P3.instances[0].transcript.parse_transcript_data({"transcript":"\u003cp\u003e\u003cspan m='820'\u003eThe\u003c/span\u003e \u003cspan m='910'\u003efollowing\u003c/span\u003e \u003cspan m='1360'\u003econtent\u003c/span\u003e \u003cspan m='1870'\u003eis\u003c/span\u003e \u003cspan m='1990'\u003eprovided\u003c/span\u003e \u003cspan m='2440'\u003eunder\u003c/span\u003e \u003cspan m='2650'\u003ea\u003c/span\u003e \u003cspan m='2710'\u003eCreative\u003c/span\u003e \u003cspan m='3190'\u003eCommons\u003c/span\u003e \u003cspan m='3580'\u003elicense.\u003c/span\u003e \u003cspan m='4580'\u003eYour\u003c/span\u003e \u003cspan m='4660'\u003esupport\u003c/span\u003e \u003cspan m='5170'\u003ewill\u003c/span\u003e \u003cspan m='5320'\u003ehelp\u003c/span\u003e \u003cspan m='5590'\u003eMIT\u003c/span\u003e \u003cspan m='6040'\u003eOpenCourseWare\u003c/span\u003e \u003cspan m='6790'\u003econtinue\u003c/span\u003e \u003cspan m='7300'\u003eto\u003c/span\u003e \u003cspan m='7420'\u003eoffer\u003c/span\u003e 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\u003cspan m='120030'\u003ethink\u003c/span\u003e \u003cspan m='120180'\u003eit\u003c/span\u003e \u003cspan m='120240'\u003ewas\u003c/span\u003e \u003cspan m='120570'\u003eliterally\u003c/span\u003e \u003cspan m='121050'\u003ethe\u003c/span\u003e \u003cspan m='121140'\u003efirst\u003c/span\u003e \u003cspan m='121500'\u003eone.\u003c/span\u003e \u003cspan m='121770'\u003eBut\u003c/span\u003e \u003cspan m='121890'\u003eit\u003c/span\u003e \u003cspan m='121980'\u003ewas\u003c/span\u003e \u003cspan m='122130'\u003eone\u003c/span\u003e \u003cspan m='122280'\u003eof\u003c/span\u003e \u003cspan m='122340'\u003ethe\u003c/span\u003e \u003cspan m='122430'\u003efirst\u003c/span\u003e \u003cspan m='123000'\u003ehandful\u003c/span\u003e \u003cspan m='124050'\u003ethat\u003c/span\u003e \u003cspan m='124230'\u003estarted\u003c/span\u003e \u003cspan m='124620'\u003eto\u003c/span\u003e \u003cspan m='124710'\u003etake\u003c/span\u003e \u003cspan m='125040'\u003eoff.\u003c/span\u003e \u003cspan m='126390'\u003eWe'll\u003c/span\u003e \u003cspan m='126570'\u003etalk\u003c/span\u003e \u003cspan m='126840'\u003eabout\u003c/span\u003e \u003cspan m='127080'\u003eMt.\u003c/span\u003e \u003cspan m='127350'\u003eGox\u003c/span\u003e \u003cspan m='127740'\u003ethat\u003c/span\u003e \u003cspan m='127860'\u003efailed.\u003c/span\u003e \u003cspan m='129210'\u003eDozens,\u003c/span\u003e \u003cspan m='130000'\u003eif\u003c/span\u003e \u003cspan m='130020'\u003enot\u003c/span\u003e \u003cspan m='130289'\u003ehundreds\u003c/span\u003e \u003cspan m='130770'\u003efailed\u003c/span\u003e \u003cspan m='131310'\u003eearly\u003c/span\u003e \u003cspan m='131700'\u003eon.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='133170'\u003eBut\u003c/span\u003e \u003cspan m='133350'\u003ethey\u003c/span\u003e \u003cspan m='133470'\u003ewere\u003c/span\u003e \u003cspan m='133560'\u003etrying\u003c/span\u003e \u003cspan m='133920'\u003eto\u003c/span\u003e \u003cspan m='134280'\u003eprovide\u003c/span\u003e \u003cspan m='134790'\u003ea\u003c/span\u003e \u003cspan m='134910'\u003euser\u003c/span\u003e \u003cspan m='135540'\u003eexperience\u003c/span\u003e \u003cspan m='136530'\u003eto\u003c/span\u003e \u003cspan m='136740'\u003etrade\u003c/span\u003e \u003cspan m='137760'\u003einitially\u003c/span\u003e \u003cspan m='138270'\u003ejust\u003c/span\u003e \u003cspan m='138480'\u003esolely\u003c/span\u003e \u003cspan m='138870'\u003ebitcoin.\u003c/span\u003e \u003cspan m='140040'\u003eBitcoin\u003c/span\u003e \u003cspan m='140550'\u003eversus\u003c/span\u003e \u003cspan m='140940'\u003efiat\u003c/span\u003e \u003cspan m='142770'\u003ewas\u003c/span\u003e \u003cspan m='143010'\u003ereally\u003c/span\u003e \u003cspan m='143640'\u003ewhat\u003c/span\u003e \u003cspan m='143820'\u003eit\u003c/span\u003e \u003cspan m='143910'\u003ewas.\u003c/span\u003e \u003cspan m='144930'\u003eAnd\u003c/span\u003e \u003cspan m='145320'\u003eit\u003c/span\u003e \u003cspan m='145470'\u003ewas\u003c/span\u003e \u003cspan m='145620'\u003eproviding\u003c/span\u003e \u003cspan m='146280'\u003ealso\u003c/span\u003e \u003cspan m='147270'\u003ea\u003c/span\u003e \u003cspan m='147330'\u003eservice\u003c/span\u003e \u003cspan m='147780'\u003eto\u003c/span\u003e \u003cspan m='147870'\u003epeople\u003c/span\u003e \u003cspan m='148200'\u003ethat\u003c/span\u003e \u003cspan m='148410'\u003ewere\u003c/span\u003e \u003cspan m='148560'\u003enot\u003c/span\u003e \u003cspan m='148920'\u003eas\u003c/span\u003e \u003cspan m='149130'\u003etechnologically\u003c/span\u003e \u003cspan m='150780'\u003eadept\u003c/span\u003e \u003cspan m='151290'\u003eas\u003c/span\u003e \u003cspan m='151380'\u003esome\u003c/span\u003e \u003cspan m='151590'\u003eof\u003c/span\u003e \u003cspan m='151680'\u003ethe\u003c/span\u003e \u003cspan m='151830'\u003eMIT\u003c/span\u003e \u003cspan m='153270'\u003estudents.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='154830'\u003eSo\u003c/span\u003e \u003cspan m='155040'\u003eI\u003c/span\u003e \u003cspan m='155130'\u003ewas\u003c/span\u003e \u003cspan m='155250'\u003egoing\u003c/span\u003e \u003cspan m='155370'\u003eto\u003c/span\u003e \u003cspan m='155430'\u003eask\u003c/span\u003e \u003cspan m='155760'\u003eagain\u003c/span\u003e \u003cspan m='156060'\u003eand\u003c/span\u003e \u003cspan m='156150'\u003eby\u003c/span\u003e \u003cspan m='156360'\u003eshow\u003c/span\u003e \u003cspan m='156660'\u003eof\u003c/span\u003e \u003cspan m='156720'\u003ehands,\u003c/span\u003e \u003cspan m='157980'\u003ehow\u003c/span\u003e \u003cspan m='158160'\u003emany\u003c/span\u003e \u003cspan m='158370'\u003ein\u003c/span\u003e \u003cspan m='158790'\u003ethe\u003c/span\u003e \u003cspan m='158850'\u003eroom\u003c/span\u003e \u003cspan m='159240'\u003ehave\u003c/span\u003e \u003cspan m='159390'\u003eever\u003c/span\u003e \u003cspan m='159900'\u003eowned\u003c/span\u003e \u003cspan m='160260'\u003ea\u003c/span\u003e \u003cspan m='160290'\u003ebit--\u003c/span\u003e \u003cspan m='160920'\u003eof\u003c/span\u003e \u003cspan m='161240'\u003ecryptocurrency\u003c/span\u003e \u003cspan m='162270'\u003eor\u003c/span\u003e \u003cspan m='162360'\u003esomething\u003c/span\u003e \u003cspan m='162720'\u003elike\u003c/span\u003e \u003cspan m='162900'\u003ethat\u003c/span\u003e \u003cspan m='163280'\u003ejust\u003c/span\u003e \u003cspan m='163520'\u003eto--\u003c/span\u003e \u003cspan m='163790'\u003eall\u003c/span\u003e \u003cspan m='163900'\u003eright.\u003c/span\u003e \u003cspan m='164670'\u003eSo\u003c/span\u003e \u003cspan m='164940'\u003eit's\u003c/span\u003e \u003cspan m='165210'\u003ea\u003c/span\u003e \u003cspan m='165390'\u003ethird\u003c/span\u003e \u003cspan m='165810'\u003eto\u003c/span\u003e \u003cspan m='166020'\u003ea\u003c/span\u003e \u003cspan m='166050'\u003ehalf.\u003c/span\u003e \u003cspan m='167460'\u003eBut\u003c/span\u003e \u003cspan m='167670'\u003eyou'll\u003c/span\u003e \u003cspan m='167820'\u003esee\u003c/span\u003e \u003cspan m='168060'\u003eit's\u003c/span\u003e \u003cspan m='168210'\u003egoing\u003c/span\u003e \u003cspan m='168330'\u003eto\u003c/span\u003e \u003cspan m='168420'\u003ebe--\u003c/span\u003e \u003cspan m='168990'\u003efar\u003c/span\u003e \u003cspan m='169320'\u003efewer\u003c/span\u003e \u003cspan m='169710'\u003eeven\u003c/span\u003e \u003cspan m='170130'\u003ein\u003c/span\u003e \u003cspan m='170250'\u003ethis\u003c/span\u003e \u003cspan m='170430'\u003eMIT\u003c/span\u003e \u003cspan m='170880'\u003ecommunity\u003c/span\u003e \u003cspan m='171420'\u003ehave\u003c/span\u003e \u003cspan m='171720'\u003edone\u003c/span\u003e \u003cspan m='171990'\u003ethat\u003c/span\u003e \u003cspan m='172200'\u003edirectly\u003c/span\u003e \u003cspan m='172870'\u003eon\u003c/span\u003e \u003cspan m='173970'\u003ea\u003c/span\u003e \u003cspan m='174030'\u003eblockchain,\u003c/span\u003e \u003cspan m='175110'\u003eas\u003c/span\u003e \u003cspan m='175520'\u003ewell.\u003c/span\u003e \u003cspan m='175950'\u003eSo\u003c/span\u003e \u003cspan m='176250'\u003eis\u003c/span\u003e \u003cspan m='176430'\u003eit\u003c/span\u003e \u003cspan m='176760'\u003eAlin?\u003c/span\u003e \u003cspan m='177870'\u003eAnybody\u003c/span\u003e \u003cspan m='178260'\u003eelse?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='179580'\u003eSo\u003c/span\u003e \u003cspan m='180240'\u003eof\u003c/span\u003e \u003cspan m='180360'\u003ethe\u003c/span\u003e \u003cspan m='180480'\u003e30\u003c/span\u003e \u003cspan m='181120'\u003ehands\u003c/span\u003e \u003cspan m='181380'\u003ethat\u003c/span\u003e \u003cspan m='181470'\u003ewent\u003c/span\u003e \u003cspan m='181650'\u003eup,\u003c/span\u003e \u003cspan m='181830'\u003ethe\u003c/span\u003e \u003cspan m='181980'\u003eother\u003c/span\u003e \u003cspan m='182190'\u003e29\u003c/span\u003e \u003cspan m='183000'\u003ebasically\u003c/span\u003e \u003cspan m='183570'\u003ehave\u003c/span\u003e \u003cspan m='183660'\u003edone\u003c/span\u003e \u003cspan m='183870'\u003eit\u003c/span\u003e \u003cspan m='183960'\u003ethrough\u003c/span\u003e \u003cspan m='184230'\u003ea\u003c/span\u003e \u003cspan m='184260'\u003ecrypto\u003c/span\u003e \u003cspan m='185220'\u003eexchange.\u003c/span\u003e \u003cspan m='186450'\u003eSo\u003c/span\u003e \u003cspan m='186570'\u003ethey\u003c/span\u003e \u003cspan m='186690'\u003eprovide\u003c/span\u003e \u003cspan m='187320'\u003ea\u003c/span\u003e \u003cspan m='187470'\u003eservice\u003c/span\u003e \u003cspan m='187980'\u003eright\u003c/span\u003e \u003cspan m='188250'\u003ethere.\u003c/span\u003e \u003cspan m='189060'\u003eNow,\u003c/span\u003e \u003cspan m='189280'\u003ethere's\u003c/span\u003e \u003cspan m='189480'\u003ea\u003c/span\u003e \u003cspan m='189720'\u003ecentral\u003c/span\u003e \u003cspan m='190200'\u003eirony\u003c/span\u003e \u003cspan m='191280'\u003ethat\u003c/span\u003e \u003cspan m='191790'\u003eSatoshi\u003c/span\u003e \u003cspan m='192360'\u003eNakamoto's\u003c/span\u003e \u003cspan m='195870'\u003eimpetus,\u003c/span\u003e \u003cspan m='196470'\u003ethe\u003c/span\u003e \u003cspan m='196620'\u003emotivation\u003c/span\u003e \u003cspan m='199010'\u003ethat\u003c/span\u003e \u003cspan m='199290'\u003ewe've\u003c/span\u003e \u003cspan m='199440'\u003etalked\u003c/span\u003e \u003cspan m='199800'\u003eabout\u003c/span\u003e \u003cspan m='200160'\u003ewas\u003c/span\u003e \u003cspan m='200370'\u003ehow\u003c/span\u003e \u003cspan m='200550'\u003eto\u003c/span\u003e \u003cspan m='200640'\u003edo\u003c/span\u003e \u003cspan m='200850'\u003epeer-to-peer\u003c/span\u003e \u003cspan m='202470'\u003emovement\u003c/span\u003e \u003cspan m='202890'\u003eof\u003c/span\u003e \u003cspan m='202950'\u003evalue\u003c/span\u003e \u003cspan m='203640'\u003eon\u003c/span\u003e \u003cspan m='203820'\u003ethe\u003c/span\u003e \u003cspan m='203970'\u003einternet\u003c/span\u003e \u003cspan m='204450'\u003ewithout\u003c/span\u003e \u003cspan m='204840'\u003ecentral\u003c/span\u003e \u003cspan m='205350'\u003eauthorities,\u003c/span\u003e \u003cspan m='206670'\u003ethis\u003c/span\u003e \u003cspan m='206880'\u003efailed\u003c/span\u003e \u003cspan m='207420'\u003eattempt\u003c/span\u003e \u003cspan m='207810'\u003ethroughout\u003c/span\u003e \u003cspan m='208170'\u003ethe\u003c/span\u003e \u003cspan m='208260'\u003e'90s\u003c/span\u003e \u003cspan m='209010'\u003ethat\u003c/span\u003e \u003cspan m='209190'\u003efinally\u003c/span\u003e \u003cspan m='211050'\u003ehe\u003c/span\u003e \u003cspan m='211350'\u003eor\u003c/span\u003e \u003cspan m='211470'\u003eshe\u003c/span\u003e \u003cspan m='211980'\u003esolved\u003c/span\u003e \u003cspan m='212520'\u003ethat\u003c/span\u003e \u003cspan m='212820'\u003eriddle\u003c/span\u003e \u003cspan m='214320'\u003ein\u003c/span\u003e \u003cspan m='214470'\u003e2008.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='215370'\u003eHere\u003c/span\u003e \u003cspan m='215700'\u003eis\u003c/span\u003e \u003cspan m='215880'\u003ea\u003c/span\u003e \u003cspan m='216000'\u003edecentralized\u003c/span\u003e \u003cspan m='216930'\u003eway\u003c/span\u003e \u003cspan m='217110'\u003eto\u003c/span\u003e \u003cspan m='217200'\u003emove\u003c/span\u003e \u003cspan m='217410'\u003evalue\u003c/span\u003e \u003cspan m='217890'\u003earound\u003c/span\u003e \u003cspan m='218130'\u003ethe\u003c/span\u003e \u003cspan m='218250'\u003einternet.\u003c/span\u003e \u003cspan m='219360'\u003eAnd\u003c/span\u003e \u003cspan m='219480'\u003ehere,\u003c/span\u003e \u003cspan m='219780'\u003eeven\u003c/span\u003e \u003cspan m='220020'\u003eat\u003c/span\u003e \u003cspan m='220140'\u003eMIT,\u003c/span\u003e \u003cspan m='220800'\u003ethe\u003c/span\u003e \u003cspan m='220950'\u003e30\u003c/span\u003e \u003cspan m='221400'\u003eor\u003c/span\u003e \u003cspan m='221520'\u003eso\u003c/span\u003e \u003cspan m='221910'\u003eof\u003c/span\u003e \u003cspan m='222030'\u003eyou\u003c/span\u003e \u003cspan m='222240'\u003eor\u003c/span\u003e \u003cspan m='222360'\u003ethe\u003c/span\u003e \u003cspan m='222660'\u003e40\u003c/span\u003e \u003cspan m='223080'\u003eof\u003c/span\u003e \u003cspan m='223230'\u003eyou\u003c/span\u003e \u003cspan m='223350'\u003ethat\u003c/span\u003e \u003cspan m='223470'\u003ehave\u003c/span\u003e \u003cspan m='223620'\u003eowned\u003c/span\u003e \u003cspan m='223910'\u003ea\u003c/span\u003e \u003cspan m='223950'\u003ecrypto\u003c/span\u003e \u003cspan m='225090'\u003easset,\u003c/span\u003e \u003cspan m='226320'\u003ebut\u003c/span\u003e \u003cspan m='226530'\u003eone\u003c/span\u003e \u003cspan m='226800'\u003eof\u003c/span\u003e \u003cspan m='226950'\u003eyou--\u003c/span\u003e \u003cspan m='227380'\u003enow,\u003c/span\u003e \u003cspan m='227490'\u003ethis\u003c/span\u003e \u003cspan m='227700'\u003eis\u003c/span\u003e \u003cspan m='227790'\u003eSloan.\u003c/span\u003e \u003cspan m='228520'\u003eAnd\u003c/span\u003e \u003cspan m='228620'\u003eit's\u003c/span\u003e \u003cspan m='228690'\u003enot\u003c/span\u003e \u003cspan m='229050'\u003ecomputer\u003c/span\u003e \u003cspan m='229500'\u003escience\u003c/span\u003e \u003cspan m='230010'\u003eand\u003c/span\u003e \u003cspan m='230180'\u003eAI\u003c/span\u003e \u003cspan m='231270'\u003eclass.\u003c/span\u003e \u003cspan m='232710'\u003eBut\u003c/span\u003e \u003cspan m='232950'\u003eI\u003c/span\u003e \u003cspan m='233160'\u003esuspect\u003c/span\u003e \u003cspan m='233760'\u003eeven\u003c/span\u003e \u003cspan m='234060'\u003eover\u003c/span\u003e \u003cspan m='234450'\u003ein\u003c/span\u003e \u003cspan m='234540'\u003ethe\u003c/span\u003e \u003cspan m='234630'\u003ecomputer\u003c/span\u003e \u003cspan m='235020'\u003escience\u003c/span\u003e \u003cspan m='235380'\u003eclass,\u003c/span\u003e \u003cspan m='235740'\u003eit\u003c/span\u003e \u003cspan m='235830'\u003ewould\u003c/span\u003e \u003cspan m='235920'\u003ebe\u003c/span\u003e \u003cspan m='236010'\u003eless\u003c/span\u003e \u003cspan m='236280'\u003ethan\u003c/span\u003e \u003cspan m='236430'\u003ehalf\u003c/span\u003e \u003cspan m='237270'\u003eactually\u003c/span\u003e \u003cspan m='237810'\u003ehave\u003c/span\u003e \u003cspan m='237930'\u003egone\u003c/span\u003e \u003cspan m='238980'\u003eand\u003c/span\u003e \u003cspan m='239100'\u003edownloaded\u003c/span\u003e \u003cspan m='239760'\u003ethe\u003c/span\u003e \u003cspan m='240270'\u003enodes,\u003c/span\u003e \u003cspan m='241800'\u003ebecause\u003c/span\u003e \u003cspan m='242130'\u003ethere's\u003c/span\u003e \u003cspan m='242310'\u003ea\u003c/span\u003e \u003cspan m='242370'\u003econvenience\u003c/span\u003e \u003cspan m='242970'\u003efactor.\u003c/span\u003e \u003cspan m='244050'\u003eIt's\u003c/span\u003e \u003cspan m='244230'\u003ehuman\u003c/span\u003e \u003cspan m='244530'\u003enature.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='247810'\u003eAnd\u003c/span\u003e \u003cspan m='248790'\u003eso\u003c/span\u003e \u003cspan m='248970'\u003ethat\u003c/span\u003e \u003cspan m='249330'\u003eeven\u003c/span\u003e \u003cspan m='249630'\u003estarted\u003c/span\u003e \u003cspan m='250050'\u003ein\u003c/span\u003e \u003cspan m='250140'\u003e2010.\u003c/span\u003e \u003cspan m='251130'\u003eSo\u003c/span\u003e \u003cspan m='251250'\u003eI\u003c/span\u003e \u003cspan m='251310'\u003ewanted\u003c/span\u003e \u003cspan m='251550'\u003eto\u003c/span\u003e \u003cspan m='251640'\u003etalk\u003c/span\u003e \u003cspan m='251910'\u003ea\u003c/span\u003e \u003cspan m='251970'\u003elittle\u003c/span\u003e \u003cspan m='252180'\u003eabout\u003c/span\u003e \u003cspan m='252420'\u003ecrypto\u003c/span\u003e \u003cspan m='252840'\u003eexchanges,\u003c/span\u003e \u003cspan m='254160'\u003esome\u003c/span\u003e \u003cspan m='254430'\u003eof\u003c/span\u003e \u003cspan m='254490'\u003etheir\u003c/span\u003e \u003cspan m='254640'\u003echallenges,\u003c/span\u003e \u003cspan m='256920'\u003eand\u003c/span\u003e \u003cspan m='257100'\u003esome\u003c/span\u003e \u003cspan m='257370'\u003eof\u003c/span\u003e \u003cspan m='257430'\u003ethe\u003c/span\u003e \u003cspan m='258180'\u003eopportunities.\u003c/span\u003e \u003cspan m='259500'\u003eAnd\u003c/span\u003e \u003cspan m='259620'\u003eit\u003c/span\u003e \u003cspan m='259709'\u003ewill\u003c/span\u003e \u003cspan m='259800'\u003eset\u003c/span\u003e \u003cspan m='260130'\u003eup\u003c/span\u003e \u003cspan m='260310'\u003ealso\u003c/span\u003e \u003cspan m='260730'\u003efor\u003c/span\u003e \u003cspan m='260970'\u003eThursday's\u003c/span\u003e \u003cspan m='261630'\u003ediscussion,\u003c/span\u003e \u003cspan m='262770'\u003ewhere\u003c/span\u003e \u003cspan m='262920'\u003ewe'll\u003c/span\u003e \u003cspan m='263160'\u003ebe\u003c/span\u003e \u003cspan m='263280'\u003etalking\u003c/span\u003e \u003cspan m='263610'\u003eabout\u003c/span\u003e \u003cspan m='263820'\u003ehow\u003c/span\u003e \u003cspan m='264060'\u003ea\u003c/span\u003e \u003cspan m='264120'\u003ecrypto\u003c/span\u003e \u003cspan m='264540'\u003eexchange\u003c/span\u003e \u003cspan m='265140'\u003emight\u003c/span\u003e \u003cspan m='265350'\u003ebe\u003c/span\u003e \u003cspan m='265470'\u003eused\u003c/span\u003e \u003cspan m='265800'\u003efor\u003c/span\u003e \u003cspan m='265960'\u003ea\u003c/span\u003e \u003cspan m='265980'\u003epayment\u003c/span\u003e \u003cspan m='266430'\u003esolution\u003c/span\u003e \u003cspan m='267570'\u003eand\u003c/span\u003e \u003cspan m='267690'\u003ehow\u003c/span\u003e \u003cspan m='267960'\u003ean\u003c/span\u003e \u003cspan m='268080'\u003eentrepreneur,\u003c/span\u003e \u003cspan m='269340'\u003elike\u003c/span\u003e \u003cspan m='269550'\u003eJeff\u003c/span\u003e \u003cspan m='269790'\u003eSprecher\u003c/span\u003e \u003cspan m='270270'\u003ereally\u003c/span\u003e \u003cspan m='270620'\u003ehas\u003c/span\u003e \u003cspan m='270750'\u003elooked\u003c/span\u003e \u003cspan m='270990'\u003eat\u003c/span\u003e \u003cspan m='271100'\u003eand\u003c/span\u003e \u003cspan m='271180'\u003esaid,\u003c/span\u003e \u003cspan m='271410'\u003eno.\u003c/span\u003e \u003cspan m='272130'\u003eThis\u003c/span\u003e \u003cspan m='272370'\u003eis\u003c/span\u003e \u003cspan m='272550'\u003ewhere\u003c/span\u003e \u003cspan m='272970'\u003ehe\u003c/span\u003e \u003cspan m='273300'\u003ecan\u003c/span\u003e \u003cspan m='273510'\u003esee\u003c/span\u003e \u003cspan m='273750'\u003evalue.\u003c/span\u003e \u003cspan m='274590'\u003eYou\u003c/span\u003e \u003cspan m='274740'\u003ewill\u003c/span\u003e \u003cspan m='274860'\u003ehear\u003c/span\u003e \u003cspan m='275130'\u003eThursday\u003c/span\u003e \u003cspan m='276000'\u003esomebody,\u003c/span\u003e \u003cspan m='276540'\u003ewho\u003c/span\u003e \u003cspan m='276810'\u003eis\u003c/span\u003e \u003cspan m='278580'\u003etrue\u003c/span\u003e \u003cspan m='279030'\u003eto\u003c/span\u003e \u003cspan m='279240'\u003ehis--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='279810'\u003e[LAUGHS]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='280470'\u003e--entrepreneurial\u003c/span\u003e \u003cspan m='281400'\u003eskills\u003c/span\u003e \u003cspan m='282210'\u003eis\u003c/span\u003e \u003cspan m='282360'\u003etrying\u003c/span\u003e \u003cspan m='282570'\u003eto\u003c/span\u003e \u003cspan m='282660'\u003efind\u003c/span\u003e \u003cspan m='282990'\u003evalue\u003c/span\u003e \u003cspan m='283590'\u003ein\u003c/span\u003e \u003cspan m='283680'\u003ethis\u003c/span\u003e \u003cspan m='283860'\u003ewhole\u003c/span\u003e \u003cspan m='284010'\u003eblockchain\u003c/span\u003e \u003cspan m='284700'\u003etechnology\u003c/span\u003e \u003cspan m='285610'\u003ebitcoin\u003c/span\u003e \u003cspan m='286110'\u003eworld\u003c/span\u003e \u003cspan m='287220'\u003eand\u003c/span\u003e \u003cspan m='287370'\u003ehas\u003c/span\u003e \u003cspan m='287520'\u003echosen\u003c/span\u003e \u003cspan m='288340'\u003ea\u003c/span\u003e \u003cspan m='288510'\u003ekind\u003c/span\u003e \u003cspan m='288810'\u003eof\u003c/span\u003e \u003cspan m='288930'\u003ea\u003c/span\u003e \u003cspan m='288990'\u003emixture\u003c/span\u003e \u003cspan m='289560'\u003eof\u003c/span\u003e \u003cspan m='289710'\u003ea\u003c/span\u003e \u003cspan m='289770'\u003epayment\u003c/span\u003e \u003cspan m='290250'\u003esolution\u003c/span\u003e \u003cspan m='291360'\u003eand\u003c/span\u003e \u003cspan m='291480'\u003ea\u003c/span\u003e \u003cspan m='291540'\u003ecrypto\u003c/span\u003e \u003cspan m='292020'\u003eexchange\u003c/span\u003e \u003cspan m='293070'\u003eor\u003c/span\u003e \u003cspan m='293190'\u003eboth.\u003c/span\u003e \u003cspan m='296328'\u003eWell,\u003c/span\u003e \u003cspan m='296780'\u003ethis\u003c/span\u003e \u003cspan m='296890'\u003emight\u003c/span\u003e \u003cspan m='297070'\u003enot\u003c/span\u003e \u003cspan m='297220'\u003ebe\u003c/span\u003e \u003cspan m='298360'\u003etied\u003c/span\u003e \u003cspan m='298780'\u003ein.\u003c/span\u003e \u003cspan m='299050'\u003eSo\u003c/span\u003e \u003cspan m='299260'\u003eI'll\u003c/span\u003e \u003cspan m='299350'\u003edo\u003c/span\u003e \u003cspan m='299530'\u003eit\u003c/span\u003e \u003cspan m='299620'\u003ethe\u003c/span\u003e \u003cspan m='299770'\u003eold-fashioned\u003c/span\u003e \u003cspan m='300370'\u003eway.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='302620'\u003eSo\u003c/span\u003e \u003cspan m='302860'\u003ewe're\u003c/span\u003e \u003cspan m='302980'\u003egoing\u003c/span\u003e \u003cspan m='303100'\u003eto\u003c/span\u003e \u003cspan m='303190'\u003etalk,\u003c/span\u003e \u003cspan m='304030'\u003eof\u003c/span\u003e \u003cspan m='304090'\u003ecourse,\u003c/span\u003e \u003cspan m='304390'\u003ethe\u003c/span\u003e \u003cspan m='304480'\u003ereadings,\u003c/span\u003e \u003cspan m='305580'\u003ecrypto\u003c/span\u003e \u003cspan m='306000'\u003eexchanges,\u003c/span\u003e \u003cspan m='306970'\u003ea\u003c/span\u003e \u003cspan m='307030'\u003elittle\u003c/span\u003e \u003cspan m='307240'\u003ebit\u003c/span\u003e \u003cspan m='307390'\u003eof\u003c/span\u003e \u003cspan m='307450'\u003ethe\u003c/span\u003e \u003cspan m='307540'\u003epublic\u003c/span\u003e \u003cspan m='307870'\u003epolicy\u003c/span\u003e \u003cspan m='308470'\u003echallenges,\u003c/span\u003e \u003cspan m='310030'\u003eand\u003c/span\u003e \u003cspan m='310240'\u003ethen\u003c/span\u003e \u003cspan m='310960'\u003emy\u003c/span\u003e \u003cspan m='311230'\u003ethoughts\u003c/span\u003e \u003cspan m='311620'\u003eon\u003c/span\u003e \u003cspan m='311740'\u003epath\u003c/span\u003e \u003cspan m='312130'\u003eforward.\u003c/span\u003e \u003cspan m='312640'\u003eWhere\u003c/span\u003e \u003cspan m='312820'\u003edo\u003c/span\u003e \u003cspan m='312970'\u003eI\u003c/span\u003e \u003cspan m='313060'\u003esee\u003c/span\u003e \u003cspan m='313660'\u003ethe\u003c/span\u003e \u003cspan m='313780'\u003ecrypto\u003c/span\u003e \u003cspan m='314320'\u003eexchange\u003c/span\u003e \u003cspan m='315070'\u003espace\u003c/span\u003e \u003cspan m='317260'\u003emoving\u003c/span\u003e \u003cspan m='317710'\u003eforward\u003c/span\u003e \u003cspan m='320680'\u003ein\u003c/span\u003e \u003cspan m='320830'\u003etime?\u003c/span\u003e \u003cspan m='321980'\u003eSo\u003c/span\u003e \u003cspan m='322060'\u003eTom,\u003c/span\u003e \u003cspan m='322450'\u003eyou\u003c/span\u003e \u003cspan m='322570'\u003eget\u003c/span\u003e \u003cspan m='322720'\u003eto\u003c/span\u003e \u003cspan m='322840'\u003eanswer\u003c/span\u003e \u003cspan m='323230'\u003eanother\u003c/span\u003e \u003cspan m='323500'\u003equestion.\u003c/span\u003e \u003cspan m='324190'\u003eHow\u003c/span\u003e \u003cspan m='324470'\u003ehas--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='324840'\u003e[LAUGHS]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='325210'\u003e--crypto\u003c/span\u003e \u003cspan m='325600'\u003eexchanges\u003c/span\u003e \u003cspan m='326140'\u003ebecome\u003c/span\u003e \u003cspan m='326380'\u003ecritical\u003c/span\u003e \u003cspan m='326770'\u003egateways\u003c/span\u003e \u003cspan m='327910'\u003efor--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='329350'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='329440'\u003eYeah,\u003c/span\u003e \u003cspan m='329530'\u003eI\u003c/span\u003e \u003cspan m='329590'\u003emean,\u003c/span\u003e \u003cspan m='329860'\u003eso\u003c/span\u003e \u003cspan m='330130'\u003eobviously,\u003c/span\u003e \u003cspan m='330700'\u003ethe\u003c/span\u003e \u003cspan m='331180'\u003eusability,\u003c/span\u003e \u003cspan m='331900'\u003ethe\u003c/span\u003e \u003cspan m='332070'\u003einterface\u003c/span\u003e \u003cspan m='332720'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='333880'\u003ediscuss\u003c/span\u003e \u003cspan m='334450'\u003eabout\u003c/span\u003e \u003cspan m='334810'\u003ehow\u003c/span\u003e \u003cspan m='335020'\u003emany\u003c/span\u003e \u003cspan m='335090'\u003epeople\u003c/span\u003e \u003cspan m='335600'\u003ehave\u003c/span\u003e \u003cspan m='335910'\u003edownloaded\u003c/span\u003e \u003cspan m='336600'\u003edigital\u003c/span\u003e \u003cspan m='336860'\u003ewallets\u003c/span\u003e \u003cspan m='337630'\u003eand\u003c/span\u003e \u003cspan m='337830'\u003eother\u003c/span\u003e \u003cspan m='339350'\u003eversions\u003c/span\u003e \u003cspan m='339890'\u003eof\u003c/span\u003e \u003cspan m='340290'\u003ecrypto\u003c/span\u003e \u003cspan m='340565'\u003eexchanges.\u003c/span\u003e \u003cspan m='340840'\u003eAnd\u003c/span\u003e \u003cspan m='341243'\u003ethis is\u003c/span\u003e \u003cspan m='341646'\u003estill the--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='342050'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='342155'\u003eRight.\u003c/span\u003e \u003cspan m='342710'\u003eSo\u003c/span\u003e \u003cspan m='342980'\u003elet's\u003c/span\u003e \u003cspan m='343160'\u003ego\u003c/span\u003e \u003cspan m='343280'\u003eto\u003c/span\u003e \u003cspan m='343340'\u003ethe\u003c/span\u003e \u003cspan m='343460'\u003eother\u003c/span\u003e \u003cspan m='343610'\u003eside,\u003c/span\u003e \u003cspan m='343850'\u003ebecause\u003c/span\u003e \u003cspan m='344060'\u003eAlin\u003c/span\u003e \u003cspan m='344390'\u003ewas\u003c/span\u003e \u003cspan m='344540'\u003ethe\u003c/span\u003e \u003cspan m='344630'\u003eone\u003c/span\u003e \u003cspan m='344930'\u003ehand\u003c/span\u003e \u003cspan m='345140'\u003ethat\u003c/span\u003e \u003cspan m='345230'\u003ewent\u003c/span\u003e \u003cspan m='345410'\u003eup\u003c/span\u003e \u003cspan m='345530'\u003ethat\u003c/span\u003e \u003cspan m='345650'\u003eyou've\u003c/span\u003e \u003cspan m='345860'\u003edownloaded\u003c/span\u003e \u003cspan m='346460'\u003enodes.\u003c/span\u003e \u003cspan m='347510'\u003eHave\u003c/span\u003e \u003cspan m='347660'\u003eyou\u003c/span\u003e \u003cspan m='347750'\u003eever\u003c/span\u003e \u003cspan m='347930'\u003eused\u003c/span\u003e \u003cspan m='348200'\u003ea\u003c/span\u003e \u003cspan m='348230'\u003ecrypto\u003c/span\u003e \u003cspan m='348620'\u003eexchange,\u003c/span\u003e \u003cspan m='349260'\u003eif\u003c/span\u003e \u003cspan m='349280'\u003eyou're\u003c/span\u003e \u003cspan m='349400'\u003ewilling\u003c/span\u003e \u003cspan m='349730'\u003eto\u003c/span\u003e \u003cspan m='349850'\u003eshare?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='350180'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='350387'\u003eWell,\u003c/span\u003e \u003cspan m='350595'\u003eyeah,\u003c/span\u003e \u003cspan m='351010'\u003eso I used--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='351260'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='351340'\u003eSo\u003c/span\u003e \u003cspan m='351420'\u003eyou've\u003c/span\u003e \u003cspan m='351500'\u003edone\u003c/span\u003e \u003cspan m='351710'\u003eboth.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='352130'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='352305'\u003eYeah,\u003c/span\u003e \u003cspan m='352480'\u003eI\u003c/span\u003e \u003cspan m='352830'\u003eused\u003c/span\u003e \u003cspan m='352970'\u003eCoinbase.\u003c/span\u003e \u003cspan m='353680'\u003eI\u003c/span\u003e \u003cspan m='353760'\u003ebought\u003c/span\u003e \u003cspan m='353930'\u003esome\u003c/span\u003e \u003cspan m='354110'\u003ebitcoin.\u003c/span\u003e \u003cspan m='355384'\u003eAnd\u003c/span\u003e \u003cspan m='355781'\u003ethen,\u003c/span\u003e \u003cspan m='356180'\u003eI\u003c/span\u003e \u003cspan m='356400'\u003etransferred some on\u003c/span\u003e \u003cspan m='356650'\u003emy\u003c/span\u003e \u003cspan m='356780'\u003ecomputer,\u003c/span\u003e \u003cspan m='357160'\u003ebecause\u003c/span\u003e \u003cspan m='357560'\u003eI\u003c/span\u003e \u003cspan m='357650'\u003ewas\u003c/span\u003e \u003cspan m='357750'\u003edoing\u003c/span\u003e \u003cspan m='357920'\u003ea\u003c/span\u003e \u003cspan m='357980'\u003eresearch\u003c/span\u003e \u003cspan m='358290'\u003eproject.\u003c/span\u003e \u003cspan m='358690'\u003eAnd\u003c/span\u003e \u003cspan m='359390'\u003eI\u003c/span\u003e \u003cspan m='359490'\u003ethought\u003c/span\u003e \u003cspan m='359510'\u003eI\u003c/span\u003e \u003cspan m='359570'\u003ewas\u003c/span\u003e \u003cspan m='359660'\u003egoing\u003c/span\u003e \u003cspan m='359780'\u003eto\u003c/span\u003e \u003cspan m='359840'\u003euse\u003c/span\u003e \u003cspan m='360110'\u003eit.\u003c/span\u003e \u003cspan m='360200'\u003eBut\u003c/span\u003e \u003cspan m='360580'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='360960'\u003eended\u003c/span\u003e \u003cspan m='361350'\u003eup\u003c/span\u003e \u003cspan m='361640'\u003edeciding\u003c/span\u003e \u003cspan m='362000'\u003ethat\u003c/span\u003e \u003cspan m='362090'\u003eit's\u003c/span\u003e \u003cspan m='362210'\u003etoo\u003c/span\u003e \u003cspan m='362330'\u003evaluable\u003c/span\u003e \u003cspan m='362750'\u003eto\u003c/span\u003e \u003cspan m='362900'\u003esort of\u003c/span\u003e \u003cspan m='363378'\u003euse it--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='363856'\u003e[LAUGHTER]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='364334'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='366380'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='366575'\u003eRight.\u003c/span\u003e \u003cspan m='367030'\u003eRight.\u003c/span\u003e \u003cspan m='367580'\u003eSo\u003c/span\u003e \u003cspan m='368360'\u003eif\u003c/span\u003e \u003cspan m='368540'\u003eit\u003c/span\u003e \u003cspan m='368600'\u003ewere\u003c/span\u003e \u003cspan m='368720'\u003e2018\u003c/span\u003e \u003cspan m='369710'\u003enow\u003c/span\u003e \u003cspan m='370190'\u003eand\u003c/span\u003e \u003cspan m='370370'\u003eyou\u003c/span\u003e \u003cspan m='370520'\u003ewere\u003c/span\u003e \u003cspan m='370700'\u003eto\u003c/span\u003e \u003cspan m='370970'\u003etransact\u003c/span\u003e \u003cspan m='371630'\u003ein\u003c/span\u003e \u003cspan m='371720'\u003ebitcoin,\u003c/span\u003e \u003cspan m='372230'\u003ewould\u003c/span\u003e \u003cspan m='372410'\u003eyou\u003c/span\u003e \u003cspan m='372530'\u003eprefer\u003c/span\u003e \u003cspan m='372890'\u003eto\u003c/span\u003e \u003cspan m='372980'\u003euse\u003c/span\u003e \u003cspan m='373220'\u003ea\u003c/span\u003e \u003cspan m='373580'\u003ecrypto\u003c/span\u003e \u003cspan m='374000'\u003eexchange\u003c/span\u003e \u003cspan m='374750'\u003eor\u003c/span\u003e \u003cspan m='375350'\u003ethe\u003c/span\u003e \u003cspan m='375770'\u003enodes\u003c/span\u003e \u003cspan m='376550'\u003ethat\u003c/span\u003e \u003cspan m='376730'\u003eyou've--\u003c/span\u003e \u003cspan m='377300'\u003ejust\u003c/span\u003e \u003cspan m='377480'\u003ebitcoin?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='378080'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='378110'\u003eI\u003c/span\u003e \u003cspan m='378140'\u003eguess\u003c/span\u003e \u003cspan m='378320'\u003eit\u003c/span\u003e \u003cspan m='378380'\u003edepends\u003c/span\u003e \u003cspan m='378680'\u003eon\u003c/span\u003e \u003cspan m='378770'\u003ethe\u003c/span\u003e \u003cspan m='378830'\u003esecurity\u003c/span\u003e \u003cspan m='379310'\u003egoal.\u003c/span\u003e \u003cspan m='380220'\u003eSo\u003c/span\u003e \u003cspan m='380780'\u003eif\u003c/span\u003e \u003cspan m='380930'\u003eI'm\u003c/span\u003e \u003cspan m='381080'\u003e[INAUDIBLE],\u003c/span\u003e \u003cspan m='381350'\u003eI'll\u003c/span\u003e \u003cspan m='381520'\u003euse\u003c/span\u003e \u003cspan m='381850'\u003ethe\u003c/span\u003e \u003cspan m='381965'\u003enode.\u003c/span\u003e \u003cspan m='382080'\u003eIf\u003c/span\u003e \u003cspan m='382870'\u003eI\u003c/span\u003e \u003cspan m='382960'\u003ewant\u003c/span\u003e \u003cspan m='383110'\u003eto\u003c/span\u003e \u003cspan m='384190'\u003esend\u003c/span\u003e \u003cspan m='384390'\u003emoney\u003c/span\u003e \u003cspan m='384780'\u003eto\u003c/span\u003e \u003cspan m='384920'\u003emy\u003c/span\u003e \u003cspan m='385060'\u003emom,\u003c/span\u003e \u003cspan m='385440'\u003eI'll\u003c/span\u003e \u003cspan m='385651'\u003euse\u003c/span\u003e \u003cspan m='385862'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='387130'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='387220'\u003eThat's\u003c/span\u003e \u003cspan m='387310'\u003eneat.\u003c/span\u003e \u003cspan m='387460'\u003eYour\u003c/span\u003e \u003cspan m='387580'\u003emom\u003c/span\u003e \u003cspan m='387820'\u003euses\u003c/span\u003e \u003cspan m='388180'\u003ebitcoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='388600'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='388811'\u003eNo,\u003c/span\u003e \u003cspan m='389022'\u003ebut\u003c/span\u003e \u003cspan m='389444'\u003esurprisingly\u003c/span\u003e \u003cspan m='389866'\u003eshe's\u003c/span\u003e \u003cspan m='390288'\u003equite open to it.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='391570'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='391700'\u003eShe\u003c/span\u003e \u003cspan m='391830'\u003eis quite open to it.\u003c/span\u003e \u003cspan m='392904'\u003eOK.\u003c/span\u003e \u003cspan m='393790'\u003eSo\u003c/span\u003e \u003cspan m='394000'\u003eeven\u003c/span\u003e \u003cspan m='394330'\u003esomebody\u003c/span\u003e \u003cspan m='394780'\u003ewho\u003c/span\u003e \u003cspan m='394870'\u003eis\u003c/span\u003e \u003cspan m='395020'\u003ecomputer\u003c/span\u003e \u003cspan m='395560'\u003eliterate\u003c/span\u003e \u003cspan m='397230'\u003eand\u003c/span\u003e \u003cspan m='397410'\u003ehas\u003c/span\u003e \u003cspan m='397830'\u003eboth\u003c/span\u003e \u003cspan m='398100'\u003ethe\u003c/span\u003e \u003cspan m='398190'\u003enodes\u003c/span\u003e \u003cspan m='398670'\u003eand\u003c/span\u003e \u003cspan m='398760'\u003ethe\u003c/span\u003e \u003cspan m='398820'\u003eexchange\u003c/span\u003e \u003cspan m='399210'\u003eis\u003c/span\u003e \u003cspan m='399600'\u003esaying\u003c/span\u003e \u003cspan m='400320'\u003edepends\u003c/span\u003e \u003cspan m='400770'\u003eon\u003c/span\u003e \u003cspan m='402180'\u003ehow\u003c/span\u003e \u003cspan m='402330'\u003etired\u003c/span\u003e \u003cspan m='402780'\u003eI\u003c/span\u003e \u003cspan m='402990'\u003eam\u003c/span\u003e \u003cspan m='403290'\u003eand\u003c/span\u003e \u003cspan m='403380'\u003ewhat\u003c/span\u003e \u003cspan m='403560'\u003emy\u003c/span\u003e \u003cspan m='403710'\u003egoals--\u003c/span\u003e \u003cspan m='404160'\u003esecurity's\u003c/span\u003e \u003cspan m='404820'\u003egoals.\u003c/span\u003e \u003cspan m='405690'\u003eMaybe\u003c/span\u003e \u003cspan m='405960'\u003eyou\u003c/span\u003e \u003cspan m='406050'\u003edidn't\u003c/span\u003e \u003cspan m='406200'\u003esay\u003c/span\u003e \u003cspan m='406380'\u003etired.\u003c/span\u003e \u003cspan m='406800'\u003eBut\u003c/span\u003e \u003cspan m='410370'\u003eand\u003c/span\u003e \u003cspan m='412200'\u003eanybody\u003c/span\u003e \u003cspan m='412560'\u003ewant\u003c/span\u003e \u003cspan m='412680'\u003eto\u003c/span\u003e \u003cspan m='412740'\u003ehit\u003c/span\u003e \u003cspan m='412860'\u003ethe\u003c/span\u003e \u003cspan m='412950'\u003esecond\u003c/span\u003e \u003cspan m='413280'\u003equestion?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='419710'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='419935'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='420990'\u003ethe\u003c/span\u003e \u003cspan m='421150'\u003eamount\u003c/span\u003e \u003cspan m='421600'\u003eof\u003c/span\u003e \u003cspan m='421750'\u003etime,\u003c/span\u003e \u003cspan m='422320'\u003ethe amount of\u003c/span\u003e \u003cspan m='422810'\u003edisputes\u003c/span\u003e \u003cspan m='423340'\u003ethat\u003c/span\u003e \u003cspan m='423490'\u003earise\u003c/span\u003e \u003cspan m='423880'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='425580'\u003eresolve\u003c/span\u003e \u003cspan m='426070'\u003ethese\u003c/span\u003e \u003cspan m='426560'\u003ethings\u003c/span\u003e \u003cspan m='427050'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='427540'\u003ethat\u003c/span\u003e \u003cspan m='428030'\u003ea\u003c/span\u003e \u003cspan m='428520'\u003eregular\u003c/span\u003e \u003cspan m='429010'\u003eexchange\u003c/span\u003e \u003cspan m='429500'\u003ecould not\u003c/span\u003e \u003cspan m='429990'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='432930'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='433095'\u003eWhich\u003c/span\u003e \u003cspan m='433260'\u003etype\u003c/span\u003e \u003cspan m='433470'\u003eof\u003c/span\u003e \u003cspan m='433530'\u003edisputes\u003c/span\u003e \u003cspan m='434170'\u003ethen?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='434280'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='434515'\u003eLike,\u003c/span\u003e \u003cspan m='434750'\u003ethere was\u003c/span\u003e \u003cspan m='435220'\u003emoney\u003c/span\u003e \u003cspan m='435630'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='436121'\u003etriple\u003c/span\u003e \u003cspan m='436612'\u003edebits\u003c/span\u003e \u003cspan m='437103'\u003efrom\u003c/span\u003e \u003cspan m='437594'\u003eaccounts\u003c/span\u003e \u003cspan m='438085'\u003eor\u003c/span\u003e \u003cspan m='438576'\u003eyou know,\u003c/span\u003e \u003cspan m='439067'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='439558'\u003emoney\u003c/span\u003e \u003cspan m='440049'\u003enot\u003c/span\u003e \u003cspan m='440540'\u003etaken out\u003c/span\u003e \u003cspan m='441031'\u003eor\u003c/span\u003e \u003cspan m='441522'\u003etoo\u003c/span\u003e \u003cspan m='442013'\u003emuch\u003c/span\u003e \u003cspan m='442504'\u003eand\u003c/span\u003e \u003cspan m='442995'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='447610'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='447760'\u003eRight.