 My question is about, so on December 10th, if I'm correctly informed, the CME is going to start futures trading. And my question is about, since this year we have seen already two forks, almost three. And forking is something quite new to like a futures exchange because the underlying assets usually don't fork. I haven't seen gold forking or oil contract futures forking. But the implications can be quite heavily, because for instance on Bitmax, when the minute before, since they said they're not going to give the, when the futures close on December 31st, they're not going to credit any 2x coins. And so the futures were trading way below spot price. And when the email was at the 2x hot fork was canceled, was released in like five minutes, that was like 15%, you could like easily profit from that. So how will that affect hope more forks and the futures market? Okay, that's a really great question. I know a lot of people have questions about the Chicago Mercantile Exchange. I'll tell you a few things about it. First, I'll start with a disclaimer. I work on the oversight board of the Chicago Mercantile Exchange's Bitcoin reference rate. I took this position eight, nine months ago, and it's unpaid, just in case you were wondering, of course. And the point of this is simple. Before the Chicago Mercantile Exchange embarked on this idea of doing a futures market, one of the fundamental things you need for a futures market is the ability to have a consistent, predictable, publicly audited reference rate, meaning a price. A price, both every 30 seconds, as well as point price once a day, that you use in order to underpin, thank you, sorry about that, in order to underpin the legal contracts that are part of the futures exchange. So if two people are disagreeing, what was the price of Bitcoin yesterday? They need a way to answer that, that is essentially non-reputable, that they're both bound to. The Chicago Mercantile Exchange therefore started this process by building these two reference rates, the Bitcoin reference real-time index, which is a spot price that updates, I think, every 30 seconds, that's published on traditional trading fees like Bloomberg and Reuters and things like that. That allows a trader anywhere in the world to answer the question, what is the Bitcoin price today, to a high degree of certainty. And the other one is a point price, which is every day at two p.m. central, which is based on the average of some amount of time, so it's a moving average, taken at a point in time that's considered the daily rate. The role of the oversight committee, and I'm sorry, this is a long disclaimer, but it gives you some context as to how these markets operate, the role of the oversight committee is to create and oversee the application of the rules regarding which exchanges are used to pull data about the current Bitcoin price. And we created rules in an open public consultation that involved not only publishing the minutes of all of our meetings with three independent experts that have nothing to do with the CME, I'm one of them, a professor at Imperial College is another, and one of the customers of the Chicago Mercantile Exchange is the third. We publish these rules, and among other things, simple things like, for example, you have to publish a price consistently and not stop publishing a price. You have to have trading fees, so we immediately excluded exchanges that did not have trading fees that were trading zero fees because they can basically run bots that create fake volume. And out of these rules came that system. The part of the Chicago Mercantile Exchange that's doing the futures market is completely unrelated to this. I found out about it on Reddit. They didn't tell me in advance. They couldn't tell me in advance, in fact, because what we do is absolutely public and auditable. So I found out about it, and I think it's fascinating. I think it's inevitable. I think it was going to happen anyway. You've got to understand that this is a cash-settled market. That means that nobody holds actual Bitcoin, which means that for the CME to operate this market for every short position, they have to have a corresponding long position, and both have to be capitalized in US dollars against the CME, meaning that the CME customers who have very strict requirements for capitalization have collateral deposited and audited on a daily basis. That collateral can be used to take certain positions, but not too big positions, so they can't go over their collateral beyond a certain level. They have to be matched with buyers and sellers. They also have some trading circuit breakers, which ensure that if the price of Bitcoin drops or climbs more than 7%, they cease trading, which means that at this point in time they'd be ceasing trading three times a day. But hey, that's the tolerance of risk they could have. Ironically, some people objected to that were the traditional investors in the CME, and they said, this is too risky of an investment to include in the CME, which is hilarious because the CME has been in the business of managing risk for 200 years and trading physical commodity futures in very risky, very volatile markets. Price of wheat is doing great. You have a drought that was unexpected. Price of wheat collapses. Now you have to pay out billions of dollars to farmers who have taken positions in these future markets. That's what they're used for. Who's going to short Bitcoin? That's a question I get a lot related to the CME futures. Who the hell would short Bitcoin? Well, there's a couple of options, and I think when trading opens on December 10th, actually we might see quite a lot of short activity, because part of the reason Bitcoin is so volatile is because you can't take a position against it. So if you can't short it, if it starts pumping, the price can really just go to extreme heights without any downward pressure. It's unbalanced in that way. So who's short? Maybe some traders, maybe some investment banks, they're going to short Bitcoin, they're going to do so at great risk. Just like people who tried to short the stock market right now, which is also in a bubble, do so at great risk. But I think the most interesting possibility is that the people who take short positions with the least amount of risk are miners. You see, miners actually hold the underlying asset. And since they hold the underlying asset, unlike all of the other people who are naked shorting, they're not naked shorting. And they have the collateral to make good on that option call if they lose the bet without loss. And their risk is not unlimited. So if I'm a miner and I have to pay electricity prices next month, but I don't know what the price of Bitcoin will be, and I'm earning Bitcoin today, that's a very risky position. If the price collapses suddenly, I may go out of business not because of profitability, but simply because of cash flow. And that's not smart business. So what I do is I take 10% of my Bitcoin and I put it in a short position. Now, if Bitcoin does collapse in price, that gives me a cushion. It gives me a margin. It actually allows me to recover some of my losses from the decline in the price so I can pay electricity next month. And if I calculate my cash flow and operating costs, I can figure out exactly how much Bitcoin I need to short in order to have a good risk-reward premium, basic market economics. But if the price climbs tremendously, while everybody else who's shorting is losing their shirt, I'm losing on my 10%, but I'm gaining on my 90% of actual Bitcoin that I hold so I can take that position with very little risk and make money on it. So I expect we're going to see minor participation in a big way in futures markets, well-capitalized, properly managed futures markets. And some people say, well, this brings legitimacy to Bitcoin. And as you may have known from watching some of my talks, I am uniquely allergic to the word legitimacy. It makes me want to vomit when war-mongering, war-profitaring bankers use the word legitimacy to criticize Bitcoin. That takes a lot of audacity. But in this case, I think it's important to recognize that the CME is not Wall Street. The Chicago Mercantile Exchange comes from a 200-year tradition of mercantilism. They are people who trade in actual commodities. These markets trade not just oil, of course, but probably their biggest product is pork bellies, wheat, corn, ethanol, and hundreds and hundreds of other commodities. And their primary purpose is to protect risk for producers of these commodities. They're not the type of Wall Street mentality that is about printing money out of nothing and creating derivatives on top of derivatives and top of derivatives. I don't think these people are as alien to our culture as many believe. I've met a few of them. So before we go kind of bundling all investment bankers in the same bundle, I think it's important to recognize that I have no influence or interest in the Chicago Mercantile Exchange futures market. I know it's creating a lot of interest. I think the period between December 10th and December 31st is going to be very, very exciting. Twenty-one days of extreme excitement, because the most likely thing to happen is we're going to see a lot of volume. You think we have volume in Bitcoin now? When you watch a trader eat a sandwich while he presses Enter on a $10 billion trade, you realize how small this game is. We're going to have a lot of volume, and that's not bad. In fact, that is the first step to reducing volatility in Bitcoin. That's what we need, massive liquidity. I'm glad it was the CME that did it first.