 I would like to ask you, how do you think the old-fashioned financial system will adopt to the changes caused by the development of cryptocurrencies? Poorly. I think the traditional financial system will adapt the same way the traditional telecommunication system has adapted, the same way the horse and carriage industry adapted to the automobile. How many people in this room own a horse? No? Not yet. Maybe it's a hobby, but you certainly won't use it to go to work every day, right? So I think the idea of having a fixed relationship with a centralized institution that holds your money for you is going to be one of those obscure, weird, elitist things that weird, old rich people do. So they'll have a personal relationship with their banker, which is ironic, because they're the only people who have a personal relationship with their banker to start with. But in the end, they'll be the only people left who have that personal relationship, because all of the rest of us are going to be debanked. So I don't think the financial industry is going to adapt very well. And it's not because bad people work for banks. That's not the case. Great people work for banks. And the greatest of those great people who work for banks are going to quit working for banks and do a startup in the cryptocurrency space, because they spend the first couple of years trying to persuade everyone around them that, hey, I've seen the future. It's not this. This system you've put together from 70s technology with cobalt to a mainframe that tries to do things and is slow, inefficient, and insecure. This is the past. I've seen the future. And they'll try and try and try and try to persuade. But the problem with large centralized institutions like traditional financial services is they have inertia. They're organizationally sclerotic. As a result, they can't change. Even if a lot of the people inside them want to change, even if they know that not changing is the end, they're simply going to try and delay the inevitable because they're unable to change. This is the nature of large organizations. And so as the creative and interesting people inside these corporations try and try to persuade that they've seen the future, eventually they get tired. And they say, you know what? I'm going to leave and start a startup. I'm going to actually pursue the dream because I really understand that this is the future. And since nobody here understands me, I'll just take it elsewhere. But the best part about it is they're going to do that in January. And they're going to fund their startup with the bonus they got in December so they can turn around and compete with the very company that gave them the bonus in the first place. And we will welcome them. Thank you. Keeping Bitcoin awesome. As enterprise use cases grow and ETFs zoom large on the horizon. Is there anything that we could or should be doing in order to ensure that Bitcoin remains the open, decentralized and censorship-resistant systems that we love? For instance, is running a full node helpful? If so, what tools make this feasible for a non-coder? Amber, great question. I would say that running a full node is helpful if you know how to do it, but that's not the most helpful thing you can do. The most helpful thing you can do is use and hold cryptocurrencies in the most decentralized peer-to-peer manner available to you, so that your use expresses the principles you want to see in the network. Be the peer-to-peer network you want to see in the world. So what that means is, don't keep your coins on any of your coins from any of the blockchains on centralized custodial wallets. Don't keep them in places where other people have the keys, and therefore can not only control, censor, seize your money, lose and steal your money, but they can also express your preferences in the adoption of different protocols and different changes to the underlying mechanism. Keep your own keys. Take the decentralized power into your hands. Hold keys for all of your cryptos. Use wallets that are strong on privacy and strong on decentralization. Try to avoid using decentralized services as much as possible, and it's not possible to do so 100%. You know, we still live in an environment where a lot of the things we want to do require fiat, and I use exchanges too. I have to. However, when I do use exchanges, which is not that often, I use them very, very short period of time. I will move money into the exchange, exchange it and move the result out, and not give any control over maybe a 15 minute window of exposure to that exchange. And even then I do it reluctantly, and I like to find other ways to do it with perhaps decentralized exchanges and person-to-person trading in the future. That's not always possible. So take control. Be decentralized yourself. And the other big one is not running a full node. Running a full node is something that's more for techies. And I absolutely encourage it. And it will be a fantastic learning experience, but it won't have as much of an impact as you might think. You know what has an even better, bigger impact? Choose to make your labor part of the new economy. Withdraw your productive potential, your creative capacity, your work ethic, your labor from the old economy, and firmly position it in the new economy. Accept crypto for all of the products and services that you produce and create and offer yourself. Be part of the new economy. Hire people who accept crypto in preference over people who don't. So whatever business you're in, accept crypto for what you do. And then if you're paying other people, web designers, taxi drivers, hairdressers, system administrators, accountants, lawyers, whatever it might be, find people who accept crypto. If you move your labor into the crypto economy, not only are you creating more capacity within the crypto economy to not do exchanges, not move back to the fiat world, and to be able to create internal circulation, velocity, and economic activity within the crypto world, you are also opting out. You are depriving the traditional economy from your maximum creativity and productive potential. You're still in that economy in some ways, but you've taken out the most important thing. So that's what you can do to keep crypto awesome is move into that economy and engage in that economy as much as you can. Hi, my name is Jed. I work for a cryptocurrency exchange in the Middle East called Rain. First of all, I want to thank you because I'm only here because of your Patreon channel. I won one of the tickets you gave away. So y'all should follow Andreas on