\u003c/span\u003e \u003cspan m='448600'\u003eAnd\u003c/span\u003e \u003cspan m='450460'\u003ehow\u003c/span\u003e \u003cspan m='450730'\u003edo\u003c/span\u003e \u003cspan m='451240'\u003ethese\u003c/span\u003e \u003cspan m='451480'\u003eexchanges\u003c/span\u003e \u003cspan m='452140'\u003ecompare\u003c/span\u003e \u003cspan m='452680'\u003eto\u003c/span\u003e \u003cspan m='452800'\u003etraditional\u003c/span\u003e \u003cspan m='453430'\u003eexchanges?\u003c/span\u003e \u003cspan m='454130'\u003eSo\u003c/span\u003e \u003cspan m='454240'\u003ethe\u003c/span\u003e \u003cspan m='454330'\u003eNew\u003c/span\u003e \u003cspan m='454510'\u003eYork\u003c/span\u003e \u003cspan m='454720'\u003eStock\u003c/span\u003e \u003cspan m='455080'\u003eExchange--\u003c/span\u003e \u003cspan m='456100'\u003ehow\u003c/span\u003e \u003cspan m='456220'\u003edoes\u003c/span\u003e \u003cspan m='456640'\u003eCoinbase\u003c/span\u003e \u003cspan m='457210'\u003ecompare\u003c/span\u003e \u003cspan m='457510'\u003eto\u003c/span\u003e \u003cspan m='457750'\u003eNew\u003c/span\u003e \u003cspan m='457870'\u003eYork\u003c/span\u003e \u003cspan m='458050'\u003eStock\u003c/span\u003e \u003cspan m='458150'\u003eExchange?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='459198'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='459340'\u003eYou\u003c/span\u003e \u003cspan m='459482'\u003emust\u003c/span\u003e \u003cspan m='459626'\u003eadd it to\u003c/span\u003e \u003cspan m='460054'\u003esome kind\u003c/span\u003e \u003cspan m='460482'\u003eof,\u003c/span\u003e \u003cspan m='460910'\u003elike,\u003c/span\u003e \u003cspan m='462844'\u003euser\u003c/span\u003e \u003cspan m='463680'\u003eready to\u003c/span\u003e \u003cspan m='463860'\u003ebuy\u003c/span\u003e \u003cspan m='464230'\u003esome\u003c/span\u003e \u003cspan m='464710'\u003ebitcoin\u003c/span\u003e \u003cspan m='464950'\u003ebeforehand.\u003c/span\u003e \u003cspan m='465190'\u003eAnd\u003c/span\u003e \u003cspan m='465670'\u003ethen,\u003c/span\u003e \u003cspan m='466150'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='469990'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='470080'\u003eSo\u003c/span\u003e \u003cspan m='470170'\u003eyou're\u003c/span\u003e \u003cspan m='470320'\u003esaying\u003c/span\u003e \u003cspan m='470650'\u003ethey\u003c/span\u003e \u003cspan m='470770'\u003ehave\u003c/span\u003e \u003cspan m='471010'\u003ereserves.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='471460'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='471610'\u003eI\u003c/span\u003e \u003cspan m='471760'\u003emean,\u003c/span\u003e \u003cspan m='471910'\u003eI don't\u003c/span\u003e \u003cspan m='472260'\u003eknow if\u003c/span\u003e \u003cspan m='472610'\u003eit's\u003c/span\u003e \u003cspan m='472960'\u003ea\u003c/span\u003e \u003cspan m='473120'\u003ereserve.\u003c/span\u003e \u003cspan m='473510'\u003eBut\u003c/span\u003e \u003cspan m='474002'\u003elike,\u003c/span\u003e \u003cspan m='474494'\u003ewe\u003c/span\u003e \u003cspan m='474986'\u003ebuy from\u003c/span\u003e \u003cspan m='475478'\u003eCoinbase.\u003c/span\u003e \u003cspan m='475970'\u003eWe don't\u003c/span\u003e \u003cspan m='476462'\u003ebuy from\u003c/span\u003e \u003cspan m='476954'\u003eanother\u003c/span\u003e \u003cspan m='477446'\u003euser.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='478930'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='479035'\u003eSo\u003c/span\u003e \u003cspan m='479140'\u003eCoinbase\u003c/span\u003e \u003cspan m='479830'\u003eitself--\u003c/span\u003e \u003cspan m='480500'\u003eso\u003c/span\u003e \u003cspan m='480580'\u003eone\u003c/span\u003e \u003cspan m='480940'\u003echange\u003c/span\u003e \u003cspan m='481510'\u003edifference--\u003c/span\u003e \u003cspan m='482625'\u003eand\u003c/span\u003e \u003cspan m='482980'\u003eI'm\u003c/span\u003e \u003cspan m='483130'\u003egoing\u003c/span\u003e \u003cspan m='483390'\u003eto\u003c/span\u003e \u003cspan m='483460'\u003ehighlight\u003c/span\u003e \u003cspan m='484000'\u003ethree\u003c/span\u003e \u003cspan m='484510'\u003eand\u003c/span\u003e \u003cspan m='484660'\u003esee\u003c/span\u003e \u003cspan m='484900'\u003eif\u003c/span\u003e \u003cspan m='485020'\u003ewe\u003c/span\u003e \u003cspan m='485110'\u003ecan\u003c/span\u003e \u003cspan m='485230'\u003eget\u003c/span\u003e \u003cspan m='485440'\u003eoff\u003c/span\u003e \u003cspan m='485830'\u003efrom\u003c/span\u003e \u003cspan m='486040'\u003ethis\u003c/span\u003e \u003cspan m='486220'\u003ediscussion.\u003c/span\u003e \u003cspan m='488000'\u003eOne\u003c/span\u003e \u003cspan m='488080'\u003eis\u003c/span\u003e \u003cspan m='488200'\u003ethe\u003c/span\u003e \u003cspan m='488320'\u003eexchange\u003c/span\u003e \u003cspan m='488890'\u003eitself\u003c/span\u003e \u003cspan m='489430'\u003emight\u003c/span\u003e \u003cspan m='489730'\u003ebe\u003c/span\u003e \u003cspan m='489880'\u003eon\u003c/span\u003e \u003cspan m='490000'\u003ethe\u003c/span\u003e \u003cspan m='490150'\u003eother\u003c/span\u003e \u003cspan m='490420'\u003eside\u003c/span\u003e \u003cspan m='490810'\u003eof\u003c/span\u003e \u003cspan m='490880'\u003ethe\u003c/span\u003e \u003cspan m='490960'\u003etransaction\u003c/span\u003e \u003cspan m='491800'\u003efrom\u003c/span\u003e \u003cspan m='492040'\u003eyou.\u003c/span\u003e \u003cspan m='494680'\u003eAlexis\u003c/span\u003e \u003cspan m='495230'\u003ecalled\u003c/span\u003e \u003cspan m='495520'\u003ethat\u003c/span\u003e \u003cspan m='495890'\u003ethat\u003c/span\u003e \u003cspan m='496630'\u003ethey\u003c/span\u003e \u003cspan m='496760'\u003ehad\u003c/span\u003e \u003cspan m='496910'\u003ea\u003c/span\u003e \u003cspan m='496980'\u003ereserve.\u003c/span\u003e \u003cspan m='498170'\u003eSome\u003c/span\u003e \u003cspan m='498440'\u003emight\u003c/span\u003e \u003cspan m='498620'\u003ecall\u003c/span\u003e \u003cspan m='498860'\u003ethat\u003c/span\u003e \u003cspan m='499070'\u003emarket\u003c/span\u003e \u003cspan m='499610'\u003emaking.\u003c/span\u003e \u003cspan m='501830'\u003eI'm\u003c/span\u003e \u003cspan m='501950'\u003esorry.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='502600'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='502760'\u003eYeah,\u003c/span\u003e \u003cspan m='502920'\u003eI\u003c/span\u003e \u003cspan m='503130'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='505042'\u003ecrypto\u003c/span\u003e \u003cspan m='505520'\u003eexchange\u003c/span\u003e \u003cspan m='505998'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='506954'\u003eas a\u003c/span\u003e \u003cspan m='507432'\u003ebroker.\u003c/span\u003e \u003cspan m='507910'\u003eSo\u003c/span\u003e \u003cspan m='508388'\u003ethey face\u003c/span\u003e \u003cspan m='508866'\u003ethe\u003c/span\u003e \u003cspan m='509344'\u003ecustomers\u003c/span\u003e \u003cspan m='509822'\u003einstead of facing\u003c/span\u003e \u003cspan m='510300'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='510790'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='510885'\u003eRight.\u003c/span\u003e \u003cspan m='511470'\u003eSo\u003c/span\u003e \u003cspan m='511830'\u003ea\u003c/span\u003e \u003cspan m='511950'\u003ecorollary\u003c/span\u003e \u003cspan m='512789'\u003eto\u003c/span\u003e \u003cspan m='512909'\u003ewhat\u003c/span\u003e \u003cspan m='513059'\u003eAlexis\u003c/span\u003e \u003cspan m='513450'\u003esays\u003c/span\u003e \u003cspan m='513750'\u003ethat\u003c/span\u003e \u003cspan m='513840'\u003ethey\u003c/span\u003e \u003cspan m='513990'\u003emight\u003c/span\u003e \u003cspan m='514169'\u003ebe\u003c/span\u003e \u003cspan m='514260'\u003ea\u003c/span\u003e \u003cspan m='514350'\u003emarket\u003c/span\u003e \u003cspan m='514770'\u003emaker--\u003c/span\u003e \u003cspan m='515909'\u003eremind\u003c/span\u003e \u003cspan m='516270'\u003eme\u003c/span\u003e \u003cspan m='516330'\u003eyour\u003c/span\u003e \u003cspan m='516419'\u003efirst\u003c/span\u003e \u003cspan m='516690'\u003ename\u003c/span\u003e \u003cspan m='516919'\u003eagain.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='517090'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='517305'\u003eZhongling\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='517950'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='518085'\u003eWhat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='518220'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='518429'\u003eZhongling\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='519059'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='519239'\u003eJohnny--\u003c/span\u003e \u003cspan m='520350'\u003eis\u003c/span\u003e \u003cspan m='520650'\u003ethat\u003c/span\u003e \u003cspan m='521850'\u003ethey\u003c/span\u003e \u003cspan m='522090'\u003etake\u003c/span\u003e \u003cspan m='522360'\u003eon\u003c/span\u003e \u003cspan m='522510'\u003ebrokerage\u003c/span\u003e \u003cspan m='523200'\u003eresponsibilities--\u003c/span\u003e \u003cspan m='524880'\u003ein\u003c/span\u003e \u003cspan m='525270'\u003ethe\u003c/span\u003e \u003cspan m='525360'\u003eworld\u003c/span\u003e \u003cspan m='525690'\u003eof\u003c/span\u003e \u003cspan m='525780'\u003efinance\u003c/span\u003e \u003cspan m='527626'\u003eor\u003c/span\u003e \u003cspan m='528040'\u003eon\u003c/span\u003e \u003cspan m='528540'\u003etrading\u003c/span\u003e \u003cspan m='528990'\u003eplatforms,\u003c/span\u003e \u003cspan m='530610'\u003etrading\u003c/span\u003e \u003cspan m='531090'\u003eplatforms,\u003c/span\u003e \u003cspan m='531960'\u003eby\u003c/span\u003e \u003cspan m='532350'\u003eand\u003c/span\u003e \u003cspan m='532470'\u003elarge,\u003c/span\u003e \u003cspan m='533160'\u003eearly\u003c/span\u003e \u003cspan m='533580'\u003eon\u003c/span\u003e \u003cspan m='534900'\u003edid\u003c/span\u003e \u003cspan m='535080'\u003enot\u003c/span\u003e \u003cspan m='535380'\u003eallow\u003c/span\u003e \u003cspan m='536410'\u003ethe\u003c/span\u003e \u003cspan m='536550'\u003epublic\u003c/span\u003e \u003cspan m='537210'\u003eto\u003c/span\u003e \u003cspan m='537360'\u003etransact.\u003c/span\u003e \u003cspan m='538220'\u003eThe\u003c/span\u003e \u003cspan m='538320'\u003eNew\u003c/span\u003e \u003cspan m='538530'\u003eYork\u003c/span\u003e \u003cspan m='538830'\u003eStock\u003c/span\u003e \u003cspan m='539370'\u003eExchange,\u003c/span\u003e \u003cspan m='540270'\u003ewhen\u003c/span\u003e \u003cspan m='540420'\u003eit\u003c/span\u003e \u003cspan m='540510'\u003estarted\u003c/span\u003e \u003cspan m='541110'\u003ein\u003c/span\u003e \u003cspan m='541230'\u003ethe\u003c/span\u003e \u003cspan m='541320'\u003elate\u003c/span\u003e \u003cspan m='541710'\u003e18th\u003c/span\u003e \u003cspan m='542220'\u003ecentury\u003c/span\u003e \u003cspan m='543330'\u003eby\u003c/span\u003e \u003cspan m='543660'\u003ean\u003c/span\u003e \u003cspan m='543780'\u003earrangement\u003c/span\u003e \u003cspan m='545280'\u003ebetween\u003c/span\u003e \u003cspan m='545910'\u003emembers\u003c/span\u003e \u003cspan m='547650'\u003ein\u003c/span\u003e \u003cspan m='547800'\u003ethe\u003c/span\u003e \u003cspan m='547890'\u003esouth\u003c/span\u003e \u003cspan m='548400'\u003eof\u003c/span\u003e \u003cspan m='548490'\u003eManhattan,\u003c/span\u003e \u003cspan m='549330'\u003eyou\u003c/span\u003e \u003cspan m='549765'\u003eknow,\u003c/span\u003e \u003cspan m='550200'\u003enear\u003c/span\u003e \u003cspan m='550440'\u003eWall\u003c/span\u003e \u003cspan m='550710'\u003eStreet--\u003c/span\u003e \u003cspan m='551160'\u003ethe\u003c/span\u003e \u003cspan m='551280'\u003ephysical\u003c/span\u003e \u003cspan m='551730'\u003eWall\u003c/span\u003e \u003cspan m='551940'\u003eStreet\u003c/span\u003e \u003cspan m='552270'\u003eliterally--\u003c/span\u003e \u003cspan m='553580'\u003eit\u003c/span\u003e \u003cspan m='553710'\u003ewas\u003c/span\u003e \u003cspan m='553860'\u003ea\u003c/span\u003e \u003cspan m='553920'\u003emembership\u003c/span\u003e \u003cspan m='554670'\u003esociety\u003c/span\u003e \u003cspan m='555390'\u003eor a\u003c/span\u003e \u003cspan m='555540'\u003emembership\u003c/span\u003e \u003cspan m='556200'\u003eclub.\u003c/span\u003e \u003cspan m='556770'\u003eAnd\u003c/span\u003e \u003cspan m='556860'\u003eyou\u003c/span\u003e \u003cspan m='557010'\u003ehad\u003c/span\u003e \u003cspan m='557130'\u003eto\u003c/span\u003e \u003cspan m='557220'\u003ebe\u003c/span\u003e \u003cspan m='557400'\u003ea\u003c/span\u003e \u003cspan m='557490'\u003emember\u003c/span\u003e \u003cspan m='558030'\u003eto\u003c/span\u003e \u003cspan m='558120'\u003etransact.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='560020'\u003eWell,\u003c/span\u003e \u003cspan m='560150'\u003ethose\u003c/span\u003e \u003cspan m='560450'\u003emembership\u003c/span\u003e \u003cspan m='561230'\u003eand\u003c/span\u003e \u003cspan m='561350'\u003eclubs,\u003c/span\u003e \u003cspan m='561950'\u003ejust\u003c/span\u003e \u003cspan m='562160'\u003elike\u003c/span\u003e \u003cspan m='562370'\u003ea\u003c/span\u003e \u003cspan m='562430'\u003egolf\u003c/span\u003e \u003cspan m='562850'\u003eclub\u003c/span\u003e \u003cspan m='563240'\u003eor\u003c/span\u003e \u003cspan m='563360'\u003ea\u003c/span\u003e \u003cspan m='563450'\u003etennis\u003c/span\u003e \u003cspan m='563900'\u003eclub,\u003c/span\u003e \u003cspan m='564800'\u003ehad\u003c/span\u003e \u003cspan m='565010'\u003ea\u003c/span\u003e \u003cspan m='565070'\u003eset\u003c/span\u003e \u003cspan m='565310'\u003eof\u003c/span\u003e \u003cspan m='565370'\u003erules\u003c/span\u003e \u003cspan m='566150'\u003ewell\u003c/span\u003e \u003cspan m='566480'\u003ebefore\u003c/span\u003e \u003cspan m='566840'\u003egovernments\u003c/span\u003e \u003cspan m='567440'\u003egot\u003c/span\u003e \u003cspan m='567650'\u003einvolved.\u003c/span\u003e \u003cspan m='569780'\u003eAnd\u003c/span\u003e \u003cspan m='569930'\u003ethey\u003c/span\u003e \u003cspan m='570080'\u003ewould\u003c/span\u003e \u003cspan m='570230'\u003etransact.\u003c/span\u003e \u003cspan m='571850'\u003eThat\u003c/span\u003e \u003cspan m='572060'\u003ebecame,\u003c/span\u003e \u003cspan m='572510'\u003ewell,\u003c/span\u003e \u003cspan m='572740'\u003ewhat\u003c/span\u003e \u003cspan m='572990'\u003eis\u003c/span\u003e \u003cspan m='573140'\u003enow\u003c/span\u003e \u003cspan m='573650'\u003eknown\u003c/span\u003e \u003cspan m='574700'\u003eas\u003c/span\u003e \u003cspan m='574970'\u003eintermediated\u003c/span\u003e \u003cspan m='575900'\u003eaccess\u003c/span\u003e \u003cspan m='577230'\u003ethat\u003c/span\u003e \u003cspan m='578480'\u003eI\u003c/span\u003e \u003cspan m='578750'\u003edon't\u003c/span\u003e \u003cspan m='578900'\u003ethink\u003c/span\u003e \u003cspan m='579080'\u003eany\u003c/span\u003e \u003cspan m='579290'\u003eof\u003c/span\u003e \u003cspan m='579380'\u003eyou\u003c/span\u003e \u003cspan m='579560'\u003eare\u003c/span\u003e \u003cspan m='579650'\u003emembers\u003c/span\u003e \u003cspan m='580040'\u003eof\u003c/span\u003e \u003cspan m='580100'\u003ethe\u003c/span\u003e \u003cspan m='580190'\u003eNew\u003c/span\u003e \u003cspan m='580310'\u003eYork\u003c/span\u003e \u003cspan m='580490'\u003eStock\u003c/span\u003e \u003cspan m='580820'\u003eExchange,\u003c/span\u003e \u003cspan m='581240'\u003eare\u003c/span\u003e \u003cspan m='581360'\u003eyou?\u003c/span\u003e \u003cspan m='581630'\u003eI'm\u003c/span\u003e \u003cspan m='581810'\u003enot\u003c/span\u003e \u003cspan m='582080'\u003eeither.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='583190'\u003eSo\u003c/span\u003e \u003cspan m='583340'\u003ewe\u003c/span\u003e \u003cspan m='583520'\u003ecan't\u003c/span\u003e \u003cspan m='583880'\u003eactually\u003c/span\u003e \u003cspan m='584420'\u003etransact\u003c/span\u003e \u003cspan m='585050'\u003ewith\u003c/span\u003e \u003cspan m='585170'\u003ethe\u003c/span\u003e \u003cspan m='585230'\u003eNew\u003c/span\u003e \u003cspan m='585350'\u003eYork\u003c/span\u003e \u003cspan m='585500'\u003eStock\u003c/span\u003e \u003cspan m='585600'\u003eExchange.\u003c/span\u003e \u003cspan m='586520'\u003eBut\u003c/span\u003e \u003cspan m='586700'\u003ewe\u003c/span\u003e \u003cspan m='586820'\u003ecan\u003c/span\u003e \u003cspan m='587000'\u003euse\u003c/span\u003e \u003cspan m='587210'\u003ean\u003c/span\u003e \u003cspan m='587330'\u003eapp,\u003c/span\u003e \u003cspan m='587720'\u003elike\u003c/span\u003e \u003cspan m='587960'\u003eRobinhood\u003c/span\u003e \u003cspan m='588620'\u003eand\u003c/span\u003e \u003cspan m='588710'\u003eask\u003c/span\u003e \u003cspan m='588950'\u003ethem\u003c/span\u003e \u003cspan m='589190'\u003eto\u003c/span\u003e \u003cspan m='589280'\u003etransact\u003c/span\u003e \u003cspan m='590000'\u003ewith\u003c/span\u003e \u003cspan m='590100'\u003ethe\u003c/span\u003e \u003cspan m='590180'\u003eNew\u003c/span\u003e \u003cspan m='590270'\u003eYork\u003c/span\u003e \u003cspan m='590450'\u003eStock\u003c/span\u003e \u003cspan m='590780'\u003eExchange\u003c/span\u003e \u003cspan m='591650'\u003eor\u003c/span\u003e \u003cspan m='591770'\u003eGoldman\u003c/span\u003e \u003cspan m='592220'\u003eSachs\u003c/span\u003e \u003cspan m='592790'\u003eor\u003c/span\u003e \u003cspan m='592940'\u003eVanguard\u003c/span\u003e \u003cspan m='593840'\u003eor\u003c/span\u003e \u003cspan m='594430'\u003eyou\u003c/span\u003e \u003cspan m='594570'\u003eknow,\u003c/span\u003e \u003cspan m='594710'\u003ewhom--\u003c/span\u003e \u003cspan m='595410'\u003eso\u003c/span\u003e \u003cspan m='595510'\u003ethat's\u003c/span\u003e \u003cspan m='595700'\u003ecalled\u003c/span\u003e \u003cspan m='596000'\u003eintermediated\u003c/span\u003e \u003cspan m='596780'\u003eaccess.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='597170'\u003eSo\u003c/span\u003e \u003cspan m='597560'\u003etwo\u003c/span\u003e \u003cspan m='597860'\u003ethings\u003c/span\u003e \u003cspan m='598160'\u003ewe've\u003c/span\u003e \u003cspan m='598340'\u003ehad\u003c/span\u003e \u003cspan m='598550'\u003eis\u003c/span\u003e \u003cspan m='598670'\u003e1,\u003c/span\u003e \u003cspan m='599720'\u003eis\u003c/span\u003e \u003cspan m='600110'\u003eCoinbase\u003c/span\u003e \u003cspan m='600710'\u003emight\u003c/span\u003e \u003cspan m='600950'\u003ebe\u003c/span\u003e \u003cspan m='601130'\u003ethe\u003c/span\u003e \u003cspan m='601280'\u003eother\u003c/span\u003e \u003cspan m='601520'\u003eside.\u003c/span\u003e \u003cspan m='602240'\u003e2,\u003c/span\u003e \u003cspan m='602850'\u003ethere's--\u003c/span\u003e \u003cspan m='603620'\u003ethey\u003c/span\u003e \u003cspan m='603740'\u003edon't--\u003c/span\u003e \u003cspan m='604100'\u003ethey\u003c/span\u003e \u003cspan m='604250'\u003elack\u003c/span\u003e \u003cspan m='604640'\u003eintermediated\u003c/span\u003e \u003cspan m='605270'\u003eaccess.\u003c/span\u003e \u003cspan m='605860'\u003eEric?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='606160'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='606310'\u003eThey\u003c/span\u003e \u003cspan m='606460'\u003edon't\u003c/span\u003e \u003cspan m='606950'\u003estore\u003c/span\u003e \u003cspan m='607440'\u003ethe\u003c/span\u003e \u003cspan m='607710'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='608090'\u003ethat's being\u003c/span\u003e \u003cspan m='608470'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='609230'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='609365'\u003eRight.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='609820'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='609963'\u003e--in\u003c/span\u003e \u003cspan m='610106'\u003ethe\u003c/span\u003e \u003cspan m='610250'\u003e[INAUDIBLE].\u003c/span\u003e \u003cspan m='611955'\u003eThe\u003c/span\u003e \u003cspan m='612220'\u003eCoinbase\u003c/span\u003e \u003cspan m='612470'\u003eactually\u003c/span\u003e \u003cspan m='612860'\u003estores\u003c/span\u003e \u003cspan m='613723'\u003ethe\u003c/span\u003e \u003cspan m='614530'\u003ecurrency.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='614780'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='615005'\u003eRight.\u003c/span\u003e \u003cspan m='615680'\u003eSo\u003c/span\u003e \u003cspan m='616400'\u003eEric\u003c/span\u003e \u003cspan m='616820'\u003esays\u003c/span\u003e \u003cspan m='617240'\u003ethe\u003c/span\u003e \u003cspan m='617360'\u003ethird\u003c/span\u003e \u003cspan m='618020'\u003ebig\u003c/span\u003e \u003cspan m='618410'\u003edifference--\u003c/span\u003e \u003cspan m='618890'\u003eI\u003c/span\u003e \u003cspan m='618950'\u003emean,\u003c/span\u003e \u003cspan m='619040'\u003ethere\u003c/span\u003e \u003cspan m='619130'\u003eare\u003c/span\u003e \u003cspan m='619190'\u003eother\u003c/span\u003e \u003cspan m='619460'\u003edifferences.\u003c/span\u003e \u003cspan m='620100'\u003eBut\u003c/span\u003e \u003cspan m='620150'\u003ethe\u003c/span\u003e \u003cspan m='620240'\u003ethird\u003c/span\u003e \u003cspan m='620570'\u003ebig\u003c/span\u003e \u003cspan m='620840'\u003edifference\u003c/span\u003e \u003cspan m='621320'\u003eis\u003c/span\u003e \u003cspan m='621980'\u003ecrypto\u003c/span\u003e \u003cspan m='622610'\u003eexchanges\u003c/span\u003e \u003cspan m='623280'\u003estore\u003c/span\u003e \u003cspan m='623910'\u003ethe\u003c/span\u003e \u003cspan m='624050'\u003evalue.\u003c/span\u003e \u003cspan m='625310'\u003eThe\u003c/span\u003e \u003cspan m='625400'\u003eNew\u003c/span\u003e \u003cspan m='625580'\u003eYork\u003c/span\u003e \u003cspan m='625850'\u003eStock\u003c/span\u003e \u003cspan m='626240'\u003eExchange\u003c/span\u003e \u003cspan m='626720'\u003edid\u003c/span\u003e \u003cspan m='626900'\u003enot\u003c/span\u003e \u003cspan m='627170'\u003estore\u003c/span\u003e \u003cspan m='627530'\u003ethe\u003c/span\u003e \u003cspan m='627650'\u003evalue.\u003c/span\u003e \u003cspan m='628640'\u003eYour\u003c/span\u003e \u003cspan m='628820'\u003evalue\u003c/span\u003e \u003cspan m='629600'\u003eis\u003c/span\u003e \u003cspan m='630500'\u003etechnically\u003c/span\u003e \u003cspan m='631280'\u003eultimately\u003c/span\u003e \u003cspan m='631970'\u003eon\u003c/span\u003e \u003cspan m='632120'\u003ea\u003c/span\u003e \u003cspan m='632180'\u003eledger\u003c/span\u003e \u003cspan m='632900'\u003eat\u003c/span\u003e \u003cspan m='633410'\u003ethe\u003c/span\u003e \u003cspan m='633500'\u003eDepository\u003c/span\u003e \u003cspan m='634280'\u003eTrust\u003c/span\u003e \u003cspan m='634610'\u003eCorp.,\u003c/span\u003e \u003cspan m='634940'\u003eDTCC.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='637100'\u003eAnd\u003c/span\u003e \u003cspan m='637250'\u003ejust\u003c/span\u003e \u003cspan m='637610'\u003elike\u003c/span\u003e \u003cspan m='637880'\u003ethe\u003c/span\u003e \u003cspan m='638060'\u003epayment\u003c/span\u003e \u003cspan m='638690'\u003esystem\u003c/span\u003e \u003cspan m='639110'\u003ehas\u003c/span\u003e \u003cspan m='639350'\u003ethe\u003c/span\u003e \u003cspan m='639470'\u003ecentral\u003c/span\u003e \u003cspan m='639980'\u003ebank\u003c/span\u003e \u003cspan m='640940'\u003eand\u003c/span\u003e \u003cspan m='641090'\u003ecommercial\u003c/span\u003e \u003cspan m='641660'\u003ebanks,\u003c/span\u003e \u003cspan m='642680'\u003esecurities\u003c/span\u003e \u003cspan m='643520'\u003eledgers\u003c/span\u003e \u003cspan m='644420'\u003ehave\u003c/span\u003e \u003cspan m='644660'\u003ea\u003c/span\u003e \u003cspan m='644690'\u003ecentral\u003c/span\u003e \u003cspan m='645350'\u003eledger,\u003c/span\u003e \u003cspan m='646220'\u003ewhich\u003c/span\u003e \u003cspan m='646430'\u003eis\u003c/span\u003e \u003cspan m='646550'\u003eDTCC\u003c/span\u003e \u003cspan m='647480'\u003ein\u003c/span\u003e \u003cspan m='647570'\u003ethe\u003c/span\u003e \u003cspan m='647670'\u003eUS\u003c/span\u003e \u003cspan m='648200'\u003eand\u003c/span\u003e \u003cspan m='648300'\u003ein\u003c/span\u003e \u003cspan m='648440'\u003eother\u003c/span\u003e \u003cspan m='648710'\u003ecountries,\u003c/span\u003e \u003cspan m='649220'\u003eother\u003c/span\u003e \u003cspan m='649850'\u003esimilar\u003c/span\u003e \u003cspan m='650420'\u003eclearing\u003c/span\u003e \u003cspan m='650930'\u003eorganizations.\u003c/span\u003e \u003cspan m='652160'\u003eAnd\u003c/span\u003e \u003cspan m='652310'\u003eunderneath\u003c/span\u003e \u003cspan m='652970'\u003eit\u003c/span\u003e \u003cspan m='653590'\u003eare\u003c/span\u003e \u003cspan m='653750'\u003ethe\u003c/span\u003e \u003cspan m='653870'\u003ebrokers\u003c/span\u003e \u003cspan m='655250'\u003ethat\u003c/span\u003e \u003cspan m='655760'\u003ehold\u003c/span\u003e \u003cspan m='656060'\u003ethings--\u003c/span\u003e \u003cspan m='656540'\u003eit's\u003c/span\u003e \u003cspan m='656750'\u003ecalled\u003c/span\u003e \u003cspan m='657020'\u003ein\u003c/span\u003e \u003cspan m='657140'\u003estreet\u003c/span\u003e \u003cspan m='657680'\u003ename.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='659910'\u003eBut\u003c/span\u003e \u003cspan m='660090'\u003ewhatever\u003c/span\u003e \u003cspan m='660450'\u003eit's\u003c/span\u003e \u003cspan m='660600'\u003ecalled,\u003c/span\u003e \u003cspan m='661590'\u003eknow\u003c/span\u003e \u003cspan m='661980'\u003ethat\u003c/span\u003e \u003cspan m='662220'\u003emost\u003c/span\u003e \u003cspan m='662670'\u003eexchanges,\u003c/span\u003e \u003cspan m='663360'\u003etraditional\u003c/span\u003e \u003cspan m='663960'\u003esecurities\u003c/span\u003e \u003cspan m='664590'\u003emarkets--\u003c/span\u003e \u003cspan m='666310'\u003ethose\u003c/span\u003e \u003cspan m='666540'\u003eare\u003c/span\u003e \u003cspan m='666600'\u003ethe\u003c/span\u003e \u003cspan m='666750'\u003ethree\u003c/span\u003e \u003cspan m='667380'\u003ebig\u003c/span\u003e \u003cspan m='667710'\u003edifference--\u003c/span\u003e \u003cspan m='668280'\u003ecustody,\u003c/span\u003e \u003cspan m='669630'\u003eintermediated\u003c/span\u003e \u003cspan m='670440'\u003eaccess,\u003c/span\u003e \u003cspan m='671160'\u003eand\u003c/span\u003e \u003cspan m='671340'\u003ewho's\u003c/span\u003e \u003cspan m='671730'\u003emaking\u003c/span\u003e \u003cspan m='672150'\u003emarkets\u003c/span\u003e \u003cspan m='672660'\u003eagainst\u003c/span\u003e \u003cspan m='673110'\u003eyou.\u003c/span\u003e \u003cspan m='674690'\u003ePlease.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='675270'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='675405'\u003eMaybe\u003c/span\u003e \u003cspan m='676290'\u003ejust\u003c/span\u003e \u003cspan m='676500'\u003ea\u003c/span\u003e \u003cspan m='676620'\u003equestion\u003c/span\u003e \u003cspan m='677100'\u003eI\u003c/span\u003e \u003cspan m='677190'\u003ehave\u003c/span\u003e \u003cspan m='677430'\u003eis\u003c/span\u003e \u003cspan m='678240'\u003ewhen\u003c/span\u003e \u003cspan m='678360'\u003eI\u003c/span\u003e \u003cspan m='678450'\u003eclick\u003c/span\u003e \u003cspan m='678720'\u003ethe\u003c/span\u003e \u003cspan m='678890'\u003eexchange,\u003c/span\u003e \u003cspan m='679620'\u003eevery\u003c/span\u003e \u003cspan m='679860'\u003etransaction\u003c/span\u003e \u003cspan m='680530'\u003eis\u003c/span\u003e \u003cspan m='680970'\u003ebacked\u003c/span\u003e \u003cspan m='681630'\u003eby\u003c/span\u003e \u003cspan m='681830'\u003ethe\u003c/span\u003e \u003cspan m='682290'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='682860'\u003eright?\u003c/span\u003e \u003cspan m='683200'\u003eSo\u003c/span\u003e \u003cspan m='683370'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='684440'\u003eif\u003c/span\u003e \u003cspan m='684620'\u003eI sell\u003c/span\u003e \u003cspan m='685130'\u003ebitcoin,\u003c/span\u003e \u003cspan m='685630'\u003eI\u003c/span\u003e \u003cspan m='686115'\u003emust\u003c/span\u003e \u003cspan m='686600'\u003ehave\u003c/span\u003e \u003cspan m='687085'\u003eowned\u003c/span\u003e \u003cspan m='687570'\u003ethe\u003c/span\u003e \u003cspan m='688055'\u003ebitcoin before,\u003c/span\u003e \u003cspan m='688540'\u003ewhereas\u003c/span\u003e \u003cspan m='689025'\u003ein the\u003c/span\u003e \u003cspan m='689510'\u003erelative\u003c/span\u003e \u003cspan m='689995'\u003eexchange\u003c/span\u003e \u003cspan m='690480'\u003eyou can\u003c/span\u003e \u003cspan m='690965'\u003ejust issue\u003c/span\u003e \u003cspan m='691935'\u003etrade without\u003c/span\u003e \u003cspan m='692420'\u003eowning\u003c/span\u003e \u003cspan m='692905'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='694360'\u003eor\u003c/span\u003e \u003cspan m='694845'\u003emoney,\u003c/span\u003e \u003cspan m='695820'\u003ejust\u003c/span\u003e \u003cspan m='696030'\u003ea\u003c/span\u003e \u003cspan m='696170'\u003epromise.\u003c/span\u003e \u003cspan m='696480'\u003eSo you\u003c/span\u003e \u003cspan m='696740'\u003ecan\u003c/span\u003e \u003cspan m='697171'\u003ecreate\u003c/span\u003e \u003cspan m='697602'\u003ethe\u003c/span\u003e \u003cspan m='698033'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='699330'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='699495'\u003eWell,\u003c/span\u003e \u003cspan m='700510'\u003eso\u003c/span\u003e \u003cspan m='700620'\u003eyou're\u003c/span\u003e \u003cspan m='700800'\u003eraising\u003c/span\u003e \u003cspan m='701430'\u003ea\u003c/span\u003e \u003cspan m='701520'\u003equestion\u003c/span\u003e \u003cspan m='702060'\u003eof\u003c/span\u003e \u003cspan m='702240'\u003ethe\u003c/span\u003e \u003cspan m='702330'\u003edifference\u003c/span\u003e \u003cspan m='702690'\u003ebetween\u003c/span\u003e \u003cspan m='703560'\u003ecash\u003c/span\u003e \u003cspan m='703980'\u003emarkets\u003c/span\u003e \u003cspan m='704520'\u003eand\u003c/span\u003e \u003cspan m='704640'\u003ederivative\u003c/span\u003e \u003cspan m='705180'\u003emarkets,\u003c/span\u003e \u003cspan m='706770'\u003ewhich\u003c/span\u003e \u003cspan m='707070'\u003eexist\u003c/span\u003e \u003cspan m='707850'\u003eand\u003c/span\u003e \u003cspan m='708630'\u003ehave\u003c/span\u003e \u003cspan m='708960'\u003eexisted\u003c/span\u003e \u003cspan m='709410'\u003efor\u003c/span\u003e \u003cspan m='709500'\u003ea\u003c/span\u003e \u003cspan m='709530'\u003ecouple\u003c/span\u003e \u003cspan m='709800'\u003ehundred years\u003c/span\u003e \u003cspan m='710550'\u003eso\u003c/span\u003e \u003cspan m='710670'\u003ethat\u003c/span\u003e \u003cspan m='710820'\u003ein\u003c/span\u003e \u003cspan m='710940'\u003ea\u003c/span\u003e \u003cspan m='711000'\u003ecash\u003c/span\u003e \u003cspan m='711390'\u003emarket,\u003c/span\u003e \u003cspan m='712230'\u003eyou're\u003c/span\u003e \u003cspan m='712380'\u003eselling\u003c/span\u003e \u003cspan m='713160'\u003ean\u003c/span\u003e \u003cspan m='713340'\u003eownership\u003c/span\u003e \u003cspan m='713970'\u003eright\u003c/span\u003e \u003cspan m='714330'\u003eand\u003c/span\u003e \u003cspan m='714450'\u003ebuying\u003c/span\u003e \u003cspan m='714900'\u003ean\u003c/span\u003e \u003cspan m='715000'\u003eownership\u003c/span\u003e \u003cspan m='715530'\u003eright\u003c/span\u003e \u003cspan m='716230'\u003ein\u003c/span\u003e \u003cspan m='716450'\u003ea\u003c/span\u003e \u003cspan m='716520'\u003estock\u003c/span\u003e \u003cspan m='717090'\u003eand\u003c/span\u003e \u003cspan m='717240'\u003ebond\u003c/span\u003e \u003cspan m='718260'\u003eor\u003c/span\u003e \u003cspan m='718470'\u003eeven\u003c/span\u003e \u003cspan m='718860'\u003ein\u003c/span\u003e \u003cspan m='718980'\u003ebitcoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='720270'\u003eAnd\u003c/span\u003e \u003cspan m='720420'\u003ethen,\u003c/span\u003e \u003cspan m='720570'\u003ein\u003c/span\u003e \u003cspan m='720720'\u003ederivative\u003c/span\u003e \u003cspan m='721380'\u003emarkets,\u003c/span\u003e \u003cspan m='722460'\u003eyou're\u003c/span\u003e \u003cspan m='723450'\u003eentering\u003c/span\u003e \u003cspan m='723900'\u003einto\u003c/span\u003e \u003cspan m='724170'\u003ea\u003c/span\u003e \u003cspan m='724230'\u003econtract--\u003c/span\u003e \u003cspan m='726210'\u003eor\u003c/span\u003e \u003cspan m='726360'\u003esometimes\u003c/span\u003e \u003cspan m='726840'\u003epeople\u003c/span\u003e \u003cspan m='727080'\u003ecall\u003c/span\u003e \u003cspan m='727220'\u003ethem\u003c/span\u003e \u003cspan m='727290'\u003econtract\u003c/span\u003e \u003cspan m='727920'\u003efor\u003c/span\u003e \u003cspan m='728070'\u003edifferences,\u003c/span\u003e \u003cspan m='728820'\u003ebut\u003c/span\u003e \u003cspan m='728970'\u003ea\u003c/span\u003e \u003cspan m='729030'\u003econtract\u003c/span\u003e \u003cspan m='729750'\u003ethat's\u003c/span\u003e \u003cspan m='729930'\u003egoing\u003c/span\u003e \u003cspan m='730050'\u003eto\u003c/span\u003e \u003cspan m='730140'\u003erelate\u003c/span\u003e \u003cspan m='730590'\u003eto\u003c/span\u003e \u003cspan m='731480'\u003ea\u003c/span\u003e \u003cspan m='731580'\u003eprice--\u003c/span\u003e \u003cspan m='732210'\u003ea\u003c/span\u003e \u003cspan m='732300'\u003epricing\u003c/span\u003e \u003cspan m='732990'\u003emechanism\u003c/span\u003e \u003cspan m='733620'\u003efrom\u003c/span\u003e \u003cspan m='733830'\u003esome\u003c/span\u003e \u003cspan m='735870'\u003eof--\u003c/span\u003e \u003cspan m='737800'\u003eoracle\u003c/span\u003e \u003cspan m='738350'\u003eit\u003c/span\u003e \u003cspan m='738410'\u003ecan\u003c/span\u003e \u003cspan m='738590'\u003ebe\u003c/span\u003e \u003cspan m='738700'\u003ecalled.\u003c/span\u003e \u003cspan m='739400'\u003eIn\u003c/span\u003e \u003cspan m='739520'\u003ecomputer\u003c/span\u003e \u003cspan m='740060'\u003escience,\u003c/span\u003e \u003cspan m='740630'\u003ethey\u003c/span\u003e \u003cspan m='740730'\u003ewould\u003c/span\u003e \u003cspan m='740830'\u003ecall\u003c/span\u003e \u003cspan m='740930'\u003eit\u003c/span\u003e \u003cspan m='741020'\u003ean\u003c/span\u003e \u003cspan m='741170'\u003eoracle\u003c/span\u003e \u003cspan m='742570'\u003ebut\u003c/span\u003e \u003cspan m='742890'\u003ein\u003c/span\u003e \u003cspan m='743450'\u003ethe\u003c/span\u003e \u003cspan m='743510'\u003ecommodities\u003c/span\u003e \u003cspan m='744140'\u003emarket\u003c/span\u003e \u003cspan m='744440'\u003eby\u003c/span\u003e \u003cspan m='744770'\u003esome\u003c/span\u003e \u003cspan m='745100'\u003eindex\u003c/span\u003e \u003cspan m='745610'\u003eprovider\u003c/span\u003e \u003cspan m='745895'\u003eor\u003c/span\u003e \u003cspan m='746180'\u003esome\u003c/span\u003e \u003cspan m='746390'\u003epricing\u003c/span\u003e \u003cspan m='746900'\u003eprovider.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='748470'\u003eThat's\u003c/span\u003e \u003cspan m='748640'\u003ethe\u003c/span\u003e \u003cspan m='748790'\u003edifference\u003c/span\u003e \u003cspan m='749230'\u003eis\u003c/span\u003e \u003cspan m='749360'\u003ebetween\u003c/span\u003e \u003cspan m='750200'\u003ecash\u003c/span\u003e \u003cspan m='750860'\u003eand\u003c/span\u003e \u003cspan m='751010'\u003ederivatives.\u003c/span\u003e \u003cspan m='752330'\u003eBut\u003c/span\u003e \u003cspan m='752740'\u003eare\u003c/span\u003e \u003cspan m='752990'\u003eyou\u003c/span\u003e \u003cspan m='753080'\u003esaying\u003c/span\u003e \u003cspan m='753440'\u003esomething\u003c/span\u003e \u003cspan m='753860'\u003eeven\u003c/span\u003e \u003cspan m='754130'\u003ein\u003c/span\u003e \u003cspan m='754250'\u003eaddition\u003c/span\u003e \u003cspan m='754650'\u003eto\u003c/span\u003e \u003cspan m='754740'\u003ethat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='755060'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='755238'\u003eYeah,\u003c/span\u003e \u003cspan m='755416'\u003ebecause I\u003c/span\u003e \u003cspan m='755772'\u003ewas going to get to the\u003c/span\u003e \u003cspan m='756130'\u003epoint\u003c/span\u003e \u003cspan m='756410'\u003ethat\u003c/span\u003e \u003cspan m='756690'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='757110'\u003elaunched\u003c/span\u003e \u003cspan m='757500'\u003ethe\u003c/span\u003e \u003cspan m='757790'\u003ebitcoin\u003c/span\u003e \u003cspan m='758247'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='759620'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='759765'\u003eRight.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='760140'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='760205'\u003eAnd\u003c/span\u003e \u003cspan m='760270'\u003eI\u003c/span\u003e \u003cspan m='760370'\u003ehad\u003c/span\u003e \u003cspan m='760570'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='762546'\u003eseems to\u003c/span\u003e \u003cspan m='763040'\u003ealways\u003c/span\u003e \u003cspan m='763534'\u003ebe the\u003c/span\u003e \u003cspan m='764028'\u003ederivative\u003c/span\u003e \u003cspan m='764522'\u003ein\u003c/span\u003e \u003cspan m='765016'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='765510'\u003ecash\u003c/span\u003e \u003cspan m='766004'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='767490'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='767605'\u003eRight.\u003c/span\u003e \u003cspan m='768000'\u003eSo\u003c/span\u003e \u003cspan m='768390'\u003eI\u003c/span\u003e \u003cspan m='768870'\u003eask\u003c/span\u003e \u003cspan m='769140'\u003eyou\u003c/span\u003e \u003cspan m='769240'\u003eall\u003c/span\u003e \u003cspan m='769360'\u003eto\u003c/span\u003e \u003cspan m='769440'\u003ego\u003c/span\u003e \u003cspan m='769620'\u003eas\u003c/span\u003e \u003cspan m='769740'\u003edeep\u003c/span\u003e \u003cspan m='770040'\u003eas\u003c/span\u003e \u003cspan m='770160'\u003eyou\u003c/span\u003e \u003cspan m='770280'\u003ecan\u003c/span\u003e \u003cspan m='770520'\u003ebetween\u003c/span\u003e \u003cspan m='770880'\u003enow\u003c/span\u003e \u003cspan m='771060'\u003eand\u003c/span\u003e \u003cspan m='771150'\u003eThursday,\u003c/span\u003e \u003cspan m='771630'\u003ebecause\u003c/span\u003e \u003cspan m='771810'\u003eyou'll\u003c/span\u003e \u003cspan m='771960'\u003ehave\u003c/span\u003e \u003cspan m='772200'\u003ethe\u003c/span\u003e \u003cspan m='772320'\u003efounder\u003c/span\u003e \u003cspan m='772770'\u003eof\u003c/span\u003e \u003cspan m='772830'\u003eICE\u003c/span\u003e \u003cspan m='773190'\u003ewith\u003c/span\u003e \u003cspan m='773400'\u003eus.\u003c/span\u003e \u003cspan m='773520'\u003eBut\u003c/span\u003e \u003cspan m='774770'\u003eICE\u003c/span\u003e \u003cspan m='775130'\u003eis\u003c/span\u003e \u003cspan m='775320'\u003ea\u003c/span\u003e \u003cspan m='775530'\u003eone-day\u003c/span\u003e \u003cspan m='776400'\u003efutures\u003c/span\u003e \u003cspan m='777030'\u003econtract\u003c/span\u003e \u003cspan m='778470'\u003ethat\u003c/span\u003e \u003cspan m='778680'\u003eliterally\u003c/span\u003e \u003cspan m='779430'\u003eyou're\u003c/span\u003e \u003cspan m='779670'\u003ebuying\u003c/span\u003e \u003cspan m='780510'\u003ea\u003c/span\u003e \u003cspan m='780660'\u003ederivative\u003c/span\u003e \u003cspan m='781410'\u003eof\u003c/span\u003e \u003cspan m='781500'\u003ebitcoin.