 Hi Andreas, thank you so much for the talk, it's been a pleasure. I'm from Venezuela and right now we're living in a very special moment. We're trying to transit out of the dictatorship. And I wonder, what's your opinion if it's still a good idea of a state-sponsored cryptocurrency, like a real one, not petrol, a real one, or is it better to reveal a country and the economy just to live with the duality of the fear and all the cryptos around? That's a great question. I don't think state-sponsored cryptocurrencies really change anything. A state-sponsored cryptocurrency, by definition, will be centralized, controlled, surveilled, closed. It will require identity verification, and it will only be available to the select few. What we don't realize is that one of the reasons why we're going to see more and more states promoted cryptocurrencies or other forms of digital currency is because we are entering the last era of cash. Cash will be eradicated. It will be eradicated within our lifelines. In many cases our children will never see cash unless they visit a museum because cash will be eradicated. The reason cash will be eradicated is because it creates an unfortunate opening for freedom in places where freedom isn't allowed. Cash allows some flexibility in the system. When ridiculous things are made illegal, cash is the way you do them. Generally speaking, the big crimes don't use cash because you can't move that much cash. For the big crimes, what you need to do is buy yourself a banking license and use a bank to do it like the people. If you want to sell bananas by the street side without a license, if you want to sell CDs with South Korean movies in North Korea, if you want to contribute to the opposition political party, and that's illegal, then cash is what you use, and cash is going away. One of the ways they're going to try to eradicate cash is through digital state-sponsored currencies. What they're trying to create is a currency panopticon, a virtual digital prison of money in which everything you do is controlled, everything you do can be seen, can be monitored, and at that point your freedom is one binary switch. Free, not free. Free, not free. And one day someone's going to go through that virtual control room and go, click, click, click, click, click, click, click, click. I won the election! Of course you did. Hi, thank you. It's so hard to just pick one question, but in Argentina we have a great history of co-operativeism that was destroyed by financial regulations protecting monopolies. My friend that was president of one, those cooperatives for work or credit were networks of trust, small regional networks with a common language of value. I like to call them plans of value. They couldn't scale. They couldn't connect in a strong national network even as a global. I want to ask you, do you see a place for co-operativeism and networks of trust in the crypto space next to the trustless network? No, absolutely. The trustless network exists there for the edge cases because you need something to manage the edge cases. But the vast majority of human transactions happen on a basis of trust. They don't happen on a trustless basis. You need trustless in order to do those transactions where you have no idea who the other person is and you have no basis to know them. But that's not the majority of commerce. We've only evolved into that space because of certain market failures. For example, the more you go into credit cards and the more you go into digital money, the less you can interact with a local person. If you're a fisherman and you just pull some fish out of the sea and you want to give them to someone in order to cook a meal, now you have two choices in the modern world. You either accept Visa or you're going to have to do some kind of weird barter. Cash is not going to work in many places. Increasingly, cash is failing. People don't have cash or they don't want to use cash. It's difficult. I've been to Argentina four times now. I know that if there's a long weekend coming up, you start lining up at the bank on Tuesday because Monday is when they fill the machines. And then if you're lucky, you get some 500s. Otherwise, you get stacks of 100 basins. Right? And cash is difficult here. This is very difficult to explain to Americans who have never had that. I have that in Greece as well. I remember times when there weren't any ATMs and people lined up at the bank and then we had runs on the bank and you're trying to pull out cash. So part of the problem, part of the reason you don't have a wallet or tip is because the local mechanisms of payment are failing. Right? Crypto brings that back. You don't need a trustless blockchain to accept a transaction from someone you know. Right? So at that point, how does that express itself? Well, perhaps I'm going to accept a zero confirmation transaction. Maybe from some of the people I know in here in this room I'd accept a zero confirmation transaction of some significant value because trust is more important than the trustless network. It's the remote case where you can't do that. So trustless does not mean we don't need trust. We don't use trust. We don't want trust. It means we also have the possibility of operating without it. I really love the idea of local law for this credit. I participate in some. They're mediated at the moment because they're old style. These are from before my time of Bitcoin. And there are some in the United States where what you can do is micro lending to other people. So they post a profile on the website and they say, I'm a plumber and I need to equip my new fan with two new ladders and I need a loan for $250. And they get, you know, 10 loans of $25 for 10 different people. And then they pay you back over six months and you get interest. It currently is the market that catches all those who can't get a bank loan. But the good news is we can do this more broadly now and we can do it globally. And the other news, which isn't good, is that bank loans and that mechanism itself is failing all over the world anyway. So something has to come in and replace it. Let's hope it's a more human approach.