 And thank you, everybody, for taking the time to listen to this talk. I really enjoyed writing it, and I hope I enjoy presenting it to you. So, in December 2019, we, Coinfloor, decided to delist Ethereum after having already delisted Bitcoin Cash and become Bitcoin only. Now, to understand why we did that, it's worth going back to our beginnings. We were launched in 2013 and understanding our journey of bucking the trend and why we did it, and we always did it for objective reasons. So, let's start. In 2013, we launched as an exchange. Now, at that time, there was only really one option. It was all about Bitcoin. There were other cryptocurrencies. There was Litecoin and Monero, and Ripple was as taught about, and Dogecoin, et cetera. But really, from a dominance point of view, at least 90% to 95% dominance was related to Bitcoin. So, this made things very easy, allowed us to be incredibly focused, which was needed at the time, because we had to deal with the lack of regulatory clarity, et cetera. And this persisted for two years, until 2015. I still remember, actually, very clearly the time when, at a coin scrum event, coin scrum, for those who don't know, was the oldest and longest-running Bitcoin meet-up and cryptocurrency meet-up in the world. And in London, in Shoreditch, there was a meet-up, and the two guests were Gavin Andriesen and Mike Hearn. Now, to give you some context, Gavin Andriesen was the guy that Satoshi gave the keys over when he soon afterwards disappeared. So, he was responsible for the, and had super user access to the GitHub repository for Bitcoin. And Mike Hearn was also a very early Bitcoin developer and advocate. But they, at this talk, were saying how they were very frustrated about the lack of progress and how it was getting harder and harder to make changes on Bitcoin. And they were starting to see these young, upstart cryptocurrencies, like Ethereum, which was promising, hadn't yet launched, but promising to offer a completely different world, a world where they had one leader, one emperor, effectively, in the form of Italic Buterin, who would provide guidance and governance, and they would be able to iterate quickly. And so, in that meeting, at that point, they suggested the idea of a benevolent dictator, an emperor for Bitcoin, as it were. Now, for a lot of people who are seeing some of these new upstart cryptocurrencies in the Bitcoin community, this idea went down very well. But for a lot of people, in the end, it turned out to be the majority, this did not go down very well at all. And so began what I would call the first Bitcoin civil war. Now, this Bitcoin civil war ultimately culminated in the forking of Bitcoin between Bitcoin, now we know between Bitcoin and Bitcoin Cash. But what happened was over the following 12 or so months, there was ever more vitriol and arguments and violence and Bitcoin suffered. This lack of clarity and purpose and direction was not good for Bitcoin. In fact, at the time, Bitcoin went from a dominance level of 85 to 90%, down to 60% or lower. And we now know that that was because of this difference. And so, a number of the exchanges at the time decided they wanted to do something about it, because you can see there was a clear difference between the two sides and the two factions. One faction believed that ultimately the power and the people who controlled Bitcoin were the miners. And although there are other people in the space, they were the ultimate actors that we needed to be worried about and what they said went. And then the other side believed that Bitcoin was made up of an entire community. Yes, miners were part of it, but so were node operators, hodlers, as well as users and merchants and exchanges. And if you took any element away, the entire house of cards would fall down. So, to resolve this, a number of exchanges met up with a number of the miners who were pushing for this new fork where they gained more control. And they had a closed room meeting and they made a decision. And the decision was that they were gonna come up with this compromised fork and all the exchanges would back it. Now, at that time, we fought differently. Objectively, we did not think that made sense. No one knew at this time, this was the first fault for Bitcoin and no one knew which approach was the best approach. Objectively, we should let the market decide. And so, for the first time, we decided to buck the trend. We made an announcement on Bitcoin Reddit, which at the time was the equivalent of Bitcoin Twitter. And in that message, we stated that we will not follow this approach of guaranteeing that we're going to only list this Segwit 2X version of Bitcoin. But instead, we were going to list both versions and give it a number of months or so, if not longer, to let the market decide which one actually is the true story valley. Now, when we did this, the feedback was incredibly positive. And ultimately, the other exchanges made a decision after listening to their customers that they had to follow suit and the lessons history. The Bitcoin fork happened and the process of healing began. However, while this was going on, the other cryptocurrencies weren't standing still. They saw that Bitcoin was in a weakened state and they took this opportunity to try and co-opt or transfer or get some of the Bitcoin advocates to move over to them. So for example, Ethereum made great play of the fact that they had clear governance and it was a much simpler, happier, less