 Hi Andres, I just wanted to see what's your take on what would a proper or legitimate incentive mechanism would be for a founder. Like someone wants to create a protocol and while he starts hiring developers, he wants to open for us. Is it like the first mover's advantage enough? What's your take on that? First mover advantage is often a zero sum concept because it's about being last mover. That's the ultimate goal. Your first mover so you can cover enough territory, capture enough land to become last mover. Here's the thing. It's very difficult to figure out how to create value in this ecosystem. To me, I think the most important resource is people's time and attention. If you're a company and you're building something for people and you want them to pay you for this thing, or you want to gain something back and make some money so you can continue building, what you do is you deliver value to those people that is respectful of their time and attention. We don't have enough customer service. We don't have enough tech support. We don't have enough services for users. I did this talk about four years ago when I was talking about the design of a Bitcoin ATM. You go to a Bitcoin ATM and the thing that shows you on the screen is the exchange rate. If you already know what a Bitcoin ATM is, you already know what the exchange rate is, or any crypto ATM. If you've arrived there because that's what you wanted, that's not useful information. Not the first thing you see. It's not. But for everybody who arrived there who didn't know what a crypto ATM is, that's worse than useless information. It's actually confusing and alienating, because they have no idea. My idea of how I would design an ATM, which would be installed in Bodegas and Brooklyn, would be a machine that has bright colors like a piñata. That doesn't save Bitcoin anywhere. That plays non-stop educational videos, preferably with cartoon animals, so they can be understood and watched by all of the kids who go into the Bodega, and has one big red button on the front that says, Enviar de Nero en Mexico. That's it. Send money to Mexico. I'm sure I didn't pronounce that correctly. Send money to Mexico. Boom. Why? Because that's the audience you need that has an application they need today that would actually use this. As soon as you press that button, it doesn't give you an application screen. It gives you a person who speaks your language, who tells you how to install a wallet, and how Maria in Guadalajara is going to be able to convert that crypto back to Pesos, so that you actually did a transfer. That's the kind of work we should be doing in the industry. That can be rewarding. You can't earn money if you deliver value. The problem is, when you think that the value you're going to deliver is some future appreciation of an investment, in which case the only person you can deliver that value to is an investor. And they would rather buy the sharecoin. I understand. Thank you for being here. In your view, what do you think are the biggest obstacles, hardest that Bitcoin has to its technical protocol? For example, size of the blockchain, scalability, full node versus SPV usage, privacy and those kind of things. Has a technical system? No social experiment, technical. I think that most of the biggest problems in crypto, not just Bitcoin, in general, the problems that exist in the protocol layer express themselves as problems in the user interface layer. The user interface layer for cryptocurrencies is wallets. It's all the interfaces you run in your browsers. It's the stuff we run. If you look at this stuff, you'll see technical developments happen in the protocol layer. Seglet, for example, that happened a year and a half ago. Or even before that, 539 mnemonic phrases or various other timelocks that have existed for a very long time. You don't see many of those technologies in wallets. 539 took three years to get implemented broadly. There's a big gap between what's available to builders and what they use that to build. Think of it in terms of building materials. I can give you new building materials, steel and glass. The architects and builders don't know how to use those things yet, so they don't actually adapt. There's a gap. That gap is the biggest problem right now. One of the challenges in our space is finding ways to make it profitable to build user interfaces. Not too many companies have figured out how to do that. That's a very big challenge. Most of us are accustomed to having free wallets, for example. I don't think free wallets are a good idea. I'd rather have good wallets, even if they cost a bit of money to use. Or at least some of the features cost a bit of money to use. Because then I know that that developer is going to be around in a year to implement the next round of features, or to fix a bug, or something like that. The problem I have now is that I currently have installed on my phone 16 different crypto wallets. These are just the latest 16. Behind them is a graveyard of 50 crypto wallets that I've used and abandoned and used and abandoned and used and abandoned. It's not that I abandoned them. It's that they abandoned me by not keeping up with developments. That gap is the biggest problem we have. There's a lot of really great capabilities in the protocol today that you don't yet see in usable wallets. User experience. Hi Andreas. You spoke about the ways of adoption, like the sparks that sometimes happen. Maybe you can categorize them, like the first one, the cryptopunks, the cypher anarchists, maybe the second one, the libertarians and the Austrian money people, and maybe the third one, the techies. What do you think the next wave is going to be in terms of population? Because still my mother asks me why this has value and I still couldn't answer to her. But we have a long way. I'm speaking like in an equational way because it would be better to have a more clear message if you know maybe what kind of people are going to adopt this technology. You can't predict that. And part of the reason you can't predict it is because the technology itself is changing and it's variating all the time. So which technology? People are going to adopt different parts of this technology for different use cases at different times in different countries because they have different needs. And you can't predict that. From the obvious example of what does the average upper middle class American know about life in Caracas today? Nothing. They come on and say, I'm going to create a mobile app to empower Venezuelans. The correct answer is fuck off. They will use what they want to use, if they want to use it, and great if they do and we find something valuable. But build for what you know and focus on the people you understand. And that applies in everything in life. Whether you're writing a mobile app, whether you're writing a book, whether you're writing a poem, whether you're drawing a picture, speak from the heart about what you care about. So which of these categories are you? Speak to your people. And one of the things that happens is as new people come into the space and they bring their own perspective and their own needs, if we welcome them they will go out and tell all of their friends who have the same needs. I've watched this happen with software developers in India who I start paying with crypto as a bonus. And they go and spend it and figure out that they can actually make money instead of losing money like a PayPal transaction. And then they start telling their friends and then they ask me to tell their friends how to get a crypto wallet. And it's not something that I'm doing deliberately like evangelism. The trick is to find useful applications. So go talk to some people you've never talked to before and ask them how their life works. For example, next time you're with a taxi driver, you ask them, hey, where are you from? Where's your family? Do you visit them often? How do you send them money? Maybe you'll learn something about how they use whatever they currently use, right? I think the next wave is probably going to still be very technical. I think we have a very long way to go until we see critical mainstream applications. But in some places, for some obscure reason, there will be a tremendous amount of need, and people will adopt whatever they can right away. And it might not be what you think it is. You might be surprised. You might suddenly see a million people trying to escape Erdogan's dictatorship in Turkey by buying Trump and transmitting it across borders. Because that's what they had. That's where they had the meet-ups and the knowledge and whatever. Good for them. Welcome. So don't try to predict how it's going to go. Let's keep an element of surprise and excitement.