\u003c/span\u003e \u003cspan m='783680'\u003eBut\u003c/span\u003e \u003cspan m='783920'\u003eit's\u003c/span\u003e \u003cspan m='784070'\u003ea\u003c/span\u003e \u003cspan m='784130'\u003every\u003c/span\u003e \u003cspan m='784670'\u003eunusual\u003c/span\u003e \u003cspan m='785210'\u003efutures\u003c/span\u003e \u003cspan m='785660'\u003econtract,\u003c/span\u003e \u003cspan m='786230'\u003ebecause\u003c/span\u003e \u003cspan m='786530'\u003eit\u003c/span\u003e \u003cspan m='786620'\u003ehas\u003c/span\u003e \u003cspan m='786800'\u003eto\u003c/span\u003e \u003cspan m='786890'\u003ebe\u003c/span\u003e \u003cspan m='787010'\u003e100%\u003c/span\u003e \u003cspan m='787820'\u003ecollateralized.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='790450'\u003eSo\u003c/span\u003e \u003cspan m='790600'\u003ethere's\u003c/span\u003e \u003cspan m='790780'\u003eno\u003c/span\u003e \u003cspan m='790990'\u003emargin.\u003c/span\u003e \u003cspan m='791650'\u003eThere's\u003c/span\u003e \u003cspan m='791830'\u003eno\u003c/span\u003e \u003cspan m='792040'\u003eability\u003c/span\u003e \u003cspan m='792550'\u003eto\u003c/span\u003e \u003cspan m='792640'\u003ehave\u003c/span\u003e \u003cspan m='792910'\u003eleverage\u003c/span\u003e \u003cspan m='793540'\u003eor\u003c/span\u003e \u003cspan m='793660'\u003edebt\u003c/span\u003e \u003cspan m='794110'\u003eor\u003c/span\u003e \u003cspan m='794290'\u003ecredit\u003c/span\u003e \u003cspan m='794800'\u003eextension.\u003c/span\u003e \u003cspan m='796240'\u003eAnd\u003c/span\u003e \u003cspan m='796420'\u003eone\u003c/span\u003e \u003cspan m='796780'\u003eday\u003c/span\u003e \u003cspan m='797020'\u003elater,\u003c/span\u003e \u003cspan m='797560'\u003eyou\u003c/span\u003e \u003cspan m='797740'\u003eget\u003c/span\u003e \u003cspan m='797920'\u003edelivered\u003c/span\u003e \u003cspan m='798430'\u003ethe\u003c/span\u003e \u003cspan m='798550'\u003ebitcoin.\u003c/span\u003e \u003cspan m='800350'\u003eSo\u003c/span\u003e \u003cspan m='800560'\u003eone\u003c/span\u003e \u003cspan m='800980'\u003eof\u003c/span\u003e \u003cspan m='801100'\u003ethe\u003c/span\u003e \u003cspan m='801280'\u003einteresting\u003c/span\u003e \u003cspan m='801790'\u003equestions\u003c/span\u003e \u003cspan m='802300'\u003efor\u003c/span\u003e \u003cspan m='802420'\u003eThursday\u003c/span\u003e \u003cspan m='803730'\u003ethat\u003c/span\u003e \u003cspan m='803860'\u003eyou\u003c/span\u003e \u003cspan m='803980'\u003ecan\u003c/span\u003e \u003cspan m='804170'\u003epress\u003c/span\u003e \u003cspan m='804550'\u003eJeff\u003c/span\u003e \u003cspan m='804880'\u003eand\u003c/span\u003e \u003cspan m='804970'\u003eKelly\u003c/span\u003e \u003cspan m='805390'\u003eon\u003c/span\u003e \u003cspan m='805690'\u003eis,\u003c/span\u003e \u003cspan m='806500'\u003eis\u003c/span\u003e \u003cspan m='806620'\u003ethis\u003c/span\u003e \u003cspan m='806800'\u003ereally\u003c/span\u003e \u003cspan m='807130'\u003ea\u003c/span\u003e \u003cspan m='807190'\u003ederivatives\u003c/span\u003e \u003cspan m='807790'\u003econtract?\u003c/span\u003e \u003cspan m='808990'\u003eOr\u003c/span\u003e \u003cspan m='809110'\u003eis\u003c/span\u003e \u003cspan m='809230'\u003eit\u003c/span\u003e \u003cspan m='809320'\u003ea\u003c/span\u003e \u003cspan m='809380'\u003eform\u003c/span\u003e \u003cspan m='809800'\u003eof\u003c/span\u003e \u003cspan m='809920'\u003ea\u003c/span\u003e \u003cspan m='809980'\u003ecash\u003c/span\u003e \u003cspan m='810460'\u003econtract\u003c/span\u003e \u003cspan m='811210'\u003ethat\u003c/span\u003e \u003cspan m='811360'\u003ejust\u003c/span\u003e \u003cspan m='811570'\u003estarts\u003c/span\u003e \u003cspan m='812170'\u003eas\u003c/span\u003e \u003cspan m='812330'\u003ea\u003c/span\u003e \u003cspan m='812440'\u003ederivative,\u003c/span\u003e \u003cspan m='813040'\u003eand\u003c/span\u003e \u003cspan m='813130'\u003e24\u003c/span\u003e \u003cspan m='813760'\u003ehours\u003c/span\u003e \u003cspan m='814060'\u003elater\u003c/span\u003e \u003cspan m='814420'\u003eit\u003c/span\u003e \u003cspan m='814480'\u003ebecomes\u003c/span\u003e \u003cspan m='815020'\u003ecash,\u003c/span\u003e \u003cspan m='816220'\u003ebecause\u003c/span\u003e \u003cspan m='816550'\u003eit's\u003c/span\u003e \u003cspan m='816680'\u003e100%\u003c/span\u003e \u003cspan m='817510'\u003ecollateralized.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='819190'\u003eAnd\u003c/span\u003e \u003cspan m='819310'\u003eit\u003c/span\u003e \u003cspan m='819400'\u003esettles\u003c/span\u003e \u003cspan m='819910'\u003eone\u003c/span\u003e \u003cspan m='820210'\u003eday\u003c/span\u003e \u003cspan m='820420'\u003elater--\u003c/span\u003e \u003cspan m='821020'\u003every\u003c/span\u003e \u003cspan m='821350'\u003eunusual\u003c/span\u003e \u003cspan m='821860'\u003efuture\u003c/span\u003e \u003cspan m='822220'\u003econtract.\u003c/span\u003e \u003cspan m='822730'\u003eI'm\u003c/span\u003e \u003cspan m='822820'\u003enot\u003c/span\u003e \u003cspan m='823000'\u003eaware\u003c/span\u003e \u003cspan m='823330'\u003eof\u003c/span\u003e \u003cspan m='823450'\u003eany\u003c/span\u003e \u003cspan m='823660'\u003eother\u003c/span\u003e \u003cspan m='823840'\u003eone-day\u003c/span\u003e \u003cspan m='824320'\u003efuture\u003c/span\u003e \u003cspan m='824680'\u003e100%\u003c/span\u003e \u003cspan m='825430'\u003ecollateralized\u003c/span\u003e \u003cspan m='826180'\u003econtract.\u003c/span\u003e \u003cspan m='827500'\u003eIt\u003c/span\u003e \u003cspan m='827950'\u003efeels\u003c/span\u003e \u003cspan m='828580'\u003eto\u003c/span\u003e \u003cspan m='828760'\u003eme\u003c/span\u003e \u003cspan m='829180'\u003ethat\u003c/span\u003e \u003cspan m='829390'\u003ethis\u003c/span\u003e \u003cspan m='829600'\u003eis,\u003c/span\u003e \u003cspan m='829750'\u003ein\u003c/span\u003e \u003cspan m='830020'\u003eessence,\u003c/span\u003e \u003cspan m='831220'\u003ea\u003c/span\u003e \u003cspan m='831310'\u003ecash\u003c/span\u003e \u003cspan m='831790'\u003econtract\u003c/span\u003e \u003cspan m='832360'\u003eby\u003c/span\u003e \u003cspan m='832540'\u003eanother\u003c/span\u003e \u003cspan m='832900'\u003ename\u003c/span\u003e \u003cspan m='833260'\u003efor\u003c/span\u003e \u003cspan m='833440'\u003eone\u003c/span\u003e \u003cspan m='833740'\u003eday\u003c/span\u003e \u003cspan m='834220'\u003ethat\u003c/span\u003e \u003cspan m='834400'\u003efacilitates\u003c/span\u003e \u003cspan m='835450'\u003ebeing\u003c/span\u003e \u003cspan m='835750'\u003eregulated\u003c/span\u003e \u003cspan m='836530'\u003eby\u003c/span\u003e \u003cspan m='836890'\u003ean\u003c/span\u003e \u003cspan m='837310'\u003eofficial\u003c/span\u003e \u003cspan m='837790'\u003eregulator\u003c/span\u003e \u003cspan m='838360'\u003efor\u003c/span\u003e \u003cspan m='838540'\u003ederivatives.\u003c/span\u003e \u003cspan m='840040'\u003eThat's\u003c/span\u003e \u003cspan m='840280'\u003efor\u003c/span\u003e \u003cspan m='840430'\u003ethat\u003c/span\u003e \u003cspan m='840700'\u003eone.\u003c/span\u003e \u003cspan m='842500'\u003eBut\u003c/span\u003e \u003cspan m='842790'\u003eI\u003c/span\u003e \u003cspan m='843370'\u003ethought\u003c/span\u003e \u003cspan m='843610'\u003eyou\u003c/span\u003e \u003cspan m='843690'\u003ewere\u003c/span\u003e \u003cspan m='843730'\u003esaying\u003c/span\u003e \u003cspan m='844030'\u003eone\u003c/span\u003e \u003cspan m='844240'\u003eother\u003c/span\u003e \u003cspan m='844450'\u003ething\u003c/span\u003e \u003cspan m='844840'\u003eis,\u003c/span\u003e \u003cspan m='846500'\u003ecan\u003c/span\u003e \u003cspan m='846640'\u003eyou\u003c/span\u003e \u003cspan m='847690'\u003esell\u003c/span\u003e \u003cspan m='848110'\u003eshort\u003c/span\u003e \u003cspan m='849040'\u003ebitcoin?\u003c/span\u003e \u003cspan m='850150'\u003eHas anybody--\u003c/span\u003e \u003cspan m='851950'\u003eSean?\u003c/span\u003e \u003cspan m='852720'\u003eI don't\u003c/span\u003e \u003cspan m='853190'\u003eknow how,\u003c/span\u003e \u003cspan m='853660'\u003ebut I\u003c/span\u003e \u003cspan m='854130'\u003ehave\u003c/span\u003e \u003cspan m='854600'\u003eshorted\u003c/span\u003e \u003cspan m='855070'\u003ebitcoin\u003c/span\u003e \u003cspan m='855540'\u003ebefore\u003c/span\u003e \u003cspan m='856010'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='858830'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='858972'\u003eSean\u003c/span\u003e \u003cspan m='859400'\u003ehas\u003c/span\u003e \u003cspan m='859790'\u003eshorted\u003c/span\u003e \u003cspan m='860420'\u003eether\u003c/span\u003e \u003cspan m='860870'\u003ebitcoin\u003c/span\u003e \u003cspan m='861560'\u003eand--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='862040'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='862235'\u003eBitcoin\u003c/span\u003e \u003cspan m='862430'\u003ecash.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='862730'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='862880'\u003eBitcoin\u003c/span\u003e \u003cspan m='863030'\u003ecash.\u003c/span\u003e \u003cspan m='864260'\u003eSo\u003c/span\u003e \u003cspan m='864420'\u003ehow\u003c/span\u003e \u003cspan m='864590'\u003edid\u003c/span\u003e \u003cspan m='864730'\u003eyou\u003c/span\u003e \u003cspan m='864800'\u003edo\u003c/span\u003e \u003cspan m='865010'\u003eit?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='865140'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='865380'\u003eWell,\u003c/span\u003e \u003cspan m='865620'\u003ethere is--\u003c/span\u003e \u003cspan m='866100'\u003eit's not\u003c/span\u003e \u003cspan m='866580'\u003eorganized,\u003c/span\u003e \u003cspan m='867060'\u003efor instance\u003c/span\u003e \u003cspan m='867540'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='872350'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='872492'\u003eShorting\u003c/span\u003e \u003cspan m='872920'\u003eis\u003c/span\u003e \u003cspan m='873010'\u003eselling\u003c/span\u003e \u003cspan m='873490'\u003esomething\u003c/span\u003e \u003cspan m='873910'\u003eyou\u003c/span\u003e \u003cspan m='874000'\u003edon't\u003c/span\u003e \u003cspan m='874300'\u003eown\u003c/span\u003e \u003cspan m='876600'\u003eand\u003c/span\u003e \u003cspan m='877520'\u003etaking\u003c/span\u003e \u003cspan m='878330'\u003ethe\u003c/span\u003e \u003cspan m='878510'\u003eopposite\u003c/span\u003e \u003cspan m='879020'\u003eprice\u003c/span\u003e \u003cspan m='879410'\u003erisk--\u003c/span\u003e \u003cspan m='880070'\u003ein\u003c/span\u003e \u003cspan m='880220'\u003eessence,\u003c/span\u003e \u003cspan m='881240'\u003ewinning\u003c/span\u003e \u003cspan m='881630'\u003ewhen\u003c/span\u003e \u003cspan m='881810'\u003ea\u003c/span\u003e \u003cspan m='881840'\u003eprice\u003c/span\u003e \u003cspan m='882200'\u003egoes\u003c/span\u003e \u003cspan m='882440'\u003edown\u003c/span\u003e \u003cspan m='882800'\u003eand\u003c/span\u003e \u003cspan m='882920'\u003elosing\u003c/span\u003e \u003cspan m='883280'\u003ewhen\u003c/span\u003e \u003cspan m='883390'\u003ea\u003c/span\u003e \u003cspan m='883460'\u003eprice\u003c/span\u003e \u003cspan m='883790'\u003egoes\u003c/span\u003e \u003cspan m='884060'\u003eup.\u003c/span\u003e \u003cspan m='885650'\u003eAnd\u003c/span\u003e \u003cspan m='885800'\u003eit's\u003c/span\u003e \u003cspan m='885980'\u003eexisted\u003c/span\u003e \u003cspan m='886460'\u003efor\u003c/span\u003e \u003cspan m='886640'\u003ehundreds\u003c/span\u003e \u003cspan m='887030'\u003eof\u003c/span\u003e \u003cspan m='887090'\u003eyears.\u003c/span\u003e \u003cspan m='887520'\u003eIt's\u003c/span\u003e \u003cspan m='887570'\u003enot\u003c/span\u003e \u003cspan m='887810'\u003enew.\u003c/span\u003e \u003cspan m='888490'\u003eBut\u003c/span\u003e \u003cspan m='888920'\u003eit's--\u003c/span\u003e \u003cspan m='889160'\u003eto\u003c/span\u003e \u003cspan m='889460'\u003eshort\u003c/span\u003e \u003cspan m='890000'\u003esomething,\u003c/span\u003e \u003cspan m='890810'\u003ein\u003c/span\u003e \u003cspan m='890990'\u003emost\u003c/span\u003e \u003cspan m='891350'\u003emarkets,\u003c/span\u003e \u003cspan m='891860'\u003eyou\u003c/span\u003e \u003cspan m='891980'\u003eneed\u003c/span\u003e \u003cspan m='892160'\u003eto\u003c/span\u003e \u003cspan m='892250'\u003ebe\u003c/span\u003e \u003cspan m='892400'\u003eable\u003c/span\u003e \u003cspan m='892580'\u003eto\u003c/span\u003e \u003cspan m='892670'\u003eborrow\u003c/span\u003e \u003cspan m='893210'\u003ethe\u003c/span\u003e \u003cspan m='893420'\u003eunderlying.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='894560'\u003eTo\u003c/span\u003e \u003cspan m='894710'\u003esell\u003c/span\u003e \u003cspan m='895130'\u003ea\u003c/span\u003e \u003cspan m='895220'\u003estock\u003c/span\u003e \u003cspan m='895760'\u003ethat\u003c/span\u003e \u003cspan m='895970'\u003eyou\u003c/span\u003e \u003cspan m='896090'\u003edon't\u003c/span\u003e \u003cspan m='896450'\u003eown,\u003c/span\u003e \u003cspan m='898100'\u003ethere's\u003c/span\u003e \u003cspan m='898340'\u003ea\u003c/span\u003e \u003cspan m='898370'\u003ewhole\u003c/span\u003e \u003cspan m='898700'\u003emarket\u003c/span\u003e \u003cspan m='899180'\u003ecalled\u003c/span\u003e \u003cspan m='899420'\u003estock\u003c/span\u003e \u003cspan m='899870'\u003eborrow,\u003c/span\u003e \u003cspan m='900350'\u003ewhere\u003c/span\u003e \u003cspan m='900620'\u003eultimately--\u003c/span\u003e \u003cspan m='901040'\u003eand\u003c/span\u003e \u003cspan m='901160'\u003ewe\u003c/span\u003e \u003cspan m='901280'\u003edebated\u003c/span\u003e \u003cspan m='901760'\u003ethis\u003c/span\u003e \u003cspan m='901940'\u003eone\u003c/span\u003e \u003cspan m='902180'\u003eday.\u003c/span\u003e \u003cspan m='902480'\u003eAnd\u003c/span\u003e \u003cspan m='902630'\u003ethere\u003c/span\u003e \u003cspan m='903210'\u003eare\u003c/span\u003e \u003cspan m='903320'\u003eexperts\u003c/span\u003e \u003cspan m='903830'\u003ein\u003c/span\u003e \u003cspan m='903920'\u003ethis\u003c/span\u003e \u003cspan m='904100'\u003eroom\u003c/span\u003e \u003cspan m='904340'\u003ethat\u003c/span\u003e \u003cspan m='904460'\u003ehave\u003c/span\u003e \u003cspan m='904790'\u003eworked\u003c/span\u003e \u003cspan m='905180'\u003ein\u003c/span\u003e \u003cspan m='905300'\u003estock\u003c/span\u003e \u003cspan m='905630'\u003eborrow,\u003c/span\u003e \u003cspan m='905900'\u003ewhere\u003c/span\u003e \u003cspan m='906050'\u003eyou\u003c/span\u003e \u003cspan m='906200'\u003eborrow\u003c/span\u003e \u003cspan m='906680'\u003ethe\u003c/span\u003e \u003cspan m='906800'\u003esecurity.\u003c/span\u003e \u003cspan m='907430'\u003eAnd\u003c/span\u003e \u003cspan m='907550'\u003ethen,\u003c/span\u003e \u003cspan m='907700'\u003eyou\u003c/span\u003e \u003cspan m='907850'\u003esell\u003c/span\u003e \u003cspan m='908180'\u003eit.\u003c/span\u003e \u003cspan m='908780'\u003eOr\u003c/span\u003e \u003cspan m='908900'\u003eyou\u003c/span\u003e \u003cspan m='909050'\u003esell\u003c/span\u003e \u003cspan m='909440'\u003eit.\u003c/span\u003e \u003cspan m='909680'\u003eAnd\u003c/span\u003e \u003cspan m='909830'\u003ewithin\u003c/span\u003e \u003cspan m='910640'\u003ethe\u003c/span\u003e \u003cspan m='910760'\u003etwo\u003c/span\u003e \u003cspan m='911030'\u003edays\u003c/span\u003e \u003cspan m='911450'\u003ethat\u003c/span\u003e \u003cspan m='911630'\u003eyou\u003c/span\u003e \u003cspan m='911750'\u003ehave\u003c/span\u003e \u003cspan m='911870'\u003eto\u003c/span\u003e \u003cspan m='911960'\u003edeliver\u003c/span\u003e \u003cspan m='912470'\u003eit,\u003c/span\u003e \u003cspan m='912620'\u003eyour\u003c/span\u003e \u003cspan m='912800'\u003ebroker\u003c/span\u003e \u003cspan m='913370'\u003eborrows\u003c/span\u003e \u003cspan m='913940'\u003eit\u003c/span\u003e \u003cspan m='914030'\u003efor\u003c/span\u003e \u003cspan m='914330'\u003eyou.\u003c/span\u003e \u003cspan m='915300'\u003eSo\u003c/span\u003e \u003cspan m='915440'\u003eI'm\u003c/span\u003e \u003cspan m='915680'\u003eassuming,\u003c/span\u003e \u003cspan m='916190'\u003eSean,\u003c/span\u003e \u003cspan m='916580'\u003ethat\u003c/span\u003e \u003cspan m='916700'\u003ewhen\u003c/span\u003e \u003cspan m='916850'\u003eyou\u003c/span\u003e \u003cspan m='916970'\u003eshorted\u003c/span\u003e \u003cspan m='917450'\u003ebitcoin,\u003c/span\u003e \u003cspan m='919760'\u003ewhat\u003c/span\u003e \u003cspan m='920000'\u003ewas\u003c/span\u003e \u003cspan m='920120'\u003ebehind\u003c/span\u003e \u003cspan m='920480'\u003ethat\u003c/span\u003e \u003cspan m='920660'\u003eapp--\u003c/span\u003e \u003cspan m='921050'\u003esomebody\u003c/span\u003e \u003cspan m='922740'\u003eborrowed\u003c/span\u003e \u003cspan m='923130'\u003eit.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='923210'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='923449'\u003eYeah,\u003c/span\u003e \u003cspan m='923688'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='924166'\u003eborrowed\u003c/span\u003e \u003cspan m='924644'\u003eit.\u003c/span\u003e \u003cspan m='925122'\u003eAnd\u003c/span\u003e \u003cspan m='926560'\u003eI\u003c/span\u003e \u003cspan m='926620'\u003ethink\u003c/span\u003e \u003cspan m='926940'\u003ethe\u003c/span\u003e \u003cspan m='927030'\u003emarket\u003c/span\u003e \u003cspan m='927310'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='933680'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='933925'\u003eRight.\u003c/span\u003e \u003cspan m='935640'\u003eAnd so\u003c/span\u003e \u003cspan m='935880'\u003ejust\u003c/span\u003e \u003cspan m='937176'\u003eto\u003c/span\u003e \u003cspan m='937600'\u003emove\u003c/span\u003e \u003cspan m='938090'\u003eto\u003c/span\u003e \u003cspan m='938190'\u003ethe\u003c/span\u003e \u003cspan m='938310'\u003ethird\u003c/span\u003e \u003cspan m='938640'\u003equestion--\u003c/span\u003e \u003cspan m='938980'\u003eso\u003c/span\u003e \u003cspan m='939050'\u003ethree\u003c/span\u003e \u003cspan m='939420'\u003ebig\u003c/span\u003e \u003cspan m='939660'\u003edifferences--\u003c/span\u003e \u003cspan m='940200'\u003eand\u003c/span\u003e \u003cspan m='940290'\u003ewe're\u003c/span\u003e \u003cspan m='940390'\u003egoing\u003c/span\u003e \u003cspan m='940470'\u003eto\u003c/span\u003e \u003cspan m='940560'\u003edig\u003c/span\u003e \u003cspan m='940770'\u003einto\u003c/span\u003e \u003cspan m='940950'\u003ethese--\u003c/span\u003e \u003cspan m='941190'\u003ecustody,\u003c/span\u003e \u003cspan m='942540'\u003eintermediated\u003c/span\u003e \u003cspan m='943290'\u003ebroke--\u003c/span\u003e \u003cspan m='943960'\u003eyou\u003c/span\u003e \u003cspan m='944130'\u003eknow,\u003c/span\u003e \u003cspan m='944560'\u003ebasically,\u003c/span\u003e \u003cspan m='945000'\u003edo\u003c/span\u003e \u003cspan m='945090'\u003eyou\u003c/span\u003e \u003cspan m='945210'\u003ehave\u003c/span\u003e \u003cspan m='945330'\u003ean\u003c/span\u003e \u003cspan m='945420'\u003eintermediary?\u003c/span\u003e \u003cspan m='946170'\u003eOr\u003c/span\u003e \u003cspan m='946290'\u003eare you\u003c/span\u003e \u003cspan m='946650'\u003edirect?\u003c/span\u003e \u003cspan m='948180'\u003eAnd\u003c/span\u003e \u003cspan m='948840'\u003eis\u003c/span\u003e \u003cspan m='949080'\u003ethe\u003c/span\u003e \u003cspan m='949290'\u003eexchange\u003c/span\u003e \u003cspan m='949950'\u003ea\u003c/span\u003e \u003cspan m='950070'\u003emarket\u003c/span\u003e \u003cspan m='950520'\u003emaker?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='954610'\u003eWhat\u003c/span\u003e \u003cspan m='954820'\u003eare\u003c/span\u003e \u003cspan m='954940'\u003eall\u003c/span\u003e \u003cspan m='955090'\u003ethe\u003c/span\u003e \u003cspan m='955210'\u003ehacks\u003c/span\u003e \u003cspan m='955840'\u003eand\u003c/span\u003e \u003cspan m='956800'\u003emanipulation\u003c/span\u003e \u003cspan m='957850'\u003eand\u003c/span\u003e \u003cspan m='958000'\u003eso\u003c/span\u003e \u003cspan m='958240'\u003eforth?\u003c/span\u003e \u003cspan m='959140'\u003eTell\u003c/span\u003e \u003cspan m='959380'\u003eyou\u003c/span\u003e \u003cspan m='959500'\u003eabout\u003c/span\u003e \u003cspan m='959740'\u003ethis\u003c/span\u003e \u003cspan m='959880'\u003estate\u003c/span\u003e \u003cspan m='960220'\u003eof\u003c/span\u003e \u003cspan m='960340'\u003esecurity\u003c/span\u003e \u003cspan m='961030'\u003eat\u003c/span\u003e \u003cspan m='961150'\u003ethese\u003c/span\u003e \u003cspan m='962710'\u003eand\u003c/span\u003e \u003cspan m='962830'\u003ethe\u003c/span\u003e \u003cspan m='962920'\u003estate\u003c/span\u003e \u003cspan m='963250'\u003eof\u003c/span\u003e \u003cspan m='963340'\u003emarket\u003c/span\u003e \u003cspan m='963700'\u003eintegrity.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='965860'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='965946'\u003eIt\u003c/span\u003e \u003cspan m='966032'\u003emakes\u003c/span\u003e \u003cspan m='966380'\u003ethe\u003c/span\u003e \u003cspan m='966820'\u003ecrypto\u003c/span\u003e \u003cspan m='967060'\u003eexchange\u003c/span\u003e \u003cspan m='968210'\u003einsecure\u003c/span\u003e \u003cspan m='969480'\u003eand\u003c/span\u003e \u003cspan m='971780'\u003eless\u003c/span\u003e \u003cspan m='972470'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='973670'\u003eand\u003c/span\u003e \u003cspan m='973960'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='975080'\u003eless\u003c/span\u003e \u003cspan m='975580'\u003ecustomers\u003c/span\u003e \u003cspan m='976067'\u003esee\u003c/span\u003e \u003cspan m='976554'\u003ethe financial\u003c/span\u003e \u003cspan m='977041'\u003einstitution\u003c/span\u003e \u003cspan m='977528'\u003eor the mainstream\u003c/span\u003e \u003cspan m='978015'\u003efinancial\u003c/span\u003e \u003cspan m='978989'\u003einstitution.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='979476'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='979723'\u003eRight.\u003c/span\u003e \u003cspan m='980440'\u003eSo\u003c/span\u003e \u003cspan m='980620'\u003ein\u003c/span\u003e \u003cspan m='980740'\u003eessence,\u003c/span\u003e \u003cspan m='981220'\u003ethat\u003c/span\u003e \u003cspan m='982780'\u003eregardless\u003c/span\u003e \u003cspan m='983470'\u003eof\u003c/span\u003e \u003cspan m='983590'\u003ewhere\u003c/span\u003e \u003cspan m='983800'\u003eyou\u003c/span\u003e \u003cspan m='983950'\u003ecome\u003c/span\u003e \u003cspan m='984280'\u003eout\u003c/span\u003e \u003cspan m='984550'\u003eon\u003c/span\u003e \u003cspan m='984730'\u003epro-regulation\u003c/span\u003e \u003cspan m='985870'\u003eor\u003c/span\u003e \u003cspan m='985960'\u003eanti-regulation\u003c/span\u003e \u003cspan m='987070'\u003eor\u003c/span\u003e \u003cspan m='987670'\u003epro-business\u003c/span\u003e \u003cspan m='988480'\u003eor\u003c/span\u003e \u003cspan m='988660'\u003eanti-business\u003c/span\u003e \u003cspan m='989440'\u003eor\u003c/span\u003e \u003cspan m='989530'\u003epro-bitcoin\u003c/span\u003e \u003cspan m='990460'\u003eor\u003c/span\u003e \u003cspan m='990580'\u003eanti,\u003c/span\u003e \u003cspan m='991660'\u003eit's\u003c/span\u003e \u003cspan m='991810'\u003ea\u003c/span\u003e \u003cspan m='991870'\u003equestion\u003c/span\u003e \u003cspan m='992290'\u003eof\u003c/span\u003e \u003cspan m='992380'\u003etrust.\u003c/span\u003e \u003cspan m='993610'\u003eWhen\u003c/span\u003e \u003cspan m='993820'\u003eyou're\u003c/span\u003e \u003cspan m='994060'\u003elosing\u003c/span\u003e \u003cspan m='994720'\u003ea\u003c/span\u003e \u003cspan m='994750'\u003elot\u003c/span\u003e \u003cspan m='994990'\u003eof\u003c/span\u003e \u003cspan m='995110'\u003eassets\u003c/span\u003e \u003cspan m='995740'\u003eto\u003c/span\u003e \u003cspan m='995890'\u003etheft--\u003c/span\u003e \u003cspan m='996670'\u003eand\u003c/span\u003e \u003cspan m='996790'\u003ea\u003c/span\u003e \u003cspan m='996850'\u003ehack\u003c/span\u003e \u003cspan m='997270'\u003eis\u003c/span\u003e \u003cspan m='997390'\u003ejust\u003c/span\u003e \u003cspan m='997630'\u003eanother\u003c/span\u003e \u003cspan m='997960'\u003eword\u003c/span\u003e \u003cspan m='998260'\u003efor\u003c/span\u003e \u003cspan m='998470'\u003estealing--\u003c/span\u003e \u003cspan m='1002620'\u003eor\u003c/span\u003e \u003cspan m='1002950'\u003eyou're\u003c/span\u003e \u003cspan m='1003160'\u003elosing\u003c/span\u003e \u003cspan m='1003910'\u003emoney\u003c/span\u003e \u003cspan m='1004390'\u003eto\u003c/span\u003e \u003cspan m='1004720'\u003emarket\u003c/span\u003e \u003cspan m='1005230'\u003emanipulation,\u003c/span\u003e \u003cspan m='1007540'\u003ethen\u003c/span\u003e \u003cspan m='1007750'\u003ethat\u003c/span\u003e \u003cspan m='1007930'\u003etends\u003c/span\u003e \u003cspan m='1008350'\u003eto\u003c/span\u003e \u003cspan m='1008470'\u003ehave,\u003c/span\u003e \u003cspan m='1008890'\u003eyou know,\u003c/span\u003e \u003cspan m='1009370'\u003elower\u003c/span\u003e \u003cspan m='1009790'\u003etrust\u003c/span\u003e \u003cspan m='1010360'\u003ein\u003c/span\u003e \u003cspan m='1010480'\u003ethese\u003c/span\u003e \u003cspan m='1010690'\u003einstitutions.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1012460'\u003eI mean,\u003c/span\u003e \u003cspan m='1012640'\u003ewe\u003c/span\u003e \u003cspan m='1012790'\u003ecan\u003c/span\u003e \u003cspan m='1012940'\u003edebate\u003c/span\u003e \u003cspan m='1013300'\u003ewhat\u003c/span\u003e \u003cspan m='1013480'\u003eto\u003c/span\u003e \u003cspan m='1013600'\u003edo\u003c/span\u003e \u003cspan m='1013810'\u003eabout\u003c/span\u003e \u003cspan m='1014170'\u003eit.\u003c/span\u003e \u003cspan m='1014290'\u003eI\u003c/span\u003e \u003cspan m='1014830'\u003epublicly\u003c/span\u003e \u003cspan m='1015700'\u003ehave\u003c/span\u003e \u003cspan m='1015970'\u003ea\u003c/span\u003e \u003cspan m='1016030'\u003epoint\u003c/span\u003e \u003cspan m='1016270'\u003eof\u003c/span\u003e \u003cspan m='1016330'\u003eview.\u003c/span\u003e \u003cspan m='1016600'\u003eAnd\u003c/span\u003e \u003cspan m='1016690'\u003eI'm\u003c/span\u003e \u003cspan m='1016750'\u003egoing\u003c/span\u003e \u003cspan m='1016870'\u003eto\u003c/span\u003e \u003cspan m='1016960'\u003eshare\u003c/span\u003e \u003cspan m='1017230'\u003eit\u003c/span\u003e \u003cspan m='1017290'\u003ewith\u003c/span\u003e \u003cspan m='1017530'\u003eyou\u003c/span\u003e \u003cspan m='1017650'\u003eas\u003c/span\u003e \u003cspan m='1017800'\u003ewe\u003c/span\u003e \u003cspan m='1017920'\u003ego\u003c/span\u003e \u003cspan m='1018100'\u003ethrough\u003c/span\u003e \u003cspan m='1018310'\u003ethis\u003c/span\u003e \u003cspan m='1018490'\u003eclass\u003c/span\u003e \u003cspan m='1018850'\u003etoday.\u003c/span\u003e \u003cspan m='1019660'\u003eBut\u003c/span\u003e \u003cspan m='1019870'\u003eyou\u003c/span\u003e \u003cspan m='1019990'\u003edon't\u003c/span\u003e \u003cspan m='1020200'\u003eneed\u003c/span\u003e \u003cspan m='1020410'\u003eto\u003c/span\u003e \u003cspan m='1020560'\u003eshare\u003c/span\u003e \u003cspan m='1021010'\u003ethe\u003c/span\u003e \u003cspan m='1021160'\u003esecond\u003c/span\u003e \u003cspan m='1021670'\u003epart,\u003c/span\u003e \u003cspan m='1022220'\u003ewhich\u003c/span\u003e \u003cspan m='1022330'\u003eis\u003c/span\u003e \u003cspan m='1022450'\u003ewhere\u003c/span\u003e \u003cspan m='1022690'\u003eI\u003c/span\u003e \u003cspan m='1022990'\u003eam\u003c/span\u003e \u003cspan m='1023220'\u003eon\u003c/span\u003e \u003cspan m='1023770'\u003ehow\u003c/span\u003e \u003cspan m='1023890'\u003eto\u003c/span\u003e \u003cspan m='1024040'\u003eaddress\u003c/span\u003e \u003cspan m='1024460'\u003ethat\u003c/span\u003e \u003cspan m='1025180'\u003eto\u003c/span\u003e \u003cspan m='1025329'\u003erecognize\u003c/span\u003e \u003cspan m='1025960'\u003ethat\u003c/span\u003e \u003cspan m='1027160'\u003ethe\u003c/span\u003e \u003cspan m='1027250'\u003ehigh\u003c/span\u003e \u003cspan m='1027579'\u003elevel\u003c/span\u003e \u003cspan m='1028030'\u003eof\u003c/span\u003e \u003cspan m='1028540'\u003ecustody\u003c/span\u003e \u003cspan m='1029260'\u003eissues\u003c/span\u003e \u003cspan m='1029890'\u003eand\u003c/span\u003e \u003cspan m='1030010'\u003ethe\u003c/span\u003e \u003cspan m='1030069'\u003ehigh\u003c/span\u003e \u003cspan m='1030310'\u003elevel\u003c/span\u003e \u003cspan m='1030670'\u003eof\u003c/span\u003e \u003cspan m='1030790'\u003emarket\u003c/span\u003e \u003cspan m='1031210'\u003emanipulation\u003c/span\u003e \u003cspan m='1031960'\u003eissues\u003c/span\u003e \u003cspan m='1033730'\u003eprobably\u003c/span\u003e \u003cspan m='1034410'\u003eis\u003c/span\u003e \u003cspan m='1034569'\u003eassociated\u003c/span\u003e \u003cspan m='1035290'\u003ewith\u003c/span\u003e \u003cspan m='1035440'\u003elower\u003c/span\u003e \u003cspan m='1035829'\u003etrust\u003c/span\u003e \u003cspan m='1036369'\u003ein\u003c/span\u003e \u003cspan m='1036490'\u003ethese\u003c/span\u003e \u003cspan m='1036700'\u003einstitutions.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1037900'\u003eEven\u003c/span\u003e \u003cspan m='1038200'\u003enow,\u003c/span\u003e \u003cspan m='1038589'\u003ethere's,\u003c/span\u003e \u003cspan m='1039780'\u003eyou\u003c/span\u003e \u003cspan m='1039880'\u003eknow,\u003c/span\u003e \u003cspan m='1040240'\u003e30\u003c/span\u003e \u003cspan m='1040690'\u003emillion\u003c/span\u003e \u003cspan m='1041050'\u003eplus\u003c/span\u003e \u003cspan m='1041349'\u003epeople\u003c/span\u003e \u003cspan m='1041710'\u003ethat\u003c/span\u003e \u003cspan m='1041800'\u003ehave\u003c/span\u003e \u003cspan m='1041920'\u003eused\u003c/span\u003e \u003cspan m='1042160'\u003ecrypto\u003c/span\u003e \u003cspan m='1042579'\u003eexchanges\u003c/span\u003e \u003cspan m='1043390'\u003eand\u003c/span\u003e \u003cspan m='1043990'\u003e30\u003c/span\u003e \u003cspan m='1044410'\u003eor\u003c/span\u003e \u003cspan m='1044500'\u003e40\u003c/span\u003e \u003cspan m='1044859'\u003epeople\u003c/span\u003e \u003cspan m='1045190'\u003ein\u003c/span\u003e \u003cspan m='1045280'\u003ethis\u003c/span\u003e \u003cspan m='1045640'\u003eclass.\u003c/span\u003e \u003cspan m='1046390'\u003eSo\u003c/span\u003e \u003cspan m='1046690'\u003ethere\u003c/span\u003e \u003cspan m='1046869'\u003eis\u003c/span\u003e \u003cspan m='1047050'\u003ea\u003c/span\u003e \u003cspan m='1047109'\u003elevel\u003c/span\u003e \u003cspan m='1047470'\u003eof\u003c/span\u003e \u003cspan m='1047560'\u003etrust.\u003c/span\u003e \u003cspan m='1048130'\u003eI'm\u003c/span\u003e \u003cspan m='1048250'\u003ejust\u003c/span\u003e \u003cspan m='1048400'\u003esaying\u003c/span\u003e \u003cspan m='1049720'\u003ethat\u003c/span\u003e \u003cspan m='1050080'\u003eI\u003c/span\u003e \u003cspan m='1050200'\u003ethink\u003c/span\u003e \u003cspan m='1050380'\u003ethat's\u003c/span\u003e \u003cspan m='1052538'\u003ewhat's\u003c/span\u003e \u003cspan m='1052990'\u003ereally\u003c/span\u003e \u003cspan m='1053380'\u003eat\u003c/span\u003e \u003cspan m='1053470'\u003ethe\u003c/span\u003e \u003cspan m='1053560'\u003emiddle\u003c/span\u003e \u003cspan m='1053830'\u003eof\u003c/span\u003e \u003cspan m='1054250'\u003ethis.\u003c/span\u003e \u003cspan m='1056780'\u003eSo\u003c/span\u003e \u003cspan m='1056990'\u003elet's\u003c/span\u003e \u003cspan m='1057200'\u003ehave--\u003c/span\u003e \u003cspan m='1057470'\u003eso\u003c/span\u003e \u003cspan m='1057800'\u003ewe\u003c/span\u003e \u003cspan m='1058010'\u003ehad\u003c/span\u003e \u003cspan m='1058190'\u003ea\u003c/span\u003e \u003cspan m='1058220'\u003ebunch\u003c/span\u003e \u003cspan m='1058490'\u003eof\u003c/span\u003e \u003cspan m='1058550'\u003ereadings.\u003c/span\u003e \u003cspan m='1059150'\u003eI'll\u003c/span\u003e \u003cspan m='1059240'\u003eskip\u003c/span\u003e \u003cspan m='1059570'\u003eover\u003c/span\u003e \u003cspan m='1059810'\u003ethat.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1061400'\u003eSo\u003c/span\u003e \u003cspan m='1061610'\u003ecrypto\u003c/span\u003e \u003cspan m='1062090'\u003eexchanges--\u003c/span\u003e \u003cspan m='1063380'\u003eso\u003c/span\u003e \u003cspan m='1063860'\u003ethis\u003c/span\u003e \u003cspan m='1064100'\u003eis\u003c/span\u003e \u003cspan m='1064250'\u003ewhat\u003c/span\u003e \u003cspan m='1064490'\u003ea\u003c/span\u003e \u003cspan m='1064550'\u003ecentralized\u003c/span\u003e \u003cspan m='1065360'\u003eexchange\u003c/span\u003e \u003cspan m='1065840'\u003edoes.\u003c/span\u003e \u003cspan m='1066120'\u003eThere's\u003c/span\u003e \u003cspan m='1066260'\u003eabout\u003c/span\u003e \u003cspan m='1066470'\u003e200\u003c/span\u003e \u003cspan m='1067070'\u003eof\u003c/span\u003e \u003cspan m='1067250'\u003ethem.\u003c/span\u003e \u003cspan m='1067790'\u003eProbably\u003c/span\u003e \u003cspan m='1068330'\u003ein\u003c/span\u003e \u003cspan m='1068420'\u003ethe\u003c/span\u003e \u003cspan m='1068510'\u003ehistory\u003c/span\u003e \u003cspan m='1068900'\u003eof\u003c/span\u003e \u003cspan m='1068990'\u003ebitcoin,\u003c/span\u003e \u003cspan m='1069470'\u003ethere's\u003c/span\u003e \u003cspan m='1070220'\u003e100\u003c/span\u003e \u003cspan m='1070610'\u003eto\u003c/span\u003e \u003cspan m='1070700'\u003e200\u003c/span\u003e \u003cspan m='1071210'\u003ethat\u003c/span\u003e \u003cspan m='1071360'\u003ehave\u003c/span\u003e \u003cspan m='1071480'\u003ealready\u003c/span\u003e \u003cspan m='1072320'\u003eopened\u003c/span\u003e \u003cspan m='1072590'\u003eand\u003c/span\u003e \u003cspan m='1072860'\u003eshut,\u003c/span\u003e \u003cspan m='1073520'\u003eyou\u003c/span\u003e \u003cspan m='1073640'\u003eknow.\u003c/span\u003e \u003cspan m='1073790'\u003eSo\u003c/span\u003e \u003cspan m='1074450'\u003esomewhere\u003c/span\u003e \u003cspan m='1074870'\u003ein\u003c/span\u003e \u003cspan m='1074960'\u003ethe\u003c/span\u003e \u003cspan m='1075020'\u003ehistory,\u003c/span\u003e \u003cspan m='1075440'\u003ethere's\u003c/span\u003e \u003cspan m='1075620'\u003ebeen\u003c/span\u003e \u003cspan m='1075800'\u003e300\u003c/span\u003e \u003cspan m='1076040'\u003eor\u003c/span\u003e \u003cspan m='1076130'\u003e400.\u003c/span\u003e \u003cspan m='1076640'\u003eIt's\u003c/span\u003e \u003cspan m='1076760'\u003estill\u003c/span\u003e \u003cspan m='1077000'\u003epretty\u003c/span\u003e \u003cspan m='1077540'\u003edarn\u003c/span\u003e \u003cspan m='1078770'\u003edecentralized\u003c/span\u003e \u003cspan m='1079850'\u003ein\u003c/span\u003e \u003cspan m='1079940'\u003eterms\u003c/span\u003e \u003cspan m='1080300'\u003eof\u003c/span\u003e \u003cspan m='1080420'\u003ethe\u003c/span\u003e \u003cspan m='1080510'\u003enumber\u003c/span\u003e \u003cspan m='1080960'\u003eof\u003c/span\u003e \u003cspan m='1081140'\u003ethem.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1083770'\u003eAnd\u003c/span\u003e \u003cspan m='1084080'\u003eI'll\u003c/span\u003e \u003cspan m='1084740'\u003elater\u003c/span\u003e \u003cspan m='1085160'\u003esay,\u003c/span\u003e \u003cspan m='1085460'\u003eI\u003c/span\u003e \u003cspan m='1085580'\u003ethink\u003c/span\u003e \u003cspan m='1085790'\u003eone\u003c/span\u003e \u003cspan m='1085970'\u003eof\u003c/span\u003e \u003cspan m='1086030'\u003ethe\u003c/span\u003e \u003cspan m='1086150'\u003ethings\u003c/span\u003e \u003cspan m='1086420'\u003ethat\u003c/span\u003e \u003cspan m='1086510'\u003ewill\u003c/span\u003e \u003cspan m='1086600'\u003ehappen\u003c/span\u003e \u003cspan m='1086840'\u003eis\u003c/span\u003e \u003cspan m='1086960'\u003ewe'll\u003c/span\u003e \u003cspan m='1087140'\u003esee\u003c/span\u003e \u003cspan m='1087380'\u003emore\u003c/span\u003e \u003cspan m='1087590'\u003econsolidation.\u003c/span\u003e \u003cspan m='1089590'\u003eThere's\u003c/span\u003e \u003cspan m='1089770'\u003ejust\u003c/span\u003e \u003cspan m='1089920'\u003eso\u003c/span\u003e \u003cspan m='1090250'\u003emany\u003c/span\u003e \u003cspan m='1090610'\u003eof\u003c/span\u003e \u003cspan m='1090790'\u003ethem.\u003c/span\u003e \u003cspan m='1090940'\u003eThat's\u003c/span\u003e \u003cspan m='1091180'\u003ean\u003c/span\u003e \u003cspan m='1091270'\u003eunusual\u003c/span\u003e \u003cspan m='1092020'\u003emarket\u003c/span\u003e \u003cspan m='1092500'\u003estructure.\u003c/span\u003e \u003cspan m='1093880'\u003eMarkets\u003c/span\u003e \u003cspan m='1094360'\u003eusually\u003c/span\u003e \u003cspan m='1094930'\u003ecoalesce\u003c/span\u003e \u003cspan m='1096340'\u003earound\u003c/span\u003e \u003cspan m='1097270'\u003esome\u003c/span\u003e \u003cspan m='1097750'\u003ecentral\u003c/span\u003e \u003cspan m='1098260'\u003epricing\u003c/span\u003e \u003cspan m='1098860'\u003efunction.\u003c/span\u003e \u003cspan m='1100150'\u003eYou\u003c/span\u003e \u003cspan m='1100240'\u003ewant\u003c/span\u003e \u003cspan m='1100360'\u003eto\u003c/span\u003e \u003cspan m='1100420'\u003ebuy\u003c/span\u003e \u003cspan m='1100750'\u003eand\u003c/span\u003e \u003cspan m='1100870'\u003esell\u003c/span\u003e \u003cspan m='1101110'\u003eyour\u003c/span\u003e \u003cspan m='1101320'\u003eapples\u003c/span\u003e \u003cspan m='1102130'\u003ehundreds\u003c/span\u003e \u003cspan m='1102610'\u003eof\u003c/span\u003e \u003cspan m='1102670'\u003eyears\u003c/span\u003e \u003cspan m='1103000'\u003eago.\u003c/span\u003e \u003cspan m='1103360'\u003eYou'd\u003c/span\u003e \u003cspan m='1103570'\u003ecome\u003c/span\u003e \u003cspan m='1103840'\u003einto\u003c/span\u003e \u003cspan m='1104020'\u003ethe\u003c/span\u003e \u003cspan m='1104110'\u003ecenter\u003c/span\u003e \u003cspan m='1104620'\u003emarket\u003c/span\u003e \u003cspan m='1105070'\u003eif\u003c/span\u003e \u003cspan m='1105160'\u003eyou\u003c/span\u003e \u003cspan m='1105280'\u003ewanted\u003c/span\u003e \u003cspan m='1105460'\u003eto\u003c/span\u003e \u003cspan m='1105520'\u003eget\u003c/span\u003e \u003cspan m='1105640'\u003ethe\u003c/span\u003e \u003cspan m='1106060'\u003ebest\u003c/span\u003e \u003cspan m='1106330'\u003eprice\u003c/span\u003e \u003cspan m='1106630'\u003ediscovery.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1106945'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1107050'\u003eIs\u003c/span\u003e \u003cspan m='1107155'\u003ethere\u003c/span\u003e \u003cspan m='1107260'\u003ea reason\u003c/span\u003e \u003cspan m='1107760'\u003enow, though,\u003c/span\u003e \u003cspan m='1108260'\u003ebecause\u003c/span\u003e \u003cspan m='1108760'\u003eyou have\u003c/span\u003e \u003cspan m='1109760'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='1110760'\u003ein\u003c/span\u003e \u003cspan m='1111260'\u003edifferent areas\u003c/span\u003e \u003cspan m='1111760'\u003ealone.\u003c/span\u003e \u003cspan m='1112260'\u003eSo\u003c/span\u003e \u003cspan m='1112760'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='1113260'\u003esame\u003c/span\u003e \u003cspan m='1113760'\u003eassets\u003c/span\u003e \u003cspan m='1114260'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1115570'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1115690'\u003eSo\u003c/span\u003e \u003cspan m='1115810'\u003ethe\u003c/span\u003e \u003cspan m='1115900'\u003equestion\u003c/span\u003e \u003cspan m='1116230'\u003eis,\u003c/span\u003e \u003cspan m='1116380'\u003edo\u003c/span\u003e \u003cspan m='1116560'\u003ewe\u003c/span\u003e \u003cspan m='1116680'\u003ehave\u003c/span\u003e \u003cspan m='1116890'\u003eso\u003c/span\u003e \u003cspan m='1117160'\u003emany\u003c/span\u003e \u003cspan m='1117370'\u003ecrypto\u003c/span\u003e \u003cspan m='1117760'\u003eexchanges\u003c/span\u003e \u003cspan m='1118300'\u003ein\u003c/span\u003e \u003cspan m='1118390'\u003epart\u003c/span\u003e \u003cspan m='1118780'\u003ebecause\u003c/span\u003e \u003cspan m='1119320'\u003eof\u003c/span\u003e \u003cspan m='1119980'\u003elots\u003c/span\u003e \u003cspan m='1120280'\u003eof\u003c/span\u003e \u003cspan m='1120340'\u003edifferent\u003c/span\u003e \u003cspan m='1120610'\u003eregulation?