 Lysander asks, what is the optimal time to come out openly as a Bitcoin user? How do you arbitrage between, one, talking openly about Bitcoin when transacting there, by drawing attention from the tax administration of regulators, thieves, jealous people who see you as a millionaire, etc., and two, quietly running your Bitcoin operations as discreetly as possible. The former may help network adoption of the risk of deciding the government to strike hard against it. The latter may seem selfish, but it might be more efficient to let the network grow naturally, which it should. Good things barely need active promotion. And stay under government radar until it is too big to be destroyed. That's a great question, Lysander. First of all, I agree with the final part of your statement, which is, good things barely need active promotion. If people need Bitcoin, they're going to figure it out. They're going to find it and they're going to use it. And the vast majority of people who got all excited about Bitcoin in 2013 and then again in 2017 did not get excited because they needed Bitcoin or any of the other ICOs and tokens that gained a lot of attention. It was mostly speculative attention, and that doesn't help. I don't think it helps the industry develop. I think it distracts. I think it creates a lot of noise and potentially backlash. When is the optimal time to come out openly as a Bitcoin user? Never. Bitcoin what? Who? I know. Is that a game token? I've never heard of it. Are you a computer geek? I don't know what you're talking about. I don't have the option to do that. Trust me, it comes at a very heavy personal price and with a lot of risks. So, if people don't know that you're involved in Bitcoin, if you haven't already made the mistake of publicly declaring how much you're involved in Bitcoin, and I think out of enthusiasm, a lot of us did in the early days, then shut up. Keep it to yourself. You're going to be safer. Your family is going to be safer. You don't need to be the ambassador and advocate for Bitcoin's promotion to the world. Some of us don't have that option anymore, and it's not an easy thing to do. I don't regret being public and talking about this technology. I've always been very enthusiastic about this technology. But at the same time, having that kind of public knowledge makes things difficult for me. So, I would say, keep your mouth shut. Harry asks, if you're traveling the world and only accepting Bitcoin for payments, that seems to be a complicated tax situation. If I were to pursue the same path as you and accept only Bitcoin for my services, how would I handle paying taxes? All right, a few clarifications there, Harry. First of all, I do travel the world and I do accept Bitcoin as a payment. But I don't only accept Bitcoin as a payment. I accept payments in a number of currencies. I prefer cryptocurrencies for a variety of reasons, including the fact that when I get paid with cryptocurrencies, I get paid quickly, without the possibility of charge back, without complications from banks, without having to call a bank 15 times to find out what happened to my Swiss wire transfer and why it hasn't been approved yet, and only being able to operate Monday to Friday, 9 to 5 in whatever jurisdiction or time zone that bank is in. So, for many reasons, I prefer cryptocurrencies, but I don't only accept cryptocurrencies. I accept US dollars and euros and yen. I accept British pounds, sterling, and I accept Bitcoin, and I accept Ether and Litecoin, Bitcoin Cash, and quite a variety of other currencies. So, before I got into cryptocurrency, I also operated a consulting business that had international clients, and at that time I also accepted British pounds, sterling, and euros and US dollars for payments. So, I already operated a multinational, multi-currency small business. And how do you operate a multinational, multi-currency small business? Well, generally speaking, it is much easier if you price your services in a single currency for accounting reasons. That's preferably the currency that you're paying taxes in. So, as a US resident, I pay taxes in the US, and so I price my services in US dollars, because that's going to be the basis of which I calculate my cost, my income, and the tax that I owe. So, if I charge someone, say, 100 US dollars for a service, then I'm going to price that as 100 US dollars. If they want to pay me in British pounds, sterling, euro, yen, or Bitcoin, they're going to have to, at the moment of payment, make a conversion and say, okay, I owe 100 US dollars to Andreas. How much is that in pound sterling right now when I'm paying? And they'll make that conversion, and they'll make payments in whatever currency they choose to make, whether euro or Bitcoin or whatever, at the appropriate rate. When I receive this foreign currency or this cryptocurrency instead of US dollars, I have received 100 US dollars worth of value. That's how much I priced it. That's what the exchange rate was at the time. So, I know that what I received was worth 100 US dollars at the time of payment. Now, that's income. So, I have to pay income taxes on that, income taxes on 100 US dollars. It