Patreon. Thank you. My question is, you know, a conversation that I that I catch myself having with people very often. And this is also kind of with mastering Ethereum, just on the brink of being released, is thinking about what is at stake here? You know, if Bitcoin succeeds, we replace money. That that's kind of what is at stake in my mind with Bitcoin. With Ethereum, we have, you know, maybe we're replacing cloud computing, maybe we can decentralize social networks, all these different decentralized applications. But in my head, even if you sum up all of those industries, there's still less than money. So I'm just wondering what your thoughts are on terms of what's at stake in terms of what both of these projects are trying to accomplish? I think that's that's a great question. And it's a very controversial topic, because this is not something you can design. It's something where you design what you think it's going to do. And then the market decides whether to adopt it for that application. And you can never force the market to adopt it for an application it's not suitable for. That's the fundamental problem is we don't know what these things will be. And the most interesting applications that they have are ones that don't exist today. I think that's the biggest thing that people fail to notice, which is that if you measure what these technologies can do in the future in terms of the applications we have now, you're missing the point. I remember the conversations in the early 90s, when people were saying, okay, so let's say this internet thing that you're building succeeds. Well, how many phone calls can it support? How many fax messages can it really support? And for all of this investment in infrastructure, is it really worth it to replace all of the fax machines and phone calls when we already have a system that works? In fact, arguably the system you're describing is slow, inefficient, and it has this weird decentralized thing that doesn't really work for our profit margins. One of my first presentations I did about the internet in the 90s, the CEO said, this sounds really interesting. So how do we buy it? The question isn't how many faxes can you send over the internet? The question isn't even or wasn't eventually how many phone calls can you do over the internet? At first it was none. Then it was very few. Eventually it was parity. And then six months after parity, we could do high definition calling for the entire planet on a single fiber optic cable. Exponential technology meets linear technology. And all of the value of the internet has nothing to do with that. It swallowed and destroyed the phone industry. That value evaporated. Why? Because I don't have to pay a euro a minute or a dollar a minute to call my parents. Because I did used to have to pay. I remember sitting in a phone booth in London feeding pound coins into a phone so I could speak to my family for a minute, a minute and a half. We'd have a prearranged time. The entire family would line up in front of a phone with one of those big curly cords. And then I would call and they'd get in line and quickly go, hi, Andreas. This is your cousin. Hi, Andreas. This is your aunt. Hi, Andreas. This is your uncle. Love you. Love you. Love you. Love you. Love you. Love you. Love you. Click. Because I had a minute. I could afford a minute and a half. So everybody had to get in there quickly. That industry was generating billions of dollars. Now they can't. It's gone. And none of that got replaced by the internet. It's not about that. All of the interesting industries that came out of it did not exist before. So replacing money isn't about taking the banking industry as it exists today and creating another blockchain-based banking industry and saying we're done. That's it. And it's worth the same amount. And we're running the same applications. It's about fundamentally changing what money is and how it works. It's going from batch money to streaming money, from a concept of money cut in time periods that work on a day, week, or month, to transactions that can happen in milliseconds globally for values of a thousandth of a penny. And I'm not making those transactions. Some kind of autonomous agency is doing it. And they're probably changing between cryptocurrencies in real time while they're doing that. None of these applications exist. So it's not about replacing the money with one currency that's global. First of all, that's a broken model. We're not going to have one currency any more than we're going to end up in a world with one language. Quite the opposite. We're going in fragmentation. We're going to have choice. Choice between hundreds of different currencies for different purposes that will be fungible and fluid and easily exchanged by an algorithm on your wallet that decides how to arbitrage between two opportunities. You will not just have a bank in your wallet. You'll have a full loan for an exchange brokerage house and a system for exchanging every loyalty, rewards, token, or other symbol as fast as you need it to do the transaction that you direct. None of that will be visible to you. Just like when you have a browser on your phone, you essentially have an entire phone company that is doing things like least cost routing and optimization in real time. And you don't need to know about that. We're not replacing all money with one money. We're replacing the concept of money with a new concept of money and a plurality of systems that don't need to be in geographically defined monopolies with rigid rules and difficult exchanges, high barriers for adoption and trade. That all goes away. It becomes as fluid as sending a packet across the internet. And then the interesting applications start. A lot of people ask me, so what are the interesting applications in Ethereum? To me, the killer app is simple. Governance. Ethereum is about reinventing the modern corporation. It's about reinventing human organization, not commerce, not trade, not money organization. It's about taking a geographically rigid concept of a corporation with shareholders, a 15th century concept, and replacing it with a model of governance where decision-making can happen, ad hoc collaborations between people can emerge and dissolve very, very rapidly. And you can have fair, transparent, open governance of these projects. What are these projects? I don't know. Funding projects, collaborative projects, development projects. Who knows? Reinventing the corporation. That is the killer app. Is it going to happen now? No. It might take decades, but I think that's where we're going.