vitriolic, less argumentative space. They had a Turing complete smart contracting platform which allowed other people to create other cryptocurrencies very easily and very quickly. And so this led to an explosion of ICO backed altcoins, alternative cryptocurrencies. And with the money they made from the ICOs, they went on to be able to effectively promote and educate or some would say miseducate their customers. And they use the resources to effectively have a full core press from multiple angles and try to attack Bitcoin. Now this led to what I referred to as the second war of Bitcoin. And in the second war of Bitcoin, sorry, second war of Bitcoin. In the second war of Bitcoin, we had Bitcoin in the center and on all sides, multiple cryptocurrencies, multiple altcoins were trying to attack it. And on top of that, it was Bitcoin still dealing with the end of the first civil war. And so we saw the dominance of Bitcoin fall from 60% to as low as below 50%. At one point it got to almost 40% dominance from a market cap point of view. So with all cryptocurrencies combined, they had actually higher levels of dominance or a higher market cap than Bitcoin by itself. However, shortly after this, the original fork for Bitcoin happened and we went from listing one Bitcoin, a cryptocurrency to listing two Bitcoin and Bitcoin cash and the process of healing began. And ever since the dominance level for Bitcoin has been increasing until today it's at around about 65% and we expect it by way to continue. So after this attempt to effectively take over Bitcoin was failing, Ethereum decided to change its strategy. You see, when it started, it started with this view that it was about being a world computer and the actual money aspect of it wasn't that important. They used to shy away from this repeatedly. So in 2017, Ethereum wasn't considered to be money by Ethereum advocates or that wasn't considered to be its key property. However, they were starting to see that this wasn't working and they could see that the fact that Bitcoin was considered money was the reason why it was gaining in dominance again. And so in 2018, the narrative changed. That's when the narrative became, Ethereum is money as well. And this was key because at that time, multiple exchanges were starting to list these altcoins. They had a lot of ICO money and they would pay handsomely to be listed on these exchanges to give them effectively a semblance of make them appear to be valid currencies to list. But we again looked at it objectively and if you looked at an objective series of criteria to decide which you list or not, we couldn't see any reason to list any other cryptocurrency other than Bitcoin and Bitcoin Cash at that time because we were still waiting to see which one was the actual true store of value. The one that came closest was Ethereum but as I said before, because they believed they weren't an actual money and as an exchange because we believe our core job is to allow people to trade one money with another money that immediately eliminated them from being listed. As that changed in 2018, we had to acquiesce and we listened to the demands of our customers and decided to list Ethereum. So in 2018, late 2018, we announced we would be listing Ethereum as well and in early 2019, we listed Ethereum. So we went from two cryptocurrencies to three. Now, little did we know that less than 12 months later we'd be back to only one cryptocurrency. I mentioned that we have a number of objective criteria which we've decided all along what to list and what not to list. And although a number of exchanges say they have objective criteria, normally this has kept a very, very closely guarded secret and I would put forward a hypothesis. The reason is this, simply this. If you try to come up with an objective set of criteria to list cryptocurrencies and you follow it objectively, you'll only end up with Bitcoin at this point in time. Therefore, you cannot have an objective set of criteria or has to have a heavily semantic element for you to list anything beyond Bitcoin. So here are our objective criteria and every year, we check cryptocurrencies against this and in 2019, at the beginning of 2019, we did the same thing. We looked at economic strength. Now, there are many criteria but the most important in terms of economic strength is does it behave like a store of value? Because contrary to some other speakers, we believe the store of value is the key aspect of a cryptocurrency. And this is where Bitcoin Cash ultimately failed. You see, at the point of the fork between Bitcoin and Bitcoin Cash, theoretically at that instant, Bitcoin and Bitcoin Cash had effectively the same value. Now, several months later, over a year later, we could see categorically that Bitcoin Cash was only worth a small fraction of the value of Bitcoin. And so it became clear that it did not behave like a good store of value. It lost a lot of value relative to where we know it must have been several months earlier. And therefore, objectively, we had to do this Bitcoin Cash. We made the announcement in mid 2019, took it off our order book lists and have been allowing people to withdraw and Bitcoin Cash ever since. There are other criteria, but this is the key one. And many of the others are very open to manipulation, especially market capitalization and 24-hour exchange trading volume. We mentioned that there's other cryptocurrencies that are out there that are considered highly