doesn't matter what currency I got paid in. In fact, it doesn't even have to be currency. If I received my payment in cake, the IRS requires me to declare the value of that cake at the moment of payment. And when I eat it, I then have to remit 30%, 40% to the US government as federal income tax. And they don't take cake for income tax payments any more than they take British pounds, sterling, euro, or Bitcoin. So, I have to give them the equivalent amount in US dollars. Now, the other complication, of course, which applies to foreign currencies, is if I receive euro and I don't convert it to US dollars, or if I receive Bitcoin and I don't convert it to US dollars, and then later, six months later, I do convert it to another currency or use it to buy something. And in the meantime, the value of that currency, whether it be Bitcoin, euro, British pounds, sterling has increased by 10%. I have to pay capital gains on that 10% increase. What is my cost basis? Well, my cost basis is the same as the amount of my invoice and the same of the amount of pricing I did back then. So, the amount of euro or Bitcoin I received was 100 US dollars worth at that time. So, if it's now worth 110 US dollars when I sell it, then I've made 10 US dollars worth of capital gains, and I need to pay either short-term or long-term capital gains rates on that gain. So, really, it's not that difficult. Handling taxes is exactly the same as if I was handling taxes in any other foreign currency, exactly the same as operating a multinational multi-currency business, whether you accept cryptocurrency or not. You still have to pay capital gains, and I had to pay capital gains on my euro income before cryptocurrencies came around, too. And that's the more complicated side. So, keeping track of cost basis, tracking the cost basis for every income I receive in a cryptocurrency or other currency. And then when I make a payment or a conversion or what they call a taxable event, I count my capital gains or capital losses, and I pay for that tax, too. So, that's basically it. It takes a lot of reporting, it takes a lot of paperwork, but it's not really complicated. It's just that you have to do your accounting carefully. And obviously, I, like any small business, I use an accountant to do that. And I used an accountant before cryptocurrencies came along because the US tax code is just crazy complicated. In fact, fun story. Intuit, the company that owns TurboTax, has been paying lobbyists for more than a decade now to lobby against any simplification of the tax code, because the more complex it is, the more you need their products. So, you know, it's not an accident that the tax code is very, very complex. So that's how you do taxes with cryptocurrencies. And keep in mind, I'm not an accountant, I'm not an attorney, I'm not a financial advisor, and I'm not a tax advisor. I'm simply telling you how I do it and what my personal experience as a small business entrepreneur is, and what advice my accountant gives me. Of course, in order to do this right, you have to take responsibility. And ultimately, you should consult with a qualified professional to get advice on these issues. That would be really interesting. Thank you very much. Oh, thank you. My question is really, really short. My endpoint falls to zero. As long as it contains the five principles, you're still happy. It's a complete success. At zero, it doesn't work. That was a very good, very cheeky question. Okay, thank you. Let me just elaborate on that a bit. In terms of economic velocity, in order for currency to be useful, you have to be able to do transactions that are big enough to get your business done. So if the economy for bitcoin transactions, or any of the other open public cryptocurrencies, is big enough to support itself and to have enough velocity to do the transactions, then whatever price point that is, is sufficient. I've been using bitcoin since it was $3. The first time I got involved, it was $3 each. Here's the thing. I used it in my business. I got paid. I paid others. I bought stuff. I sold stuff. I had use of cryptocurrency in and out of my business and my personal finances since 2012-2013. Bitcoin worked at three. It worked at 10. It worked at 100. It worked at 1,000. It worked again at 200. It worked for me as a currency. In fact, if you use it as a day-to-day currency, you get less of the whiplash effect, because if I pay the AV people at this event, who I'm going to pay using bitcoin, and I earned that bitcoin last week at the conference where I spoke previously, the fluctuation in that week, yeah, there was a bit of a fluctuation, but money in last week, money out this week, it's not a big deal. Whether that was at $3 each or at $8,000 each, it makes absolutely no difference to me. When the price is low, I earn more, but then I also spend more in bitcoin terms. When the price is high, I earn less, and I spend less. So it doesn't really matter as long as it's churning. If instead I follow the traditional trading practice of buy high, sell low, and buy high, sell low is the trading practice that happens when you intended to do buy low, sell high, but the market