\u003c/span\u003e \u003cspan m='1121270'\u003eI\u003c/span\u003e \u003cspan m='1121330'\u003ethink\u003c/span\u003e \u003cspan m='1121480'\u003ethat\u003c/span\u003e \u003cspan m='1121630'\u003econtributes\u003c/span\u003e \u003cspan m='1122260'\u003eto\u003c/span\u003e \u003cspan m='1122440'\u003eit.\u003c/span\u003e \u003cspan m='1122770'\u003eI\u003c/span\u003e \u003cspan m='1122860'\u003ewould\u003c/span\u003e \u003cspan m='1122980'\u003esay\u003c/span\u003e \u003cspan m='1125370'\u003eyes.\u003c/span\u003e \u003cspan m='1125920'\u003eBut\u003c/span\u003e \u003cspan m='1126000'\u003eI\u003c/span\u003e \u003cspan m='1126060'\u003edon't\u003c/span\u003e \u003cspan m='1126240'\u003ethink\u003c/span\u003e \u003cspan m='1126390'\u003ethat's\u003c/span\u003e \u003cspan m='1126600'\u003ethe\u003c/span\u003e \u003cspan m='1126750'\u003eonly\u003c/span\u003e \u003cspan m='1127170'\u003ereason.\u003c/span\u003e \u003cspan m='1128040'\u003eYeah.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1129715'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1129957'\u003eI\u003c/span\u003e \u003cspan m='1130200'\u003ethink\u003c/span\u003e \u003cspan m='1130685'\u003eanother reason\u003c/span\u003e \u003cspan m='1131170'\u003emight\u003c/span\u003e \u003cspan m='1131655'\u003ebe\u003c/span\u003e \u003cspan m='1132140'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1142340'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1142400'\u003eSo\u003c/span\u003e \u003cspan m='1142460'\u003eyou're\u003c/span\u003e \u003cspan m='1142610'\u003esaying\u003c/span\u003e \u003cspan m='1142910'\u003etraditional\u003c/span\u003e \u003cspan m='1143390'\u003eexchanges--\u003c/span\u003e \u003cspan m='1144060'\u003ethere\u003c/span\u003e \u003cspan m='1144090'\u003ewas\u003c/span\u003e \u003cspan m='1144340'\u003ethe--\u003c/span\u003e \u003cspan m='1145490'\u003eespecially\u003c/span\u003e \u003cspan m='1146030'\u003efor\u003c/span\u003e \u003cspan m='1146150'\u003ephysical\u003c/span\u003e \u003cspan m='1146630'\u003egoods,\u003c/span\u003e \u003cspan m='1146930'\u003eapples,\u003c/span\u003e \u003cspan m='1147500'\u003ethere\u003c/span\u003e \u003cspan m='1147620'\u003ewas\u003c/span\u003e \u003cspan m='1147770'\u003ea\u003c/span\u003e \u003cspan m='1148130'\u003elocational\u003c/span\u003e \u003cspan m='1148970'\u003eadvantage\u003c/span\u003e \u003cspan m='1149630'\u003eof\u003c/span\u003e \u003cspan m='1149720'\u003ebeing\u003c/span\u003e \u003cspan m='1150080'\u003ein\u003c/span\u003e \u003cspan m='1150170'\u003ethe\u003c/span\u003e \u003cspan m='1150260'\u003ecentral\u003c/span\u003e \u003cspan m='1150680'\u003esquare.\u003c/span\u003e \u003cspan m='1151060'\u003eI\u003c/span\u003e \u003cspan m='1151130'\u003eagree\u003c/span\u003e \u003cspan m='1151370'\u003ewith\u003c/span\u003e \u003cspan m='1151490'\u003ethat.\u003c/span\u003e \u003cspan m='1152090'\u003eThere\u003c/span\u003e \u003cspan m='1152190'\u003ewas\u003c/span\u003e \u003cspan m='1152330'\u003elocational\u003c/span\u003e \u003cspan m='1153110'\u003eadvantages\u003c/span\u003e \u003cspan m='1153770'\u003eto\u003c/span\u003e \u003cspan m='1153860'\u003ebe\u003c/span\u003e \u003cspan m='1154040'\u003ein\u003c/span\u003e \u003cspan m='1154130'\u003eNew\u003c/span\u003e \u003cspan m='1154370'\u003eYork\u003c/span\u003e \u003cspan m='1154790'\u003eor\u003c/span\u003e \u003cspan m='1154910'\u003eLondon.\u003c/span\u003e \u003cspan m='1155765'\u003eDo\u003c/span\u003e \u003cspan m='1156020'\u003eyou\u003c/span\u003e \u003cspan m='1156110'\u003eknow\u003c/span\u003e \u003cspan m='1156230'\u003ein\u003c/span\u003e \u003cspan m='1156320'\u003ethe\u003c/span\u003e \u003cspan m='1156380'\u003e19th\u003c/span\u003e \u003cspan m='1156860'\u003ecentury\u003c/span\u003e \u003cspan m='1157280'\u003ethe\u003c/span\u003e \u003cspan m='1157370'\u003ePhiladelphia\u003c/span\u003e \u003cspan m='1157940'\u003eStock\u003c/span\u003e \u003cspan m='1158270'\u003eExchange\u003c/span\u003e \u003cspan m='1158750'\u003ewas\u003c/span\u003e \u003cspan m='1158870'\u003ebigger\u003c/span\u003e \u003cspan m='1159170'\u003ethan\u003c/span\u003e \u003cspan m='1159320'\u003ethe\u003c/span\u003e \u003cspan m='1159740'\u003eNew\u003c/span\u003e \u003cspan m='1159830'\u003eYork\u003c/span\u003e \u003cspan m='1159980'\u003eStock\u003c/span\u003e \u003cspan m='1160220'\u003eExchange\u003c/span\u003e \u003cspan m='1160640'\u003euntil\u003c/span\u003e \u003cspan m='1160910'\u003eabout\u003c/span\u003e \u003cspan m='1161120'\u003ethe\u003c/span\u003e \u003cspan m='1161210'\u003e1840s\u003c/span\u003e \u003cspan m='1161990'\u003eor\u003c/span\u003e \u003cspan m='1162080'\u003e'50s?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1163160'\u003ePost-Civil\u003c/span\u003e \u003cspan m='1163730'\u003eWar,\u003c/span\u003e \u003cspan m='1164030'\u003eNew\u003c/span\u003e \u003cspan m='1164180'\u003eYork\u003c/span\u003e \u003cspan m='1164630'\u003etook\u003c/span\u003e \u003cspan m='1164900'\u003eoff\u003c/span\u003e \u003cspan m='1165110'\u003ecompared\u003c/span\u003e \u003cspan m='1165470'\u003eto\u003c/span\u003e \u003cspan m='1165560'\u003ePhiladelphia,\u003c/span\u003e \u003cspan m='1166250'\u003ebut\u003c/span\u003e \u003cspan m='1166970'\u003ethere\u003c/span\u003e \u003cspan m='1167120'\u003eis\u003c/span\u003e \u003cspan m='1167240'\u003elocational\u003c/span\u003e \u003cspan m='1168170'\u003eadvantages.\u003c/span\u003e \u003cspan m='1169670'\u003eBut\u003c/span\u003e \u003cspan m='1169880'\u003ein\u003c/span\u003e \u003cspan m='1169970'\u003ea\u003c/span\u003e \u003cspan m='1170030'\u003edigital\u003c/span\u003e \u003cspan m='1170570'\u003eage,\u003c/span\u003e \u003cspan m='1170900'\u003ethere's\u003c/span\u003e \u003cspan m='1171110'\u003eless\u003c/span\u003e \u003cspan m='1171440'\u003elocational\u003c/span\u003e \u003cspan m='1172340'\u003eadvantages.\u003c/span\u003e \u003cspan m='1173150'\u003eI\u003c/span\u003e \u003cspan m='1173360'\u003eagree\u003c/span\u003e \u003cspan m='1173660'\u003ewith\u003c/span\u003e \u003cspan m='1173810'\u003ethat.\u003c/span\u003e \u003cspan m='1175130'\u003eI\u003c/span\u003e \u003cspan m='1175280'\u003ealso\u003c/span\u003e \u003cspan m='1175520'\u003ethink\u003c/span\u003e \u003cspan m='1175670'\u003eit's\u003c/span\u003e \u003cspan m='1175920'\u003ea very\u003c/span\u003e \u003cspan m='1176390'\u003eearly\u003c/span\u003e \u003cspan m='1176690'\u003edays\u003c/span\u003e \u003cspan m='1177200'\u003ein\u003c/span\u003e \u003cspan m='1177320'\u003esome\u003c/span\u003e \u003cspan m='1177590'\u003eregards.\u003c/span\u003e \u003cspan m='1178580'\u003eIt\u003c/span\u003e \u003cspan m='1178700'\u003edoesn't\u003c/span\u003e \u003cspan m='1178970'\u003etake\u003c/span\u003e \u003cspan m='1179210'\u003emuch.\u003c/span\u003e \u003cspan m='1180530'\u003eThere's\u003c/span\u003e \u003cspan m='1180740'\u003eone\u003c/span\u003e \u003cspan m='1181070'\u003esoftware\u003c/span\u003e \u003cspan m='1181730'\u003eprovider\u003c/span\u003e \u003cspan m='1182300'\u003ethat\u003c/span\u003e \u003cspan m='1182420'\u003eprovides\u003c/span\u003e \u003cspan m='1182900'\u003ethe\u003c/span\u003e \u003cspan m='1182990'\u003esoftware\u003c/span\u003e \u003cspan m='1183650'\u003efor\u003c/span\u003e \u003cspan m='1184160'\u003eover\u003c/span\u003e \u003cspan m='1184820'\u003e100\u003c/span\u003e \u003cspan m='1185630'\u003ecrypto\u003c/span\u003e \u003cspan m='1186110'\u003eexchanges.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1188110'\u003eThey're\u003c/span\u003e \u003cspan m='1188260'\u003enot\u003c/span\u003e \u003cspan m='1188530'\u003ethe\u003c/span\u003e \u003cspan m='1188650'\u003ebiggest\u003c/span\u003e \u003cspan m='1189160'\u003eones,\u003c/span\u003e \u003cspan m='1189580'\u003ebecause\u003c/span\u003e \u003cspan m='1189760'\u003esome\u003c/span\u003e \u003cspan m='1189940'\u003eof\u003c/span\u003e \u003cspan m='1190000'\u003ethe\u003c/span\u003e \u003cspan m='1190090'\u003ebiggest\u003c/span\u003e \u003cspan m='1190450'\u003eones\u003c/span\u003e \u003cspan m='1190720'\u003ewrite\u003c/span\u003e \u003cspan m='1190960'\u003etheir\u003c/span\u003e \u003cspan m='1191140'\u003eown\u003c/span\u003e \u003cspan m='1191290'\u003esoftware.\u003c/span\u003e \u003cspan m='1193060'\u003eBut\u003c/span\u003e \u003cspan m='1193210'\u003eit's--\u003c/span\u003e \u003cspan m='1194380'\u003eat\u003c/span\u003e \u003cspan m='1194500'\u003eleast\u003c/span\u003e \u003cspan m='1194740'\u003ethe\u003c/span\u003e \u003cspan m='1194830'\u003eCEO\u003c/span\u003e \u003cspan m='1195490'\u003ethat\u003c/span\u003e \u003cspan m='1195610'\u003etold\u003c/span\u003e \u003cspan m='1195910'\u003eme\u003c/span\u003e \u003cspan m='1196060'\u003ethis,\u003c/span\u003e \u003cspan m='1196360'\u003ewho\u003c/span\u003e \u003cspan m='1196480'\u003eruns\u003c/span\u003e \u003cspan m='1196810'\u003ethis\u003c/span\u003e \u003cspan m='1196940'\u003esoftware\u003c/span\u003e \u003cspan m='1197470'\u003ecompany\u003c/span\u003e \u003cspan m='1198250'\u003esaid\u003c/span\u003e \u003cspan m='1198490'\u003ethat\u003c/span\u003e \u003cspan m='1198610'\u003eit\u003c/span\u003e \u003cspan m='1198700'\u003ewas\u003c/span\u003e \u003cspan m='1198880'\u003eover\u003c/span\u003e \u003cspan m='1199120'\u003e20%\u003c/span\u003e \u003cspan m='1200410'\u003eand\u003c/span\u003e \u003cspan m='1200500'\u003emaybe\u003c/span\u003e \u003cspan m='1200740'\u003e30%\u003c/span\u003e \u003cspan m='1201400'\u003eof\u003c/span\u003e \u003cspan m='1201460'\u003ethe\u003c/span\u003e \u003cspan m='1201550'\u003evolume.\u003c/span\u003e \u003cspan m='1202730'\u003eSo\u003c/span\u003e \u003cspan m='1202810'\u003ehalf\u003c/span\u003e \u003cspan m='1203170'\u003eof\u003c/span\u003e \u003cspan m='1203230'\u003ethe\u003c/span\u003e \u003cspan m='1203320'\u003ecrypto\u003c/span\u003e \u003cspan m='1203800'\u003eexchanges,\u003c/span\u003e \u003cspan m='1204820'\u003eof\u003c/span\u003e \u003cspan m='1205010'\u003ethat,\u003c/span\u003e \u003cspan m='1205150'\u003ea\u003c/span\u003e \u003cspan m='1205210'\u003equarter\u003c/span\u003e \u003cspan m='1205630'\u003eof\u003c/span\u003e \u003cspan m='1205690'\u003ethe\u003c/span\u003e \u003cspan m='1205780'\u003evolume,\u003c/span\u003e \u003cspan m='1207250'\u003eall\u003c/span\u003e \u003cspan m='1207460'\u003ehave\u003c/span\u003e \u003cspan m='1207640'\u003ethe\u003c/span\u003e \u003cspan m='1207760'\u003esame\u003c/span\u003e \u003cspan m='1208090'\u003esoftware,\u003c/span\u003e \u003cspan m='1208940'\u003emeaning\u003c/span\u003e \u003cspan m='1210190'\u003ethe\u003c/span\u003e \u003cspan m='1210340'\u003esoftware\u003c/span\u003e \u003cspan m='1210910'\u003efor\u003c/span\u003e \u003cspan m='1211060'\u003ethe\u003c/span\u003e \u003cspan m='1211210'\u003eorder\u003c/span\u003e \u003cspan m='1211570'\u003ebook,\u003c/span\u003e \u003cspan m='1211900'\u003efor\u003c/span\u003e \u003cspan m='1213220'\u003ethe\u003c/span\u003e \u003cspan m='1213610'\u003ecustody,\u003c/span\u003e \u003cspan m='1214360'\u003esolutions,\u003c/span\u003e \u003cspan m='1215140'\u003eand\u003c/span\u003e \u003cspan m='1215230'\u003ethings\u003c/span\u003e \u003cspan m='1215500'\u003elike\u003c/span\u003e \u003cspan m='1215680'\u003ethat.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1216590'\u003eYou,\u003c/span\u003e \u003cspan m='1216890'\u003etoo,\u003c/span\u003e \u003cspan m='1217100'\u003ecould\u003c/span\u003e \u003cspan m='1217300'\u003estart\u003c/span\u003e \u003cspan m='1217570'\u003ea\u003c/span\u003e \u003cspan m='1217630'\u003ecrypto\u003c/span\u003e \u003cspan m='1218050'\u003eexchange.\u003c/span\u003e \u003cspan m='1219280'\u003ePlease\u003c/span\u003e \u003cspan m='1219610'\u003ebe\u003c/span\u003e \u003cspan m='1220060'\u003ecompliant\u003c/span\u003e \u003cspan m='1220660'\u003ewith\u003c/span\u003e \u003cspan m='1220780'\u003esecurities\u003c/span\u003e \u003cspan m='1221320'\u003elaw\u003c/span\u003e \u003cspan m='1222700'\u003eif\u003c/span\u003e \u003cspan m='1222910'\u003eyou're\u003c/span\u003e \u003cspan m='1223030'\u003egoing\u003c/span\u003e \u003cspan m='1223150'\u003eto\u003c/span\u003e \u003cspan m='1223210'\u003eoperate\u003c/span\u003e \u003cspan m='1223600'\u003ehere\u003c/span\u003e \u003cspan m='1223840'\u003ein\u003c/span\u003e \u003cspan m='1223930'\u003ethe\u003c/span\u003e \u003cspan m='1224040'\u003eUS--\u003c/span\u003e \u003cspan m='1224920'\u003ewell,\u003c/span\u003e \u003cspan m='1225100'\u003eactually\u003c/span\u003e \u003cspan m='1225490'\u003eif\u003c/span\u003e \u003cspan m='1225580'\u003eyou're\u003c/span\u003e \u003cspan m='1225670'\u003egoing\u003c/span\u003e \u003cspan m='1225730'\u003eto\u003c/span\u003e \u003cspan m='1225790'\u003eoperate\u003c/span\u003e \u003cspan m='1226090'\u003ein\u003c/span\u003e \u003cspan m='1226150'\u003eany\u003c/span\u003e \u003cspan m='1226300'\u003ecountry,\u003c/span\u003e \u003cspan m='1227660'\u003ebut\u003c/span\u003e \u003cspan m='1227800'\u003eparticularly\u003c/span\u003e \u003cspan m='1228220'\u003ein\u003c/span\u003e \u003cspan m='1228310'\u003ethe\u003c/span\u003e \u003cspan m='1228430'\u003eUS.\u003c/span\u003e \u003cspan m='1230260'\u003eSo\u003c/span\u003e \u003cspan m='1230440'\u003eit's\u003c/span\u003e \u003cspan m='1230560'\u003enot\u003c/span\u003e \u003cspan m='1230770'\u003ehard\u003c/span\u003e \u003cspan m='1231100'\u003eto\u003c/span\u003e \u003cspan m='1231190'\u003estart\u003c/span\u003e \u003cspan m='1231460'\u003eup.\u003c/span\u003e \u003cspan m='1231940'\u003eThat's\u003c/span\u003e \u003cspan m='1232120'\u003eone\u003c/span\u003e \u003cspan m='1232360'\u003eother\u003c/span\u003e \u003cspan m='1232540'\u003ething.\u003c/span\u003e \u003cspan m='1232720'\u003eIt's\u003c/span\u003e \u003cspan m='1232840'\u003enot\u003c/span\u003e \u003cspan m='1233050'\u003ehard\u003c/span\u003e \u003cspan m='1233380'\u003eto\u003c/span\u003e \u003cspan m='1233470'\u003estart\u003c/span\u003e \u003cspan m='1233890'\u003eup\u003c/span\u003e \u003cspan m='1234010'\u003ea\u003c/span\u003e \u003cspan m='1234070'\u003ecrypto\u003c/span\u003e \u003cspan m='1234490'\u003eexchange\u003c/span\u003e \u003cspan m='1234940'\u003eright\u003c/span\u003e \u003cspan m='1235120'\u003enow\u003c/span\u003e \u003cspan m='1235330'\u003eif\u003c/span\u003e \u003cspan m='1235390'\u003eyou've\u003c/span\u003e \u003cspan m='1235540'\u003egot\u003c/span\u003e \u003cspan m='1235660'\u003ea\u003c/span\u003e \u003cspan m='1235720'\u003esoftware\u003c/span\u003e \u003cspan m='1236230'\u003eprovider\u003c/span\u003e \u003cspan m='1236770'\u003ethat\u003c/span\u003e \u003cspan m='1236890'\u003ecan\u003c/span\u003e \u003cspan m='1237040'\u003egive\u003c/span\u003e \u003cspan m='1237250'\u003eyou\u003c/span\u003e \u003cspan m='1238180'\u003ebasically\u003c/span\u003e \u003cspan m='1238720'\u003ea\u003c/span\u003e \u003cspan m='1238780'\u003epackage.\u003c/span\u003e \u003cspan m='1239910'\u003eAnd\u003c/span\u003e \u003cspan m='1240010'\u003eyou\u003c/span\u003e \u003cspan m='1240100'\u003eput\u003c/span\u003e \u003cspan m='1240310'\u003ea\u003c/span\u003e \u003cspan m='1240370'\u003enew\u003c/span\u003e \u003cspan m='1240520'\u003ename\u003c/span\u003e \u003cspan m='1240940'\u003eon\u003c/span\u003e \u003cspan m='1241150'\u003eit.\u003c/span\u003e \u003cspan m='1241510'\u003eAnd\u003c/span\u003e \u003cspan m='1243190'\u003eoff\u003c/span\u003e \u003cspan m='1243460'\u003eyou're\u003c/span\u003e \u003cspan m='1243610'\u003egoing.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1245170'\u003eBut\u003c/span\u003e \u003cspan m='1245350'\u003ethey're\u003c/span\u003e \u003cspan m='1245500'\u003ematching\u003c/span\u003e \u003cspan m='1246070'\u003eagents,\u003c/span\u003e \u003cspan m='1246490'\u003emeaning\u003c/span\u003e \u003cspan m='1246760'\u003ethey're\u003c/span\u003e \u003cspan m='1246880'\u003ematching\u003c/span\u003e \u003cspan m='1247270'\u003ebuys\u003c/span\u003e \u003cspan m='1247630'\u003eand\u003c/span\u003e \u003cspan m='1247750'\u003esells.\u003c/span\u003e \u003cspan m='1248640'\u003eThey\u003c/span\u003e \u003cspan m='1248770'\u003eare\u003c/span\u003e \u003cspan m='1248920'\u003ealso\u003c/span\u003e \u003cspan m='1249340'\u003ecounterparties,\u003c/span\u003e \u003cspan m='1250180'\u003ewhich\u003c/span\u003e \u003cspan m='1250360'\u003ewe\u003c/span\u003e \u003cspan m='1250480'\u003etalked\u003c/span\u003e \u003cspan m='1250780'\u003eabout.\u003c/span\u003e \u003cspan m='1251170'\u003eAnd\u003c/span\u003e \u003cspan m='1251320'\u003ethey're\u003c/span\u003e \u003cspan m='1251470'\u003ecustodians.\u003c/span\u003e \u003cspan m='1252670'\u003eTraditional\u003c/span\u003e \u003cspan m='1253240'\u003eexchanges\u003c/span\u003e \u003cspan m='1253810'\u003edo\u003c/span\u003e \u003cspan m='1253960'\u003ethe\u003c/span\u003e \u003cspan m='1254050'\u003efirst.\u003c/span\u003e \u003cspan m='1255130'\u003eBut\u003c/span\u003e \u003cspan m='1255250'\u003ethey\u003c/span\u003e \u003cspan m='1255370'\u003etend\u003c/span\u003e \u003cspan m='1255610'\u003enot\u003c/span\u003e \u003cspan m='1255790'\u003eto\u003c/span\u003e \u003cspan m='1255880'\u003edo\u003c/span\u003e \u003cspan m='1256060'\u003ethe\u003c/span\u003e \u003cspan m='1256150'\u003esecond\u003c/span\u003e \u003cspan m='1256510'\u003eand\u003c/span\u003e \u003cspan m='1256600'\u003ethird.\u003c/span\u003e \u003cspan m='1258910'\u003eDecentralized\u003c/span\u003e \u003cspan m='1259900'\u003eexchanges--\u003c/span\u003e \u003cspan m='1261350'\u003edecentralized\u003c/span\u003e \u003cspan m='1262210'\u003eexchanges\u003c/span\u003e \u003cspan m='1262870'\u003eare\u003c/span\u003e \u003cspan m='1262930'\u003every\u003c/span\u003e \u003cspan m='1263440'\u003esmall\u003c/span\u003e \u003cspan m='1263800'\u003epart\u003c/span\u003e \u003cspan m='1264070'\u003eof\u003c/span\u003e \u003cspan m='1264130'\u003ethe\u003c/span\u003e \u003cspan m='1264220'\u003emarket.\u003c/span\u003e \u003cspan m='1265060'\u003eWe'll\u003c/span\u003e \u003cspan m='1265210'\u003esee\u003c/span\u003e \u003cspan m='1265420'\u003esome\u003c/span\u003e \u003cspan m='1265630'\u003enumbers\u003c/span\u003e \u003cspan m='1265960'\u003elater\u003c/span\u003e \u003cspan m='1266320'\u003ethat\u003c/span\u003e \u003cspan m='1266530'\u003eestimate\u003c/span\u003e \u003cspan m='1267000'\u003eit's\u003c/span\u003e \u003cspan m='1267160'\u003ea\u003c/span\u003e \u003cspan m='1267190'\u003elittle\u003c/span\u003e \u003cspan m='1267430'\u003eless\u003c/span\u003e \u003cspan m='1267670'\u003ethan\u003c/span\u003e \u003cspan m='1267820'\u003eone\u003c/span\u003e \u003cspan m='1268120'\u003ehalf\u003c/span\u003e \u003cspan m='1268420'\u003eof\u003c/span\u003e \u003cspan m='1268540'\u003e1%\u003c/span\u003e \u003cspan m='1269260'\u003eof\u003c/span\u003e \u003cspan m='1269320'\u003ethe\u003c/span\u003e \u003cspan m='1269410'\u003evolume\u003c/span\u003e \u003cspan m='1269860'\u003eright\u003c/span\u003e \u003cspan m='1270070'\u003enow\u003c/span\u003e \u003cspan m='1270460'\u003ein\u003c/span\u003e \u003cspan m='1270610'\u003eOctober\u003c/span\u003e \u003cspan m='1271750'\u003eof\u003c/span\u003e \u003cspan m='1272200'\u003e2018.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1275160'\u003eBut\u003c/span\u003e \u003cspan m='1275370'\u003ethey're a\u003c/span\u003e \u003cspan m='1275790'\u003ecomputer\u003c/span\u003e \u003cspan m='1276330'\u003ealgorithm\u003c/span\u003e \u003cspan m='1276930'\u003ethat\u003c/span\u003e \u003cspan m='1277050'\u003eallows\u003c/span\u003e \u003cspan m='1277440'\u003eyou\u003c/span\u003e \u003cspan m='1277590'\u003eto\u003c/span\u003e \u003cspan m='1277680'\u003etrade\u003c/span\u003e \u003cspan m='1278220'\u003epeer\u003c/span\u003e \u003cspan m='1278550'\u003eto\u003c/span\u003e \u003cspan m='1278640'\u003epeer\u003c/span\u003e \u003cspan m='1279810'\u003ewithout\u003c/span\u003e \u003cspan m='1280290'\u003ea\u003c/span\u003e \u003cspan m='1280350'\u003ecentralized.\u003c/span\u003e \u003cspan m='1282620'\u003eAnd\u003c/span\u003e \u003cspan m='1282800'\u003ethere's\u003c/span\u003e \u003cspan m='1283010'\u003ea\u003c/span\u003e \u003cspan m='1283040'\u003elot\u003c/span\u003e \u003cspan m='1283310'\u003eof\u003c/span\u003e \u003cspan m='1283370'\u003evariation\u003c/span\u003e \u003cspan m='1284090'\u003ein\u003c/span\u003e \u003cspan m='1284180'\u003ethe\u003c/span\u003e \u003cspan m='1284240'\u003edecentralized\u003c/span\u003e \u003cspan m='1284990'\u003espace.\u003c/span\u003e \u003cspan m='1285410'\u003eAnd\u003c/span\u003e \u003cspan m='1285530'\u003eI'll\u003c/span\u003e \u003cspan m='1285620'\u003etake\u003c/span\u003e \u003cspan m='1285860'\u003eany\u003c/span\u003e \u003cspan m='1286070'\u003equestions\u003c/span\u003e \u003cspan m='1286610'\u003eon\u003c/span\u003e \u003cspan m='1286790'\u003eit.\u003c/span\u003e \u003cspan m='1286880'\u003eBut\u003c/span\u003e \u003cspan m='1287760'\u003eit's\u003c/span\u003e \u003cspan m='1288320'\u003ean\u003c/span\u003e \u003cspan m='1288590'\u003einteresting\u003c/span\u003e \u003cspan m='1289190'\u003epiece,\u003c/span\u003e \u003cspan m='1289520'\u003ewhere\u003c/span\u003e \u003cspan m='1289610'\u003eit's\u003c/span\u003e \u003cspan m='1289730'\u003esaying,\u003c/span\u003e \u003cspan m='1291130'\u003eKelly\u003c/span\u003e \u003cspan m='1291500'\u003eand\u003c/span\u003e \u003cspan m='1291620'\u003eI\u003c/span\u003e \u003cspan m='1291800'\u003edon't\u003c/span\u003e \u003cspan m='1292100'\u003ereally\u003c/span\u003e \u003cspan m='1292640'\u003eneed\u003c/span\u003e \u003cspan m='1292970'\u003eCoinbase\u003c/span\u003e \u003cspan m='1293750'\u003eto\u003c/span\u003e \u003cspan m='1293870'\u003etrade\u003c/span\u003e \u003cspan m='1295100'\u003eif\u003c/span\u003e \u003cspan m='1295250'\u003ethere's\u003c/span\u003e \u003cspan m='1295430'\u003esome\u003c/span\u003e \u003cspan m='1295760'\u003eapplication\u003c/span\u003e \u003cspan m='1296720'\u003ethat\u003c/span\u003e \u003cspan m='1296840'\u003ecan\u003c/span\u003e \u003cspan m='1297080'\u003efind\u003c/span\u003e \u003cspan m='1298010'\u003eeach\u003c/span\u003e \u003cspan m='1298280'\u003eof\u003c/span\u003e \u003cspan m='1298430'\u003eus.\u003c/span\u003e \u003cspan m='1298610'\u003eAnd\u003c/span\u003e \u003cspan m='1298730'\u003ewe\u003c/span\u003e \u003cspan m='1298910'\u003ecan\u003c/span\u003e \u003cspan m='1299060'\u003efind\u003c/span\u003e \u003cspan m='1299420'\u003eeach\u003c/span\u003e \u003cspan m='1299630'\u003eother.\u003c/span\u003e \u003cspan m='1303720'\u003eRoss.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1304240'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1304345'\u003eSo\u003c/span\u003e \u003cspan m='1304450'\u003eit's\u003c/span\u003e \u003cspan m='1304555'\u003ereally--\u003c/span\u003e \u003cspan m='1306145'\u003ethe\u003c/span\u003e \u003cspan m='1306640'\u003edecentralized\u003c/span\u003e \u003cspan m='1307630'\u003eexchange\u003c/span\u003e \u003cspan m='1309115'\u003eis--\u003c/span\u003e \u003cspan m='1310600'\u003eI'm trying to\u003c/span\u003e \u003cspan m='1310700'\u003eunderstand\u003c/span\u003e \u003cspan m='1311130'\u003ewhat you're saying\u003c/span\u003e \u003cspan m='1311530'\u003ecorrectly--\u003c/span\u003e \u003cspan m='1312200'\u003ecentralized\u003c/span\u003e \u003cspan m='1312870'\u003ebut\u003c/span\u003e \u003cspan m='1313030'\u003eonly\u003c/span\u003e \u003cspan m='1313360'\u003efor\u003c/span\u003e \u003cspan m='1313510'\u003ethe\u003c/span\u003e \u003cspan m='1313600'\u003ematching\u003c/span\u003e \u003cspan m='1313980'\u003eagent\u003c/span\u003e \u003cspan m='1314463'\u003efunction.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1315430'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1315580'\u003eVery\u003c/span\u003e \u003cspan m='1315730'\u003egood.\u003c/span\u003e \u003cspan m='1316000'\u003eCorrect.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1316255'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1316382'\u003eRight.\u003c/span\u003e \u003cspan m='1316510'\u003eAnd\u003c/span\u003e \u003cspan m='1316935'\u003eit\u003c/span\u003e \u003cspan m='1317020'\u003ejust\u003c/span\u003e \u003cspan m='1317200'\u003edoesn't\u003c/span\u003e \u003cspan m='1317530'\u003ehave\u003c/span\u003e \u003cspan m='1317740'\u003ethe\u003c/span\u003e \u003cspan m='1317860'\u003eother\u003c/span\u003e \u003cspan m='1318040'\u003etwo,\u003c/span\u003e \u003cspan m='1318310'\u003ebecause\u003c/span\u003e \u003cspan m='1318780'\u003eyou can just\u003c/span\u003e \u003cspan m='1319220'\u003etrade--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1319970'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1320060'\u003eRight.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1320616'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1320709'\u003e--if\u003c/span\u003e \u003cspan m='1320802'\u003eyou\u003c/span\u003e \u003cspan m='1320895'\u003ehave\u003c/span\u003e \u003cspan m='1320988'\u003ea\u003c/span\u003e \u003cspan m='1321082'\u003enode.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1321550'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1321760'\u003eSo\u003c/span\u003e \u003cspan m='1321970'\u003eRoss\u003c/span\u003e \u003cspan m='1322450'\u003ehas\u003c/span\u003e \u003cspan m='1322570'\u003eraised--\u003c/span\u003e \u003cspan m='1322960'\u003eare\u003c/span\u003e \u003cspan m='1323050'\u003edecentralized\u003c/span\u003e \u003cspan m='1324700'\u003ereally\u003c/span\u003e \u003cspan m='1325060'\u003ecentralized\u003c/span\u003e \u003cspan m='1325840'\u003efor\u003c/span\u003e \u003cspan m='1325990'\u003ematching\u003c/span\u003e \u003cspan m='1327760'\u003eand\u003c/span\u003e \u003cspan m='1327910'\u003edon't\u003c/span\u003e \u003cspan m='1328180'\u003ehave\u003c/span\u003e \u003cspan m='1328360'\u003ethe\u003c/span\u003e \u003cspan m='1328510'\u003eother\u003c/span\u003e \u003cspan m='1328690'\u003etwo?\u003c/span\u003e \u003cspan m='1329170'\u003eLet\u003c/span\u003e \u003cspan m='1329350'\u003eme\u003c/span\u003e \u003cspan m='1329590'\u003eanswer\u003c/span\u003e \u003cspan m='1329980'\u003eit\u003c/span\u003e \u003cspan m='1330070'\u003ein\u003c/span\u003e \u003cspan m='1330190'\u003ereverse.\u003c/span\u003e \u003cspan m='1331420'\u003eDecentralized\u003c/span\u003e \u003cspan m='1332310'\u003eexchanges\u003c/span\u003e \u003cspan m='1332830'\u003edo\u003c/span\u003e \u003cspan m='1333040'\u003enot\u003c/span\u003e \u003cspan m='1333310'\u003ehave\u003c/span\u003e \u003cspan m='1333490'\u003eany\u003c/span\u003e \u003cspan m='1333670'\u003ecustody\u003c/span\u003e \u003cspan m='1334210'\u003efunction--\u003c/span\u003e \u003cspan m='1336630'\u003eno\u003c/span\u003e \u003cspan m='1336870'\u003ecustody\u003c/span\u003e \u003cspan m='1337380'\u003efunction,\u003c/span\u003e \u003cspan m='1338590'\u003ethough\u003c/span\u003e \u003cspan m='1339090'\u003eI\u003c/span\u003e \u003cspan m='1339360'\u003ecould\u003c/span\u003e \u003cspan m='1339570'\u003eenvision\u003c/span\u003e \u003cspan m='1340050'\u003ethat\u003c/span\u003e \u003cspan m='1340200'\u003esomehow\u003c/span\u003e \u003cspan m='1340650'\u003ethey\u003c/span\u003e \u003cspan m='1340800'\u003ecould\u003c/span\u003e \u003cspan m='1340980'\u003eset\u003c/span\u003e \u003cspan m='1341120'\u003eup\u003c/span\u003e \u003cspan m='1341400'\u003ea decentralized\u003c/span\u003e \u003cspan m='1342300'\u003eescrow\u003c/span\u003e \u003cspan m='1342750'\u003efunction\u003c/span\u003e \u003cspan m='1343230'\u003ethrough\u003c/span\u003e \u003cspan m='1343500'\u003esome\u003c/span\u003e \u003cspan m='1343740'\u003emultisig.\u003c/span\u003e \u003cspan m='1345210'\u003eYou\u003c/span\u003e \u003cspan m='1345360'\u003ecould\u003c/span\u003e \u003cspan m='1345840'\u003etechnologically\u003c/span\u003e \u003cspan m='1347220'\u003eeven\u003c/span\u003e \u003cspan m='1347490'\u003edo\u003c/span\u003e \u003cspan m='1347610'\u003ethat\u003c/span\u003e \u003cspan m='1347850'\u003edecentralized.\u003c/span\u003e \u003cspan m='1348570'\u003eBut\u003c/span\u003e \u003cspan m='1349530'\u003ewhat\u003c/span\u003e \u003cspan m='1349710'\u003eI\u003c/span\u003e \u003cspan m='1349830'\u003eknow\u003c/span\u003e \u003cspan m='1350010'\u003enow\u003c/span\u003e \u003cspan m='1350340'\u003eis\u003c/span\u003e \u003cspan m='1350490'\u003enone\u003c/span\u003e \u003cspan m='1350820'\u003eof\u003c/span\u003e \u003cspan m='1350940'\u003ethem\u003c/span\u003e \u003cspan m='1351090'\u003ehave\u003c/span\u003e \u003cspan m='1351270'\u003ea\u003c/span\u003e \u003cspan m='1351330'\u003ecustody\u003c/span\u003e \u003cspan m='1351840'\u003esolution.\u003c/span\u003e \u003cspan m='1353040'\u003eAnd\u003c/span\u003e \u003cspan m='1353190'\u003enone\u003c/span\u003e \u003cspan m='1353430'\u003eof\u003c/span\u003e \u003cspan m='1353550'\u003ethem\u003c/span\u003e \u003cspan m='1353670'\u003eare\u003c/span\u003e \u003cspan m='1353760'\u003ecounterparties.\u003c/span\u003e \u003cspan m='1355470'\u003eThat\u003c/span\u003e \u003cspan m='1356040'\u003eis\u003c/span\u003e \u003cspan m='1356220'\u003eaccurate.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1358530'\u003eIt's\u003c/span\u003e \u003cspan m='1358710'\u003enot\u003c/span\u003e \u003cspan m='1358950'\u003eclear\u003c/span\u003e \u003cspan m='1359370'\u003ethat\u003c/span\u003e \u003cspan m='1359550'\u003eall\u003c/span\u003e \u003cspan m='1359820'\u003eof\u003c/span\u003e \u003cspan m='1360000'\u003ethem\u003c/span\u003e \u003cspan m='1360870'\u003eare\u003c/span\u003e \u003cspan m='1361020'\u003ecentralized.\u003c/span\u003e \u003cspan m='1362010'\u003eThere's\u003c/span\u003e \u003cspan m='1362280'\u003eone\u003c/span\u003e \u003cspan m='1362700'\u003edeveloper.\u003c/span\u003e \u003cspan m='1363420'\u003eThere's\u003c/span\u003e \u003cspan m='1363630'\u003eone\u003c/span\u003e \u003cspan m='1364260'\u003eset\u003c/span\u003e \u003cspan m='1364530'\u003eof\u003c/span\u003e \u003cspan m='1364620'\u003ecomputer\u003c/span\u003e \u003cspan m='1365240'\u003etechnologists.\u003c/span\u003e \u003cspan m='1366080'\u003eBut\u003c/span\u003e \u003cspan m='1366240'\u003eyou\u003c/span\u003e \u003cspan m='1366360'\u003ecan\u003c/span\u003e \u003cspan m='1366570'\u003eactually,\u003c/span\u003e \u003cspan m='1367410'\u003eif\u003c/span\u003e \u003cspan m='1367590'\u003eyou\u003c/span\u003e \u003cspan m='1367740'\u003ewish,\u003c/span\u003e \u003cspan m='1369060'\u003eput\u003c/span\u003e \u003cspan m='1369300'\u003ethat\u003c/span\u003e \u003cspan m='1369540'\u003ealgorithm\u003c/span\u003e \u003cspan m='1370200'\u003eout\u003c/span\u003e \u003cspan m='1370410'\u003eand\u003c/span\u003e \u003cspan m='1370500'\u003ejust\u003c/span\u003e \u003cspan m='1370710'\u003esay,\u003c/span\u003e \u003cspan m='1370890'\u003ethat\u003c/span\u003e \u003cspan m='1371070'\u003ewas\u003c/span\u003e \u003cspan m='1371220'\u003ea\u003c/span\u003e \u003cspan m='1371280'\u003efun\u003c/span\u003e \u003cspan m='1371580'\u003eproject.\u003c/span\u003e \u003cspan m='1372240'\u003eI'm\u003c/span\u003e \u003cspan m='1372360'\u003ea\u003c/span\u003e \u003cspan m='1372420'\u003ecomputer\u003c/span\u003e \u003cspan m='1372870'\u003escientist\u003c/span\u003e \u003cspan m='1373530'\u003eat\u003c/span\u003e \u003cspan m='1373620'\u003eMIT.\u003c/span\u003e \u003cspan m='1374220'\u003eAnd\u003c/span\u003e \u003cspan m='1374370'\u003ejust\u003c/span\u003e \u003cspan m='1374610'\u003eput\u003c/span\u003e \u003cspan m='1374820'\u003eit\u003c/span\u003e \u003cspan m='1374910'\u003eout\u003c/span\u003e \u003cspan m='1375090'\u003ethere.\u003c/span\u003e \u003cspan m='1375330'\u003eAnd\u003c/span\u003e \u003cspan m='1375480'\u003eKelly\u003c/span\u003e \u003cspan m='1375870'\u003eand\u003c/span\u003e \u003cspan m='1375960'\u003eI\u003c/span\u003e \u003cspan m='1376050'\u003ecould\u003c/span\u003e \u003cspan m='1376200'\u003efind\u003c/span\u003e \u003cspan m='1376530'\u003eeach\u003c/span\u003e \u003cspan m='1376740'\u003eother.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1377400'\u003eBut\u003c/span\u003e \u003cspan m='1377610'\u003eusually,\u003c/span\u003e \u003cspan m='1378450'\u003ethere's\u003c/span\u003e \u003cspan m='1378690'\u003ean\u003c/span\u003e \u003cspan m='1378810'\u003eeconomic\u003c/span\u003e \u003cspan m='1379380'\u003emodel,\u003c/span\u003e \u003cspan m='1379770'\u003ewhere\u003c/span\u003e \u003cspan m='1379920'\u003esomebody\u003c/span\u003e \u003cspan m='1380310'\u003eis\u003c/span\u003e \u003cspan m='1380400'\u003etrying\u003c/span\u003e \u003cspan m='1380610'\u003eto\u003c/span\u003e \u003cspan m='1380700'\u003emake\u003c/span\u003e \u003cspan m='1380940'\u003esome\u003c/span\u003e \u003cspan m='1381120'\u003emoney.\u003c/span\u003e \u003cspan m='1383640'\u003eAnd\u003c/span\u003e \u003cspan m='1383760'\u003eso\u003c/span\u003e \u003cspan m='1383940'\u003ethen,\u003c/span\u003e \u003cspan m='1384120'\u003ethere's\u003c/span\u003e \u003cspan m='1384270'\u003esome\u003c/span\u003e \u003cspan m='1384660'\u003ecentralization\u003c/span\u003e \u003cspan m='1385620'\u003eof\u003c/span\u003e \u003cspan m='1385740'\u003ethe\u003c/span\u003e \u003cspan m='1385830'\u003esoftware.\u003c/span\u003e \u003cspan m='1387600'\u003eAnd\u003c/span\u003e \u003cspan m='1387750'\u003ethe\u003c/span\u003e \u003cspan m='1387900'\u003eSEC\u003c/span\u003e \u003cspan m='1388710'\u003ejust\u003c/span\u003e \u003cspan m='1388980'\u003ebrought\u003c/span\u003e \u003cspan m='1389310'\u003etheir\u003c/span\u003e \u003cspan m='1389460'\u003efirst\u003c/span\u003e \u003cspan m='1390870'\u003elegal\u003c/span\u003e \u003cspan m='1391260'\u003eaction\u003c/span\u003e \u003cspan m='1391770'\u003elast\u003c/span\u003e \u003cspan m='1392130'\u003eweek\u003c/span\u003e \u003cspan m='1393030'\u003eagainst\u003c/span\u003e \u003cspan m='1393720'\u003ea\u003c/span\u003e \u003cspan m='1394380'\u003edecentralized\u003c/span\u003e \u003cspan m='1395670'\u003eexchange.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1397080'\u003eAnd\u003c/span\u003e \u003cspan m='1397200'\u003eit\u003c/span\u003e \u003cspan m='1397260'\u003ewas,\u003c/span\u003e \u003cspan m='1397660'\u003ein\u003c/span\u003e \u003cspan m='1397680'\u003eessence,\u003c/span\u003e \u003cspan m='1398070'\u003eagainst\u003c/span\u003e \u003cspan m='1398370'\u003ethe\u003c/span\u003e \u003cspan m='1398460'\u003esoftware\u003c/span\u003e \u003cspan m='1399030'\u003edevelopers.\u003c/span\u003e \u003cspan m='1400080'\u003eNow,\u003c/span\u003e \u003cspan m='1400230'\u003ethere's\u003c/span\u003e \u003cspan m='1400470'\u003ethe\u003c/span\u003e \u003cspan m='1400710'\u003eFirst\u003c/span\u003e \u003cspan m='1401190'\u003eAmendment.\u003c/span\u003e \u003cspan m='1402080'\u003eDon't\u003c/span\u003e \u003cspan m='1403470'\u003eget\u003c/span\u003e \u003cspan m='1403680'\u003eme\u003c/span\u003e \u003cspan m='1403800'\u003ewrong.\u003c/span\u003e \u003cspan m='1404160'\u003eThere\u003c/span\u003e \u003cspan m='1404400'\u003eis\u003c/span\u003e \u003cspan m='1404940'\u003eclearly\u003c/span\u003e \u003cspan m='1405540'\u003ea\u003c/span\u003e \u003cspan m='1405630'\u003efreedom\u003c/span\u003e \u003cspan m='1406080'\u003eof\u003c/span\u003e \u003cspan m='1406200'\u003espeech\u003c/span\u003e \u003cspan m='1406740'\u003eand\u003c/span\u003e \u003cspan m='1406830'\u003efreedom\u003c/span\u003e \u003cspan m='1407340'\u003eof\u003c/span\u003e \u003cspan m='1407580'\u003eexpression\u003c/span\u003e \u003cspan m='1408240'\u003ein\u003c/span\u003e \u003cspan m='1408330'\u003ethis\u003c/span\u003e \u003cspan m='1408480'\u003ecountry.\u003c/span\u003e \u003cspan m='1409200'\u003eBut\u003c/span\u003e \u003cspan m='1409410'\u003eyou\u003c/span\u003e \u003cspan m='1409500'\u003ecould\u003c/span\u003e \u003cspan m='1409650'\u003ebe\u003c/span\u003e \u003cspan m='1409770'\u003ea\u003c/span\u003e \u003cspan m='1409830'\u003esoftware\u003c/span\u003e \u003cspan m='1410310'\u003edeveloper\u003c/span\u003e \u003cspan m='1410850'\u003eand\u003c/span\u003e \u003cspan m='1410970'\u003estill\u003c/span\u003e \u003cspan m='1411300'\u003ebe\u003c/span\u003e \u003cspan m='1411450'\u003ecomplicit\u003c/span\u003e \u003cspan m='1412080'\u003ein\u003c/span\u003e \u003cspan m='1412200'\u003esome\u003c/span\u003e \u003cspan m='1412470'\u003ecrime.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1413580'\u003eAnd\u003c/span\u003e \u003cspan m='1413700'\u003eboth\u003c/span\u003e \u003cspan m='1413940'\u003ethe\u003c/span\u003e \u003cspan m='1414090'\u003eSEC\u003c/span\u003e \u003cspan m='1414720'\u003eand\u003c/span\u003e \u003cspan m='1414930'\u003eCFTC\u003c/span\u003e \u003cspan m='1416130'\u003ehave,\u003c/span\u003e \u003cspan m='1416760'\u003ein\u003c/span\u003e \u003cspan m='1416910'\u003ethe\u003c/span\u003e \u003cspan m='1416970'\u003epast\u003c/span\u003e \u003cspan m='1417360'\u003e12\u003c/span\u003e \u003cspan m='1417640'\u003emonths,\u003c/span\u003e \u003cspan m='1418440'\u003ebrought\u003c/span\u003e \u003cspan m='1418710'\u003ein\u003c/span\u003e \u003cspan m='1418800'\u003elegal\u003c/span\u003e \u003cspan m='1419130'\u003eactions\u003c/span\u003e \u003cspan m='1419490'\u003eagainst\u003c/span\u003e \u003cspan m='1419730'\u003esoftware\u003c/span\u003e \u003cspan m='1420150'\u003edevelopers.\u003c/span\u003e \u003cspan m='1421410'\u003eAnd\u003c/span\u003e \u003cspan m='1421530'\u003eit's\u003c/span\u003e \u003cspan m='1421710'\u003einteresting\u003c/span\u003e \u003cspan m='1422340'\u003ethat\u003c/span\u003e \u003cspan m='1422670'\u003ein\u003c/span\u003e \u003cspan m='1422850'\u003ethe\u003c/span\u003e \u003cspan m='1422940'\u003elast\u003c/span\u003e \u003cspan m='1423360'\u003eweek,\u003c/span\u003e \u003cspan m='1424110'\u003ethe\u003c/span\u003e \u003cspan m='1424260'\u003eSEC--\u003c/span\u003e \u003cspan m='1425460'\u003ethey\u003c/span\u003e \u003cspan m='1425610'\u003esettled.\u003c/span\u003e \u003cspan m='1426360'\u003eIt\u003c/span\u003e \u003cspan m='1426450'\u003ewas\u003c/span\u003e \u003cspan m='1426570'\u003esort\u003c/span\u003e \u003cspan m='1426810'\u003eof\u003c/span\u003e \u003cspan m='1427110'\u003ea thing\u003c/span\u003e \u003cspan m='1427410'\u003ewhere,\u003c/span\u003e \u003cspan m='1427960'\u003eEtherDelta\u003c/span\u003e \u003cspan m='1432000'\u003ehad\u003c/span\u003e \u003cspan m='1432150'\u003eput\u003c/span\u003e \u003cspan m='1432390'\u003ea\u003c/span\u003e \u003cspan m='1432450'\u003edecentralized\u003c/span\u003e \u003cspan m='1434430'\u003etrading\u003c/span\u003e \u003cspan m='1434940'\u003eplatform\u003c/span\u003e \u003cspan m='1435810'\u003efor--\u003c/span\u003e \u003cspan m='1436470'\u003ewhat\u003c/span\u003e \u003cspan m='1436620'\u003edo\u003c/span\u003e \u003cspan m='1436680'\u003eyou\u003c/span\u003e \u003cspan m='1436770'\u003ethink\u003c/span\u003e \u003cspan m='1437010'\u003ethe\u003c/span\u003e \u003cspan m='1437160'\u003eSEC\u003c/span\u003e \u003cspan m='1437580'\u003eis\u003c/span\u003e \u003cspan m='1437700'\u003emost\u003c/span\u003e \u003cspan m='1438000'\u003einterested\u003c/span\u003e \u003cspan m='1438510'\u003ein?\u003c/span\u003e \u003cspan m='1440530'\u003eWhat\u003c/span\u003e \u003cspan m='1440950'\u003etype\u003c/span\u003e \u003cspan m='1441220'\u003eof--\u003c/span\u003e \u003cspan m='1441660'\u003ewhat's\u003c/span\u003e \u003cspan m='1441900'\u003ethat--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1442090'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1442200'\u003eICOs.