regarded or of high trade volumes or market caps. But they tend to fall because they fail at the regulatory and legal strength criteria or the community strength criteria. So for example, as an exchange in a regulatory jurisdiction, we do not want to be put in prison or shut down. And we also don't want our customers to effectively lose out. So we focus only on exchange tokens like Bitcoin and Ethereum. And also we don't list tokens where one actor, centralized actor has a large percentage of the tokens, which means EOS can't be listed. It means that Ripple can't be listed. It also means that stablecoins we don't list as well because one bank has all of the money that backs the stablecoin. Community strength as well, the vast majority of exchanges of cryptocurrencies do not have strong, robust communities, high node count, high levels of mining decentralization, dedicated hodlers. And this is really important because hodlers act as a safety net for a cryptocurrency and high levels of community talent and a strong brand. And then we come onto technical strength. Now we look at minor hashing power, we don't really consider a store of proof of stake as we consider as a second class citizen to proof of work. So we only consider proof of work currencies. And we also want a strong technical and software ecosystem around the blockchain. But most important is, is it actually a stable and mature blockchain technology? In mid 2019, Ethereum, the Ethereum development, core development team announced with Vitalik Gruterin that in fact, Ethereum was not able to technically achieve what its original objective was supposed to be. And they were gonna create a completely new cryptocurrency called Ethereum 2 that shared nothing at all in common with Ethereum other than its name. Now objectively, if the core developers of a cryptocurrency tell you it's not good enough, it's not good enough. And so we announced that we would be delisting Ethereum. We announced this in December, 2019. And on the 3rd of January, 2020 on the 11th anniversary of Bitcoin, we delisted Ethereum and became Bitcoin only again. Now there were a number of side benefits, actually many, but I'll give you two, cost savings. By delisting these two currencies, we reduced our costs by 70%, probably more. Efficiency gains, we increase our efficiency by 4x, far more, it's not just a 3x increase, it's a 4x increase or more. This is by our estimate. And the reason why we could be able to focus and also the less mature cryptocurrencies have a higher level of load in terms of mindset load to be able to deal with. So they give you less revenue and they infectively give you far more headaches to deal with. There's also in terms of loss of revenue in sales, for us, it was marginal, 5%, 10% max. So if it was a net benefit. But as I said, we went Bitcoin only. And the question was, what was the reaction of the community when we did this? In a word, the reaction was absolutely massive. The announcement on CoinDesk was the most retweeted story of 2019. It beat the Facebook announcement that they were gonna have a cryptocurrency called Libra. Customer's feedback was amazing. Overall, there were a few people who weren't happy, some death threats, but I would say 80 to 90% positive. But most important, there were multiple communications back channel communications from people in other exchanges, employees of other exchanges, who contacted us privately to congratulate us and also to wish us well and to wish and hope that their exchanges show the same leadership and guts or at least follow our lead and also buck the trend. So the question is, what's the follow? What's next? I believe we're gonna now have a third Bitcoin war. And this is key because the fact that all these people gave the support in the back end made us realize that we're not some sort of by ourselves, like a Han Solo in his Millennium Forker. But actually we're part of this resistance, this underground resistance of people and they're now rising up. But this battle is gonna be between two forces. On one side, you've got this empire of altcoins and exchanges that are still addicted to the revenues or the diminishing revenues from listing and trading multiple cryptocurrencies. But the other side, you've got the Bitcoin Jedi, also known as Hodlers and Educators. And we're seeing this now. Since we announced that we're going Bitcoin only, we're seeing every day new Bitcoin only focus podcast, Bitcoin only focus educational resources, courses. Or you've only have to look at JamesonLopsBitcoin.page or BitcoinOnly.com and you can see that new ones are coming up every single day. And the list of people waiting to be listed on these sites is growing. And the reason why is they took a lesson out of the book of the ICOs and they realized that even if they were miseducating, the process of educating customers is the key. And now we're doing the same thing. We're fighting through education. We're fighting through simplicity. Now, many Bitcoin Jedi will fight and many Bitcoin Jedi will fall. The battle will be tough. But the force is strong in these Hodlers. In fact, if you think about it, the word hodl is the very definition of resistance. So because of all of this, I believe that if we remember the words of Winston Churchill, the great wartime leader, and some would say the first or one of the first Hodlers, we will surely win. Namely, never give in, never give in, never, never, never, never. Thank you very much.