is Every now and then you have what is hopefully a minor forest fire And it clears out all of the brush and dead leaves at the bottom of the forest and doesn't kill too many of the trees and It makes the system much more healthy We haven't had that in the stock markets in in eight years and it's beginning to show and It's going to be very bad when it happens because the markets Forces have not allowed it to happen by doing stimulus. I expect we're going to have a great washout in ICOs too When investment is going to dry up Maybe it will take dropping the valuations of some of the coins that are feeding into these ICOs that will be a good thing Bunch of investors will lose their money They'll learn a lesson the next round of investors will go into this with much more conservative attitudes And then four or five years later They'll completely forget the lesson and have to learn it all over again. That's the way it works It's the way it works in markets. Look at the s&p 500 right now It's as if recessions never happen It's never going to happen again There are traders in the s&p 500 30 year old people Who have never traded in an interest rates environment above 1% in their lives as? traders Imagine that for a moment So the spigots have been fully open the entire lifetime of their trading and that's now the majority of traders They're about to have a rude awakening in ICOs right now. You've got Bitcoin and Ethereum that are generating tremendous gains for people Who have invested early and they're taking those gains They're like, where do I invest this money and that's feeding into Both blockchains that really shouldn't be funded and cryptocurrencies that really shouldn't be funded that have nothing to offer And a lot of scammy ICOs. I'm not gonna say they're all scamming. I'm sure there are some that are very interesting I'm sure if I named them. I'm going to get a lot of flak for not naming your favorite one And if one of them turns out to be a scam, it was all my fault So I'm not gonna name any of them But what I'm gonna say is you have to be careful a lot of these ICOs are promising great riches And the one thing you can be sure of is someone's promising you get great riches They're talking about themselves Like this ICO is gonna make all of us and by all of us. I mean mostly me rich Don't believe it if One of these things has a viable product to offer Then write more of that code and less of the ICO code Until you actually need funds for organic growth How about build it first and they will come rather than fund it first and we'll build it later So I am very very skeptical in general. Don't look at this as a space for investment This is not a space for investment. This is a technology It is an unstable volatile technology with a lot of drama a lot of drama, right and a lot of volatility. I I Don't invest in These things as an investment. I use these currencies as a technology I use them as a currency and if I get paid and I get paid in Bitcoin and it's $20 And I get paid in Bitcoin and its exchange rate is $2,000. It makes no difference to me Right. I might lose some of my savings, but that's not why I'm in this space. So be very very careful Learn Don't trade learn. Thank you You