 What's my thoughts on a private chain? So to me private chains misunderstand the fundamental value proposition of an open decentralized borderless permissionless blockchain. This is akin to the horse buggy manufacturing association of America saying, we like this new automobile you've built, but we have a very large investment in horses and hay. So what we'd like to do is adapt it slightly by taking out the internal combustion engine, which is dirty anyway, consumes far too much energy and replace it with a horse. But we really like the fundamental technology behind automobile, pneumatic tires. And we believe that pneumatic tires will surely transform the future of transportation. Just don't waste any time on this internal combustion thing. Yes, we want to build an automobile more seriously. There will be applications where building an intranet of money, building an internal system, will offer some use, primarily because what it replaces is even more centralized and broken from a controls and governance perspective than what a private chain would do. But if that's this interesting, the open, borderless, global permissionless blockchain is this interesting, and I'm much more keen to work on that, because for that the applications are truly astonishing. If you choose to do a private chain, you are reintroducing counterparty risk, you are removing the fundamental security mechanism, which is the open, decentralized system of consensus, and that brings back a lot of the old problems. You're going to have to have a lot of hay to feed that horse. Absolutely. It's going to take market education, but keep in mind that one of the problems is that the existing banking system is fundamentally constrained by two things. One, these very large institutions with centuries of tradition have inertia and cannot easily change, and we see this again and again with disruptive technology. The second is that they've taken advantage for the last 50 years of a system of regulations that has kept all of the small competitors out, the PayPal, the money transmission companies, the digital cash companies, they've kept them out, and now they suddenly discovered it's a gilded cage and they're trapped in it, because they're not allowed to do what Bitcoin does at all. They're constrained in how much they can compete against the open public borderless blockchain, because they face these impediments at every turn. It's going to be a very difficult situation, reconciling their future with this extremely disruptive technology.