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1442310'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1442495'\u003e--Catalina?\u003c/span\u003e \u003cspan m='1443290'\u003eICOs--\u003c/span\u003e \u003cspan m='1444640'\u003eyeah,\u003c/span\u003e \u003cspan m='1444880'\u003eso\u003c/span\u003e \u003cspan m='1445150'\u003eit\u003c/span\u003e \u003cspan m='1445310'\u003ewas a\u003c/span\u003e \u003cspan m='1445570'\u003edecentralized\u003c/span\u003e \u003cspan m='1446530'\u003eplatform\u003c/span\u003e \u003cspan m='1447220'\u003eto\u003c/span\u003e \u003cspan m='1447310'\u003etrade\u003c/span\u003e \u003cspan m='1448270'\u003eEthereum-based,\u003c/span\u003e \u003cspan m='1449380'\u003emore\u003c/span\u003e \u003cspan m='1449590'\u003especifically,\u003c/span\u003e \u003cspan m='1450380'\u003eERC-20\u003c/span\u003e \u003cspan m='1451420'\u003etokens.\u003c/span\u003e \u003cspan m='1452810'\u003eDecentralized--\u003c/span\u003e \u003cspan m='1454300'\u003eEilon\u003c/span\u003e \u003cspan m='1454660'\u003eand\u003c/span\u003e \u003cspan m='1454780'\u003eI\u003c/span\u003e \u003cspan m='1454960'\u003ecould\u003c/span\u003e \u003cspan m='1455110'\u003etrade\u003c/span\u003e \u003cspan m='1455470'\u003eour\u003c/span\u003e \u003cspan m='1455690'\u003eERC-20\u003c/span\u003e \u003cspan m='1456520'\u003etokens.\u003c/span\u003e \u003cspan m='1458670'\u003eBut\u003c/span\u003e \u003cspan m='1459930'\u003ethey\u003c/span\u003e \u003cspan m='1460110'\u003esaid,\u003c/span\u003e \u003cspan m='1460350'\u003eno,\u003c/span\u003e \u003cspan m='1460600'\u003eno,\u003c/span\u003e \u003cspan m='1460720'\u003ethat's\u003c/span\u003e \u003cspan m='1460950'\u003ea\u003c/span\u003e \u003cspan m='1461010'\u003eSecurities\u003c/span\u003e \u003cspan m='1461110'\u003eExchange.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1465420'\u003eSo\u003c/span\u003e \u003cspan m='1466000'\u003eand\u003c/span\u003e \u003cspan m='1466170'\u003eit's\u003c/span\u003e \u003cspan m='1466320'\u003ethe\u003c/span\u003e \u003cspan m='1466410'\u003efirst\u003c/span\u003e \u003cspan m='1466950'\u003eaction\u003c/span\u003e \u003cspan m='1467340'\u003ethe\u003c/span\u003e \u003cspan m='1467430'\u003eSecurities\u003c/span\u003e \u003cspan m='1467820'\u003eand\u003c/span\u003e \u003cspan m='1467910'\u003eExchange\u003c/span\u003e \u003cspan m='1468270'\u003eCommission\u003c/span\u003e \u003cspan m='1468600'\u003ehas\u003c/span\u003e \u003cspan m='1468690'\u003ebrought\u003c/span\u003e \u003cspan m='1468990'\u003eagainst\u003c/span\u003e \u003cspan m='1469350'\u003eany\u003c/span\u003e \u003cspan m='1469650'\u003ecrypto\u003c/span\u003e \u003cspan m='1470100'\u003eexchange.\u003c/span\u003e \u003cspan m='1470580'\u003eWhy\u003c/span\u003e \u003cspan m='1470760'\u003ethey\u003c/span\u003e \u003cspan m='1470880'\u003epicked\u003c/span\u003e \u003cspan m='1471140'\u003eit\u003c/span\u003e \u003cspan m='1471210'\u003edecentralized\u003c/span\u003e \u003cspan m='1471960'\u003eto\u003c/span\u003e \u003cspan m='1472050'\u003ebe\u003c/span\u003e \u003cspan m='1472140'\u003etheir\u003c/span\u003e \u003cspan m='1472260'\u003efirst?\u003c/span\u003e \u003cspan m='1472680'\u003eThat's\u003c/span\u003e \u003cspan m='1473760'\u003ea\u003c/span\u003e \u003cspan m='1473820'\u003estory\u003c/span\u003e \u003cspan m='1474270'\u003eI\u003c/span\u003e \u003cspan m='1474330'\u003edon't\u003c/span\u003e \u003cspan m='1474540'\u003eknow.\u003c/span\u003e \u003cspan m='1474930'\u003eBut\u003c/span\u003e \u003cspan m='1475020'\u003ethey\u003c/span\u003e \u003cspan m='1475170'\u003edid.\u003c/span\u003e \u003cspan m='1477860'\u003eSo\u003c/span\u003e \u003cspan m='1478010'\u003ethat's\u003c/span\u003e \u003cspan m='1478300'\u003edecentralized--\u003c/span\u003e \u003cspan m='1479390'\u003eso less\u003c/span\u003e \u003cspan m='1479720'\u003ethan\u003c/span\u003e \u003cspan m='1479870'\u003e1/2%\u003c/span\u003e \u003cspan m='1480440'\u003eof\u003c/span\u003e \u003cspan m='1480500'\u003ethe\u003c/span\u003e \u003cspan m='1480560'\u003evolume,\u003c/span\u003e \u003cspan m='1481250'\u003ebut\u003c/span\u003e \u003cspan m='1482120'\u003ean\u003c/span\u003e \u003cspan m='1482270'\u003einteresting\u003c/span\u003e \u003cspan m='1482930'\u003eand\u003c/span\u003e \u003cspan m='1483050'\u003etough,\u003c/span\u003e \u003cspan m='1483740'\u003eyou know,\u003c/span\u003e \u003cspan m='1484010'\u003enew\u003c/span\u003e \u003cspan m='1484280'\u003earea.\u003c/span\u003e \u003cspan m='1484710'\u003eAnd\u003c/span\u003e \u003cspan m='1485120'\u003eit\u003c/span\u003e \u003cspan m='1485360'\u003ebrings\u003c/span\u003e \u003cspan m='1485780'\u003eyou\u003c/span\u003e \u003cspan m='1485870'\u003eback\u003c/span\u003e \u003cspan m='1486230'\u003eto\u003c/span\u003e \u003cspan m='1486320'\u003emaybe\u003c/span\u003e \u003cspan m='1486620'\u003eNakamoto\u003c/span\u003e \u003cspan m='1488030'\u003emore\u003c/span\u003e \u003cspan m='1488540'\u003evision\u003c/span\u003e \u003cspan m='1489370'\u003edecentralized.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1491990'\u003eSo\u003c/span\u003e \u003cspan m='1492230'\u003eas\u003c/span\u003e \u003cspan m='1492380'\u003eI\u003c/span\u003e \u003cspan m='1492470'\u003esaid,\u003c/span\u003e \u003cspan m='1493190'\u003eresponsible,\u003c/span\u003e \u003cspan m='1494000'\u003ejust\u003c/span\u003e \u003cspan m='1494240'\u003elike\u003c/span\u003e \u003cspan m='1494450'\u003ein\u003c/span\u003e \u003cspan m='1494540'\u003ethis\u003c/span\u003e \u003cspan m='1494690'\u003eclassroom\u003c/span\u003e \u003cspan m='1495350'\u003efor\u003c/span\u003e \u003cspan m='1495500'\u003eprobably\u003c/span\u003e \u003cspan m='1495830'\u003e95%\u003c/span\u003e \u003cspan m='1496490'\u003epercent\u003c/span\u003e \u003cspan m='1497570'\u003eof\u003c/span\u003e \u003cspan m='1497780'\u003ethe\u003c/span\u003e \u003cspan m='1497870'\u003ebitcoin\u003c/span\u003e \u003cspan m='1498290'\u003eand\u003c/span\u003e \u003cspan m='1498710'\u003eether\u003c/span\u003e \u003cspan m='1500210'\u003etransactions--\u003c/span\u003e \u003cspan m='1501890'\u003ewho\u003c/span\u003e \u003cspan m='1502010'\u003edo\u003c/span\u003e \u003cspan m='1502070'\u003eyou\u003c/span\u003e \u003cspan m='1502160'\u003ethink\u003c/span\u003e \u003cspan m='1502400'\u003ethe\u003c/span\u003e \u003cspan m='1502490'\u003ebiggest\u003c/span\u003e \u003cspan m='1503600'\u003esellers\u003c/span\u003e \u003cspan m='1504230'\u003eare\u003c/span\u003e \u003cspan m='1505100'\u003ein\u003c/span\u003e \u003cspan m='1505250'\u003ebitcoin\u003c/span\u003e \u003cspan m='1505880'\u003earound\u003c/span\u003e \u003cspan m='1506180'\u003ethe\u003c/span\u003e \u003cspan m='1506270'\u003eglobe?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1506700'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1506920'\u003eMiners.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1508020'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1508135'\u003eWhat's\u003c/span\u003e \u003cspan m='1508250'\u003ethat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1509000'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1509230'\u003eMiners.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1509460'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1509615'\u003eMiners--\u003c/span\u003e \u003cspan m='1509770'\u003eright--\u003c/span\u003e \u003cspan m='1511820'\u003eminers.\u003c/span\u003e \u003cspan m='1512860'\u003eWho do\u003c/span\u003e \u003cspan m='1513360'\u003eyou\u003c/span\u003e \u003cspan m='1513560'\u003ethink\u003c/span\u003e \u003cspan m='1513740'\u003ethe\u003c/span\u003e \u003cspan m='1513830'\u003ebiggest\u003c/span\u003e \u003cspan m='1514100'\u003esellers\u003c/span\u003e \u003cspan m='1514520'\u003eof\u003c/span\u003e \u003cspan m='1514820'\u003eether--\u003c/span\u003e \u003cspan m='1515580'\u003eETH\u003c/span\u003e \u003cspan m='1516080'\u003eis?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1517884'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1518109'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1519240'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1519310'\u003eAnybody?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1520380'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1520630'\u003eICOs.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1521380'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1521485'\u003eWhat's\u003c/span\u003e \u003cspan m='1521590'\u003ethat?\u003c/span\u003e \u003cspan m='1521830'\u003eIC--\u003c/span\u003e \u003cspan m='1522660'\u003ewhat'd\u003c/span\u003e \u003cspan m='1522820'\u003eyou\u003c/span\u003e \u003cspan m='1522910'\u003esay?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1523180'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1523352'\u003eICOs.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1523870'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1524065'\u003eICOs,\u003c/span\u003e \u003cspan m='1524650'\u003eyes,\u003c/span\u003e \u003cspan m='1525580'\u003ebecause\u003c/span\u003e \u003cspan m='1525850'\u003eICOs--\u003c/span\u003e \u003cspan m='1526720'\u003e80%\u003c/span\u003e \u003cspan m='1527410'\u003eof\u003c/span\u003e \u003cspan m='1527680'\u003eICOs\u003c/span\u003e \u003cspan m='1528130'\u003eare\u003c/span\u003e \u003cspan m='1528190'\u003edone\u003c/span\u003e \u003cspan m='1528520'\u003eon\u003c/span\u003e \u003cspan m='1528650'\u003eEthereum.\u003c/span\u003e \u003cspan m='1529930'\u003eAnd\u003c/span\u003e \u003cspan m='1530080'\u003egenerally,\u003c/span\u003e \u003cspan m='1530620'\u003ein\u003c/span\u003e \u003cspan m='1530770'\u003ethe\u003c/span\u003e \u003cspan m='1530890'\u003eearly\u003c/span\u003e \u003cspan m='1531160'\u003edays,\u003c/span\u003e \u003cspan m='1531490'\u003ethey\u003c/span\u003e \u003cspan m='1531610'\u003ewere\u003c/span\u003e \u003cspan m='1531760'\u003eselling\u003c/span\u003e \u003cspan m='1532570'\u003ea\u003c/span\u003e \u003cspan m='1532660'\u003etoken\u003c/span\u003e \u003cspan m='1533260'\u003efor\u003c/span\u003e \u003cspan m='1533440'\u003ebitcoin\u003c/span\u003e \u003cspan m='1534970'\u003ewhen\u003c/span\u003e \u003cspan m='1535120'\u003eVitalik Buterin\u003c/span\u003e \u003cspan m='1535990'\u003edid\u003c/span\u003e \u003cspan m='1536320'\u003ehis.\u003c/span\u003e \u003cspan m='1536660'\u003eAnd\u003c/span\u003e \u003cspan m='1537230'\u003ehe\u003c/span\u003e \u003cspan m='1537400'\u003esold\u003c/span\u003e \u003cspan m='1538180'\u003eETH\u003c/span\u003e \u003cspan m='1538540'\u003efor\u003c/span\u003e \u003cspan m='1538990'\u003ebitcoin.\u003c/span\u003e \u003cspan m='1540190'\u003eBut\u003c/span\u003e \u003cspan m='1540940'\u003ewe've\u003c/span\u003e \u003cspan m='1541180'\u003emoved--\u003c/span\u003e \u003cspan m='1541570'\u003ein\u003c/span\u003e \u003cspan m='1541660'\u003ethe\u003c/span\u003e \u003cspan m='1541720'\u003elast\u003c/span\u003e \u003cspan m='1541970'\u003e12\u003c/span\u003e \u003cspan m='1542200'\u003emonths,\u003c/span\u003e \u003cspan m='1542500'\u003eit's\u003c/span\u003e \u003cspan m='1542620'\u003ebasically\u003c/span\u003e \u003cspan m='1543130'\u003eselling\u003c/span\u003e \u003cspan m='1543550'\u003efor\u003c/span\u003e \u003cspan m='1544270'\u003eETH.\u003c/span\u003e \u003cspan m='1545380'\u003eSo\u003c/span\u003e \u003cspan m='1545800'\u003ethen,\u003c/span\u003e \u003cspan m='1546040'\u003eyou\u003c/span\u003e \u003cspan m='1546490'\u003ewant\u003c/span\u003e \u003cspan m='1546640'\u003eto\u003c/span\u003e \u003cspan m='1546700'\u003esell\u003c/span\u003e \u003cspan m='1547000'\u003eit\u003c/span\u003e \u003cspan m='1549850'\u003egenerally\u003c/span\u003e \u003cspan m='1550290'\u003espeaking.\u003c/span\u003e \u003cspan m='1550680'\u003eI mean,\u003c/span\u003e \u003cspan m='1551040'\u003ethey\u003c/span\u003e \u003cspan m='1551130'\u003emight\u003c/span\u003e \u003cspan m='1551310'\u003ekeep\u003c/span\u003e \u003cspan m='1551550'\u003esome.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1553520'\u003eOver\u003c/span\u003e \u003cspan m='1553760'\u003e30\u003c/span\u003e \u003cspan m='1554120'\u003emillion\u003c/span\u003e \u003cspan m='1554420'\u003edirect\u003c/span\u003e \u003cspan m='1554750'\u003emembers--\u003c/span\u003e \u003cspan m='1555980'\u003eand\u003c/span\u003e \u003cspan m='1556130'\u003eas\u003c/span\u003e \u003cspan m='1556280'\u003ewe\u003c/span\u003e \u003cspan m='1556400'\u003etalked\u003c/span\u003e \u003cspan m='1556730'\u003eabout,\u003c/span\u003e \u003cspan m='1557240'\u003ethey\u003c/span\u003e \u003cspan m='1557390'\u003elack\u003c/span\u003e \u003cspan m='1557690'\u003eintermediated\u003c/span\u003e \u003cspan m='1558440'\u003eaccess\u003c/span\u003e \u003cspan m='1558920'\u003eand\u003c/span\u003e \u003cspan m='1559020'\u003eas\u003c/span\u003e \u003cspan m='1559170'\u003ewe'll\u003c/span\u003e \u003cspan m='1559280'\u003esee,\u003c/span\u003e \u003cspan m='1559640'\u003emarket\u003c/span\u003e \u003cspan m='1560030'\u003eintegrity\u003c/span\u003e \u003cspan m='1560510'\u003erules.\u003c/span\u003e \u003cspan m='1561600'\u003eSo\u003c/span\u003e \u003cspan m='1561650'\u003ethis\u003c/span\u003e \u003cspan m='1561890'\u003eis,\u003c/span\u003e \u003cspan m='1562580'\u003eyou know,\u003c/span\u003e \u003cspan m='1562850'\u003ethe\u003c/span\u003e \u003cspan m='1563420'\u003emarket\u003c/span\u003e \u003cspan m='1563900'\u003eas\u003c/span\u003e \u003cspan m='1564110'\u003eit\u003c/span\u003e \u003cspan m='1564200'\u003eis.\u003c/span\u003e \u003cspan m='1567130'\u003eThe\u003c/span\u003e \u003cspan m='1567400'\u003emost\u003c/span\u003e \u003cspan m='1567670'\u003eimportant\u003c/span\u003e \u003cspan m='1568090'\u003epart\u003c/span\u003e \u003cspan m='1568330'\u003eof\u003c/span\u003e \u003cspan m='1568390'\u003ethis\u003c/span\u003e \u003cspan m='1568540'\u003eslide\u003c/span\u003e \u003cspan m='1568870'\u003eto\u003c/span\u003e \u003cspan m='1569020'\u003eme\u003c/span\u003e \u003cspan m='1569350'\u003ein\u003c/span\u003e \u003cspan m='1569440'\u003ethis\u003c/span\u003e \u003cspan m='1569620'\u003ediscussion\u003c/span\u003e \u003cspan m='1570130'\u003eis\u003c/span\u003e \u003cspan m='1570220'\u003enot\u003c/span\u003e \u003cspan m='1570430'\u003ethe\u003c/span\u003e \u003cspan m='1570520'\u003evolatility,\u003c/span\u003e \u003cspan m='1571430'\u003ewhich\u003c/span\u003e \u003cspan m='1571540'\u003ewe\u003c/span\u003e \u003cspan m='1571660'\u003enow.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1572210'\u003eAnd\u003c/span\u003e \u003cspan m='1573160'\u003efrankly,\u003c/span\u003e \u003cspan m='1573670'\u003eactually,\u003c/span\u003e \u003cspan m='1574090'\u003erecently,\u003c/span\u003e \u003cspan m='1574670'\u003ewe\u003c/span\u003e \u003cspan m='1574720'\u003ehaven't\u003c/span\u003e \u003cspan m='1574990'\u003ehad\u003c/span\u003e \u003cspan m='1575080'\u003emuch\u003c/span\u003e \u003cspan m='1575320'\u003evolatility\u003c/span\u003e \u003cspan m='1575980'\u003efor\u003c/span\u003e \u003cspan m='1576130'\u003esix\u003c/span\u003e \u003cspan m='1576460'\u003emonths.\u003c/span\u003e \u003cspan m='1576980'\u003eBut\u003c/span\u003e \u003cspan m='1577120'\u003esix\u003c/span\u003e \u003cspan m='1577390'\u003emonths\u003c/span\u003e \u003cspan m='1577690'\u003eisn't\u003c/span\u003e \u003cspan m='1577930'\u003eenough\u003c/span\u003e \u003cspan m='1578200'\u003estatistical\u003c/span\u003e \u003cspan m='1578860'\u003erelevance\u003c/span\u003e \u003cspan m='1579430'\u003eto\u003c/span\u003e \u003cspan m='1579520'\u003esay\u003c/span\u003e \u003cspan m='1579730'\u003ewhat\u003c/span\u003e \u003cspan m='1579910'\u003ethe\u003c/span\u003e \u003cspan m='1579970'\u003enext\u003c/span\u003e \u003cspan m='1580240'\u003esix\u003c/span\u003e \u003cspan m='1580510'\u003eyears\u003c/span\u003e \u003cspan m='1580810'\u003eor\u003c/span\u003e \u003cspan m='1580900'\u003e60\u003c/span\u003e \u003cspan m='1581290'\u003eyears\u003c/span\u003e \u003cspan m='1581620'\u003ewill\u003c/span\u003e \u003cspan m='1581770'\u003ebe.\u003c/span\u003e \u003cspan m='1582970'\u003eBut\u003c/span\u003e \u003cspan m='1583150'\u003e54%\u003c/span\u003e \u003cspan m='1584350'\u003eis\u003c/span\u003e \u003cspan m='1584500'\u003ebitcoin.\u003c/span\u003e \u003cspan m='1587050'\u003eEthereum\u003c/span\u003e \u003cspan m='1587570'\u003eis,\u003c/span\u003e \u003cspan m='1588170'\u003ewhat,\u003c/span\u003e \u003cspan m='1588470'\u003e16%.\u003c/span\u003e \u003cspan m='1589420'\u003eSo\u003c/span\u003e \u003cspan m='1589550'\u003ebetween\u003c/span\u003e \u003cspan m='1589910'\u003ethem,\u003c/span\u003e \u003cspan m='1590030'\u003ethat's\u003c/span\u003e \u003cspan m='1590780'\u003e70%.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1593320'\u003eSo\u003c/span\u003e \u003cspan m='1593500'\u003ewe\u003c/span\u003e \u003cspan m='1593750'\u003ealready\u003c/span\u003e \u003cspan m='1594070'\u003eknow\u003c/span\u003e \u003cspan m='1594370'\u003ein\u003c/span\u003e \u003cspan m='1594460'\u003ethe\u003c/span\u003e \u003cspan m='1594610'\u003eUS\u003c/span\u003e \u003cspan m='1595150'\u003eand\u003c/span\u003e \u003cspan m='1595450'\u003ein\u003c/span\u003e \u003cspan m='1595570'\u003emany\u003c/span\u003e \u003cspan m='1595870'\u003eother\u003c/span\u003e \u003cspan m='1596050'\u003ejurisdictions\u003c/span\u003e \u003cspan m='1596860'\u003ethat\u003c/span\u003e \u003cspan m='1597010'\u003e3/4\u003c/span\u003e \u003cspan m='1597820'\u003eof\u003c/span\u003e \u003cspan m='1597880'\u003ethe\u003c/span\u003e \u003cspan m='1597970'\u003emarket\u003c/span\u003e \u003cspan m='1598480'\u003eare\u003c/span\u003e \u003cspan m='1598600'\u003enot\u003c/span\u003e \u003cspan m='1599110'\u003eICOs\u003c/span\u003e \u003cspan m='1600010'\u003eor\u003c/span\u003e \u003cspan m='1600160'\u003enot\u003c/span\u003e \u003cspan m='1600550'\u003ewhat\u003c/span\u003e \u003cspan m='1600760'\u003ewould\u003c/span\u003e \u003cspan m='1601080'\u003ebe\u003c/span\u003e \u003cspan m='1601230'\u003ecalled\u003c/span\u003e \u003cspan m='1601570'\u003esecurities,\u003c/span\u003e \u003cspan m='1602410'\u003eeven\u003c/span\u003e \u003cspan m='1602860'\u003ein\u003c/span\u003e \u003cspan m='1603040'\u003ethe\u003c/span\u003e \u003cspan m='1603190'\u003eUS,\u003c/span\u003e \u003cspan m='1603610'\u003eCanada,\u003c/span\u003e \u003cspan m='1604250'\u003eand\u003c/span\u003e \u003cspan m='1604350'\u003eTaiwan,\u003c/span\u003e \u003cspan m='1605110'\u003ethe\u003c/span\u003e \u003cspan m='1605230'\u003ethree\u003c/span\u003e \u003cspan m='1605500'\u003ejurisdictions\u003c/span\u003e \u003cspan m='1606190'\u003ethat\u003c/span\u003e \u003cspan m='1606310'\u003efollow\u003c/span\u003e \u003cspan m='1606730'\u003esomething\u003c/span\u003e \u003cspan m='1607090'\u003esimilar\u003c/span\u003e \u003cspan m='1607480'\u003eto\u003c/span\u003e \u003cspan m='1607620'\u003ethe\u003c/span\u003e \u003cspan m='1607690'\u003eHowey\u003c/span\u003e \u003cspan m='1607990'\u003eTest\u003c/span\u003e \u003cspan m='1609270'\u003ethat\u003c/span\u003e \u003cspan m='1609400'\u003ewe've\u003c/span\u003e \u003cspan m='1609580'\u003etalked\u003c/span\u003e \u003cspan m='1609850'\u003eabout.\u003c/span\u003e \u003cspan m='1610570'\u003e3/4\u003c/span\u003e \u003cspan m='1611380'\u003eof\u003c/span\u003e \u003cspan m='1611440'\u003ethe\u003c/span\u003e \u003cspan m='1611530'\u003emarket\u003c/span\u003e \u003cspan m='1613090'\u003eis\u003c/span\u003e \u003cspan m='1614340'\u003enon-securities.\u003c/span\u003e \u003cspan m='1615750'\u003eIt's\u003c/span\u003e \u003cspan m='1615900'\u003ejust\u003c/span\u003e \u003cspan m='1616800'\u003ea\u003c/span\u003e \u003cspan m='1616860'\u003ecommodity,\u003c/span\u003e \u003cspan m='1617550'\u003ea\u003c/span\u003e \u003cspan m='1617610'\u003ecash\u003c/span\u003e \u003cspan m='1618360'\u003ecrypto.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1620220'\u003eSo\u003c/span\u003e \u003cspan m='1620370'\u003eyou'll\u003c/span\u003e \u003cspan m='1620550'\u003ehear\u003c/span\u003e \u003cspan m='1620850'\u003edebates\u003c/span\u003e \u003cspan m='1621450'\u003eabout\u003c/span\u003e \u003cspan m='1621930'\u003einitial\u003c/span\u003e \u003cspan m='1622290'\u003ecoin\u003c/span\u003e \u003cspan m='1622560'\u003eofferings.\u003c/span\u003e \u003cspan m='1623010'\u003eAnd\u003c/span\u003e \u003cspan m='1623100'\u003ewhat's\u003c/span\u003e \u003cspan m='1623310'\u003ea\u003c/span\u003e \u003cspan m='1623370'\u003esecurity?\u003c/span\u003e \u003cspan m='1623850'\u003eAnd\u003c/span\u003e \u003cspan m='1623940'\u003ewhat's\u003c/span\u003e \u003cspan m='1624090'\u003enot a\u003c/span\u003e \u003cspan m='1624360'\u003esecurity?\u003c/span\u003e \u003cspan m='1624840'\u003eRelevant--\u003c/span\u003e \u003cspan m='1625660'\u003erelevant\u003c/span\u003e \u003cspan m='1626070'\u003eand\u003c/span\u003e \u003cspan m='1626190'\u003eimportant\u003c/span\u003e \u003cspan m='1626610'\u003edebate,\u003c/span\u003e \u003cspan m='1627870'\u003ebut\u003c/span\u003e \u003cspan m='1628050'\u003efor\u003c/span\u003e \u003cspan m='1628200'\u003e3/4\u003c/span\u003e \u003cspan m='1628920'\u003eof\u003c/span\u003e \u003cspan m='1628980'\u003ethe\u003c/span\u003e \u003cspan m='1629070'\u003emarket,\u003c/span\u003e \u003cspan m='1629550'\u003eit's\u003c/span\u003e \u003cspan m='1629760'\u003enot\u003c/span\u003e \u003cspan m='1630540'\u003eparticularly\u003c/span\u003e \u003cspan m='1631320'\u003erelevant\u003c/span\u003e \u003cspan m='1631860'\u003eas\u003c/span\u003e \u003cspan m='1632070'\u003ea\u003c/span\u003e \u003cspan m='1632190'\u003elegal\u003c/span\u003e \u003cspan m='1632550'\u003ematter,\u003c/span\u003e \u003cspan m='1633360'\u003eas\u003c/span\u003e \u003cspan m='1633510'\u003ea\u003c/span\u003e \u003cspan m='1633570'\u003eregulatory\u003c/span\u003e \u003cspan m='1634170'\u003ematter.\u003c/span\u003e \u003cspan m='1634620'\u003eBrodish.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1635570'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1635726'\u003eI\u003c/span\u003e \u003cspan m='1635882'\u003ehave\u003c/span\u003e \u003cspan m='1636040'\u003ea\u003c/span\u003e \u003cspan m='1636510'\u003equestion.\u003c/span\u003e \u003cspan m='1637030'\u003eSo\u003c/span\u003e \u003cspan m='1637600'\u003ewhich\u003c/span\u003e \u003cspan m='1637810'\u003ebitcoins\u003c/span\u003e \u003cspan m='1638410'\u003ewill\u003c/span\u003e \u003cspan m='1638560'\u003ebecome\u003c/span\u003e \u003cspan m='1638860'\u003ea\u003c/span\u003e \u003cspan m='1638960'\u003estable\u003c/span\u003e \u003cspan m='1639370'\u003evalue\u003c/span\u003e \u003cspan m='1639790'\u003ecrypto\u003c/span\u003e \u003cspan m='1639910'\u003ecurrency?\u003c/span\u003e \u003cspan m='1641265'\u003eAnd\u003c/span\u003e \u003cspan m='1641600'\u003ewhat\u003c/span\u003e \u003cspan m='1641770'\u003eis\u003c/span\u003e \u003cspan m='1641860'\u003ethe\u003c/span\u003e \u003cspan m='1641920'\u003erelevance\u003c/span\u003e \u003cspan m='1642400'\u003eof\u003c/span\u003e \u003cspan m='1642550'\u003ean\u003c/span\u003e \u003cspan m='1642730'\u003eexchange?\u003c/span\u003e \u003cspan m='1643470'\u003eIf\u003c/span\u003e \u003cspan m='1643690'\u003eit\u003c/span\u003e \u003cspan m='1643810'\u003eis\u003c/span\u003e \u003cspan m='1643900'\u003enot\u003c/span\u003e \u003cspan m='1644110'\u003ean\u003c/span\u003e \u003cspan m='1644290'\u003easset,\u003c/span\u003e \u003cspan m='1644710'\u003ewhat is\u003c/span\u003e \u003cspan m='1644830'\u003e[INAUDIBLE]?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1646340'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1646410'\u003eSo\u003c/span\u003e \u003cspan m='1647030'\u003eis--\u003c/span\u003e \u003cspan m='1647440'\u003eBrotish,\u003c/span\u003e \u003cspan m='1647790'\u003eis\u003c/span\u003e \u003cspan m='1647880'\u003eyour\u003c/span\u003e \u003cspan m='1648030'\u003equestion\u003c/span\u003e \u003cspan m='1648450'\u003ethat\u003c/span\u003e \u003cspan m='1648630'\u003eif\u003c/span\u003e \u003cspan m='1649470'\u003ethere's\u003c/span\u003e \u003cspan m='1649740'\u003elimited\u003c/span\u003e \u003cspan m='1650280'\u003evolatility,\u003c/span\u003e \u003cspan m='1651150'\u003ewhat's\u003c/span\u003e \u003cspan m='1651450'\u003ethe\u003c/span\u003e \u003cspan m='1651600'\u003evalue\u003c/span\u003e \u003cspan m='1652260'\u003eof\u003c/span\u003e \u003cspan m='1652860'\u003ean\u003c/span\u003e \u003cspan m='1652980'\u003eexchange?\u003c/span\u003e \u003cspan m='1655910'\u003eThe\u003c/span\u003e \u003cspan m='1656060'\u003evalue\u003c/span\u003e \u003cspan m='1656480'\u003eis\u003c/span\u003e \u003cspan m='1656540'\u003estill\u003c/span\u003e \u003cspan m='1656810'\u003eis\u003c/span\u003e \u003cspan m='1656960'\u003ethat\u003c/span\u003e \u003cspan m='1657110'\u003esome\u003c/span\u003e \u003cspan m='1657350'\u003epeople\u003c/span\u003e \u003cspan m='1657620'\u003ewill\u003c/span\u003e \u003cspan m='1657740'\u003ewant\u003c/span\u003e \u003cspan m='1657950'\u003eto\u003c/span\u003e \u003cspan m='1658010'\u003esell\u003c/span\u003e \u003cspan m='1658310'\u003ethat\u003c/span\u003e \u003cspan m='1658520'\u003easset\u003c/span\u003e \u003cspan m='1658910'\u003eor\u003c/span\u003e \u003cspan m='1659000'\u003ebuy\u003c/span\u003e \u003cspan m='1659240'\u003ethat\u003c/span\u003e \u003cspan m='1659450'\u003easset.\u003c/span\u003e \u003cspan m='1660650'\u003eSome\u003c/span\u003e \u003cspan m='1660920'\u003epeople\u003c/span\u003e \u003cspan m='1661190'\u003emight--\u003c/span\u003e \u003cspan m='1661520'\u003eif\u003c/span\u003e \u003cspan m='1661670'\u003eit's\u003c/span\u003e \u003cspan m='1661820'\u003ea\u003c/span\u003e \u003cspan m='1661880'\u003estore\u003c/span\u003e \u003cspan m='1662420'\u003eof\u003c/span\u003e \u003cspan m='1662480'\u003evalue,\u003c/span\u003e \u003cspan m='1664600'\u003eI\u003c/span\u003e \u003cspan m='1664840'\u003emight\u003c/span\u003e \u003cspan m='1665050'\u003estill\u003c/span\u003e \u003cspan m='1665260'\u003ewant\u003c/span\u003e \u003cspan m='1665410'\u003eto\u003c/span\u003e \u003cspan m='1666040'\u003esell\u003c/span\u003e \u003cspan m='1666340'\u003ethat\u003c/span\u003e \u003cspan m='1666550'\u003estore\u003c/span\u003e \u003cspan m='1666920'\u003eof\u003c/span\u003e \u003cspan m='1666970'\u003evalue\u003c/span\u003e \u003cspan m='1667390'\u003eso\u003c/span\u003e \u003cspan m='1667540'\u003ethat\u003c/span\u003e \u003cspan m='1667720'\u003eI\u003c/span\u003e \u003cspan m='1667900'\u003ecan\u003c/span\u003e \u003cspan m='1668140'\u003ebuy\u003c/span\u003e \u003cspan m='1668380'\u003ea\u003c/span\u003e \u003cspan m='1668440'\u003ecar\u003c/span\u003e \u003cspan m='1670320'\u003eor\u003c/span\u003e \u003cspan m='1670380'\u003ego\u003c/span\u003e \u003cspan m='1670590'\u003eto\u003c/span\u003e \u003cspan m='1670680'\u003eschool\u003c/span\u003e \u003cspan m='1671720'\u003eor\u003c/span\u003e \u003cspan m='1671820'\u003epay\u003c/span\u003e \u003cspan m='1672060'\u003efor\u003c/span\u003e \u003cspan m='1672210'\u003emy\u003c/span\u003e \u003cspan m='1672330'\u003emedical\u003c/span\u003e \u003cspan m='1672720'\u003ebills.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1675580'\u003eYou\u003c/span\u003e \u003cspan m='1675700'\u003edon't\u003c/span\u003e \u003cspan m='1675850'\u003ethink\u003c/span\u003e \u003cspan m='1676000'\u003ethat's\u003c/span\u003e \u003cspan m='1676210'\u003eas\u003c/span\u003e \u003cspan m='1676360'\u003eexciting\u003c/span\u003e \u003cspan m='1677020'\u003eas\u003c/span\u003e \u003cspan m='1677200'\u003ea\u003c/span\u003e \u003cspan m='1677260'\u003evolatile\u003c/span\u003e \u003cspan m='1677860'\u003easset.\u003c/span\u003e \u003cspan m='1678910'\u003eIs\u003c/span\u003e \u003cspan m='1679060'\u003ethat\u003c/span\u003e \u003cspan m='1679180'\u003ewhat\u003c/span\u003e \u003cspan m='1679300'\u003eyou're\u003c/span\u003e \u003cspan m='1679420'\u003esaying,\u003c/span\u003e \u003cspan m='1679750'\u003eBrodish?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1680610'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1680830'\u003eYeah.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1681050'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1681150'\u003eWell,\u003c/span\u003e \u003cspan m='1681250'\u003eat\u003c/span\u003e \u003cspan m='1681420'\u003eGoldman\u003c/span\u003e \u003cspan m='1681780'\u003eSachs,\u003c/span\u003e \u003cspan m='1682140'\u003efor\u003c/span\u003e \u003cspan m='1682260'\u003eyears,\u003c/span\u003e \u003cspan m='1682690'\u003eit\u003c/span\u003e \u003cspan m='1682790'\u003eused\u003c/span\u003e \u003cspan m='1682890'\u003eto\u003c/span\u003e \u003cspan m='1683010'\u003ebe\u003c/span\u003e \u003cspan m='1683190'\u003ethat\u003c/span\u003e \u003cspan m='1683370'\u003eI\u003c/span\u003e \u003cspan m='1683490'\u003ewas\u003c/span\u003e \u003cspan m='1683670'\u003etaught\u003c/span\u003e \u003cspan m='1683970'\u003evolatility\u003c/span\u003e \u003cspan m='1684660'\u003eis\u003c/span\u003e \u003cspan m='1684810'\u003eour\u003c/span\u003e \u003cspan m='1684960'\u003efriend.\u003c/span\u003e \u003cspan m='1686220'\u003eWhen\u003c/span\u003e \u003cspan m='1686340'\u003eyou're\u003c/span\u003e \u003cspan m='1686490'\u003ean\u003c/span\u003e \u003cspan m='1687450'\u003einvestment\u003c/span\u003e \u003cspan m='1689190'\u003ebanking\u003c/span\u003e \u003cspan m='1689700'\u003ebusiness\u003c/span\u003e \u003cspan m='1690270'\u003eand\u003c/span\u003e \u003cspan m='1690420'\u003emaking\u003c/span\u003e \u003cspan m='1690840'\u003emarkets,\u003c/span\u003e \u003cspan m='1691440'\u003ea\u003c/span\u003e \u003cspan m='1691500'\u003emarket\u003c/span\u003e \u003cspan m='1692160'\u003emaker\u003c/span\u003e \u003cspan m='1693090'\u003elikes\u003c/span\u003e \u003cspan m='1693540'\u003evolatility.\u003c/span\u003e \u003cspan m='1696760'\u003eSo\u003c/span\u003e \u003cspan m='1696840'\u003eyou\u003c/span\u003e \u003cspan m='1697020'\u003emight\u003c/span\u003e \u003cspan m='1697230'\u003ebe\u003c/span\u003e \u003cspan m='1697350'\u003ethinking\u003c/span\u003e \u003cspan m='1697740'\u003eas\u003c/span\u003e \u003cspan m='1697860'\u003ea\u003c/span\u003e \u003cspan m='1697920'\u003emarket\u003c/span\u003e \u003cspan m='1698370'\u003emaker\u003c/span\u003e \u003cspan m='1698625'\u003eor\u003c/span\u003e \u003cspan m='1698880'\u003eas\u003c/span\u003e \u003cspan m='1699030'\u003ean investment\u003c/span\u003e \u003cspan m='1699480'\u003ebanker.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1699840'\u003eBut\u003c/span\u003e \u003cspan m='1700300'\u003eI\u003c/span\u003e \u003cspan m='1700470'\u003estill\u003c/span\u003e \u003cspan m='1700740'\u003ethink\u003c/span\u003e \u003cspan m='1701010'\u003ethat\u003c/span\u003e \u003cspan m='1702420'\u003eif\u003c/span\u003e \u003cspan m='1702710'\u003ebitcoin\u003c/span\u003e \u003cspan m='1704640'\u003eor\u003c/span\u003e \u003cspan m='1704790'\u003eany\u003c/span\u003e \u003cspan m='1705060'\u003eof\u003c/span\u003e \u003cspan m='1705120'\u003ethese\u003c/span\u003e \u003cspan m='1705330'\u003ebecame\u003c/span\u003e \u003cspan m='1705750'\u003every\u003c/span\u003e \u003cspan m='1706050'\u003estable\u003c/span\u003e \u003cspan m='1706650'\u003estores\u003c/span\u003e \u003cspan m='1707160'\u003eof\u003c/span\u003e \u003cspan m='1707220'\u003evalue,\u003c/span\u003e \u003cspan m='1709360'\u003epeople\u003c/span\u003e \u003cspan m='1709590'\u003ewould still\u003c/span\u003e \u003cspan m='1709830'\u003ewant\u003c/span\u003e \u003cspan m='1709980'\u003eto\u003c/span\u003e \u003cspan m='1710040'\u003etrade\u003c/span\u003e \u003cspan m='1710490'\u003ein\u003c/span\u003e \u003cspan m='1710700'\u003eand\u003c/span\u003e \u003cspan m='1710790'\u003eout\u003c/span\u003e \u003cspan m='1711030'\u003eof\u003c/span\u003e \u003cspan m='1711150'\u003eit.\u003c/span\u003e \u003cspan m='1713340'\u003eBut\u003c/span\u003e \u003cspan m='1713520'\u003eyou're\u003c/span\u003e \u003cspan m='1713940'\u003esaying\u003c/span\u003e \u003cspan m='1714150'\u003eit's\u003c/span\u003e \u003cspan m='1714300'\u003ejust\u003c/span\u003e \u003cspan m='1714450'\u003eless\u003c/span\u003e \u003cspan m='1714720'\u003eexciting.\u003c/span\u003e \u003cspan m='1715860'\u003eFor\u003c/span\u003e \u003cspan m='1716090'\u003eyou\u003c/span\u003e \u003cspan m='1716490'\u003eor\u003c/span\u003e \u003cspan m='1716580'\u003efor\u003c/span\u003e \u003cspan m='1716760'\u003ethe\u003c/span\u003e \u003cspan m='1716850'\u003emarket,\u003c/span\u003e \u003cspan m='1717300'\u003eyou\u003c/span\u003e \u003cspan m='1717420'\u003ethink?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1718710'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1718773'\u003eFor\u003c/span\u003e \u003cspan m='1718836'\u003ethe\u003c/span\u003e \u003cspan m='1718900'\u003emarket,\u003c/span\u003e \u003cspan m='1719317'\u003emaybe--\u003c/span\u003e \u003cspan m='1719734'\u003eI\u003c/span\u003e \u003cspan m='1720151'\u003edon't have any bitcoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1720570'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1720670'\u003eOh,\u003c/span\u003e \u003cspan m='1720770'\u003eOK.\u003c/span\u003e \u003cspan m='1721810'\u003eI\u003c/span\u003e \u003cspan m='1721930'\u003edon't\u003c/span\u003e \u003cspan m='1722230'\u003eeither.\u003c/span\u003e \u003cspan m='1724240'\u003eSo\u003c/span\u003e \u003cspan m='1724420'\u003ehere\u003c/span\u003e \u003cspan m='1724580'\u003eare\u003c/span\u003e \u003cspan m='1724630'\u003ethe\u003c/span\u003e \u003cspan m='1724720'\u003etop\u003c/span\u003e \u003cspan m='1724990'\u003ecrypto\u003c/span\u003e \u003cspan m='1725410'\u003eexchanges.\u003c/span\u003e \u003cspan m='1726370'\u003eI\u003c/span\u003e \u003cspan m='1726520'\u003ecaution--\u003c/span\u003e \u003cspan m='1727210'\u003ethis\u003c/span\u003e \u003cspan m='1728250'\u003ewas\u003c/span\u003e \u003cspan m='1728440'\u003eprinted\u003c/span\u003e \u003cspan m='1728830'\u003ea\u003c/span\u003e \u003cspan m='1728860'\u003eweek\u003c/span\u003e \u003cspan m='1729130'\u003eago.\u003c/span\u003e \u003cspan m='1730560'\u003eIt's\u003c/span\u003e \u003cspan m='1731650'\u003eonly\u003c/span\u003e \u003cspan m='1732010'\u003eaccurate\u003c/span\u003e \u003cspan m='1732550'\u003eto\u003c/span\u003e \u003cspan m='1732670'\u003esay\u003c/span\u003e \u003cspan m='1733120'\u003ethat\u003c/span\u003e \u003cspan m='1734770'\u003ea\u003c/span\u003e \u003cspan m='1736420'\u003eweb\u003c/span\u003e \u003cspan m='1736960'\u003egroup,\u003c/span\u003e \u003cspan m='1738310'\u003eCryptoCompare,\u003c/span\u003e \u003cspan m='1740080'\u003eputs\u003c/span\u003e \u003cspan m='1740410'\u003eout\u003c/span\u003e \u003cspan m='1740560'\u003ea\u003c/span\u003e \u003cspan m='1740650'\u003emonthly\u003c/span\u003e \u003cspan m='1741130'\u003ereport.\u003c/span\u003e \u003cspan m='1742200'\u003eAnd\u003c/span\u003e \u003cspan m='1742300'\u003eI\u003c/span\u003e \u003cspan m='1742390'\u003egrabbed\u003c/span\u003e \u003cspan m='1742750'\u003ethe\u003c/span\u003e \u003cspan m='1742900'\u003eOctober\u003c/span\u003e \u003cspan m='1743440'\u003ereport.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1744980'\u003eBut\u003c/span\u003e \u003cspan m='1745730'\u003eI\u003c/span\u003e \u003cspan m='1745910'\u003ewould--\u003c/span\u003e \u003cspan m='1746510'\u003ethere's\u003c/span\u003e \u003cspan m='1746720'\u003eno\u003c/span\u003e \u003cspan m='1747860'\u003econfidence\u003c/span\u003e \u003cspan m='1748550'\u003ethat\u003c/span\u003e \u003cspan m='1748670'\u003ethese\u003c/span\u003e \u003cspan m='1748880'\u003enumbers\u003c/span\u003e \u003cspan m='1749300'\u003eare\u003c/span\u003e \u003cspan m='1749420'\u003eaccurate,\u003c/span\u003e \u003cspan m='1750630'\u003eexcept\u003c/span\u003e \u003cspan m='1750860'\u003efor\u003c/span\u003e \u003cspan m='1751010'\u003eI\u003c/span\u003e \u003cspan m='1751100'\u003ecan\u003c/span\u003e \u003cspan m='1751250'\u003etell\u003c/span\u003e \u003cspan m='1751400'\u003eyou\u003c/span\u003e \u003cspan m='1751520'\u003eCryptoCompare\u003c/span\u003e \u003cspan m='1752420'\u003ehas\u003c/span\u003e \u003cspan m='1752660'\u003erelationships\u003c/span\u003e \u003cspan m='1753470'\u003ewith\u003c/span\u003e \u003cspan m='1753620'\u003eabout\u003c/span\u003e \u003cspan m='1753800'\u003e140\u003c/span\u003e \u003cspan m='1754610'\u003eexchanges.\u003c/span\u003e \u003cspan m='1755300'\u003eAnd\u003c/span\u003e \u003cspan m='1755390'\u003ethose\u003c/span\u003e \u003cspan m='1755570'\u003e140\u003c/span\u003e \u003cspan m='1756200'\u003eexchanges\u003c/span\u003e \u003cspan m='1756980'\u003egive\u003c/span\u003e \u003cspan m='1757220'\u003etheir\u003c/span\u003e \u003cspan m='1757400'\u003einformation\u003c/span\u003e \u003cspan m='1757930'\u003eto\u003c/span\u003e \u003cspan m='1757970'\u003eCryptoCompare.\u003c/span\u003e \u003cspan m='1760190'\u003eBut\u003c/span\u003e \u003cspan m='1760370'\u003ehere\u003c/span\u003e \u003cspan m='1760580'\u003eare\u003c/span\u003e \u003cspan m='1760640'\u003ethe\u003c/span\u003e \u003cspan m='1760730'\u003ebig\u003c/span\u003e \u003cspan m='1760910'\u003eones.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1763290'\u003eWhat\u003c/span\u003e \u003cspan m='1764030'\u003edo\u003c/span\u003e \u003cspan m='1764090'\u003eyou\u003c/span\u003e \u003cspan m='1764390'\u003etake\u003c/span\u003e \u003cspan m='1764690'\u003efrom\u003c/span\u003e \u003cspan m='1764930'\u003ethis\u003c/span\u003e \u003cspan m='1765320'\u003eslide\u003c/span\u003e \u003cspan m='1765830'\u003ewhen\u003c/span\u003e \u003cspan m='1765980'\u003eyou\u003c/span\u003e \u003cspan m='1766250'\u003elook\u003c/span\u003e \u003cspan m='1766550'\u003eat\u003c/span\u003e \u003cspan m='1766700'\u003eeither\u003c/span\u003e \u003cspan m='1767450'\u003ethe\u003c/span\u003e \u003cspan m='1767930'\u003eaverage\u003c/span\u003e \u003cspan m='1768350'\u003etrade\u003c/span\u003e \u003cspan m='1768680'\u003eside,\u003c/span\u003e \u003cspan m='1769070'\u003ethe\u003c/span\u003e \u003cspan m='1769190'\u003etrades\u003c/span\u003e \u003cspan m='1769610'\u003ein\u003c/span\u003e \u003cspan m='1769730'\u003e24\u003c/span\u003e \u003cspan m='1770300'\u003ehours,\u003c/span\u003e \u003cspan m='1770870'\u003ethe\u003c/span\u003e \u003cspan m='1771410'\u003evolumes--\u003c/span\u003e \u003cspan m='1772600'\u003eanything?\u003c/span\u003e \u003cspan m='1773240'\u003eI\u003c/span\u003e \u003cspan m='1773270'\u003emean,\u003c/span\u003e \u003cspan m='1775760'\u003ehas\u003c/span\u003e \u003cspan m='1775940'\u003eanybody\u003c/span\u003e \u003cspan m='1776330'\u003etraded\u003c/span\u003e \u003cspan m='1776810'\u003eon\u003c/span\u003e \u003cspan m='1776930'\u003ean\u003c/span\u003e \u003cspan m='1777020'\u003eexchange\u003c/span\u003e \u003cspan m='1777560'\u003ethat's\u003c/span\u003e \u003cspan m='1777770'\u003enot\u003c/span\u003e \u003cspan m='1778100'\u003elisted\u003c/span\u003e \u003cspan m='1778460'\u003ethere,\u003c/span\u003e \u003cspan m='1779690'\u003eif\u003c/span\u003e \u003cspan m='1779840'\u003eyou're\u003c/span\u003e \u003cspan m='1779960'\u003ewilling\u003c/span\u003e \u003cspan m='1780230'\u003eto\u003c/span\u003e \u003cspan m='1780320'\u003esay?\u003c/span\u003e \u003cspan m='1781120'\u003eEilon\u003c/span\u003e \u003cspan m='1781440'\u003ehas,\u003c/span\u003e \u003cspan m='1781690'\u003ehuh?