just didn't want to cooperate, then the price matters. But then I'm not using it as a currency. So these are really matters of adoption. T.O. asks, how is buying bitcoin helpful versus earning bitcoin? Why is earning bitcoin instead of buying it better? Well, I think I've said that I think earning bitcoin is better, but not necessarily for bitcoin, not necessarily better for the price. But I think it gives you a different perspective of the system. In the end, however you may use this cryptocurrency is up to you, and I think it's not necessarily better one way or another, but I want to encourage people to think about it differently. A lot of people who enter cryptocurrency space for the first time think of it as an investment. Their first action is to buy cryptocurrencies by converting fiat into the cryptocurrency. What that means is usually they have to go through an exchange. Their first interaction with the decentralized world of cryptocurrencies is a rather centralized entity. Their first experience with anonymous cryptocurrencies is to take a photo of their ID or passport to upload it to know-your-customer, KYC, or anti-money laundering, AML, compliant bank, or third party, which acts like a bank, which is the exchange. And then, unfortunately, a lot of people who go through that process then leave the cryptocurrency on the exchange wallet, assuming they're done, and then effectively never take possession. They don't have the keys to the cryptocurrency. As you know, the rule is, not your keys, not your coins, or somebody recently paraphrased it, not your cheese, not your bitcoin, which I thought was kind of funny. So, buying bitcoin puts most new users down a path of treating bitcoin first as a foreign investment, purely as a store value or speculative thing, which they're not going to use, which they never take control of, which puts them directly into contact with centralized units, with KYC, AML, where they're not anonymous, and all of these other problems. A somewhat better approach would be to buy your cryptocurrency with an ATM, a vending machine, with cash, where you exchange cash for cryptocurrency, or through a person-to-person exchange, which in many countries is perfectly legal and an option, person-to-person exchange, without having to reveal your identity, simply hand some cash, and get a cryptocurrency in return. In both of those cases, what you're doing is exchanging one form of peer-to-peer money, cash, for another form of peer-to-peer money. You're immediately taking possession of the cryptocurrency by transferring it to a wallet you control, preferably not one that's hosted on an exchange, but one where you control the keys. That's a different experience. Now you are actually using a decentralized system, you're part of a decentralized economy. The reason I think earned is better is because if instead of using fiat to buy a cryptocurrency, you offer a product or service, and then that product or service is rewarded, and you earn the cryptocurrency in return for that product or service, then there is being no fiat. It's simply a payment in cryptocurrency for a product, which means that you're now participating in an economy where the currency is of the cryptocurrency. You're using it as currency, as a medium of exchange, and so is the buyer who bought the product or service from you. One of my friends in the space got most of his bitcoin by baking baklava, which is a Greek dessert with nuts and honey. He basically baked his way to a stash of bitcoin by selling it at conferences and gatherings, selling literally trays of baklava for bitcoin. Now, once you earn bitcoin, you start thinking of it as the fruits of your labor. It's a very different feeling. When you spend it, if you earn it regularly, and spend it regularly, then you get less of this feeling of massive volatility. If you spend bitcoin that you earned last week, then it doesn't change in price so much. The currency then works, whether bitcoin is at $3 or $3,000 or $30,000. It's the same. If the price goes down, you earn more cryptocurrency for your labor, and then you have to spend more to get other people's labor. If the price goes up, then you earn less in the equivalent cryptocurrency, but you also spend less when you buy things. It all ends up equal in the wash, but it changes your mentality. You start using it, trading, and creating this internal economy and velocity. Is that better for cryptocurrency? I don't know. I think looking at cryptocurrency as an economy of its own, which has its own economic activity, rather than purely a speculative and investment vehicle, is a more comprehensive perspective. It gives you a more comprehensive perspective. That doesn't mean you shouldn't also invest. Maybe you can invest also, earn some, invest some, speculate a bit, use it as a currency. I think it all helps. The most important thing is to understand the differences between decentralized and centralized money. Understand the difference between peer-to-peer and using an intermediary. Custodial accounts are generally a very bad idea and very insecure. As long as you follow some of those ideas, buying it is just as good.