 Rodney asks, Ethereum pre-sale, ICO? Or no? Do you consider the Ethereum pre-sale an ICO? If so, why? If not, why not? This topic has been hot recently due to SEC announcements about ICOs being securities. I'm curious to hear Andreas' thoughts on this situation, too. Is the follow-up comment to that question? I think Ethereum probably has one of the best arguments as to its role as a utility token rather than a security. Keep in mind, unlike many of the other fundraisers that have happened with various startups, Ethereum isn't really a startup. It's not a company. There is no company, and there are no shares or equity or registration. There's a foundation, but that foundation is a Swiss non-profit, and you certainly don't get shares in that foundation or in future profits. Ethereum also has a specific role as a platform, and that platform has been the platform for all of the other ICOs. So, the token, Ether, is a token that is meant to be used to pay for gas. That's the argument for Ethereum. The idea is that Ether is how you control the use of resources on the Ethereum platform for all their applications, including ICOs. Ether pays for the network fees, the gas for running smart contracts, for doing transactions on the Ethereum platform. I think Ether, as a utility token, and Ethereum as a utility platform, is probably a fairly well-developed argument, and a robust argument. I don't really see Ethereum's pre-sale as an ICO. I think it is the most credible utility token out there. In terms of it being utility rather than security, I'm not commenting on the value of it, or its use as a currency, or a speculative instrument. That's not my answer here. But simply comparing it between a security or utility token, I think the argument is quite robust for it being a utility token. I would like to come back to the intersection of the traditional financial industry and the digital currency ecosystem. It seems that the initial coin offering happening now is the first instance where these two worlds have to coexist. Correct. Where we see some businesses that cannot access normal financing, get digital currency financing. What's your perspective on this trend? What's your view? Who here has heard the term ICO? ICO is the idea of creating a digital token that represents shares, or something else that can be bought online, through these digital currency platforms. It's a play on IPO, an initial public offering, except that it's not registered, not legal, completely global, completely open to all investors, and bypasses all of the regulations around funding, which is causing a few minor headaches, or major headaches if you work for the SEC. What's happening with the ICO space is it's opened up this entire gap between organic and angel investing, VC, and stock markets. It bridges all of that with this new model that allows any company anywhere to raise funds from any investor anyway. Connecting everyone in this massive new market has created an enormous surge of excitement and money. I think the latest estimates are well into the $40-50 billion raised in the last year through these mechanisms. It's drawing all kinds of sharks, worms, and snake oil salespeople who are taking horrible advantage. Here's something that most people find hard-reconciling in their minds. This idea that of the current batch of initial coin offerings, 99.99% are either outright scams or indistinguishable from outright scams, and will fail miserably and return nothing, and simultaneously. ICOs are the most radical and impactful development in fundraising of the last hundred years. They will fundamentally transform fundraising worldwide. They will break down enormous barriers, create enormous liquidity and flexibility, and make this an international market that fundamentally undermines the Palo Alto VCs right up the road here. It's a very interesting space. There will be a lot of tiers, there will be a lot of burnt investors who will lose a lot of money. But that doesn't change the fact that in that process, these offerings mature. What people fail to understand is that ICOs do not simply represent shares or share offerings. These tokens are a hybrid thing that is simultaneously a share. It can be a product reward, it can be a loyalty point or loyalty card, it can be an access token that gives you access to a product or service, it can be the currency by which you buy a software as a service, for example storage or computing or other resources and do resource allocation. It is a market index that represents the companies that are playing in a space. It's a technology basket fund. All of these characteristics are in a single token that can play all of these roles. This is not just simply, hey, let's do a new form of shares, bypass the SEC and create this orgy of funding. Although at first glance, that's exactly what it looks like. It is a very, very interesting technology that creates a completely new thing, this token. This tokenization and monetization of resources that can be done with these tokens is very, very big. It's very, very interesting, and it's not just a free-for-all that it looks like right now. By the way, I haven't invested in any of those. When I look at these ICOs, what do I look at? The same things I did when I was doing due diligence for VC firms. Team, plan, market, timing, right? Product, all of those things. And I look at all these ICOs and I go, no, no, no, no, and hell no, and walk away. So be very careful. Don't go playing into these markets thinking you're going to get rich quick. These are get-poor-quick schemes, and you will lose your money. As they say, what does it take to make a million dollars in this space? Start with two.