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1782120'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1782335'\u003eIn Coinbase.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1782550'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1782765'\u003eCoinbase.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1782980'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1783195'\u003eCoinbase.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1783840'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1783967'\u003eCoinbase\u003c/span\u003e \u003cspan m='1784350'\u003eisn't\u003c/span\u003e \u003cspan m='1784620'\u003elisted\u003c/span\u003e \u003cspan m='1785010'\u003ein\u003c/span\u003e \u003cspan m='1785100'\u003ethe\u003c/span\u003e \u003cspan m='1785160'\u003etop\u003c/span\u003e \u003cspan m='1785490'\u003e14--\u003c/span\u003e \u003cspan m='1786330'\u003elook\u003c/span\u003e \u003cspan m='1786480'\u003eat\u003c/span\u003e \u003cspan m='1786570'\u003ethat--\u003c/span\u003e \u003cspan m='1787440'\u003efor\u003c/span\u003e \u003cspan m='1787650'\u003ethe\u003c/span\u003e \u003cspan m='1787830'\u003emonth\u003c/span\u003e \u003cspan m='1788160'\u003eof\u003c/span\u003e \u003cspan m='1788280'\u003eOctober\u003c/span\u003e \u003cspan m='1789870'\u003eby\u003c/span\u003e \u003cspan m='1790110'\u003eCryptoCompare.\u003c/span\u003e \u003cspan m='1791610'\u003eSabrina.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1792510'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1792720'\u003eKuCoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1793350'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1793470'\u003eWhat's\u003c/span\u003e \u003cspan m='1793590'\u003ethat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1793790'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1793966'\u003eKuCoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1794850'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1795005'\u003eTrue\u003c/span\u003e \u003cspan m='1795160'\u003eCoin?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1795480'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1795725'\u003eKuCoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1796460'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1796705'\u003eKuCoin.\u003c/span\u003e \u003cspan m='1797440'\u003eOh,\u003c/span\u003e \u003cspan m='1797640'\u003eKuCoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1799860'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1799993'\u003eI\u003c/span\u003e \u003cspan m='1800126'\u003eused\u003c/span\u003e \u003cspan m='1800260'\u003ePoloniex.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1800570'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1800675'\u003ePoloniex\u003c/span\u003e \u003cspan m='1801570'\u003ewhich\u003c/span\u003e \u003cspan m='1801780'\u003eis\u003c/span\u003e \u003cspan m='1801900'\u003edefinitely\u003c/span\u003e \u003cspan m='1802230'\u003esmaller\u003c/span\u003e \u003cspan m='1802680'\u003ethan\u003c/span\u003e \u003cspan m='1802830'\u003ethis\u003c/span\u003e \u003cspan m='1803010'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1804680'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1804895'\u003eI was\u003c/span\u003e \u003cspan m='1805110'\u003ejust going to\u003c/span\u003e \u003cspan m='1805340'\u003esay\u003c/span\u003e \u003cspan m='1805610'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='1806480'\u003emotivated\u003c/span\u003e \u003cspan m='1806570'\u003eon\u003c/span\u003e \u003cspan m='1806860'\u003eselling\u003c/span\u003e \u003cspan m='1807100'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='1807934'\u003eis\u003c/span\u003e \u003cspan m='1808842'\u003edo you\u003c/span\u003e \u003cspan m='1809296'\u003eknow\u003c/span\u003e \u003cspan m='1809750'\u003eUS-based\u003c/span\u003e \u003cspan m='1810100'\u003eexchanges?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1811330'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1811355'\u003eSo\u003c/span\u003e \u003cspan m='1811380'\u003ethe\u003c/span\u003e \u003cspan m='1811500'\u003eUS-based\u003c/span\u003e \u003cspan m='1812100'\u003eexchanges\u003c/span\u003e \u003cspan m='1812670'\u003earen't\u003c/span\u003e \u003cspan m='1812850'\u003eup\u003c/span\u003e \u003cspan m='1812970'\u003ethere.\u003c/span\u003e \u003cspan m='1813120'\u003eSo\u003c/span\u003e \u003cspan m='1813300'\u003ewe\u003c/span\u003e \u003cspan m='1813510'\u003edon't\u003c/span\u003e \u003cspan m='1813810'\u003eknow\u003c/span\u003e \u003cspan m='1814020'\u003eif\u003c/span\u003e \u003cspan m='1814110'\u003ethese\u003c/span\u003e \u003cspan m='1814350'\u003enumbers\u003c/span\u003e \u003cspan m='1814740'\u003eare\u003c/span\u003e \u003cspan m='1814860'\u003eaccurate.\u003c/span\u003e \u003cspan m='1815550'\u003eThey\u003c/span\u003e \u003cspan m='1815760'\u003eare\u003c/span\u003e \u003cspan m='1815970'\u003ewhat\u003c/span\u003e \u003cspan m='1816180'\u003eCryptoCompare\u003c/span\u003e \u003cspan m='1817230'\u003ecollects\u003c/span\u003e \u003cspan m='1817740'\u003efrom\u003c/span\u003e \u003cspan m='1817950'\u003e140\u003c/span\u003e \u003cspan m='1818670'\u003eexchanges.\u003c/span\u003e \u003cspan m='1819370'\u003eBut\u003c/span\u003e \u003cspan m='1819390'\u003eit\u003c/span\u003e \u003cspan m='1819480'\u003edoesn't\u003c/span\u003e \u003cspan m='1819750'\u003emean\u003c/span\u003e \u003cspan m='1819900'\u003ethey\u003c/span\u003e \u003cspan m='1820080'\u003eare\u003c/span\u003e \u003cspan m='1820230'\u003eaccurate.\u003c/span\u003e \u003cspan m='1821700'\u003eOne\u003c/span\u003e \u003cspan m='1821970'\u003eway\u003c/span\u003e \u003cspan m='1822150'\u003ethey\u003c/span\u003e \u003cspan m='1822270'\u003ecan\u003c/span\u003e \u003cspan m='1822420'\u003ebe\u003c/span\u003e \u003cspan m='1822600'\u003einaccurate\u003c/span\u003e \u003cspan m='1823440'\u003eis\u003c/span\u003e \u003cspan m='1823590'\u003ean\u003c/span\u003e \u003cspan m='1823680'\u003eexchange\u003c/span\u003e \u003cspan m='1824220'\u003ecan\u003c/span\u003e \u003cspan m='1824340'\u003ejust\u003c/span\u003e \u003cspan m='1824580'\u003eoutright\u003c/span\u003e \u003cspan m='1825030'\u003elie.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1827410'\u003eAnd\u003c/span\u003e \u003cspan m='1827560'\u003eif\u003c/span\u003e \u003cspan m='1827650'\u003ethere's\u003c/span\u003e \u003cspan m='1827830'\u003eno\u003c/span\u003e \u003cspan m='1828700'\u003erule\u003c/span\u003e \u003cspan m='1829150'\u003eor\u003c/span\u003e \u003cspan m='1829240'\u003elaw\u003c/span\u003e \u003cspan m='1829630'\u003eagainst\u003c/span\u003e \u003cspan m='1830170'\u003eit,\u003c/span\u003e \u003cspan m='1831350'\u003ethey\u003c/span\u003e \u003cspan m='1831560'\u003ecan\u003c/span\u003e \u003cspan m='1831740'\u003edo\u003c/span\u003e \u003cspan m='1831890'\u003ethat.\u003c/span\u003e \u003cspan m='1832530'\u003eAnother\u003c/span\u003e \u003cspan m='1832850'\u003eway\u003c/span\u003e \u003cspan m='1832970'\u003ethey\u003c/span\u003e \u003cspan m='1833090'\u003ecan\u003c/span\u003e \u003cspan m='1833240'\u003edo\u003c/span\u003e \u003cspan m='1833450'\u003eit\u003c/span\u003e \u003cspan m='1833540'\u003eis\u003c/span\u003e \u003cspan m='1833660'\u003ethey\u003c/span\u003e \u003cspan m='1833780'\u003ecan\u003c/span\u003e \u003cspan m='1834020'\u003ebe\u003c/span\u003e \u003cspan m='1834830'\u003ehonest\u003c/span\u003e \u003cspan m='1835250'\u003eabout\u003c/span\u003e \u003cspan m='1835460'\u003ethe\u003c/span\u003e \u003cspan m='1835550'\u003enumbers,\u003c/span\u003e \u003cspan m='1837150'\u003ebut\u003c/span\u003e \u003cspan m='1837260'\u003einflate\u003c/span\u003e \u003cspan m='1837740'\u003ethe\u003c/span\u003e \u003cspan m='1837860'\u003enumbers\u003c/span\u003e \u003cspan m='1838340'\u003ethrough\u003c/span\u003e \u003cspan m='1838490'\u003esomething\u003c/span\u003e \u003cspan m='1838790'\u003ecalled\u003c/span\u003e \u003cspan m='1839030'\u003ewash\u003c/span\u003e \u003cspan m='1839510'\u003etrades.\u003c/span\u003e \u003cspan m='1840890'\u003eWash\u003c/span\u003e \u003cspan m='1841220'\u003etrades\u003c/span\u003e \u003cspan m='1841770'\u003eare\u003c/span\u003e \u003cspan m='1843440'\u003ebanned\u003c/span\u003e \u003cspan m='1843920'\u003ein\u003c/span\u003e \u003cspan m='1844010'\u003ethe\u003c/span\u003e \u003cspan m='1844110'\u003eUS\u003c/span\u003e \u003cspan m='1844550'\u003eunder\u003c/span\u003e \u003cspan m='1844760'\u003esecurities\u003c/span\u003e \u003cspan m='1845360'\u003elaws\u003c/span\u003e \u003cspan m='1845750'\u003eand\u003c/span\u003e \u003cspan m='1845870'\u003eunder\u003c/span\u003e \u003cspan m='1846050'\u003eCommodity\u003c/span\u003e \u003cspan m='1846650'\u003eFutures\u003c/span\u003e \u003cspan m='1847010'\u003eTrading\u003c/span\u003e \u003cspan m='1847310'\u003eCommission\u003c/span\u003e \u003cspan m='1847670'\u003elaws.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1848380'\u003eA\u003c/span\u003e \u003cspan m='1848450'\u003ewash\u003c/span\u003e \u003cspan m='1848780'\u003etrade\u003c/span\u003e \u003cspan m='1849230'\u003eis\u003c/span\u003e \u003cspan m='1849380'\u003ewhen\u003c/span\u003e \u003cspan m='1849680'\u003eI\u003c/span\u003e \u003cspan m='1850700'\u003ebuy\u003c/span\u003e \u003cspan m='1851060'\u003esomething\u003c/span\u003e \u003cspan m='1851900'\u003eand\u003c/span\u003e \u003cspan m='1852050'\u003esell\u003c/span\u003e \u003cspan m='1852410'\u003esomething\u003c/span\u003e \u003cspan m='1852950'\u003eat\u003c/span\u003e \u003cspan m='1853040'\u003ethe\u003c/span\u003e \u003cspan m='1853130'\u003esame\u003c/span\u003e \u003cspan m='1853550'\u003etime\u003c/span\u003e \u003cspan m='1854660'\u003ebasically\u003c/span\u003e \u003cspan m='1855170'\u003eto\u003c/span\u003e \u003cspan m='1855320'\u003emyself\u003c/span\u003e \u003cspan m='1855920'\u003eor\u003c/span\u003e \u003cspan m='1856040'\u003emy\u003c/span\u003e \u003cspan m='1856280'\u003eaffiliate\u003c/span\u003e \u003cspan m='1856850'\u003eor\u003c/span\u003e \u003cspan m='1856940'\u003emy\u003c/span\u003e \u003cspan m='1857150'\u003ecolleague.\u003c/span\u003e \u003cspan m='1858390'\u003eAnd\u003c/span\u003e \u003cspan m='1858710'\u003eif\u003c/span\u003e \u003cspan m='1858920'\u003eI\u003c/span\u003e \u003cspan m='1859100'\u003ehave\u003c/span\u003e \u003cspan m='1859460'\u003eeven--\u003c/span\u003e \u003cspan m='1859820'\u003eif\u003c/span\u003e \u003cspan m='1860060'\u003eAlon\u003c/span\u003e \u003cspan m='1860510'\u003eand\u003c/span\u003e \u003cspan m='1860630'\u003eI\u003c/span\u003e \u003cspan m='1860870'\u003eare\u003c/span\u003e \u003cspan m='1860960'\u003enot\u003c/span\u003e \u003cspan m='1861200'\u003eeven\u003c/span\u003e \u003cspan m='1861410'\u003elegally\u003c/span\u003e \u003cspan m='1861920'\u003eaffiliated,\u003c/span\u003e \u003cspan m='1863180'\u003ebut\u003c/span\u003e \u003cspan m='1863360'\u003eif\u003c/span\u003e \u003cspan m='1863480'\u003eI\u003c/span\u003e \u003cspan m='1863630'\u003esell\u003c/span\u003e \u003cspan m='1863960'\u003esomething\u003c/span\u003e \u003cspan m='1864320'\u003eto\u003c/span\u003e \u003cspan m='1864610'\u003eAlon\u003c/span\u003e \u003cspan m='1865760'\u003eand\u003c/span\u003e \u003cspan m='1865880'\u003ehe\u003c/span\u003e \u003cspan m='1866030'\u003ebuys\u003c/span\u003e \u003cspan m='1866510'\u003eit,\u003c/span\u003e \u003cspan m='1867200'\u003eand\u003c/span\u003e \u003cspan m='1867350'\u003ewe\u003c/span\u003e \u003cspan m='1867560'\u003ehave\u003c/span\u003e \u003cspan m='1867830'\u003ean\u003c/span\u003e \u003cspan m='1867920'\u003eagreement\u003c/span\u003e \u003cspan m='1868490'\u003ethat\u003c/span\u003e \u003cspan m='1868640'\u003ewe\u003c/span\u003e \u003cspan m='1868820'\u003eare\u003c/span\u003e \u003cspan m='1868940'\u003ejust\u003c/span\u003e \u003cspan m='1869270'\u003epumping\u003c/span\u003e \u003cspan m='1869810'\u003ethe\u003c/span\u003e \u003cspan m='1869900'\u003evolume\u003c/span\u003e \u003cspan m='1870440'\u003efor\u003c/span\u003e \u003cspan m='1870620'\u003esome\u003c/span\u003e \u003cspan m='1870950'\u003ereason,\u003c/span\u003e \u003cspan m='1872420'\u003ethat's\u003c/span\u003e \u003cspan m='1872600'\u003ea\u003c/span\u003e \u003cspan m='1872660'\u003ewash\u003c/span\u003e \u003cspan m='1872990'\u003esale.\u003c/span\u003e \u003cspan m='1873320'\u003eWhy\u003c/span\u003e \u003cspan m='1873590'\u003ewould\u003c/span\u003e \u003cspan m='1873740'\u003esomebody\u003c/span\u003e \u003cspan m='1874040'\u003edo\u003c/span\u003e \u003cspan m='1874160'\u003ea\u003c/span\u003e \u003cspan m='1874190'\u003ewash\u003c/span\u003e \u003cspan m='1874490'\u003esale\u003c/span\u003e \u003cspan m='1874700'\u003ebetween\u003c/span\u003e \u003cspan m='1875060'\u003etwo\u003c/span\u003e \u003cspan m='1875360'\u003eunaffiliated\u003c/span\u003e \u003cspan m='1876020'\u003eparties?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1878190'\u003eCome on.\u003c/span\u003e \u003cspan m='1878370'\u003eThink\u003c/span\u003e \u003cspan m='1878640'\u003edevious.\u003c/span\u003e \u003cspan m='1879420'\u003eThink\u003c/span\u003e \u003cspan m='1879660'\u003elike,\u003c/span\u003e \u003cspan m='1879990'\u003eyou\u003c/span\u003e \u003cspan m='1880050'\u003eknow,\u003c/span\u003e \u003cspan m='1880320'\u003ea\u003c/span\u003e \u003cspan m='1880350'\u003emanipulator.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1881220'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1881383'\u003eIf\u003c/span\u003e \u003cspan m='1881546'\u003eyou're\u003c/span\u003e \u003cspan m='1881711'\u003estarting a\u003c/span\u003e \u003cspan m='1882202'\u003ecoin,\u003c/span\u003e \u003cspan m='1882693'\u003eyou want to\u003c/span\u003e \u003cspan m='1883184'\u003emake other\u003c/span\u003e \u003cspan m='1883675'\u003epeople think other people\u003c/span\u003e \u003cspan m='1884166'\u003eare using\u003c/span\u003e \u003cspan m='1884657'\u003eit.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1885150'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1885300'\u003eYeah,\u003c/span\u003e \u003cspan m='1885450'\u003eyou\u003c/span\u003e \u003cspan m='1885600'\u003ewanted\u003c/span\u003e \u003cspan m='1885780'\u003eto\u003c/span\u003e \u003cspan m='1886050'\u003emake\u003c/span\u003e \u003cspan m='1886290'\u003esure\u003c/span\u003e \u003cspan m='1886470'\u003esomebody\u003c/span\u003e \u003cspan m='1886830'\u003eelse\u003c/span\u003e \u003cspan m='1887070'\u003ethought\u003c/span\u003e \u003cspan m='1887310'\u003esomething\u003c/span\u003e \u003cspan m='1887610'\u003ewas\u003c/span\u003e \u003cspan m='1887760'\u003eused.\u003c/span\u003e \u003cspan m='1888210'\u003eWhat's\u003c/span\u003e \u003cspan m='1888390'\u003ethe--\u003c/span\u003e \u003cspan m='1888540'\u003ethat's\u003c/span\u003e \u003cspan m='1888780'\u003euse--\u003c/span\u003e \u003cspan m='1889500'\u003eanother\u003c/span\u003e \u003cspan m='1889800'\u003ereason?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1892042'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1892273'\u003eIt\u003c/span\u003e \u003cspan m='1892505'\u003ewill\u003c/span\u003e \u003cspan m='1892970'\u003eshow\u003c/span\u003e \u003cspan m='1893225'\u003eartificial\u003c/span\u003e \u003cspan m='1894370'\u003eliquidity\u003c/span\u003e \u003cspan m='1895070'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1896420'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1896600'\u003eSo\u003c/span\u003e \u003cspan m='1896780'\u003eartificial\u003c/span\u003e \u003cspan m='1897320'\u003eliquidity\u003c/span\u003e \u003cspan m='1897800'\u003eand\u003c/span\u003e \u003cspan m='1897920'\u003eone\u003c/span\u003e \u003cspan m='1898130'\u003eother\u003c/span\u003e \u003cspan m='1898340'\u003ething\u003c/span\u003e \u003cspan m='1898580'\u003ethat\u003c/span\u003e \u003cspan m='1898700'\u003eyou\u003c/span\u003e \u003cspan m='1898760'\u003emight\u003c/span\u003e \u003cspan m='1898970'\u003eshow--\u003c/span\u003e \u003cspan m='1899450'\u003ean\u003c/span\u003e \u003cspan m='1899620'\u003eartificial--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1901270'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1901515'\u003ePrice.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1901760'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1902005'\u003ePrice.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1902250'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1902490'\u003ePrice--\u003c/span\u003e \u003cspan m='1902730'\u003ethank\u003c/span\u003e \u003cspan m='1903060'\u003eyou.\u003c/span\u003e \u003cspan m='1903690'\u003eSo\u003c/span\u003e \u003cspan m='1903840'\u003ewash\u003c/span\u003e \u003cspan m='1904170'\u003esales\u003c/span\u003e \u003cspan m='1904560'\u003efor\u003c/span\u003e \u003cspan m='1904930'\u003ea\u003c/span\u003e \u003cspan m='1905280'\u003elong\u003c/span\u003e \u003cspan m='1905700'\u003etime\u003c/span\u003e \u003cspan m='1906090'\u003ein\u003c/span\u003e \u003cspan m='1906180'\u003emarkets\u003c/span\u003e \u003cspan m='1906690'\u003ewas\u003c/span\u003e \u003cspan m='1906870'\u003ea\u003c/span\u003e \u003cspan m='1906960'\u003egood\u003c/span\u003e \u003cspan m='1907170'\u003eway\u003c/span\u003e \u003cspan m='1907380'\u003efor\u003c/span\u003e \u003cspan m='1907560'\u003emanipulators\u003c/span\u003e \u003cspan m='1908310'\u003eto\u003c/span\u003e \u003cspan m='1908400'\u003ekind of,\u003c/span\u003e \u003cspan m='1909270'\u003ehey,\u003c/span\u003e \u003cspan m='1909510'\u003elook\u003c/span\u003e \u003cspan m='1909720'\u003eat\u003c/span\u003e \u003cspan m='1909810'\u003ethis\u003c/span\u003e \u003cspan m='1909990'\u003eliquidity.\u003c/span\u003e \u003cspan m='1910530'\u003eLook\u003c/span\u003e \u003cspan m='1910710'\u003eat\u003c/span\u003e \u003cspan m='1910800'\u003ethis\u003c/span\u003e \u003cspan m='1910980'\u003eprice--\u003c/span\u003e \u003cspan m='1911580'\u003epricing\u003c/span\u003e \u003cspan m='1912060'\u003esignals.\u003c/span\u003e \u003cspan m='1913410'\u003eSo\u003c/span\u003e \u003cspan m='1913530'\u003ethat's\u003c/span\u003e \u003cspan m='1913770'\u003ewhy\u003c/span\u003e \u003cspan m='1914070'\u003ein\u003c/span\u003e \u003cspan m='1914370'\u003ethe\u003c/span\u003e \u003cspan m='1914520'\u003eUS\u003c/span\u003e \u003cspan m='1914790'\u003eSecurities\u003c/span\u003e \u003cspan m='1915360'\u003eand\u003c/span\u003e \u003cspan m='1915450'\u003eCommodities\u003c/span\u003e \u003cspan m='1915870'\u003emarkets--\u003c/span\u003e \u003cspan m='1916170'\u003ewe\u003c/span\u003e \u003cspan m='1916290'\u003esay\u003c/span\u003e \u003cspan m='1916470'\u003eno.\u003c/span\u003e \u003cspan m='1917610'\u003eIt's\u003c/span\u003e \u003cspan m='1919500'\u003eone\u003c/span\u003e \u003cspan m='1919770'\u003esmall\u003c/span\u003e \u003cspan m='1920220'\u003ecore\u003c/span\u003e \u003cspan m='1920580'\u003ething\u003c/span\u003e \u003cspan m='1921030'\u003ethat's\u003c/span\u003e \u003cspan m='1921270'\u003enot\u003c/span\u003e \u003cspan m='1921900'\u003eallowed.\u003c/span\u003e \u003cspan m='1923100'\u003eBut\u003c/span\u003e \u003cspan m='1923280'\u003ethere's\u003c/span\u003e \u003cspan m='1923460'\u003eno\u003c/span\u003e \u003cspan m='1923760'\u003eban\u003c/span\u003e \u003cspan m='1924120'\u003eon\u003c/span\u003e \u003cspan m='1924270'\u003ewash\u003c/span\u003e \u003cspan m='1924660'\u003esales,\u003c/span\u003e \u003cspan m='1925190'\u003ethough\u003c/span\u003e \u003cspan m='1925380'\u003ethere's\u003c/span\u003e \u003cspan m='1925920'\u003eacademic\u003c/span\u003e \u003cspan m='1926490'\u003eliterature.\u003c/span\u003e \u003cspan m='1926940'\u003eThere's\u003c/span\u003e \u003cspan m='1927060'\u003esome\u003c/span\u003e \u003cspan m='1927270'\u003estudies.\u003c/span\u003e \u003cspan m='1927750'\u003eSome\u003c/span\u003e \u003cspan m='1928020'\u003ecompetitors,\u003c/span\u003e \u003cspan m='1929220'\u003esome\u003c/span\u003e \u003cspan m='1929490'\u003eexchanges\u003c/span\u003e \u003cspan m='1930000'\u003estudy\u003c/span\u003e \u003cspan m='1930330'\u003eother\u003c/span\u003e \u003cspan m='1930560'\u003eexchanges\u003c/span\u003e \u003cspan m='1931080'\u003eto\u003c/span\u003e \u003cspan m='1931170'\u003esay,\u003c/span\u003e \u003cspan m='1931770'\u003ethey\u003c/span\u003e \u003cspan m='1932010'\u003ehave\u003c/span\u003e \u003cspan m='1932130'\u003ea\u003c/span\u003e \u003cspan m='1932160'\u003elot\u003c/span\u003e \u003cspan m='1932340'\u003eof\u003c/span\u003e \u003cspan m='1932400'\u003ewash\u003c/span\u003e \u003cspan m='1932700'\u003esales\u003c/span\u003e \u003cspan m='1933120'\u003eover\u003c/span\u003e \u003cspan m='1933330'\u003ethere.\u003c/span\u003e \u003cspan m='1934590'\u003eSo\u003c/span\u003e \u003cspan m='1934740'\u003ewe\u003c/span\u003e \u003cspan m='1934890'\u003edon't\u003c/span\u003e \u003cspan m='1935130'\u003eknow\u003c/span\u003e \u003cspan m='1935640'\u003ehow\u003c/span\u003e \u003cspan m='1935910'\u003ereal\u003c/span\u003e \u003cspan m='1936330'\u003ethese\u003c/span\u003e \u003cspan m='1936540'\u003evolume\u003c/span\u003e \u003cspan m='1937020'\u003efigures\u003c/span\u003e \u003cspan m='1937470'\u003eare.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1939150'\u003eThe\u003c/span\u003e \u003cspan m='1939270'\u003eother\u003c/span\u003e \u003cspan m='1939420'\u003ething\u003c/span\u003e \u003cspan m='1939630'\u003ethat\u003c/span\u003e \u003cspan m='1939750'\u003eI\u003c/span\u003e \u003cspan m='1939900'\u003efind\u003c/span\u003e \u003cspan m='1940140'\u003einteresting\u003c/span\u003e \u003cspan m='1940680'\u003eis\u003c/span\u003e \u003cspan m='1940800'\u003ethe\u003c/span\u003e \u003cspan m='1940950'\u003eaverage\u003c/span\u003e \u003cspan m='1941430'\u003etrade\u003c/span\u003e \u003cspan m='1941790'\u003eside--\u003c/span\u003e \u003cspan m='1943200'\u003e$200\u003c/span\u003e \u003cspan m='1943980'\u003eto\u003c/span\u003e \u003cspan m='1944220'\u003e$1,000,\u003c/span\u003e \u003cspan m='1945180'\u003ecouple\u003c/span\u003e \u003cspan m='1945480'\u003eof\u003c/span\u003e \u003cspan m='1945550'\u003ethem\u003c/span\u003e \u003cspan m='1945690'\u003ea\u003c/span\u003e \u003cspan m='1945720'\u003ecouple\u003c/span\u003e \u003cspan m='1946050'\u003ethousand.\u003c/span\u003e \u003cspan m='1946590'\u003eI\u003c/span\u003e \u003cspan m='1946620'\u003emean,\u003c/span\u003e \u003cspan m='1946840'\u003ethese\u003c/span\u003e \u003cspan m='1946890'\u003eare\u003c/span\u003e \u003cspan m='1946950'\u003enot\u003c/span\u003e \u003cspan m='1947280'\u003elarge\u003c/span\u003e \u003cspan m='1947790'\u003etransactions.\u003c/span\u003e \u003cspan m='1948570'\u003eKelly.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1949410'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1949570'\u003eSo\u003c/span\u003e \u003cspan m='1949730'\u003ethis\u003c/span\u003e \u003cspan m='1949890'\u003eisn't really\u003c/span\u003e \u003cspan m='1950370'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='1950850'\u003eitself.\u003c/span\u003e \u003cspan m='1951330'\u003eBut some of\u003c/span\u003e \u003cspan m='1951810'\u003ethe articles\u003c/span\u003e \u003cspan m='1952290'\u003ethat we\u003c/span\u003e \u003cspan m='1952770'\u003eread compared\u003c/span\u003e \u003cspan m='1953250'\u003eexchanges\u003c/span\u003e \u003cspan m='1953730'\u003eto,\u003c/span\u003e \u003cspan m='1954210'\u003esay,\u003c/span\u003e \u003cspan m='1954690'\u003elike\u003c/span\u003e \u003cspan m='1955650'\u003eScottrade\u003c/span\u003e \u003cspan m='1956130'\u003eand\u003c/span\u003e \u003cspan m='1957090'\u003eFidelity\u003c/span\u003e \u003cspan m='1958050'\u003eand some\u003c/span\u003e \u003cspan m='1958530'\u003eother\u003c/span\u003e \u003cspan m='1959010'\u003eplatforms\u003c/span\u003e \u003cspan m='1959490'\u003elike\u003c/span\u003e \u003cspan m='1959970'\u003ethat\u003c/span\u003e \u003cspan m='1960450'\u003efor traditional\u003c/span\u003e \u003cspan m='1960940'\u003esecurities.\u003c/span\u003e \u003cspan m='1961190'\u003eSo I wonder--\u003c/span\u003e \u003cspan m='1961670'\u003eand\u003c/span\u003e \u003cspan m='1961920'\u003eit\u003c/span\u003e \u003cspan m='1962220'\u003ebasically\u003c/span\u003e \u003cspan m='1962490'\u003ewas\u003c/span\u003e \u003cspan m='1962760'\u003esaying,\u003c/span\u003e \u003cspan m='1963055'\u003elike,\u003c/span\u003e \u003cspan m='1963350'\u003elook,\u003c/span\u003e \u003cspan m='1963500'\u003eyou know,\u003c/span\u003e \u003cspan m='1963940'\u003eI\u003c/span\u003e \u003cspan m='1964380'\u003ethink\u003c/span\u003e \u003cspan m='1964820'\u003eCoinbase\u003c/span\u003e \u003cspan m='1965260'\u003eor\u003c/span\u003e \u003cspan m='1965700'\u003esomething has, like,\u003c/span\u003e \u003cspan m='1966140'\u003e30\u003c/span\u003e \u003cspan m='1966630'\u003ebillion\u003c/span\u003e \u003cspan m='1967300'\u003eregistered--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1968130'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1968272'\u003e20 million\u003c/span\u003e \u003cspan m='1968700'\u003eacount.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1969767'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1969906'\u003e20\u003c/span\u003e \u003cspan m='1970045'\u003emillion--\u003c/span\u003e \u003cspan m='1971020'\u003eso\u003c/span\u003e \u003cspan m='1971430'\u003ethat's obviously\u003c/span\u003e \u003cspan m='1971820'\u003epretty good.\u003c/span\u003e \u003cspan m='1972100'\u003eI\u003c/span\u003e \u003cspan m='1972270'\u003ewonder\u003c/span\u003e \u003cspan m='1972600'\u003ehow\u003c/span\u003e \u003cspan m='1972940'\u003ethe\u003c/span\u003e \u003cspan m='1973270'\u003eother\u003c/span\u003e \u003cspan m='1973450'\u003emetrics\u003c/span\u003e \u003cspan m='1973892'\u003ecompare\u003c/span\u003e \u003cspan m='1974334'\u003eto--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1975660'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='1975780'\u003eSo\u003c/span\u003e \u003cspan m='1975900'\u003eI\u003c/span\u003e \u003cspan m='1976080'\u003ewent\u003c/span\u003e \u003cspan m='1976350'\u003earound\u003c/span\u003e \u003cspan m='1976650'\u003etrying\u003c/span\u003e \u003cspan m='1976860'\u003eto\u003c/span\u003e \u003cspan m='1976950'\u003efind\u003c/span\u003e \u003cspan m='1977400'\u003ea\u003c/span\u003e \u003cspan m='1977460'\u003elist\u003c/span\u003e \u003cspan m='1977910'\u003eof\u003c/span\u003e \u003cspan m='1978000'\u003ethe\u003c/span\u003e \u003cspan m='1978120'\u003emembership.\u003c/span\u003e \u003cspan m='1978840'\u003eAnd\u003c/span\u003e \u003cspan m='1978930'\u003eI\u003c/span\u003e \u003cspan m='1979020'\u003ecouldn't\u003c/span\u003e \u003cspan m='1979320'\u003efind\u003c/span\u003e \u003cspan m='1979770'\u003eit\u003c/span\u003e \u003cspan m='1979860'\u003efor\u003c/span\u003e \u003cspan m='1980100'\u003eothers.\u003c/span\u003e \u003cspan m='1981560'\u003eAnd\u003c/span\u003e \u003cspan m='1981660'\u003emaybe\u003c/span\u003e \u003cspan m='1981900'\u003eit's\u003c/span\u003e \u003cspan m='1982020'\u003ekind\u003c/span\u003e \u003cspan m='1982320'\u003eof--\u003c/span\u003e \u003cspan m='1982500'\u003eit's\u003c/span\u003e \u003cspan m='1982680'\u003ea\u003c/span\u003e \u003cspan m='1982740'\u003elittle\u003c/span\u003e \u003cspan m='1983010'\u003eharder\u003c/span\u003e \u003cspan m='1983370'\u003ethan\u003c/span\u003e \u003cspan m='1983730'\u003epumping\u003c/span\u003e \u003cspan m='1984180'\u003eyour\u003c/span\u003e \u003cspan m='1984270'\u003enumbers\u003c/span\u003e \u003cspan m='1984630'\u003ethrough\u003c/span\u003e \u003cspan m='1984780'\u003ewash\u003c/span\u003e \u003cspan m='1985080'\u003etrading.\u003c/span\u003e \u003cspan m='1986830'\u003eI\u003c/span\u003e \u003cspan m='1986860'\u003emean,\u003c/span\u003e \u003cspan m='1986970'\u003eyou\u003c/span\u003e \u003cspan m='1987060'\u003ecould\u003c/span\u003e \u003cspan m='1987180'\u003ealso\u003c/span\u003e \u003cspan m='1987420'\u003elie\u003c/span\u003e \u003cspan m='1987720'\u003eabout\u003c/span\u003e \u003cspan m='1987990'\u003eyour\u003c/span\u003e \u003cspan m='1988080'\u003emembership.\u003c/span\u003e \u003cspan m='1989400'\u003eAnd\u003c/span\u003e \u003cspan m='1989550'\u003eeven\u003c/span\u003e \u003cspan m='1989820'\u003eCoinbase's\u003c/span\u003e \u003cspan m='1990630'\u003e20\u003c/span\u003e \u003cspan m='1990990'\u003emillion\u003c/span\u003e \u003cspan m='1991410'\u003edoesn't\u003c/span\u003e \u003cspan m='1991740'\u003emean\u003c/span\u003e \u003cspan m='1991890'\u003ethey're\u003c/span\u003e \u003cspan m='1992040'\u003eactive\u003c/span\u003e \u003cspan m='1992640'\u003emembers.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1993180'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1993420'\u003eTrue.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='1997980'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='1998220'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='1998460'\u003esecurity\u003c/span\u003e \u003cspan m='1999020'\u003eis\u003c/span\u003e \u003cspan m='1999200'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2000100'\u003eCoinbase.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2001900'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2002080'\u003eCoinbase--\u003c/span\u003e \u003cspan m='2003180'\u003eso\u003c/span\u003e \u003cspan m='2003620'\u003ehere\u003c/span\u003e \u003cspan m='2003840'\u003eis\u003c/span\u003e \u003cspan m='2004380'\u003eanother\u003c/span\u003e \u003cspan m='2004710'\u003eway\u003c/span\u003e \u003cspan m='2004830'\u003eto\u003c/span\u003e \u003cspan m='2004950'\u003elook\u003c/span\u003e \u003cspan m='2005160'\u003eat--\u003c/span\u003e \u003cspan m='2005430'\u003eit\u003c/span\u003e \u003cspan m='2005550'\u003eis\u003c/span\u003e \u003cspan m='2005700'\u003eby\u003c/span\u003e \u003cspan m='2005880'\u003elegal\u003c/span\u003e \u003cspan m='2006210'\u003ejurisdiction--\u003c/span\u003e \u003cspan m='2006930'\u003esame\u003c/span\u003e \u003cspan m='2007230'\u003edatabase.\u003c/span\u003e \u003cspan m='2008090'\u003eYou're\u003c/span\u003e \u003cspan m='2008220'\u003egoing\u003c/span\u003e \u003cspan m='2008340'\u003eto\u003c/span\u003e \u003cspan m='2008430'\u003ehave\u003c/span\u003e \u003cspan m='2008970'\u003eeight\u003c/span\u003e \u003cspan m='2009180'\u003eor\u003c/span\u003e \u003cspan m='2009270'\u003e10\u003c/span\u003e \u003cspan m='2009570'\u003eslides\u003c/span\u003e \u003cspan m='2010080'\u003ethat\u003c/span\u003e \u003cspan m='2010130'\u003eare\u003c/span\u003e \u003cspan m='2010230'\u003esame\u003c/span\u003e \u003cspan m='2010500'\u003edatabase.\u003c/span\u003e \u003cspan m='2012780'\u003eCoinbase\u003c/span\u003e \u003cspan m='2013390'\u003eis\u003c/span\u003e \u003cspan m='2013560'\u003ein\u003c/span\u003e \u003cspan m='2013650'\u003ethe\u003c/span\u003e \u003cspan m='2013820'\u003eUS.\u003c/span\u003e \u003cspan m='2014520'\u003eAnd\u003c/span\u003e \u003cspan m='2014760'\u003ethis\u003c/span\u003e \u003cspan m='2015000'\u003ewould\u003c/span\u003e \u003cspan m='2015180'\u003esay\u003c/span\u003e \u003cspan m='2015630'\u003ethat\u003c/span\u003e \u003cspan m='2015870'\u003eit\u003c/span\u003e \u003cspan m='2016050'\u003ewas\u003c/span\u003e \u003cspan m='2016530'\u003ea\u003c/span\u003e \u003cspan m='2016560'\u003elittle\u003c/span\u003e \u003cspan m='2016890'\u003eless\u003c/span\u003e \u003cspan m='2017220'\u003ethan\u003c/span\u003e \u003cspan m='2018290'\u003e140,000--\u003c/span\u003e \u003cspan m='2019570'\u003eno,\u003c/span\u003e \u003cspan m='2019770'\u003eI\u003c/span\u003e \u003cspan m='2019890'\u003ecan't\u003c/span\u003e \u003cspan m='2020190'\u003equite\u003c/span\u003e \u003cspan m='2020490'\u003esee\u003c/span\u003e \u003cspan m='2020640'\u003ewhere\u003c/span\u003e \u003cspan m='2020730'\u003ethat\u003c/span\u003e \u003cspan m='2020910'\u003eline\u003c/span\u003e \u003cspan m='2021210'\u003ecomes.\u003c/span\u003e \u003cspan m='2021420'\u003eMaybe\u003c/span\u003e \u003cspan m='2021600'\u003eit's\u003c/span\u003e \u003cspan m='2021750'\u003e$100\u003c/span\u003e \u003cspan m='2023280'\u003emillion\u003c/span\u003e \u003cspan m='2023790'\u003ea\u003c/span\u003e \u003cspan m='2023820'\u003eday.\u003c/span\u003e \u003cspan m='2025030'\u003eAnd this\u003c/span\u003e \u003cspan m='2025260'\u003eis\u003c/span\u003e \u003cspan m='2025380'\u003ejust\u003c/span\u003e \u003cspan m='2025590'\u003ethe\u003c/span\u003e \u003cspan m='2025680'\u003emonth\u003c/span\u003e \u003cspan m='2025920'\u003eof\u003c/span\u003e \u003cspan m='2026040'\u003eOctober.\u003c/span\u003e \u003cspan m='2026680'\u003eSo\u003c/span\u003e \u003cspan m='2027450'\u003ethat's\u003c/span\u003e \u003cspan m='2027690'\u003ewhere--\u003c/span\u003e \u003cspan m='2029420'\u003eSean.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2030075'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2030156'\u003eI\u003c/span\u003e \u003cspan m='2030237'\u003ewas\u003c/span\u003e \u003cspan m='2030318'\u003ejust\u003c/span\u003e \u003cspan m='2030400'\u003ecurious.\u003c/span\u003e \u003cspan m='2030710'\u003eWhy\u003c/span\u003e \u003cspan m='2030910'\u003eis\u003c/span\u003e \u003cspan m='2031150'\u003ethat\u003c/span\u003e \u003cspan m='2031470'\u003ethe\u003c/span\u003e \u003cspan m='2031600'\u003eChinese\u003c/span\u003e \u003cspan m='2032130'\u003ecrypto\u003c/span\u003e \u003cspan m='2033092'\u003eexchange\u003c/span\u003e \u003cspan m='2033573'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2034054'\u003elisted\u003c/span\u003e \u003cspan m='2034535'\u003eup\u003c/span\u003e \u003cspan m='2035016'\u003ethere?\u003c/span\u003e \u003cspan m='2035497'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2035978'\u003eto me\u003c/span\u003e \u003cspan m='2036459'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2036940'\u003eactually\u003c/span\u003e \u003cspan m='2037421'\u003equite\u003c/span\u003e \u003cspan m='2037902'\u003evague.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2039890'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2040005'\u003eIt's\u003c/span\u003e \u003cspan m='2040120'\u003elisted\u003c/span\u003e \u003cspan m='2040720'\u003ethere\u003c/span\u003e \u003cspan m='2041140'\u003ein\u003c/span\u003e \u003cspan m='2041270'\u003ethe\u003c/span\u003e \u003cspan m='2041390'\u003eSeychelles\u003c/span\u003e \u003cspan m='2042130'\u003eat\u003c/span\u003e \u003cspan m='2042220'\u003e300\u003c/span\u003e \u003cspan m='2043780'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2045490'\u003eI'm\u003c/span\u003e \u003cspan m='2045610'\u003enot\u003c/span\u003e \u003cspan m='2045820'\u003esure\u003c/span\u003e \u003cspan m='2046030'\u003ewhy\u003c/span\u003e \u003cspan m='2046270'\u003eit's\u003c/span\u003e \u003cspan m='2046420'\u003enot\u003c/span\u003e \u003cspan m='2046600'\u003elisted\u003c/span\u003e \u003cspan m='2046960'\u003eon\u003c/span\u003e \u003cspan m='2047080'\u003ethis.\u003c/span\u003e \u003cspan m='2047410'\u003eIt's\u003c/span\u003e \u003cspan m='2047590'\u003ethe\u003c/span\u003e \u003cspan m='2047680'\u003esame\u003c/span\u003e \u003cspan m='2048040'\u003edatabase.\u003c/span\u003e \u003cspan m='2048760'\u003eIt's\u003c/span\u003e \u003cspan m='2048909'\u003enot\u003c/span\u003e \u003cspan m='2049120'\u003ethere.\u003c/span\u003e \u003cspan m='2049550'\u003eYeah,\u003c/span\u003e \u003cspan m='2049719'\u003ethere\u003c/span\u003e \u003cspan m='2049929'\u003eit\u003c/span\u003e \u003cspan m='2049989'\u003eis--\u003c/span\u003e \u003cspan m='2050260'\u003enumber\u003c/span\u003e \u003cspan m='2050530'\u003e5--\u003c/span\u003e \u003cspan m='2051989'\u003enumber\u003c/span\u003e \u003cspan m='2052210'\u003e5.\u003c/span\u003e \u003cspan m='2055230'\u003eSo\u003c/span\u003e \u003cspan m='2055409'\u003ewhat\u003c/span\u003e \u003cspan m='2055560'\u003ewould\u003c/span\u003e \u003cspan m='2055679'\u003eyou\u003c/span\u003e \u003cspan m='2055770'\u003etake\u003c/span\u003e \u003cspan m='2056050'\u003earound\u003c/span\u003e \u003cspan m='2057000'\u003ethis\u003c/span\u003e \u003cspan m='2057360'\u003eabout\u003c/span\u003e \u003cspan m='2057650'\u003ethe\u003c/span\u003e \u003cspan m='2058500'\u003egreat\u003c/span\u003e \u003cspan m='2058889'\u003efinancial\u003c/span\u003e \u003cspan m='2059489'\u003ecenters\u003c/span\u003e \u003cspan m='2059909'\u003eof\u003c/span\u003e \u003cspan m='2059969'\u003ethe\u003c/span\u003e \u003cspan m='2060060'\u003eworld?\u003c/span\u003e \u003cspan m='2060570'\u003eYes.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2060929'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2061134'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2062159'\u003eone\u003c/span\u003e \u003cspan m='2062429'\u003eof\u003c/span\u003e \u003cspan m='2062550'\u003ethe\u003c/span\u003e \u003cspan m='2063270'\u003equestions\u003c/span\u003e \u003cspan m='2063630'\u003ethat\u003c/span\u003e \u003cspan m='2064469'\u003eI\u003c/span\u003e \u003cspan m='2064590'\u003egot\u003c/span\u003e \u003cspan m='2064739'\u003eto\u003c/span\u003e \u003cspan m='2064800'\u003esee\u003c/span\u003e \u003cspan m='2064949'\u003ein\u003c/span\u003e \u003cspan m='2065010'\u003ethe\u003c/span\u003e \u003cspan m='2065100'\u003eprevious\u003c/span\u003e \u003cspan m='2065400'\u003eslide\u003c/span\u003e \u003cspan m='2065730'\u003ewas\u003c/span\u003e \u003cspan m='2066850'\u003eif\u003c/span\u003e \u003cspan m='2067199'\u003eyou\u003c/span\u003e \u003cspan m='2067350'\u003esum\u003c/span\u003e \u003cspan m='2067610'\u003eup\u003c/span\u003e \u003cspan m='2067870'\u003eall\u003c/span\u003e \u003cspan m='2068020'\u003ethe\u003c/span\u003e \u003cspan m='2068159'\u003etrades\u003c/span\u003e \u003cspan m='2068580'\u003ethat\u003c/span\u003e \u003cspan m='2068790'\u003ethose\u003c/span\u003e \u003cspan m='2069150'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2069429'\u003eare\u003c/span\u003e \u003cspan m='2069760'\u003eclaiming\u003c/span\u003e \u003cspan m='2070500'\u003ethat\u003c/span\u003e \u003cspan m='2070710'\u003ethey\u003c/span\u003e \u003cspan m='2070889'\u003eare\u003c/span\u003e \u003cspan m='2071040'\u003edoing\u003c/span\u003e \u003cspan m='2071370'\u003eon\u003c/span\u003e \u003cspan m='2071460'\u003ea\u003c/span\u003e \u003cspan m='2071520'\u003e24-hour\u003c/span\u003e \u003cspan m='2072239'\u003ebasis,\u003c/span\u003e \u003cspan m='2073170'\u003eisn't\u003c/span\u003e \u003cspan m='2073409'\u003ethat\u003c/span\u003e \u003cspan m='2073889'\u003ea\u003c/span\u003e \u003cspan m='2073949'\u003elot\u003c/span\u003e \u003cspan m='2074130'\u003elarger\u003c/span\u003e \u003cspan m='2074610'\u003ethan\u003c/span\u003e \u003cspan m='2074760'\u003ethe\u003c/span\u003e \u003cspan m='2074850'\u003ecapacity\u003c/span\u003e \u003cspan m='2075420'\u003eof\u003c/span\u003e \u003cspan m='2075480'\u003ethe\u003c/span\u003e \u003cspan m='2075570'\u003esystem\u003c/span\u003e \u003cspan m='2075989'\u003eitself?\u003c/span\u003e \u003cspan m='2076710'\u003eI can't\u003c/span\u003e \u003cspan m='2077040'\u003eremember--\u003c/span\u003e \u003cspan m='2077420'\u003ewhat?\u003c/span\u003e \u003cspan m='2077620'\u003eIt was like\u003c/span\u003e \u003cspan m='2077850'\u003eseven\u003c/span\u003e \u003cspan m='2078480'\u003etransactions\u003c/span\u003e \u003cspan m='2079630'\u003eper\u003c/span\u003e \u003cspan m='2080139'\u003esecond\u003c/span\u003e \u003cspan m='2080469'\u003ethat--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2081360'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2081420'\u003eAll\u003c/span\u003e \u003cspan m='2081480'\u003eright.