 Jen asks, how do you envision markets transitioning from centralized to decentralized exchanges? What are the implications you see at large? Decentralized exchanges are a fantastic idea. I think it can be applied fairly directly to trading between open digital cryptocurrencies. But trading cryptocurrencies to fiat currencies, trading between US dollars and Bitcoin, is a lot harder to decentralize, and the reason for that is because the dollar system is centralized. You have some examples of decentralization, and recently they haven't been growing as fast. Things like local bitcoins or various types of cash markets, ATM machines, those are fiat to Bitcoin exchanges, and they are decentralized. But they can't really generate a lot of volume of transactions. They are not very convenient. Whereas doing things like cross-chain atomic swaps, where you can swap currencies from two blockchains with two transactions that are trustless and where neither participant can cheat, means that we could see many more decentralized cryptocurrency to cryptocurrency exchanges. We will see how that happens. I think that will be really interesting. Another possibility that we are seeing, and I think a lot of different participants are now exploring, is the possibility of having fiat currencies expressed as some kind of pegged cryptocurrency. An example of that would be Tether, or there are some proposals for other forms like that, where you have fiat currency in reserve, then you have a cryptocurrency asset that is issued in equal proportion, and you can trade that on a blockchain. That allows you to do arbitrage and decentralized exchanges for fiat currencies too. Although of course the bank deposits that contain the actual asset, for example US dollar, are still centralized. Will a Tether collapse lead to such a fierce bear market that it kills off Bitcoin? Will decentralized atomic swaps and bisque be too late and weak to save the day? I haven't really studied what is happening with Tether, but I do know that it is a centralized and centrally managed system, and that represents counter-party risks like any other centralized and centrally controlled system. Having lived through a few very, very big crises in Bitcoin, I am really not fearful of a fierce bear market that could kill off Bitcoin. I really don't think that that can happen for a variety of reasons. One reason is that most people who get into Bitcoin today don't realize how big a deal the collapse of empty Gox was. We are talking about a time when there was only one exchange, when that exchange was responsible for price setting, and when that exchange was responsible for the vast majority of all of the exchange volume, and when it collapsed, it collapsed suddenly, catastrophically, and with a loss that was a staggering amount of money, as a percentage of the total amount of Bitcoin in circulation, and Bitcoin didn't die. It was the first and only time I was afraid that this might really knock Bitcoin back by a long time, or even potentially stop it in its tracks, and force us to reboot the currency and start something new. When it didn't happen, I realized that Bitcoin is more resilient than I thought. Then I started thinking about what my reaction would have been if Bitcoin had dropped precipitously back to double digits, or even single digits, in value against the dollar. I realized that what I would probably do is buy all of them with whatever cash I had. Then I realized that everybody else would be thinking the same, or at least a very large number of people who had seen that this experiment was working and believed in it, would think the same. This idea of buying the dip isn't always investment advice or good investment advice. In fact, in some cases, it's terrible investment advice. It's catching a falling knife, as they say, in investment circles. But there are some people who believe in this project so strongly that if they see an opportunity to get back in at a much lower cost basis, they will. Some of these people have a lot of money now. What they consider a buying opportunity is much higher than what I would. In fact, I recently saw a tweet that was funny, which said, what would you do if Bitcoin dropped to zero? No one responded, it wouldn't. If it dropped to one penny, I could buy all of them for $168,000 than I would. That kind of attitude at different price points means that I don't see that scenario. Could a collapse of something like Tether set us back by a significant period of time? Yes, we keep seeing these things happen. They are the result of centrally controlled, centrally managed custodial systems. Tether is one of those. The same thing could be said for the recent massive theft at Coincheck, which was half a billion dollars worth of NEM and a significant amount of Ripple. We will continue to see these centralized systems introduce counter-party risk. Every now and then, that counter-party risk will turn into an actualized loss.