\u003c/span\u003e \u003cspan m='2081690'\u003eSo\u003c/span\u003e \u003cspan m='2081870'\u003ethe\u003c/span\u003e \u003cspan m='2081960'\u003equestion\u003c/span\u003e \u003cspan m='2082500'\u003eis,\u003c/span\u003e \u003cspan m='2083820'\u003ethis\u003c/span\u003e \u003cspan m='2084060'\u003elooks\u003c/span\u003e \u003cspan m='2084330'\u003elike\u003c/span\u003e \u003cspan m='2084480'\u003ea\u003c/span\u003e \u003cspan m='2084540'\u003elot\u003c/span\u003e \u003cspan m='2084780'\u003emore\u003c/span\u003e \u003cspan m='2084989'\u003evolume\u003c/span\u003e \u003cspan m='2085620'\u003ethat's\u003c/span\u003e \u003cspan m='2085860'\u003eactually\u003c/span\u003e \u003cspan m='2086370'\u003ehappening.\u003c/span\u003e \u003cspan m='2088880'\u003eAnd I'm going to\u003c/span\u003e \u003cspan m='2088980'\u003eagree\u003c/span\u003e \u003cspan m='2089820'\u003ewith\u003c/span\u003e \u003cspan m='2090060'\u003eyou.\u003c/span\u003e \u003cspan m='2090219'\u003eWhy\u003c/span\u003e \u003cspan m='2090540'\u003edo\u003c/span\u003e \u003cspan m='2090600'\u003eyou\u003c/span\u003e \u003cspan m='2090719'\u003ethink\u003c/span\u003e \u003cspan m='2090960'\u003ethat's\u003c/span\u003e \u003cspan m='2091199'\u003epossible--\u003c/span\u003e \u003cspan m='2092070'\u003etwo\u003c/span\u003e \u003cspan m='2092310'\u003ereasons?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2093350'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2093585'\u003eBecause\u003c/span\u003e \u003cspan m='2094290'\u003ethey're\u003c/span\u003e \u003cspan m='2094310'\u003ejust\u003c/span\u003e \u003cspan m='2094520'\u003edoing\u003c/span\u003e \u003cspan m='2094699'\u003ethe\u003c/span\u003e \u003cspan m='2094750'\u003eexchanges\u003c/span\u003e \u003cspan m='2095730'\u003einternally.\u003c/span\u003e \u003cspan m='2096718'\u003eSo they're\u003c/span\u003e \u003cspan m='2097654'\u003enot actually\u003c/span\u003e \u003cspan m='2098122'\u003etransacting\u003c/span\u003e \u003cspan m='2098590'\u003eon the\u003c/span\u003e \u003cspan m='2099058'\u003eblockchain,\u003c/span\u003e \u003cspan m='2099530'\u003ebecause they\u003c/span\u003e \u003cspan m='2099680'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2100450'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2100510'\u003eRight.\u003c/span\u003e \u003cspan m='2100570'\u003eAnd\u003c/span\u003e \u003cspan m='2100630'\u003eremind\u003c/span\u003e \u003cspan m='2100690'\u003eme\u003c/span\u003e \u003cspan m='2100750'\u003eof\u003c/span\u003e \u003cspan m='2100810'\u003eyour\u003c/span\u003e \u003cspan m='2100900'\u003efirst\u003c/span\u003e \u003cspan m='2101170'\u003ename.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2101600'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2101795'\u003eJack.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2101990'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2102130'\u003eJack--\u003c/span\u003e \u003cspan m='2102270'\u003eso\u003c/span\u003e \u003cspan m='2102430'\u003eJack's\u003c/span\u003e \u003cspan m='2102820'\u003epoint\u003c/span\u003e \u003cspan m='2103150'\u003eis,\u003c/span\u003e \u003cspan m='2103300'\u003ewell,\u003c/span\u003e \u003cspan m='2103450'\u003emaybe\u003c/span\u003e \u003cspan m='2103720'\u003enot\u003c/span\u003e \u003cspan m='2103960'\u003eall\u003c/span\u003e \u003cspan m='2104170'\u003eof\u003c/span\u003e \u003cspan m='2104290'\u003ethis\u003c/span\u003e \u003cspan m='2104470'\u003eis\u003c/span\u003e \u003cspan m='2104590'\u003egoing\u003c/span\u003e \u003cspan m='2104920'\u003eto\u003c/span\u003e \u003cspan m='2105040'\u003ethe\u003c/span\u003e \u003cspan m='2105130'\u003eblockchain.\u003c/span\u003e \u003cspan m='2106180'\u003eIt's\u003c/span\u003e \u003cspan m='2106360'\u003ehappening\u003c/span\u003e \u003cspan m='2106960'\u003eon\u003c/span\u003e \u003cspan m='2107380'\u003ea\u003c/span\u003e \u003cspan m='2107620'\u003espreadsheet--\u003c/span\u003e \u003cspan m='2109210'\u003ein\u003c/span\u003e \u003cspan m='2109330'\u003esome\u003c/span\u003e \u003cspan m='2109570'\u003ecases,\u003c/span\u003e \u003cspan m='2110150'\u003ean\u003c/span\u003e \u003cspan m='2110170'\u003eExcel\u003c/span\u003e \u003cspan m='2110620'\u003espreadsheet.\u003c/span\u003e \u003cspan m='2112460'\u003eBut\u003c/span\u003e \u003cspan m='2112570'\u003eI'm\u003c/span\u003e \u003cspan m='2112720'\u003enot\u003c/span\u003e \u003cspan m='2112900'\u003eaware\u003c/span\u003e \u003cspan m='2113140'\u003eof\u003c/span\u003e \u003cspan m='2113230'\u003eanybody\u003c/span\u003e \u003cspan m='2113620'\u003estoring\u003c/span\u003e \u003cspan m='2114100'\u003eit\u003c/span\u003e \u003cspan m='2114190'\u003eeven\u003c/span\u003e \u003cspan m='2114430'\u003eon\u003c/span\u003e \u003cspan m='2114550'\u003ea\u003c/span\u003e \u003cspan m='2114580'\u003eblockchain\u003c/span\u003e \u003cspan m='2116200'\u003ewithin\u003c/span\u003e \u003cspan m='2117820'\u003ethe\u003c/span\u003e \u003cspan m='2118610'\u003eCoinbase\u003c/span\u003e \u003cspan m='2119380'\u003eor\u003c/span\u003e \u003cspan m='2119500'\u003eKraken\u003c/span\u003e \u003cspan m='2120280'\u003eor\u003c/span\u003e \u003cspan m='2121030'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2121780'\u003esystem.\u003c/span\u003e \u003cspan m='2123330'\u003eSecond\u003c/span\u003e \u003cspan m='2123750'\u003ereason?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2125148'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2125306'\u003eLike,\u003c/span\u003e \u003cspan m='2125464'\u003eI\u003c/span\u003e \u003cspan m='2125622'\u003ewould say\u003c/span\u003e \u003cspan m='2126096'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2127044'\u003ebecause it's\u003c/span\u003e \u003cspan m='2127518'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2127992'\u003ethe same\u003c/span\u003e \u003cspan m='2128466'\u003esecond\u003c/span\u003e \u003cspan m='2128940'\u003elayer.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2129890'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2129975'\u003eSo\u003c/span\u003e \u003cspan m='2130060'\u003eit\u003c/span\u003e \u003cspan m='2130160'\u003emight\u003c/span\u003e \u003cspan m='2130370'\u003ebe\u003c/span\u003e \u003cspan m='2130490'\u003eusing\u003c/span\u003e \u003cspan m='2130940'\u003ea\u003c/span\u003e \u003cspan m='2131000'\u003esecond\u003c/span\u003e \u003cspan m='2131420'\u003elayer\u003c/span\u003e \u003cspan m='2131810'\u003esolution\u003c/span\u003e \u003cspan m='2132500'\u003eor\u003c/span\u003e \u003cspan m='2132950'\u003ea lightning\u003c/span\u003e \u003cspan m='2133580'\u003eor\u003c/span\u003e \u003cspan m='2133670'\u003esecond\u003c/span\u003e \u003cspan m='2134090'\u003elayer.\u003c/span\u003e \u003cspan m='2134720'\u003eThat's\u003c/span\u003e \u003cspan m='2134960'\u003equite\u003c/span\u003e \u003cspan m='2135200'\u003epossible,\u003c/span\u003e \u003cspan m='2135770'\u003eeven\u003c/span\u003e \u003cspan m='2136010'\u003ethough\u003c/span\u003e \u003cspan m='2136130'\u003eI'm\u003c/span\u003e \u003cspan m='2136250'\u003enot\u003c/span\u003e \u003cspan m='2136850'\u003eaware\u003c/span\u003e \u003cspan m='2137120'\u003eif\u003c/span\u003e \u003cspan m='2137240'\u003ethere's\u003c/span\u003e \u003cspan m='2137450'\u003ea\u003c/span\u003e \u003cspan m='2137540'\u003elot\u003c/span\u003e \u003cspan m='2137750'\u003eof\u003c/span\u003e \u003cspan m='2137870'\u003eactivity.\u003c/span\u003e \u003cspan m='2141330'\u003eThird\u003c/span\u003e \u003cspan m='2141660'\u003ereason?\u003c/span\u003e \u003cspan m='2142980'\u003eThere's\u003c/span\u003e \u003cspan m='2143160'\u003ea\u003c/span\u003e \u003cspan m='2143220'\u003elot\u003c/span\u003e \u003cspan m='2143490'\u003eof\u003c/span\u003e \u003cspan m='2143610'\u003ecurrency\u003c/span\u003e \u003cspan m='2144150'\u003ecrosses\u003c/span\u003e \u003cspan m='2144720'\u003ehere.\u003c/span\u003e \u003cspan m='2144930'\u003eThis\u003c/span\u003e \u003cspan m='2145140'\u003eis\u003c/span\u003e \u003cspan m='2145260'\u003enot\u003c/span\u003e \u003cspan m='2145470'\u003ejust\u003c/span\u003e \u003cspan m='2145650'\u003ebitcoin.\u003c/span\u003e \u003cspan m='2147710'\u003eThere's\u003c/span\u003e \u003cspan m='2147860'\u003eprobably\u003c/span\u003e \u003cspan m='2148400'\u003e2,000\u003c/span\u003e \u003cspan m='2148700'\u003eto\u003c/span\u003e \u003cspan m='2148790'\u003e3,000\u003c/span\u003e \u003cspan m='2149570'\u003edifferent\u003c/span\u003e \u003cspan m='2149930'\u003epairs\u003c/span\u003e \u003cspan m='2150560'\u003ethat\u003c/span\u003e \u003cspan m='2150680'\u003eget\u003c/span\u003e \u003cspan m='2150830'\u003etraded\u003c/span\u003e \u003cspan m='2151310'\u003eon\u003c/span\u003e \u003cspan m='2151430'\u003eany\u003c/span\u003e \u003cspan m='2151610'\u003eday--\u003c/span\u003e \u003cspan m='2152420'\u003ebitcoin-ether,\u003c/span\u003e \u003cspan m='2153380'\u003ebitcoin-dollar,\u003c/span\u003e \u003cspan m='2154280'\u003ebitcoin-tether.\u003c/span\u003e \u003cspan m='2155780'\u003eYou\u003c/span\u003e \u003cspan m='2155920'\u003ecan\u003c/span\u003e \u003cspan m='2156260'\u003ebitcoin\u003c/span\u003e \u003cspan m='2156830'\u003ebitcoin\u003c/span\u003e \u003cspan m='2157320'\u003ecash,\u003c/span\u003e \u003cspan m='2158210'\u003ebut\u003c/span\u003e \u003cspan m='2158390'\u003ea\u003c/span\u003e \u003cspan m='2158450'\u003elot\u003c/span\u003e \u003cspan m='2158720'\u003eof\u003c/span\u003e \u003cspan m='2159160'\u003ethe\u003c/span\u003e \u003cspan m='2159320'\u003ecrosses--\u003c/span\u003e \u003cspan m='2160940'\u003ea\u003c/span\u003e \u003cspan m='2161215'\u003ecross\u003c/span\u003e \u003cspan m='2161490'\u003ein\u003c/span\u003e \u003cspan m='2161660'\u003eforeign\u003c/span\u003e \u003cspan m='2162020'\u003ecurrency\u003c/span\u003e \u003cspan m='2162500'\u003eland\u003c/span\u003e \u003cspan m='2162830'\u003eis\u003c/span\u003e \u003cspan m='2162980'\u003etwo\u003c/span\u003e \u003cspan m='2163310'\u003ecurrencies.\u003c/span\u003e \u003cspan m='2164210'\u003eIt's\u003c/span\u003e \u003cspan m='2164420'\u003eoften\u003c/span\u003e \u003cspan m='2164720'\u003ecalled\u003c/span\u003e \u003cspan m='2164900'\u003ea\u003c/span\u003e \u003cspan m='2164960'\u003ecurrency\u003c/span\u003e \u003cspan m='2165380'\u003epair.\u003c/span\u003e \u003cspan m='2166370'\u003eUS\u003c/span\u003e \u003cspan m='2166700'\u003edollar\u003c/span\u003e \u003cspan m='2167030'\u003eversus\u003c/span\u003e \u003cspan m='2167420'\u003eeuro or\u003c/span\u003e \u003cspan m='2167840'\u003eUS\u003c/span\u003e \u003cspan m='2168200'\u003edollar\u003c/span\u003e \u003cspan m='2168500'\u003eversus\u003c/span\u003e \u003cspan m='2168860'\u003eyen,\u003c/span\u003e \u003cspan m='2169730'\u003ethese\u003c/span\u003e \u003cspan m='2169940'\u003ewere\u003c/span\u003e \u003cspan m='2170030'\u003ecurrency\u003c/span\u003e \u003cspan m='2170540'\u003epairs.\u003c/span\u003e \u003cspan m='2172010'\u003eBut\u003c/span\u003e \u003cspan m='2172130'\u003enow,\u003c/span\u003e \u003cspan m='2173120'\u003eif\u003c/span\u003e \u003cspan m='2173270'\u003ewe\u003c/span\u003e \u003cspan m='2173390'\u003ecan\u003c/span\u003e \u003cspan m='2173540'\u003euse\u003c/span\u003e \u003cspan m='2173750'\u003ethe\u003c/span\u003e \u003cspan m='2173840'\u003esame\u003c/span\u003e \u003cspan m='2174200'\u003eterminology\u003c/span\u003e \u003cspan m='2174890'\u003ehere,\u003c/span\u003e \u003cspan m='2175670'\u003ethere's\u003c/span\u003e \u003cspan m='2175910'\u003ethousands\u003c/span\u003e \u003cspan m='2176660'\u003eof\u003c/span\u003e \u003cspan m='2176930'\u003ecrosses\u003c/span\u003e \u003cspan m='2177590'\u003eor\u003c/span\u003e \u003cspan m='2177680'\u003epairs,\u003c/span\u003e \u003cspan m='2179000'\u003eso\u003c/span\u003e \u003cspan m='2179120'\u003eit's\u003c/span\u003e \u003cspan m='2179240'\u003enot\u003c/span\u003e \u003cspan m='2179510'\u003eall\u003c/span\u003e \u003cspan m='2179720'\u003eBitcoin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2180830'\u003eBut\u003c/span\u003e \u003cspan m='2181040'\u003ethe\u003c/span\u003e \u003cspan m='2181160'\u003efirst\u003c/span\u003e \u003cspan m='2181640'\u003ereason's\u003c/span\u003e \u003cspan m='2182120'\u003ethe\u003c/span\u003e \u003cspan m='2182240'\u003ebiggest\u003c/span\u003e \u003cspan m='2182600'\u003eone,\u003c/span\u003e \u003cspan m='2182750'\u003ewhat\u003c/span\u003e \u003cspan m='2182900'\u003eJack\u003c/span\u003e \u003cspan m='2183260'\u003esaid.\u003c/span\u003e \u003cspan m='2185480'\u003eNot\u003c/span\u003e \u003cspan m='2185870'\u003eall\u003c/span\u003e \u003cspan m='2186170'\u003eof\u003c/span\u003e \u003cspan m='2186230'\u003ethese\u003c/span\u003e \u003cspan m='2186590'\u003eexchanges\u003c/span\u003e \u003cspan m='2187340'\u003ewill\u003c/span\u003e \u003cspan m='2187670'\u003esettle\u003c/span\u003e \u003cspan m='2188390'\u003eto\u003c/span\u003e \u003cspan m='2188690'\u003ea\u003c/span\u003e \u003cspan m='2188780'\u003eblockchain\u003c/span\u003e \u003cspan m='2191750'\u003eimmediately.\u003c/span\u003e \u003cspan m='2192450'\u003eIn\u003c/span\u003e \u003cspan m='2192550'\u003efact,\u003c/span\u003e \u003cspan m='2192960'\u003eit's\u003c/span\u003e \u003cspan m='2193040'\u003ecostly,\u003c/span\u003e \u003cspan m='2194060'\u003eeven\u003c/span\u003e \u003cspan m='2194420'\u003efor\u003c/span\u003e \u003cspan m='2194660'\u003ethem.\u003c/span\u003e \u003cspan m='2195470'\u003eSo\u003c/span\u003e \u003cspan m='2195620'\u003ethey'll\u003c/span\u003e \u003cspan m='2195800'\u003etake\u003c/span\u003e \u003cspan m='2196070'\u003esome\u003c/span\u003e \u003cspan m='2196250'\u003eprice\u003c/span\u003e \u003cspan m='2196790'\u003erisk,\u003c/span\u003e \u003cspan m='2198400'\u003eand\u003c/span\u003e \u003cspan m='2198550'\u003eif\u003c/span\u003e \u003cspan m='2198640'\u003ethey\u003c/span\u003e \u003cspan m='2198790'\u003ehave\u003c/span\u003e \u003cspan m='2199060'\u003eenough\u003c/span\u003e \u003cspan m='2201280'\u003ecustomers\u003c/span\u003e \u003cspan m='2203160'\u003eand\u003c/span\u003e \u003cspan m='2203250'\u003etheir\u003c/span\u003e \u003cspan m='2203400'\u003emarket\u003c/span\u003e \u003cspan m='2203880'\u003emaking\u003c/span\u003e \u003cspan m='2204510'\u003eon\u003c/span\u003e \u003cspan m='2204660'\u003ethe\u003c/span\u003e \u003cspan m='2204810'\u003eother\u003c/span\u003e \u003cspan m='2205020'\u003eside,\u003c/span\u003e \u003cspan m='2205380'\u003ethey'll\u003c/span\u003e \u003cspan m='2205530'\u003etake\u003c/span\u003e \u003cspan m='2205800'\u003esome\u003c/span\u003e \u003cspan m='2205980'\u003eprice\u003c/span\u003e \u003cspan m='2206400'\u003erisk.\u003c/span\u003e \u003cspan m='2206760'\u003eAnd\u003c/span\u003e \u003cspan m='2206850'\u003ethey\u003c/span\u003e \u003cspan m='2206970'\u003emight\u003c/span\u003e \u003cspan m='2207210'\u003esettle\u003c/span\u003e \u003cspan m='2207720'\u003eto\u003c/span\u003e \u003cspan m='2207870'\u003ethe\u003c/span\u003e \u003cspan m='2207960'\u003eblockchain\u003c/span\u003e \u003cspan m='2210120'\u003emultiple\u003c/span\u003e \u003cspan m='2210660'\u003etimes\u003c/span\u003e \u003cspan m='2211080'\u003ea\u003c/span\u003e \u003cspan m='2211140'\u003eday\u003c/span\u003e \u003cspan m='2211630'\u003ebut\u003c/span\u003e \u003cspan m='2211710'\u003eonly\u003c/span\u003e \u003cspan m='2211920'\u003esettle\u003c/span\u003e \u003cspan m='2212340'\u003ewhen\u003c/span\u003e \u003cspan m='2212590'\u003ethere\u003c/span\u003e \u003cspan m='2212880'\u003ehave\u003c/span\u003e \u003cspan m='2213210'\u003eexposure.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2214050'\u003eAnd\u003c/span\u003e \u003cspan m='2214260'\u003eI\u003c/span\u003e \u003cspan m='2214470'\u003edon't\u003c/span\u003e \u003cspan m='2214620'\u003eknow,\u003c/span\u003e \u003cspan m='2214830'\u003etheir\u003c/span\u003e \u003cspan m='2215040'\u003erisk\u003c/span\u003e \u003cspan m='2215430'\u003emanagement\u003c/span\u003e \u003cspan m='2215970'\u003emight\u003c/span\u003e \u003cspan m='2216150'\u003ebe,\u003c/span\u003e \u003cspan m='2216330'\u003eI'll\u003c/span\u003e \u003cspan m='2216540'\u003esettle\u003c/span\u003e \u003cspan m='2216990'\u003ewhen\u003c/span\u003e \u003cspan m='2217170'\u003eI'm\u003c/span\u003e \u003cspan m='2217350'\u003elong\u003c/span\u003e \u003cspan m='2217770'\u003e10\u003c/span\u003e \u003cspan m='2218130'\u003eBitcoin\u003c/span\u003e \u003cspan m='2218730'\u003eor\u003c/span\u003e \u003cspan m='2218820'\u003eshort\u003c/span\u003e \u003cspan m='2219180'\u003e10\u003c/span\u003e \u003cspan m='2219450'\u003eBitcoin,\u003c/span\u003e \u003cspan m='2220500'\u003ebut\u003c/span\u003e \u003cspan m='2220650'\u003etake\u003c/span\u003e \u003cspan m='2220950'\u003esome\u003c/span\u003e \u003cspan m='2221400'\u003eprice\u003c/span\u003e \u003cspan m='2221910'\u003eexposure.\u003c/span\u003e \u003cspan m='2223230'\u003eThat\u003c/span\u003e \u003cspan m='2223500'\u003erisk\u003c/span\u003e \u003cspan m='2223830'\u003emanagement,\u003c/span\u003e \u003cspan m='2225420'\u003ein\u003c/span\u003e \u003cspan m='2225570'\u003eessence,\u003c/span\u003e \u003cspan m='2226020'\u003eCoinbase\u003c/span\u003e \u003cspan m='2226770'\u003eor\u003c/span\u003e \u003cspan m='2226830'\u003eCracken\u003c/span\u003e \u003cspan m='2227310'\u003eor\u003c/span\u003e \u003cspan m='2227370'\u003eGemini\u003c/span\u003e \u003cspan m='2228120'\u003eor\u003c/span\u003e \u003cspan m='2228510'\u003eHuobi\u003c/span\u003e \u003cspan m='2229200'\u003eare\u003c/span\u003e \u003cspan m='2229350'\u003ebasically\u003c/span\u003e \u003cspan m='2229710'\u003esaying,\u003c/span\u003e \u003cspan m='2230040'\u003eI'll\u003c/span\u003e \u003cspan m='2230160'\u003etake\u003c/span\u003e \u003cspan m='2230400'\u003esome\u003c/span\u003e \u003cspan m='2230550'\u003eprice\u003c/span\u003e \u003cspan m='2230880'\u003eexposure\u003c/span\u003e \u003cspan m='2231390'\u003eand\u003c/span\u003e \u003cspan m='2231480'\u003eonly\u003c/span\u003e \u003cspan m='2231690'\u003esettle\u003c/span\u003e \u003cspan m='2232110'\u003eto\u003c/span\u003e \u003cspan m='2232890'\u003ethe\u003c/span\u003e \u003cspan m='2233040'\u003eultimate\u003c/span\u003e \u003cspan m='2233550'\u003esettlement\u003c/span\u003e \u003cspan m='2234240'\u003efinality,\u003c/span\u003e \u003cspan m='2235080'\u003ethe\u003c/span\u003e \u003cspan m='2235170'\u003eblockchain,\u003c/span\u003e \u003cspan m='2237760'\u003eseveral\u003c/span\u003e \u003cspan m='2238210'\u003etimes\u003c/span\u003e \u003cspan m='2238600'\u003ea\u003c/span\u003e \u003cspan m='2238630'\u003eday\u003c/span\u003e \u003cspan m='2240190'\u003ewhich,\u003c/span\u003e \u003cspan m='2240340'\u003eof\u003c/span\u003e \u003cspan m='2240430'\u003ecourse,\u003c/span\u003e \u003cspan m='2240790'\u003etakes\u003c/span\u003e \u003cspan m='2241090'\u003e10\u003c/span\u003e \u003cspan m='2241600'\u003eto\u003c/span\u003e \u003cspan m='2241720'\u003e60\u003c/span\u003e \u003cspan m='2242140'\u003eminutes\u003c/span\u003e \u003cspan m='2242500'\u003eas\u003c/span\u003e \u003cspan m='2242650'\u003ewell.\u003c/span\u003e \u003cspan m='2244300'\u003eSo\u003c/span\u003e \u003cspan m='2244930'\u003ethat's\u003c/span\u003e \u003cspan m='2245200'\u003ehappened\u003c/span\u003e \u003cspan m='2245590'\u003ehere.\u003c/span\u003e \u003cspan m='2246700'\u003eGood\u003c/span\u003e \u003cspan m='2246910'\u003eobservation.\u003c/span\u003e \u003cspan m='2248440'\u003eYes,\u003c/span\u003e \u003cspan m='2249210'\u003eIsabel.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2250012'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2250253'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2250494'\u003etalks\u003c/span\u003e \u003cspan m='2250562'\u003ea\u003c/span\u003e \u003cspan m='2250630'\u003ealot\u003c/span\u003e \u003cspan m='2250698'\u003eabout\u003c/span\u003e \u003cspan m='2250766'\u003ehow\u003c/span\u003e \u003cspan m='2250834'\u003ethey\u003c/span\u003e \u003cspan m='2250902'\u003ekey\u003c/span\u003e \u003cspan m='2250976'\u003edigital\u003c/span\u003e \u003cspan m='2251458'\u003ewallets\u003c/span\u003e \u003cspan m='2251940'\u003eoff\u003c/span\u003e \u003cspan m='2252070'\u003eof\u003c/span\u003e \u003cspan m='2252200'\u003ethe\u003c/span\u003e \u003cspan m='2252330'\u003enetwork\u003c/span\u003e \u003cspan m='2253234'\u003efor\u003c/span\u003e \u003cspan m='2253686'\u003eadded\u003c/span\u003e \u003cspan m='2254140'\u003esecurity.\u003c/span\u003e \u003cspan m='2254450'\u003eSo\u003c/span\u003e \u003cspan m='2254740'\u003edo\u003c/span\u003e \u003cspan m='2254990'\u003eother\u003c/span\u003e \u003cspan m='2255255'\u003eexchanges\u003c/span\u003e \u003cspan m='2255520'\u003enot\u003c/span\u003e \u003cspan m='2255850'\u003edo\u003c/span\u003e \u003cspan m='2256060'\u003ethat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2257530'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2257665'\u003eSo\u003c/span\u003e \u003cspan m='2258070'\u003eIsabel\u003c/span\u003e \u003cspan m='2258490'\u003ehas\u003c/span\u003e \u003cspan m='2258610'\u003eraised\u003c/span\u003e \u003cspan m='2259360'\u003ethat\u003c/span\u003e \u003cspan m='2259600'\u003eCoinbase\u003c/span\u003e \u003cspan m='2260890'\u003epromotes\u003c/span\u003e \u003cspan m='2261430'\u003ethat\u003c/span\u003e \u003cspan m='2261610'\u003ethey\u003c/span\u003e \u003cspan m='2261850'\u003ehave\u003c/span\u003e \u003cspan m='2262030'\u003ea\u003c/span\u003e \u003cspan m='2262090'\u003esecure\u003c/span\u003e \u003cspan m='2263800'\u003ecustody\u003c/span\u003e \u003cspan m='2264370'\u003esolution,\u003c/span\u003e \u003cspan m='2264880'\u003eand\u003c/span\u003e \u003cspan m='2264970'\u003epart\u003c/span\u003e \u003cspan m='2265300'\u003eof\u003c/span\u003e \u003cspan m='2265480'\u003eit\u003c/span\u003e \u003cspan m='2265600'\u003eis\u003c/span\u003e \u003cspan m='2265840'\u003ekeeping\u003c/span\u003e \u003cspan m='2266710'\u003eyour\u003c/span\u003e \u003cspan m='2267010'\u003eBitcoin\u003c/span\u003e \u003cspan m='2268300'\u003eoff\u003c/span\u003e \u003cspan m='2268660'\u003eof\u003c/span\u003e \u003cspan m='2269530'\u003ethe\u003c/span\u003e \u003cspan m='2269650'\u003enetwork.\u003c/span\u003e \u003cspan m='2271270'\u003eThe\u003c/span\u003e \u003cspan m='2271360'\u003eterm\u003c/span\u003e \u003cspan m='2271690'\u003eis\u003c/span\u003e \u003cspan m='2272380'\u003ekeeping\u003c/span\u003e \u003cspan m='2272710'\u003eit\u003c/span\u003e \u003cspan m='2272800'\u003ein\u003c/span\u003e \u003cspan m='2272920'\u003ecold\u003c/span\u003e \u003cspan m='2273310'\u003ewallets\u003c/span\u003e \u003cspan m='2274530'\u003einstead\u003c/span\u003e \u003cspan m='2274630'\u003eof\u003c/span\u003e \u003cspan m='2275020'\u003ea\u003c/span\u003e \u003cspan m='2275380'\u003ehot\u003c/span\u003e \u003cspan m='2275650'\u003ewallet.\u003c/span\u003e \u003cspan m='2276040'\u003eAnybody\u003c/span\u003e \u003cspan m='2276370'\u003eknow\u003c/span\u003e \u003cspan m='2276460'\u003ewhat\u003c/span\u003e \u003cspan m='2276580'\u003ea\u003c/span\u003e \u003cspan m='2276640'\u003ehot\u003c/span\u003e \u003cspan m='2276850'\u003ewallet\u003c/span\u003e \u003cspan m='2277240'\u003eis?\u003c/span\u003e \u003cspan m='2279400'\u003eEric?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2280082'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2280278'\u003eSoftware-based wallet.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cspan m='2284760'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2284895'\u003eSoftware-based\u003c/span\u003e \u003cspan m='2285580'\u003ewallet\u003c/span\u003e \u003cspan m='2285930'\u003ethat's\u003c/span\u003e \u003cspan m='2286140'\u003econnected,\u003c/span\u003e \u003cspan m='2286950'\u003ecurrently\u003c/span\u003e \u003cspan m='2287460'\u003econnected,\u003c/span\u003e \u003cspan m='2289380'\u003eas\u003c/span\u003e \u003cspan m='2289500'\u003eopposed\u003c/span\u003e \u003cspan m='2289800'\u003eto\u003c/span\u003e \u003cspan m='2289890'\u003ea\u003c/span\u003e \u003cspan m='2289920'\u003ewallet\u003c/span\u003e \u003cspan m='2290340'\u003ethat's\u003c/span\u003e \u003cspan m='2290820'\u003edisconnected\u003c/span\u003e \u003cspan m='2292290'\u003eand\u003c/span\u003e \u003cspan m='2292380'\u003enot\u003c/span\u003e \u003cspan m='2292920'\u003esigned\u003c/span\u003e \u003cspan m='2293280'\u003eup.\u003c/span\u003e \u003cspan m='2294450'\u003eLet\u003c/span\u003e \u003cspan m='2294630'\u003eme\u003c/span\u003e \u003cspan m='2294750'\u003ehold\u003c/span\u003e \u003cspan m='2294990'\u003ethat\u003c/span\u003e \u003cspan m='2295140'\u003equestion,\u003c/span\u003e \u003cspan m='2295500'\u003ebecause\u003c/span\u003e \u003cspan m='2295710'\u003eI've\u003c/span\u003e \u003cspan m='2295830'\u003egot\u003c/span\u003e \u003cspan m='2295950'\u003ea\u003c/span\u003e \u003cspan m='2296010'\u003eslide\u003c/span\u003e \u003cspan m='2296400'\u003eon\u003c/span\u003e \u003cspan m='2296550'\u003ethat,\u003c/span\u003e \u003cspan m='2297320'\u003ebut\u003c/span\u003e \u003cspan m='2297870'\u003eyes,\u003c/span\u003e \u003cspan m='2298320'\u003ethe\u003c/span\u003e \u003cspan m='2298470'\u003eanswer\u003c/span\u003e \u003cspan m='2298770'\u003eis\u003c/span\u003e \u003cspan m='2298920'\u003eothers\u003c/span\u003e \u003cspan m='2299400'\u003ealso\u003c/span\u003e \u003cspan m='2299850'\u003ehave\u003c/span\u003e \u003cspan m='2300990'\u003ecold\u003c/span\u003e \u003cspan m='2301380'\u003estorage.\u003c/span\u003e \u003cspan m='2303390'\u003eMt.\u003c/span\u003e \u003cspan m='2303630'\u003eGox\u003c/span\u003e \u003cspan m='2304170'\u003efive\u003c/span\u003e \u003cspan m='2304530'\u003eyears\u003c/span\u003e \u003cspan m='2304830'\u003eago\u003c/span\u003e \u003cspan m='2305040'\u003edidn't\u003c/span\u003e \u003cspan m='2305280'\u003ehave\u003c/span\u003e \u003cspan m='2305430'\u003emuch\u003c/span\u003e \u003cspan m='2305670'\u003ecold\u003c/span\u003e \u003cspan m='2305940'\u003estorage,\u003c/span\u003e \u003cspan m='2307830'\u003ebut\u003c/span\u003e \u003cspan m='2308820'\u003ewhat\u003c/span\u003e \u003cspan m='2309000'\u003eother\u003c/span\u003e \u003cspan m='2309210'\u003eobservation\u003c/span\u003e \u003cspan m='2309900'\u003ehere\u003c/span\u003e \u003cspan m='2310110'\u003eabout\u003c/span\u003e \u003cspan m='2310350'\u003ethe\u003c/span\u003e \u003cspan m='2310440'\u003egreat\u003c/span\u003e \u003cspan m='2310710'\u003efinancial\u003c/span\u003e \u003cspan m='2311220'\u003ecenters\u003c/span\u003e \u003cspan m='2311610'\u003eof\u003c/span\u003e \u003cspan m='2311670'\u003ethe\u003c/span\u003e \u003cspan m='2311760'\u003eworld?\u003c/span\u003e \u003cspan m='2313660'\u003eJames?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2314190'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2314385'\u003eThey're all tax havens.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2315640'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2315810'\u003eThey're\u003c/span\u003e \u003cspan m='2315980'\u003eall tax\u003c/span\u003e \u003cspan m='2316380'\u003ehavens.\u003c/span\u003e \u003cspan m='2317020'\u003eMalta,\u003c/span\u003e \u003cspan m='2318360'\u003eBinance,\u003c/span\u003e \u003cspan m='2319170'\u003eand\u003c/span\u003e \u003cspan m='2319500'\u003eOKX,\u003c/span\u003e \u003cspan m='2320360'\u003enow\u003c/span\u003e \u003cspan m='2320640'\u003eagain,\u003c/span\u003e \u003cspan m='2321150'\u003ewhether\u003c/span\u003e \u003cspan m='2321480'\u003ethe\u003c/span\u003e \u003cspan m='2321750'\u003eBinance\u003c/span\u003e \u003cspan m='2322290'\u003eand\u003c/span\u003e \u003cspan m='2322670'\u003eOKX\u003c/span\u003e \u003cspan m='2323010'\u003enumbers\u003c/span\u003e \u003cspan m='2323520'\u003eare\u003c/span\u003e \u003cspan m='2324630'\u003elegit.\u003c/span\u003e \u003cspan m='2328230'\u003eYou're\u003c/span\u003e \u003cspan m='2328440'\u003eHong\u003c/span\u003e \u003cspan m='2328740'\u003eKong,\u003c/span\u003e \u003cspan m='2329640'\u003eright?\u003c/span\u003e \u003cspan m='2330120'\u003eYeah?\u003c/span\u003e \u003cspan m='2330660'\u003eYou're\u003c/span\u003e \u003cspan m='2330840'\u003eHong\u003c/span\u003e \u003cspan m='2331050'\u003eKong.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2331540'\u003eBiggest\u003c/span\u003e \u003cspan m='2331830'\u003etax\u003c/span\u003e \u003cspan m='2332160'\u003ehaven\u003c/span\u003e \u003cspan m='2332460'\u003eof\u003c/span\u003e \u003cspan m='2332820'\u003eChina.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2333540'\u003eYeah,\u003c/span\u003e \u003cspan m='2334200'\u003ethe\u003c/span\u003e \u003cspan m='2334320'\u003eBritish\u003c/span\u003e \u003cspan m='2334710'\u003eVirgin\u003c/span\u003e \u003cspan m='2335160'\u003eIslands,\u003c/span\u003e \u003cspan m='2335820'\u003eSeychelles,\u003c/span\u003e \u003cspan m='2338610'\u003eit's\u003c/span\u003e \u003cspan m='2338820'\u003ekind\u003c/span\u003e \u003cspan m='2339060'\u003eof--\u003c/span\u003e \u003cspan m='2340180'\u003eso\u003c/span\u003e \u003cspan m='2340330'\u003ethere's\u003c/span\u003e \u003cspan m='2340480'\u003esome\u003c/span\u003e \u003cspan m='2340690'\u003eregulatory\u003c/span\u003e \u003cspan m='2341500'\u003earbitrage\u003c/span\u003e \u003cspan m='2342190'\u003egoing\u003c/span\u003e \u003cspan m='2342550'\u003eon.\u003c/span\u003e \u003cspan m='2343970'\u003eAnd\u003c/span\u003e \u003cspan m='2344090'\u003ethese\u003c/span\u003e \u003cspan m='2344330'\u003eare\u003c/span\u003e \u003cspan m='2344390'\u003ethe\u003c/span\u003e \u003cspan m='2344480'\u003ecountries\u003c/span\u003e \u003cspan m='2344960'\u003ewhere\u003c/span\u003e \u003cspan m='2345140'\u003ethey're\u003c/span\u003e \u003cspan m='2345290'\u003eregistered,\u003c/span\u003e \u003cspan m='2346100'\u003enot\u003c/span\u003e \u003cspan m='2346370'\u003enecessarily\u003c/span\u003e \u003cspan m='2347060'\u003ethe\u003c/span\u003e \u003cspan m='2347180'\u003ecountry\u003c/span\u003e \u003cspan m='2347630'\u003eof\u003c/span\u003e \u003cspan m='2347720'\u003ethe\u003c/span\u003e \u003cspan m='2347810'\u003ereal\u003c/span\u003e \u003cspan m='2348110'\u003eoperations.\u003c/span\u003e \u003cspan m='2349220'\u003eSome\u003c/span\u003e \u003cspan m='2349670'\u003eare--\u003c/span\u003e \u003cspan m='2351530'\u003eHuobi\u003c/span\u003e \u003cspan m='2351740'\u003eis\u003c/span\u003e \u003cspan m='2352160'\u003eone\u003c/span\u003e \u003cspan m='2352430'\u003ethat\u003c/span\u003e \u003cspan m='2352550'\u003estarted\u003c/span\u003e \u003cspan m='2353290'\u003ein\u003c/span\u003e \u003cspan m='2353600'\u003ethe\u003c/span\u003e \u003cspan m='2353690'\u003ePeople's\u003c/span\u003e \u003cspan m='2353790'\u003eRepublic,\u003c/span\u003e \u003cspan m='2355980'\u003ebut\u003c/span\u003e \u003cspan m='2356280'\u003ein\u003c/span\u003e \u003cspan m='2356430'\u003eBeijing,\u003c/span\u003e \u003cspan m='2356940'\u003ebut\u003c/span\u003e \u003cspan m='2357090'\u003ethey\u003c/span\u003e \u003cspan m='2357270'\u003eregistered\u003c/span\u003e \u003cspan m='2358890'\u003eelsewhere.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2361280'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2361515'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cspan m='2366920'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2366980'\u003eYou\u003c/span\u003e \u003cspan m='2367040'\u003emean\u003c/span\u003e \u003cspan m='2367190'\u003eyou\u003c/span\u003e \u003cspan m='2367310'\u003edon't\u003c/span\u003e \u003cspan m='2367460'\u003eknow\u003c/span\u003e \u003cspan m='2367640'\u003ethem?\u003c/span\u003e \u003cspan m='2369320'\u003eDoes\u003c/span\u003e \u003cspan m='2369440'\u003eanybody\u003c/span\u003e \u003cspan m='2369800'\u003ewant\u003c/span\u003e \u003cspan m='2369920'\u003eto\u003c/span\u003e \u003cspan m='2370010'\u003esay?\u003c/span\u003e \u003cspan m='2370360'\u003ePriya?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2371064'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2371301'\u003eIslands of the South Pacific right? French Polynesia or something.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2376760'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2376873'\u003eThere\u003c/span\u003e \u003cspan m='2376986'\u003eyou\u003c/span\u003e \u003cspan m='2377100'\u003ego.\u003c/span\u003e \u003cspan m='2378430'\u003eI'm\u003c/span\u003e \u003cspan m='2378610'\u003esurprised\u003c/span\u003e \u003cspan m='2379120'\u003ethat\u003c/span\u003e \u003cspan m='2379300'\u003eyou\u003c/span\u003e \u003cspan m='2379450'\u003ehaven't\u003c/span\u003e \u003cspan m='2379720'\u003elearned\u003c/span\u003e \u003cspan m='2379960'\u003eabout\u003c/span\u003e \u003cspan m='2380200'\u003ethis\u003c/span\u003e \u003cspan m='2380410'\u003efinancial\u003c/span\u003e \u003cspan m='2380950'\u003ecenter.\u003c/span\u003e \u003cspan m='2383700'\u003eOK.\u003c/span\u003e \u003cspan m='2386410'\u003eJames\u003c/span\u003e \u003cspan m='2386770'\u003eis\u003c/span\u003e \u003cspan m='2386850'\u003ethis\u003c/span\u003e \u003cspan m='2386950'\u003egoing\u003c/span\u003e \u003cspan m='2387070'\u003eto\u003c/span\u003e \u003cspan m='2387160'\u003etell\u003c/span\u003e \u003cspan m='2387370'\u003eus\u003c/span\u003e \u003cspan m='2387490'\u003emore\u003c/span\u003e \u003cspan m='2387730'\u003eabout\u003c/span\u003e \u003cspan m='2388060'\u003eit\u003c/span\u003e \u003cspan m='2388150'\u003eand\u003c/span\u003e \u003cspan m='2388270'\u003ehow\u003c/span\u003e \u003cspan m='2388450'\u003emuch\u003c/span\u003e \u003cspan m='2388720'\u003eit\u003c/span\u003e \u003cspan m='2388780'\u003ecosts\u003c/span\u003e \u003cspan m='2389110'\u003eto\u003c/span\u003e \u003cspan m='2389200'\u003ego\u003c/span\u003e \u003cspan m='2389410'\u003eon\u003c/span\u003e \u003cspan m='2389660'\u003eExpedia\u003c/span\u003e \u003cspan m='2390340'\u003eduring\u003c/span\u003e \u003cspan m='2390640'\u003esip\u003c/span\u003e \u003cspan m='2390940'\u003eweek.\u003c/span\u003e \u003cspan m='2392260'\u003eI\u003c/span\u003e \u003cspan m='2392440'\u003ethink\u003c/span\u003e \u003cspan m='2392650'\u003eSloan\u003c/span\u003e \u003cspan m='2393120'\u003eshould\u003c/span\u003e \u003cspan m='2393400'\u003ebenefit\u003c/span\u003e \u003cspan m='2393940'\u003efrom\u003c/span\u003e \u003cspan m='2394210'\u003ea\u003c/span\u003e \u003cspan m='2394510'\u003etrue\u003c/span\u003e \u003cspan m='2394780'\u003etrip.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2395230'\u003eOK.\u003c/span\u003e \u003cspan m='2395740'\u003eSo\u003c/span\u003e \u003cspan m='2395860'\u003ethis\u003c/span\u003e \u003cspan m='2396070'\u003eis\u003c/span\u003e \u003cspan m='2396220'\u003ea\u003c/span\u003e \u003cspan m='2396280'\u003edifferent\u003c/span\u003e \u003cspan m='2396520'\u003eway\u003c/span\u003e \u003cspan m='2396640'\u003eto\u003c/span\u003e \u003cspan m='2396730'\u003emeasure\u003c/span\u003e \u003cspan m='2397010'\u003eit.\u003c/span\u003e \u003cspan m='2397090'\u003eThis\u003c/span\u003e \u003cspan m='2397240'\u003eis\u003c/span\u003e \u003cspan m='2397360'\u003enot\u003c/span\u003e \u003cspan m='2397570'\u003eon\u003c/span\u003e \u003cspan m='2397690'\u003evolume.\u003c/span\u003e \u003cspan m='2398650'\u003eI'm\u003c/span\u003e \u003cspan m='2398710'\u003egoing\u003c/span\u003e \u003cspan m='2398830'\u003eto\u003c/span\u003e \u003cspan m='2398890'\u003etake\u003c/span\u003e \u003cspan m='2399070'\u003ea\u003c/span\u003e \u003cspan m='2399280'\u003esecond.\u003c/span\u003e \u003cspan m='2399610'\u003eThis\u003c/span\u003e \u003cspan m='2399760'\u003eis\u003c/span\u003e \u003cspan m='2399850'\u003ejust\u003c/span\u003e \u003cspan m='2400030'\u003enumber\u003c/span\u003e \u003cspan m='2400600'\u003eof\u003c/span\u003e \u003cspan m='2400780'\u003emajor\u003c/span\u003e \u003cspan m='2401170'\u003eexchanges,\u003c/span\u003e \u003cspan m='2402100'\u003eand\u003c/span\u003e \u003cspan m='2402220'\u003ethere's\u003c/span\u003e \u003cspan m='2402580'\u003ethe\u003c/span\u003e \u003cspan m='2402790'\u003eeight\u003c/span\u003e \u003cspan m='2403120'\u003ebig\u003c/span\u003e \u003cspan m='2403360'\u003eones\u003c/span\u003e \u003cspan m='2403660'\u003ein\u003c/span\u003e \u003cspan m='2403750'\u003ethe\u003c/span\u003e \u003cspan m='2403880'\u003eUS,\u003c/span\u003e \u003cspan m='2404230'\u003estarting\u003c/span\u003e \u003cspan m='2404650'\u003ewith\u003c/span\u003e \u003cspan m='2404770'\u003ethe\u003c/span\u003e \u003cspan m='2404830'\u003ebiggest--\u003c/span\u003e \u003cspan m='2405250'\u003eCoinbase,\u003c/span\u003e \u003cspan m='2405880'\u003eBittrex,\u003c/span\u003e \u003cspan m='2406940'\u003ePoloniex,\u003c/span\u003e \u003cspan m='2407680'\u003ethat\u003c/span\u003e \u003cspan m='2407800'\u003ewe\u003c/span\u003e \u003cspan m='2407920'\u003etalked\u003c/span\u003e \u003cspan m='2408280'\u003eabout,\u003c/span\u003e \u003cspan m='2409030'\u003eCracken,\u003c/span\u003e \u003cspan m='2409600'\u003eGemini,\u003c/span\u003e \u003cspan m='2410670'\u003eItbit.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2411730'\u003eThose\u003c/span\u003e \u003cspan m='2412060'\u003eare\u003c/span\u003e \u003cspan m='2412090'\u003ethe\u003c/span\u003e \u003cspan m='2412210'\u003eones\u003c/span\u003e \u003cspan m='2412450'\u003ethat\u003c/span\u003e \u003cspan m='2412530'\u003eare\u003c/span\u003e \u003cspan m='2412870'\u003eUS-based,\u003c/span\u003e \u003cspan m='2413920'\u003ethat\u003c/span\u003e \u003cspan m='2414130'\u003esome\u003c/span\u003e \u003cspan m='2414400'\u003eof\u003c/span\u003e \u003cspan m='2414520'\u003eyou\u003c/span\u003e \u003cspan m='2414640'\u003ein\u003c/span\u003e \u003cspan m='2414730'\u003ethe\u003c/span\u003e \u003cspan m='2414830'\u003eUS\u003c/span\u003e \u003cspan m='2415180'\u003emight\u003c/span\u003e \u003cspan m='2415390'\u003ehave.\u003c/span\u003e \u003cspan m='2415670'\u003eI\u003c/span\u003e \u003cspan m='2415690'\u003ethink\u003c/span\u003e \u003cspan m='2415870'\u003eon\u003c/span\u003e \u003cspan m='2415990'\u003ethis\u003c/span\u003e \u003cspan m='2416170'\u003echart,\u003c/span\u003e \u003cspan m='2416590'\u003eif\u003c/span\u003e \u003cspan m='2416740'\u003eyou\u003c/span\u003e \u003cspan m='2416860'\u003edon't\u003c/span\u003e \u003cspan m='2417010'\u003efind\u003c/span\u003e \u003cspan m='2417310'\u003eyour\u003c/span\u003e \u003cspan m='2417490'\u003eexchange\u003c/span\u003e \u003cspan m='2417910'\u003eon\u003c/span\u003e \u003cspan m='2418000'\u003ethis\u003c/span\u003e \u003cspan m='2418180'\u003echart,\u003c/span\u003e \u003cspan m='2418510'\u003eI\u003c/span\u003e \u003cspan m='2418630'\u003ewould\u003c/span\u003e \u003cspan m='2418780'\u003ebe--\u003c/span\u003e \u003cspan m='2419640'\u003eall\u003c/span\u003e \u003cspan m='2419710'\u003eright,\u003c/span\u003e \u003cspan m='2420640'\u003eall\u003c/span\u003e \u003cspan m='2420700'\u003eright,\u003c/span\u003e \u003cspan m='2420880'\u003emaybe,\u003c/span\u003e \u003cspan m='2421390'\u003ebecause\u003c/span\u003e \u003cspan m='2421780'\u003eit\u003c/span\u003e \u003cspan m='2421870'\u003emight\u003c/span\u003e \u003cspan m='2422050'\u003ehave\u003c/span\u003e \u003cspan m='2422170'\u003ealready\u003c/span\u003e \u003cspan m='2422500'\u003efailed,\u003c/span\u003e \u003cspan m='2423100'\u003ewhatever\u003c/span\u003e \u003cspan m='2423460'\u003eexchange\u003c/span\u003e \u003cspan m='2423940'\u003eyou\u003c/span\u003e \u003cspan m='2424120'\u003ehave.\u003c/span\u003e \u003cspan m='2425080'\u003eBut\u003c/span\u003e \u003cspan m='2426040'\u003eEric,\u003c/span\u003e \u003cspan m='2426350'\u003ewho\u003c/span\u003e \u003cspan m='2426460'\u003eare\u003c/span\u003e \u003cspan m='2426580'\u003eyou\u003c/span\u003e \u003cspan m='2426670'\u003elooking\u003c/span\u003e \u003cspan m='2426940'\u003efor?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2427761'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2427991'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2430070'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='2430100'\u003eAll\u003c/span\u003e \u003cspan m='2430130'\u003eright.\u003c/span\u003e \u003cspan m='2430630'\u003eThese\u003c/span\u003e \u003cspan m='2430780'\u003eslides\u003c/span\u003e \u003cspan m='2431170'\u003ewill\u003c/span\u003e \u003cspan m='2431260'\u003eall\u003c/span\u003e \u003cspan m='2431410'\u003ebe\u003c/span\u003e \u003cspan m='2431560'\u003eon\u003c/span\u003e \u003cspan m='2431680'\u003eCanvas.\u003c/span\u003e \u003cspan m='2432130'\u003eI'm\u003c/span\u003e \u003cspan m='2432250'\u003esorry,\u003c/span\u003e \u003cspan m='2432430'\u003eJoe,\u003c/span\u003e \u003cspan m='2433190'\u003eyou\u003c/span\u003e \u003cspan m='2433560'\u003ehad\u003c/span\u003e \u003cspan m='2433660'\u003ea\u003c/span\u003e \u003cspan m='2433720'\u003equestion?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2434505'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2434960'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cspan m='2442240'\u003e2\u003c/span\u003e \u003cspan m='2442241'\u003eSo\u003c/span\u003e \u003cspan m='2442900'\u003ewhat\u003c/span\u003e \u003cspan m='2443200'\u003eall\u003c/span\u003e \u003cspan m='2443530'\u003eof\u003c/span\u003e \u003cspan m='2443650'\u003ethe\u003c/span\u003e \u003cspan m='2443770'\u003eexchanges\u003c/span\u003e \u003cspan m='2444430'\u003edid\u003c/span\u003e \u003cspan m='2444710'\u003every\u003c/span\u003e \u003cspan m='2445180'\u003eearly\u003c/span\u003e \u003cspan m='2445610'\u003eon--\u003c/span\u003e \u003cspan m='2446720'\u003ethis\u003c/span\u003e \u003cspan m='2447040'\u003eis\u003c/span\u003e \u003cspan m='2447130'\u003estarting\u003c/span\u003e \u003cspan m='2447640'\u003eright\u003c/span\u003e \u003cspan m='2447970'\u003ein\u003c/span\u003e \u003cspan m='2448300'\u003elate\u003c/span\u003e \u003cspan m='2448660'\u003e'10\u003c/span\u003e \u003cspan m='2449020'\u003eand\u003c/span\u003e \u003cspan m='2449130'\u003ein\u003c/span\u003e \u003cspan m='2449350'\u003e'11--\u003c/span\u003e \u003cspan m='2450930'\u003ethey\u003c/span\u003e \u003cspan m='2452700'\u003eset\u003c/span\u003e \u003cspan m='2452990'\u003eup\u003c/span\u003e \u003cspan m='2453170'\u003ean\u003c/span\u003e \u003cspan m='2453630'\u003eaccount\u003c/span\u003e \u003cspan m='2454090'\u003estructure\u003c/span\u003e \u003cspan m='2454980'\u003eliterally\u003c/span\u003e \u003cspan m='2455550'\u003eon\u003c/span\u003e \u003cspan m='2455700'\u003eExcel\u003c/span\u003e \u003cspan m='2456140'\u003espreadsheets,\u003c/span\u003e \u003cspan m='2456840'\u003ebut\u003c/span\u003e \u003cspan m='2456990'\u003ean\u003c/span\u003e \u003cspan m='2457080'\u003eaccount\u003c/span\u003e \u003cspan m='2457500'\u003estructure\u003c/span\u003e \u003cspan m='2458490'\u003efor\u003c/span\u003e \u003cspan m='2458730'\u003eall\u003c/span\u003e \u003cspan m='2459060'\u003eof\u003c/span\u003e \u003cspan m='2459180'\u003etheir\u003c/span\u003e \u003cspan m='2459360'\u003ecustomers.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2460800'\u003eAnd\u003c/span\u003e \u003cspan m='2460920'\u003elet's\u003c/span\u003e \u003cspan m='2461100'\u003esay\u003c/span\u003e \u003cspan m='2461310'\u003ethat\u003c/span\u003e \u003cspan m='2461520'\u003eyou're\u003c/span\u003e \u003cspan m='2462270'\u003ebuying\u003c/span\u003e \u003cspan m='2462870'\u003eBitcoin,\u003c/span\u003e \u003cspan m='2463680'\u003eand\u003c/span\u003e \u003cspan m='2463800'\u003eKelly\u003c/span\u003e \u003cspan m='2464280'\u003eis\u003c/span\u003e \u003cspan m='2464370'\u003eselling.\u003c/span\u003e \u003cspan m='2466540'\u003eMaybe\u003c/span\u003e \u003cspan m='2466930'\u003eI\u003c/span\u003e \u003cspan m='2467710'\u003ecould\u003c/span\u003e \u003cspan m='2467830'\u003edo\u003c/span\u003e \u003cspan m='2468010'\u003ethat\u003c/span\u003e \u003cspan m='2468190'\u003etransaction\u003c/span\u003e \u003cspan m='2468970'\u003ebetween\u003c/span\u003e \u003cspan m='2469300'\u003eyou\u003c/span\u003e \u003cspan m='2469540'\u003eand\u003c/span\u003e \u003cspan m='2469660'\u003eKelly\u003c/span\u003e \u003cspan m='2470590'\u003eright\u003c/span\u003e \u003cspan m='2471260'\u003eon--\u003c/span\u003e \u003cspan m='2472600'\u003ethis\u003c/span\u003e \u003cspan m='2472990'\u003eis\u003c/span\u003e \u003cspan m='2473080'\u003egoing\u003c/span\u003e \u003cspan m='2473160'\u003eto\u003c/span\u003e \u003cspan m='2473260'\u003ebe\u003c/span\u003e \u003cspan m='2473350'\u003ecalled\u003c/span\u003e \u003cspan m='2473620'\u003ethe\u003c/span\u003e \u003cspan m='2473710'\u003eGensler\u003c/span\u003e \u003cspan m='2474250'\u003eExchange--\u003c/span\u003e \u003cspan m='2475450'\u003eright\u003c/span\u003e \u003cspan m='2475690'\u003eon\u003c/span\u003e \u003cspan m='2475840'\u003ethe\u003c/span\u003e \u003cspan m='2475900'\u003eGensler\u003c/span\u003e \u003cspan m='2476410'\u003eExchange.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2477490'\u003eSo\u003c/span\u003e \u003cspan m='2477700'\u003eI\u003c/span\u003e \u003cspan m='2477760'\u003edon't\u003c/span\u003e \u003cspan m='2477910'\u003eneed\u003c/span\u003e \u003cspan m='2478090'\u003eto\u003c/span\u003e \u003cspan m='2478210'\u003emove\u003c/span\u003e \u003cspan m='2478660'\u003ethat\u003c/span\u003e \u003cspan m='2478900'\u003eto\u003c/span\u003e \u003cspan m='2479050'\u003ethe\u003c/span\u003e \u003cspan m='2479170'\u003eblockchain,\u003c/span\u003e \u003cspan m='2481090'\u003ebecause--\u003c/span\u003e \u003cspan m='2481630'\u003eoh,\u003c/span\u003e \u003cspan m='2481960'\u003eone\u003c/span\u003e \u003cspan m='2482230'\u003ereally\u003c/span\u003e \u003cspan m='2482500'\u003eimportant\u003c/span\u003e \u003cspan m='2482860'\u003ething.\u003c/span\u003e \u003cspan m='2483040'\u003eWhat\u003c/span\u003e \u003cspan m='2483190'\u003ehappens\u003c/span\u003e \u003cspan m='2483610'\u003ewhen\u003c/span\u003e \u003cspan m='2483760'\u003eyou\u003c/span\u003e \u003cspan m='2483880'\u003eopen\u003c/span\u003e \u003cspan m='2484150'\u003ean\u003c/span\u003e \u003cspan m='2484240'\u003eaccount?\u003c/span\u003e \u003cspan m='2484930'\u003eI'm\u003c/span\u003e \u003cspan m='2485080'\u003esorry.\u003c/span\u003e \u003cspan m='2485380'\u003eIt's\u003c/span\u003e \u003cspan m='2485530'\u003ea\u003c/span\u003e \u003cspan m='2485590'\u003egood\u003c/span\u003e \u003cspan m='2485740'\u003equestion,\u003c/span\u003e \u003cspan m='2486240'\u003eand\u003c/span\u003e \u003cspan m='2486360'\u003enow I\u003c/span\u003e \u003cspan m='2486490'\u003erealize\u003c/span\u003e \u003cspan m='2486910'\u003eI\u003c/span\u003e \u003cspan m='2486970'\u003eskipped\u003c/span\u003e \u003cspan m='2487360'\u003eover\u003c/span\u003e \u003cspan m='2487540'\u003esomething.\u003c/span\u003e \u003cspan m='2488350'\u003eWhat\u003c/span\u003e \u003cspan m='2488650'\u003ehappens\u003c/span\u003e \u003cspan m='2489160'\u003ewhen\u003c/span\u003e \u003cspan m='2489310'\u003eyou\u003c/span\u003e \u003cspan m='2489460'\u003eopen\u003c/span\u003e \u003cspan m='2489820'\u003ean\u003c/span\u003e \u003cspan m='2489910'\u003eaccount\u003c/span\u003e \u003cspan m='2490300'\u003eat\u003c/span\u003e \u003cspan m='2490420'\u003ea\u003c/span\u003e \u003cspan m='2490480'\u003ecrypto\u003c/span\u003e \u003cspan m='2490960'\u003eexchange?\u003c/span\u003e \u003cspan m='2491975'\u003eAlin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2492300'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2492620'\u003eKYC and\u003c/span\u003e \u003cspan m='2493022'\u003eAML.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2493826'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2494230'\u003eYou\u003c/span\u003e \u003cspan m='2494950'\u003emight\u003c/span\u003e \u003cspan m='2495280'\u003edo\u003c/span\u003e \u003cspan m='2495460'\u003eKYC\u003c/span\u003e \u003cspan m='2495850'\u003eand\u003c/span\u003e \u003cspan m='2496240'\u003eAML,\u003c/span\u003e \u003cspan m='2496600'\u003ebut\u003c/span\u003e \u003cspan m='2496750'\u003ethat's\u003c/span\u003e \u003cspan m='2497020'\u003enot\u003c/span\u003e \u003cspan m='2497380'\u003ewhat\u003c/span\u003e \u003cspan m='2497560'\u003ewe're\u003c/span\u003e \u003cspan m='2497680'\u003elooking\u003c/span\u003e \u003cspan m='2497980'\u003efor.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2498430'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2498860'\u003eWould you\u003c/span\u003e \u003cspan m='2498920'\u003ebe issued\u003c/span\u003e \u003cspan m='2499382'\u003ea key\u003c/span\u003e \u003cspan m='2499844'\u003epair?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2500768'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2501230'\u003eWhat's\u003c/span\u003e \u003cspan m='2501540'\u003ethat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2501740'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2502233'\u003eWould you be issude a\u003c/span\u003e \u003cspan m='2502726'\u003ekey pair?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2503220'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2503310'\u003eWhat\u003c/span\u003e \u003cspan m='2503400'\u003eyou--\u003c/span\u003e \u003cspan m='2504861'\u003eyou\u003c/span\u003e \u003cspan m='2505350'\u003emight\u003c/span\u003e \u003cspan m='2505710'\u003ebe,\u003c/span\u003e \u003cspan m='2505920'\u003ebut\u003c/span\u003e \u003cspan m='2506100'\u003eactually\u003c/span\u003e \u003cspan m='2506520'\u003ewhat\u003c/span\u003e \u003cspan m='2506730'\u003eI'm\u003c/span\u003e \u003cspan m='2506970'\u003elooking\u003c/span\u003e \u003cspan m='2507300'\u003efor\u003c/span\u003e \u003cspan m='2507630'\u003eis\u003c/span\u003e \u003cspan m='2507780'\u003ewhat\u003c/span\u003e \u003cspan m='2507960'\u003ehappens\u003c/span\u003e \u003cspan m='2508440'\u003eto\u003c/span\u003e \u003cspan m='2508560'\u003eyour--\u003c/span\u003e \u003cspan m='2508860'\u003eI\u003c/span\u003e \u003cspan m='2509040'\u003ehave\u003c/span\u003e \u003cspan m='2509310'\u003eBitcoin,\u003c/span\u003e \u003cspan m='2510000'\u003eand\u003c/span\u003e \u003cspan m='2510120'\u003eI\u003c/span\u003e \u003cspan m='2510270'\u003eopen\u003c/span\u003e \u003cspan m='2510630'\u003ean\u003c/span\u003e \u003cspan m='2510750'\u003eaccount,\u003c/span\u003e \u003cspan m='2513060'\u003eor\u003c/span\u003e \u003cspan m='2513240'\u003eI\u003c/span\u003e \u003cspan m='2513450'\u003ehave\u003c/span\u003e \u003cspan m='2513660'\u003eUS\u003c/span\u003e \u003cspan m='2513990'\u003edollars\u003c/span\u003e \u003cspan m='2514470'\u003eand\u003c/span\u003e \u003cspan m='2514590'\u003eI\u003c/span\u003e \u003cspan m='2514710'\u003eopen\u003c/span\u003e \u003cspan m='2514980'\u003ean\u003c/span\u003e \u003cspan m='2515070'\u003eaccount.\u003c/span\u003e \u003cspan m='2516790'\u003eI\u003c/span\u003e \u003cspan m='2517090'\u003esign\u003c/span\u003e \u003cspan m='2517600'\u003ea\u003c/span\u003e \u003cspan m='2517690'\u003euser\u003c/span\u003e \u003cspan m='2518260'\u003eagreement\u003c/span\u003e \u003cspan m='2518740'\u003ewith\u003c/span\u003e \u003cspan m='2518920'\u003ethem\u003c/span\u003e \u003cspan m='2519250'\u003ethat\u003c/span\u003e \u003cspan m='2519400'\u003ethey're\u003c/span\u003e \u003cspan m='2519610'\u003egoing\u003c/span\u003e \u003cspan m='2519700'\u003eto\u003c/span\u003e \u003cspan m='2519820'\u003estore\u003c/span\u003e \u003cspan m='2521020'\u003eany\u003c/span\u003e \u003cspan m='2521260'\u003eof\u003c/span\u003e \u003cspan m='2521380'\u003emy\u003c/span\u003e \u003cspan m='2521560'\u003ecrypto\u003c/span\u003e \u003cspan m='2522130'\u003ein\u003c/span\u003e \u003cspan m='2522340'\u003etheir\u003c/span\u003e \u003cspan m='2522640'\u003ename.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2525780'\u003eCoinbase,\u003c/span\u003e \u003cspan m='2526470'\u003eKraken,\u003c/span\u003e \u003cspan m='2527340'\u003eHuobi--\u003c/span\u003e \u003cspan m='2527880'\u003ethey\u003c/span\u003e \u003cspan m='2528040'\u003eare\u003c/span\u003e \u003cspan m='2528150'\u003enot\u003c/span\u003e \u003cspan m='2528390'\u003estoring\u003c/span\u003e \u003cspan m='2528840'\u003eit\u003c/span\u003e \u003cspan m='2528930'\u003ein\u003c/span\u003e \u003cspan m='2529080'\u003eAlpha's\u003c/span\u003e \u003cspan m='2529500'\u003ename.\u003c/span\u003e \u003cspan m='2531300'\u003eI\u003c/span\u003e \u003cspan m='2531360'\u003edon't\u003c/span\u003e \u003cspan m='2531510'\u003eknow\u003c/span\u003e \u003cspan m='2531600'\u003eif\u003c/span\u003e \u003cspan m='2531690'\u003eyou\u003c/span\u003e \u003cspan m='2531810'\u003ehave\u003c/span\u003e \u003cspan m='2531930'\u003ean\u003c/span\u003e \u003cspan m='2532020'\u003eaccount,\u003c/span\u003e \u003cspan m='2532440'\u003ebut\u003c/span\u003e \u003cspan m='2532560'\u003eI'm\u003c/span\u003e \u003cspan m='2532680'\u003ejust\u003c/span\u003e \u003cspan m='2532860'\u003eusing\u003c/span\u003e \u003cspan m='2533220'\u003eyou.\u003c/span\u003e \u003cspan m='2534020'\u003eIf\u003c/span\u003e \u003cspan m='2534210'\u003eAlpha\u003c/span\u003e \u003cspan m='2534630'\u003ehas\u003c/span\u003e \u003cspan m='2534930'\u003ean\u003c/span\u003e \u003cspan m='2535050'\u003eaccount,\u003c/span\u003e \u003cspan m='2536370'\u003ehe\u003c/span\u003e \u003cspan m='2536490'\u003esigns\u003c/span\u003e \u003cspan m='2536940'\u003ea\u003c/span\u003e \u003cspan m='2537000'\u003euser\u003c/span\u003e \u003cspan m='2537360'\u003eagreement.\u003c/span\u003e \u003cspan m='2537750'\u003eHe\u003c/span\u003e \u003cspan m='2537840'\u003esays,\u003c/span\u003e \u003cspan m='2538110'\u003ewhen\u003c/span\u003e \u003cspan m='2538260'\u003eI\u003c/span\u003e \u003cspan m='2538380'\u003ebuy\u003c/span\u003e \u003cspan m='2538620'\u003eBitcoin,\u003c/span\u003e \u003cspan m='2540400'\u003eit's\u003c/span\u003e \u003cspan m='2540640'\u003ein\u003c/span\u003e \u003cspan m='2540790'\u003ea--\u003c/span\u003e \u003cspan m='2542320'\u003eat\u003c/span\u003e \u003cspan m='2542440'\u003ebest,\u003c/span\u003e \u003cspan m='2542890'\u003eit's\u003c/span\u003e \u003cspan m='2543040'\u003eon\u003c/span\u003e \u003cspan m='2543190'\u003ethis\u003c/span\u003e \u003cspan m='2543360'\u003eExcel--\u003c/span\u003e \u003cspan m='2544180'\u003ewell,\u003c/span\u003e \u003cspan m='2544360'\u003eit's\u003c/span\u003e \u003cspan m='2544480'\u003eprobably\u003c/span\u003e \u003cspan m='2544840'\u003ebetter\u003c/span\u003e \u003cspan m='2545110'\u003ethan\u003c/span\u003e \u003cspan m='2545230'\u003ean\u003c/span\u003e \u003cspan m='2545290'\u003eExcel\u003c/span\u003e \u003cspan m='2545650'\u003espreadsheet,\u003c/span\u003e \u003cspan m='2546200'\u003ebut\u003c/span\u003e \u003cspan m='2546250'\u003eit's\u003c/span\u003e \u003cspan m='2546370'\u003ein\u003c/span\u003e \u003cspan m='2546490'\u003etheir\u003c/span\u003e \u003cspan m='2546640'\u003edatabase\u003c/span\u003e \u003cspan m='2548200'\u003ein\u003c/span\u003e \u003cspan m='2548350'\u003eAlpha's\u003c/span\u003e \u003cspan m='2548830'\u003ename.\u003c/span\u003e \u003cspan m='2550560'\u003eBut\u003c/span\u003e \u003cspan m='2550670'\u003eon\u003c/span\u003e \u003cspan m='2550850'\u003ethe\u003c/span\u003e \u003cspan m='2551510'\u003eBitcoin\u003c/span\u003e \u003cspan m='2552290'\u003eblockchain,\u003c/span\u003e \u003cspan m='2553300'\u003eit's\u003c/span\u003e \u003cspan m='2553490'\u003ein\u003c/span\u003e \u003cspan m='2553580'\u003ea\u003c/span\u003e \u003cspan m='2553640'\u003ebunch\u003c/span\u003e \u003cspan m='2553970'\u003eof\u003c/span\u003e \u003cspan m='2555500'\u003eBitcoin\u003c/span\u003e \u003cspan m='2556010'\u003eaddresses\u003c/span\u003e \u003cspan m='2556550'\u003ethat\u003c/span\u003e \u003cspan m='2556670'\u003eCoinbase\u003c/span\u003e \u003cspan m='2557300'\u003econtrols\u003c/span\u003e \u003cspan m='2558500'\u003eor\u003c/span\u003e \u003cspan m='2558670'\u003eKraken\u003c/span\u003e \u003cspan m='2559160'\u003econtrols.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2559445'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2559730'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cspan m='2572540'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2572900'\u003eIt\u003c/span\u003e \u003cspan m='2573470'\u003ehas\u003c/span\u003e \u003cspan m='2573650'\u003ea\u003c/span\u003e \u003cspan m='2573710'\u003ename tag\u003c/span\u003e \u003cspan m='2574430'\u003eon\u003c/span\u003e \u003cspan m='2574520'\u003ea\u003c/span\u003e \u003cspan m='2574580'\u003eseparate\u003c/span\u003e \u003cspan m='2574970'\u003eledger.\u003c/span\u003e \u003cspan m='2576170'\u003eYou\u003c/span\u003e \u003cspan m='2576350'\u003ehave\u003c/span\u003e \u003cspan m='2576440'\u003esome\u003c/span\u003e \u003cspan m='2576620'\u003elegal\u003c/span\u003e \u003cspan m='2576920'\u003erights\u003c/span\u003e \u003cspan m='2577280'\u003eagainst\u003c/span\u003e \u003cspan m='2577610'\u003eKraken\u003c/span\u003e \u003cspan m='2578000'\u003eor\u003c/span\u003e \u003cspan m='2578180'\u003eGemini.\u003c/span\u003e \u003cspan m='2579710'\u003eI\u003c/span\u003e \u003cspan m='2579740'\u003emean,\u003c/span\u003e \u003cspan m='2580620'\u003eyou\u003c/span\u003e \u003cspan m='2580790'\u003edo.\u003c/span\u003e \u003cspan m='2581360'\u003eI\u003c/span\u003e \u003cspan m='2581420'\u003emean--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2581680'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2582138'\u003eYeah, but after,\u003c/span\u003e \u003cspan m='2582596'\u003eI mean,\u003c/span\u003e \u003cspan m='2583054'\u003eis it centralized?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2583512'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2583970'\u003eCorrect.\u003c/span\u003e \u003cspan m='2584940'\u003eThat's\u003c/span\u003e \u003cspan m='2585020'\u003ecorrect.\u003c/span\u003e \u003cspan m='2586920'\u003eAnd\u003c/span\u003e \u003cspan m='2588230'\u003eso\u003c/span\u003e \u003cspan m='2588410'\u003ebecause\u003c/span\u003e \u003cspan m='2588710'\u003eboth\u003c/span\u003e \u003cspan m='2589130'\u003eof\u003c/span\u003e \u003cspan m='2589250'\u003eyou,\u003c/span\u003e \u003cspan m='2589490'\u003eKelly\u003c/span\u003e \u003cspan m='2589940'\u003eand\u003c/span\u003e \u003cspan m='2590060'\u003eyou,\u003c/span\u003e \u003cspan m='2590300'\u003ehave\u003c/span\u003e \u003cspan m='2590480'\u003esigned\u003c/span\u003e \u003cspan m='2590870'\u003esome\u003c/span\u003e \u003cspan m='2591080'\u003eagreement,\u003c/span\u003e \u003cspan m='2592340'\u003ethey're\u003c/span\u003e \u003cspan m='2592460'\u003emoving\u003c/span\u003e \u003cspan m='2593780'\u003eBitcoin\u003c/span\u003e \u003cspan m='2594250'\u003eto\u003c/span\u003e \u003cspan m='2594440'\u003eKelly\u003c/span\u003e \u003cspan m='2594860'\u003eand\u003c/span\u003e \u003cspan m='2594980'\u003eBitcoin\u003c/span\u003e \u003cspan m='2595430'\u003eto\u003c/span\u003e \u003cspan m='2595520'\u003eyou--\u003c/span\u003e \u003cspan m='2596390'\u003eor\u003c/span\u003e \u003cspan m='2596540'\u003eif\u003c/span\u003e \u003cspan m='2596630'\u003eyou\u003c/span\u003e \u003cspan m='2596840'\u003eput\u003c/span\u003e \u003cspan m='2597200'\u003eUS\u003c/span\u003e \u003cspan m='2597590'\u003edollars\u003c/span\u003e \u003cspan m='2598160'\u003ein\u003c/span\u003e \u003cspan m='2598340'\u003eand\u003c/span\u003e \u003cspan m='2598430'\u003eyou're\u003c/span\u003e \u003cspan m='2598550'\u003ebuying\u003c/span\u003e \u003cspan m='2598910'\u003eBitcoin.\u003c/span\u003e \u003cspan m='2603760'\u003eBut\u003c/span\u003e \u003cspan m='2603940'\u003eit's\u003c/span\u003e \u003cspan m='2604090'\u003ebecause\u003c/span\u003e \u003cspan m='2604570'\u003ethe\u003c/span\u003e \u003cspan m='2604690'\u003emarket,\u003c/span\u003e \u003cspan m='2605260'\u003ethe\u003c/span\u003e \u003cspan m='2605350'\u003ecustomers\u003c/span\u003e \u003cspan m='2606070'\u003ewant\u003c/span\u003e \u003cspan m='2606340'\u003eit\u003c/span\u003e \u003cspan m='2606460'\u003ethat\u003c/span\u003e \u003cspan m='2606670'\u003eway\u003c/span\u003e \u003cspan m='2606910'\u003etoo.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2610960'\u003eSo\u003c/span\u003e \u003cspan m='2611770'\u003edecentralized\u003c/span\u003e \u003cspan m='2612700'\u003eexchanges--\u003c/span\u003e \u003cspan m='2613870'\u003eagain,\u003c/span\u003e \u003cspan m='2614290'\u003ebased\u003c/span\u003e \u003cspan m='2614620'\u003eon\u003c/span\u003e \u003cspan m='2614710'\u003e\u003ci\u003eCryptoCompare,\u003c/i\u003e\u003c/span\u003e \u003cspan m='2616240'\u003ethese\u003c/span\u003e \u003cspan m='2616480'\u003eare\u003c/span\u003e \u003cspan m='2616540'\u003ethe\u003c/span\u003e \u003cspan m='2616660'\u003etop\u003c/span\u003e \u003cspan m='2616960'\u003efive\u003c/span\u003e \u003cspan m='2617380'\u003ein\u003c/span\u003e \u003cspan m='2617500'\u003eOctober\u003c/span\u003e \u003cspan m='2618010'\u003eby\u003c/span\u003e \u003cspan m='2618190'\u003evolume.\u003c/span\u003e \u003cspan m='2618670'\u003eBut\u003c/span\u003e \u003cspan m='2619030'\u003ethese\u003c/span\u003e \u003cspan m='2619270'\u003eare\u003c/span\u003e \u003cspan m='2619360'\u003enot\u003c/span\u003e \u003cspan m='2619660'\u003ethe\u003c/span\u003e \u003cspan m='2619780'\u003efive\u003c/span\u003e \u003cspan m='2620170'\u003eyou\u003c/span\u003e \u003cspan m='2620320'\u003eread\u003c/span\u003e \u003cspan m='2620560'\u003eabout\u003c/span\u003e \u003cspan m='2620860'\u003emost.\u003c/span\u003e \u003cspan m='2621340'\u003eThe\u003c/span\u003e \u003cspan m='2621550'\u003earticle\u003c/span\u003e \u003cspan m='2622060'\u003ethat\u003c/span\u003e \u003cspan m='2622240'\u003eyou\u003c/span\u003e \u003cspan m='2622360'\u003eread\u003c/span\u003e \u003cspan m='2622840'\u003etalked\u003c/span\u003e \u003cspan m='2623170'\u003eabout\u003c/span\u003e \u003cspan m='2623650'\u003eothers.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2624860'\u003eSo\u003c/span\u003e \u003cspan m='2625000'\u003eI\u003c/span\u003e \u003cspan m='2625240'\u003edon't\u003c/span\u003e \u003cspan m='2625750'\u003ehave\u003c/span\u003e \u003cspan m='2626230'\u003ea\u003c/span\u003e \u003cspan m='2626320'\u003edeep\u003c/span\u003e \u003cspan m='2626800'\u003econfidence\u003c/span\u003e \u003cspan m='2627580'\u003ein\u003c/span\u003e \u003cspan m='2627700'\u003ethese,\u003c/span\u003e \u003cspan m='2628810'\u003ebut\u003c/span\u003e \u003cspan m='2629230'\u003ethese\u003c/span\u003e \u003cspan m='2629560'\u003eare\u003c/span\u003e \u003cspan m='2629650'\u003ethe\u003c/span\u003e \u003cspan m='2629830'\u003enumbers\u003c/span\u003e \u003cspan m='2630280'\u003ethat\u003c/span\u003e \u003cspan m='2630340'\u003e\u003ci\u003eCryptoCompare\u003c/i\u003e\u003c/span\u003e \u003cspan m='2631120'\u003ecould\u003c/span\u003e \u003cspan m='2631270'\u003epull\u003c/span\u003e \u003cspan m='2631480'\u003etogether.\u003c/span\u003e \u003cspan m='2632440'\u003eAnd\u003c/span\u003e \u003cspan m='2632590'\u003eyou\u003c/span\u003e \u003cspan m='2632680'\u003ecan\u003c/span\u003e \u003cspan m='2632830'\u003esee,\u003c/span\u003e \u003cspan m='2632980'\u003ethey're\u003c/span\u003e \u003cspan m='2633130'\u003emuch\u003c/span\u003e \u003cspan m='2633520'\u003esmaller\u003c/span\u003e \u003cspan m='2633970'\u003enumbers.\u003c/span\u003e \u003cspan m='2635200'\u003eIn\u003c/span\u003e \u003cspan m='2635350'\u003eaggregate,\u003c/span\u003e \u003cspan m='2636310'\u003ein\u003c/span\u003e \u003cspan m='2636460'\u003ethe\u003c/span\u003e \u003cspan m='2636520'\u003ecrypto\u003c/span\u003e \u003cspan m='2637250'\u003edatabase,\u003c/span\u003e \u003cspan m='2637870'\u003eit's\u003c/span\u003e \u003cspan m='2638050'\u003eonly\u003c/span\u003e \u003cspan m='2638260'\u003e0.4%\u003c/span\u003e \u003cspan m='2639610'\u003eof\u003c/span\u003e \u003cspan m='2639670'\u003ethe\u003c/span\u003e \u003cspan m='2639760'\u003evolume.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2641182'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2641673'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2642655'\u003eRobinhood,\u003c/span\u003e \u003cspan m='2643146'\u003eit\u003c/span\u003e \u003cspan m='2643637'\u003esaid\u003c/span\u003e \u003cspan m='2644130'\u003ethat\u003c/span\u003e \u003cspan m='2644480'\u003ethey\u003c/span\u003e \u003cspan m='2644980'\u003ewaived the fees.\u003c/span\u003e \u003cspan m='2646820'\u003eIn\u003c/span\u003e \u003cspan m='2646940'\u003eterms\u003c/span\u003e \u003cspan m='2647210'\u003eof\u003c/span\u003e \u003cspan m='2647270'\u003ecompetition,\u003c/span\u003e \u003cspan m='2647615'\u003eI\u003c/span\u003e \u003cspan m='2647960'\u003edidn't\u003c/span\u003e \u003cspan m='2648270'\u003eunderstand\u003c/span\u003e \u003cspan m='2648770'\u003ethe\u003c/span\u003e \u003cspan m='2648860'\u003ebusiness\u003c/span\u003e \u003cspan m='2649280'\u003emodel--\u003c/span\u003e \u003cspan m='2650200'\u003ehow\u003c/span\u003e \u003cspan m='2650320'\u003ethey're\u003c/span\u003e \u003cspan m='2650580'\u003emaking\u003c/span\u003e \u003cspan m='2650990'\u003erevenue.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2651680'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2651815'\u003eSo\u003c/span\u003e \u003cspan m='2651950'\u003ehow\u003c/span\u003e \u003cspan m='2652130'\u003emany\u003c/span\u003e \u003cspan m='2652340'\u003eof\u003c/span\u003e \u003cspan m='2652460'\u003eyou\u003c/span\u003e \u003cspan m='2652610'\u003ehave\u003c/span\u003e \u003cspan m='2652800'\u003eRobinhood\u003c/span\u003e \u003cspan m='2653450'\u003eapp\u003c/span\u003e \u003cspan m='2653750'\u003eon\u003c/span\u003e \u003cspan m='2653870'\u003eyour\u003c/span\u003e \u003cspan m='2653990'\u003ephones?\u003c/span\u003e \u003cspan m='2656270'\u003eYeah,\u003c/span\u003e \u003cspan m='2656705'\u003eabout\u003c/span\u003e \u003cspan m='2657140'\u003e10\u003c/span\u003e \u003cspan m='2657460'\u003eof\u003c/span\u003e \u003cspan m='2657610'\u003eyou.\u003c/span\u003e \u003cspan m='2658480'\u003eDo\u003c/span\u003e \u003cspan m='2658600'\u003eyou\u003c/span\u003e \u003cspan m='2658690'\u003epay\u003c/span\u003e \u003cspan m='2658930'\u003eany\u003c/span\u003e \u003cspan m='2659080'\u003efees\u003c/span\u003e \u003cspan m='2659410'\u003efor\u003c/span\u003e \u003cspan m='2659530'\u003esecurities\u003c/span\u003e \u003cspan m='2660100'\u003etransactions?\u003c/span\u003e \u003cspan m='2660880'\u003eRemind\u003c/span\u003e \u003cspan m='2661210'\u003eme\u003c/span\u003e \u003cspan m='2661300'\u003eyour\u003c/span\u003e \u003cspan m='2661420'\u003ename.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2661630'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2661895'\u003eErin.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2662160'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2662380'\u003eErin.\u003c/span\u003e \u003cspan m='2662800'\u003eNo.\u003c/span\u003e \u003cspan m='2663880'\u003eAnybody\u003c/span\u003e \u003cspan m='2664300'\u003epay\u003c/span\u003e \u003cspan m='2664480'\u003eany\u003c/span\u003e \u003cspan m='2664630'\u003efees\u003c/span\u003e \u003cspan m='2664900'\u003eto\u003c/span\u003e \u003cspan m='2665040'\u003eRobinhood?\u003c/span\u003e \u003cspan m='2666020'\u003eNo.\u003c/span\u003e \u003cspan m='2666970'\u003eIsn't that\u003c/span\u003e \u003cspan m='2667440'\u003ekind\u003c/span\u003e \u003cspan m='2667640'\u003eof\u003c/span\u003e \u003cspan m='2667710'\u003eneat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2668555'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2669000'\u003eI\u003c/span\u003e \u003cspan m='2669445'\u003edo.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2669890'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2670010'\u003eWhoa,\u003c/span\u003e \u003cspan m='2670130'\u003eyou\u003c/span\u003e \u003cspan m='2670310'\u003edo.\u003c/span\u003e \u003cspan m='2670580'\u003eYou\u003c/span\u003e \u003cspan m='2670730'\u003epay\u003c/span\u003e \u003cspan m='2670940'\u003esome\u003c/span\u003e \u003cspan m='2671090'\u003efees?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2671480'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2671963'\u003eThey\u003c/span\u003e \u003cspan m='2672446'\u003esell your\u003c/span\u003e \u003cspan m='2672929'\u003efloat.\u003c/span\u003e \u003cspan m='2673412'\u003eThey\u003c/span\u003e \u003cspan m='2673895'\u003esell\u003c/span\u003e \u003cspan m='2674378'\u003eyour flow.\u003c/span\u003e \u003cspan m='2674861'\u003eThey sell\u003c/span\u003e \u003cspan m='2675344'\u003eyour data.\u003c/span\u003e \u003cspan m='2676310'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2677760'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2677825'\u003eOK,\u003c/span\u003e \u003cspan m='2678630'\u003eand\u003c/span\u003e \u003cspan m='2678730'\u003eyour\u003c/span\u003e \u003cspan m='2678820'\u003ename\u003c/span\u003e \u003cspan m='2679060'\u003eis?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2679210'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2679585'\u003eIsaac.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2679960'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2680185'\u003eIsaac,\u003c/span\u003e \u003cspan m='2680410'\u003eright.\u003c/span\u003e \u003cspan m='2680680'\u003eSo\u003c/span\u003e \u003cspan m='2680870'\u003eIsaac's\u003c/span\u003e \u003cspan m='2681410'\u003egot it.\u003c/span\u003e \u003cspan m='2681970'\u003eThey\u003c/span\u003e \u003cspan m='2682120'\u003esell\u003c/span\u003e \u003cspan m='2682470'\u003eyour\u003c/span\u003e \u003cspan m='2682690'\u003edata,\u003c/span\u003e \u003cspan m='2683950'\u003eand\u003c/span\u003e \u003cspan m='2684070'\u003ethey\u003c/span\u003e \u003cspan m='2684220'\u003esell\u003c/span\u003e \u003cspan m='2684850'\u003eyour\u003c/span\u003e \u003cspan m='2685060'\u003eflow.\u003c/span\u003e \u003cspan m='2685720'\u003eWhat\u003c/span\u003e \u003cspan m='2685870'\u003ewas\u003c/span\u003e \u003cspan m='2685990'\u003ethe\u003c/span\u003e \u003cspan m='2686060'\u003ethird\u003c/span\u003e \u003cspan m='2686320'\u003ething\u003c/span\u003e \u003cspan m='2686500'\u003eyou\u003c/span\u003e \u003cspan m='2686590'\u003esaid?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2687262'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2687463'\u003eFloat.\u003c/span\u003e \u003cspan m='2688470'\u003eI\u003c/span\u003e \u003cspan m='2688510'\u003edon't\u003c/span\u003e \u003cspan m='2688630'\u003eknow\u003c/span\u003e \u003cspan m='2688840'\u003eexactly\u003c/span\u003e \u003cspan m='2689380'\u003ehow\u003c/span\u003e \u003cspan m='2689750'\u003etheir\u003c/span\u003e \u003cspan m='2690000'\u003ecustody\u003c/span\u003e \u003cspan m='2690455'\u003eof\u003c/span\u003e \u003cspan m='2690910'\u003ebrokerage\u003c/span\u003e \u003cspan m='2691340'\u003eworks,\u003c/span\u003e \u003cspan m='2691810'\u003ebut\u003c/span\u003e \u003cspan m='2691930'\u003eI\u003c/span\u003e \u003cspan m='2692050'\u003eknow\u003c/span\u003e \u003cspan m='2692290'\u003ethat\u003c/span\u003e \u003cspan m='2692420'\u003ethere's\u003c/span\u003e \u003cspan m='2692620'\u003ean\u003c/span\u003e \u003cspan m='2692680'\u003eadvantage\u003c/span\u003e \u003cspan m='2693160'\u003eto actually\u003c/span\u003e \u003cspan m='2693633'\u003ehaving\u003c/span\u003e \u003cspan m='2694106'\u003ethe\u003c/span\u003e \u003cspan m='2694579'\u003esecurities\u003c/span\u003e \u003cspan m='2695052'\u003eat their\u003c/span\u003e \u003cspan m='2695525'\u003ebrokerage\u003c/span\u003e \u003cspan m='2695998'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2697420'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2697505'\u003eOK,\u003c/span\u003e \u003cspan m='2698470'\u003eall\u003c/span\u003e \u003cspan m='2698530'\u003eright.\u003c/span\u003e \u003cspan m='2699340'\u003eSo\u003c/span\u003e \u003cspan m='2699520'\u003ethree\u003c/span\u003e \u003cspan m='2699940'\u003ethings--\u003c/span\u003e \u003cspan m='2700480'\u003eyour\u003c/span\u003e \u003cspan m='2700630'\u003edata,\u003c/span\u003e \u003cspan m='2701140'\u003eyour\u003c/span\u003e \u003cspan m='2701320'\u003eflow,\u003c/span\u003e \u003cspan m='2702040'\u003eand\u003c/span\u003e \u003cspan m='2702220'\u003ewhat\u003c/span\u003e \u003cspan m='2702370'\u003eIsaac\u003c/span\u003e \u003cspan m='2702700'\u003ecalled\u003c/span\u003e \u003cspan m='2703000'\u003efloat,\u003c/span\u003e \u003cspan m='2703690'\u003ebut\u003c/span\u003e \u003cspan m='2703870'\u003eI\u003c/span\u003e \u003cspan m='2704050'\u003ewould\u003c/span\u003e \u003cspan m='2704260'\u003ecall\u003c/span\u003e \u003cspan m='2704590'\u003ethat\u003c/span\u003e \u003cspan m='2704740'\u003ethey\u003c/span\u003e \u003cspan m='2704920'\u003ehave\u003c/span\u003e \u003cspan m='2705220'\u003ethe\u003c/span\u003e \u003cspan m='2705310'\u003esecurities\u003c/span\u003e \u003cspan m='2705610'\u003esystem\u003c/span\u003e \u003cspan m='2706210'\u003eto\u003c/span\u003e \u003cspan m='2706420'\u003elend--\u003c/span\u003e \u003cspan m='2707620'\u003estock\u003c/span\u003e \u003cspan m='2708070'\u003eborrow\u003c/span\u003e \u003cspan m='2708390'\u003eor\u003c/span\u003e \u003cspan m='2708490'\u003estock\u003c/span\u003e \u003cspan m='2708930'\u003elend.\u003c/span\u003e \u003cspan m='2710560'\u003eAnd\u003c/span\u003e \u003cspan m='2710710'\u003ethose\u003c/span\u003e \u003cspan m='2711040'\u003eare\u003c/span\u003e \u003cspan m='2711100'\u003ethe\u003c/span\u003e \u003cspan m='2711220'\u003ethree\u003c/span\u003e \u003cspan m='2711670'\u003eways.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2712390'\u003eHow\u003c/span\u003e \u003cspan m='2712480'\u003edoes\u003c/span\u003e \u003cspan m='2712630'\u003eFacebook\u003c/span\u003e \u003cspan m='2713290'\u003emake\u003c/span\u003e \u003cspan m='2713560'\u003emoney?\u003c/span\u003e \u003cspan m='2713890'\u003eThey\u003c/span\u003e \u003cspan m='2714040'\u003ehave\u003c/span\u003e \u003cspan m='2714250'\u003eyour\u003c/span\u003e \u003cspan m='2714400'\u003edata.\u003c/span\u003e \u003cspan m='2715930'\u003eSo\u003c/span\u003e \u003cspan m='2716110'\u003ewe\u003c/span\u003e \u003cspan m='2716350'\u003elive\u003c/span\u003e \u003cspan m='2716920'\u003ein\u003c/span\u003e \u003cspan m='2717040'\u003ea\u003c/span\u003e \u003cspan m='2717100'\u003etime\u003c/span\u003e \u003cspan m='2717670'\u003ewhere\u003c/span\u003e \u003cspan m='2718930'\u003eplatforms\u003c/span\u003e \u003cspan m='2720100'\u003esell\u003c/span\u003e \u003cspan m='2720490'\u003eyour\u003c/span\u003e \u003cspan m='2720640'\u003edata\u003c/span\u003e \u003cspan m='2721090'\u003eand\u003c/span\u003e \u003cspan m='2721210'\u003euse\u003c/span\u003e \u003cspan m='2721540'\u003eyour\u003c/span\u003e \u003cspan m='2721660'\u003edata\u003c/span\u003e \u003cspan m='2722080'\u003eto\u003c/span\u003e \u003cspan m='2722260'\u003esell\u003c/span\u003e \u003cspan m='2722710'\u003eadvertisement.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2724330'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2724405'\u003eI was\u003c/span\u003e \u003cspan m='2724480'\u003egoing to\u003c/span\u003e \u003cspan m='2724640'\u003esay,\u003c/span\u003e \u003cspan m='2725290'\u003ewith\u003c/span\u003e \u003cspan m='2725530'\u003eRobinhood,\u003c/span\u003e \u003cspan m='2726130'\u003eyou\u003c/span\u003e \u003cspan m='2726220'\u003ecan\u003c/span\u003e \u003cspan m='2726340'\u003ealso\u003c/span\u003e \u003cspan m='2726760'\u003epay\u003c/span\u003e \u003cspan m='2727210'\u003ea\u003c/span\u003e \u003cspan m='2728100'\u003epremium\u003c/span\u003e \u003cspan m='2728410'\u003ethat's\u003c/span\u003e \u003cspan m='2729190'\u003etiered\u003c/span\u003e \u003cspan m='2729730'\u003eto\u003c/span\u003e \u003cspan m='2729970'\u003ebe\u003c/span\u003e \u003cspan m='2730090'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='2730240'\u003emargin.\u003c/span\u003e \u003cspan m='2731175'\u003eSo\u003c/span\u003e \u003cspan m='2731500'\u003einstead\u003c/span\u003e \u003cspan m='2731770'\u003eof\u003c/span\u003e \u003cspan m='2731850'\u003epaying\u003c/span\u003e \u003cspan m='2732170'\u003einterest\u003c/span\u003e \u003cspan m='2732510'\u003ein\u003c/span\u003e \u003cspan m='2732600'\u003ethe\u003c/span\u003e \u003cspan m='2732670'\u003emargin,\u003c/span\u003e \u003cspan m='2733450'\u003eyou\u003c/span\u003e \u003cspan m='2733530'\u003eplay\u003c/span\u003e \u003cspan m='2733720'\u003ea\u003c/span\u003e \u003cspan m='2733830'\u003eflat\u003c/span\u003e \u003cspan m='2734070'\u003efee.\u003c/span\u003e \u003cspan m='2734900'\u003eAnd then they\u003c/span\u003e \u003cspan m='2735210'\u003ealso\u003c/span\u003e \u003cspan m='2735610'\u003eadvance\u003c/span\u003e \u003cspan m='2735910'\u003eyour\u003c/span\u003e \u003cspan m='2736090'\u003esettlements\u003c/span\u003e \u003cspan m='2736360'\u003einstead\u003c/span\u003e \u003cspan m='2736510'\u003eof\u003c/span\u003e \u003cspan m='2736750'\u003etaking\u003c/span\u003e \u003cspan m='2736980'\u003ethree\u003c/span\u003e \u003cspan m='2737050'\u003edays.\u003c/span\u003e \u003cspan m='2737260'\u003eThey'll\u003c/span\u003e \u003cspan m='2737530'\u003edo it\u003c/span\u003e \u003cspan m='2737790'\u003eimmediately.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2738820'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2738850'\u003eAll\u003c/span\u003e \u003cspan m='2738880'\u003eright.\u003c/span\u003e \u003cspan m='2739120'\u003eSo\u003c/span\u003e \u003cspan m='2739300'\u003ethere's\u003c/span\u003e \u003cspan m='2739480'\u003ea\u003c/span\u003e \u003cspan m='2739540'\u003epremium\u003c/span\u003e \u003cspan m='2740080'\u003eservice\u003c/span\u003e \u003cspan m='2740560'\u003ewhere\u003c/span\u003e \u003cspan m='2740770'\u003eyou\u003c/span\u003e \u003cspan m='2740920'\u003emaybe\u003c/span\u003e \u003cspan m='2741760'\u003ecould\u003c/span\u003e \u003cspan m='2741910'\u003eget\u003c/span\u003e \u003cspan m='2742090'\u003efurther.\u003c/span\u003e \u003cspan m='2742990'\u003eThey\u003c/span\u003e \u003cspan m='2743110'\u003esell\u003c/span\u003e \u003cspan m='2743440'\u003eyour\u003c/span\u003e \u003cspan m='2743590'\u003eflow.\u003c/span\u003e \u003cspan m='2744070'\u003eWhat\u003c/span\u003e \u003cspan m='2744250'\u003ethat\u003c/span\u003e \u003cspan m='2744490'\u003emeans\u003c/span\u003e \u003cspan m='2744850'\u003eis\u003c/span\u003e \u003cspan m='2745000'\u003ethere\u003c/span\u003e \u003cspan m='2745180'\u003eare\u003c/span\u003e \u003cspan m='2745300'\u003eparties\u003c/span\u003e \u003cspan m='2746020'\u003ethat\u003c/span\u003e \u003cspan m='2746170'\u003ewill\u003c/span\u003e \u003cspan m='2746350'\u003epay\u003c/span\u003e \u003cspan m='2748190'\u003ebrokerage\u003c/span\u003e \u003cspan m='2748850'\u003ehouses\u003c/span\u003e \u003cspan m='2750760'\u003epayment\u003c/span\u003e \u003cspan m='2751300'\u003efor\u003c/span\u003e \u003cspan m='2751570'\u003eorder\u003c/span\u003e \u003cspan m='2751960'\u003eflow.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2753530'\u003eVanguard\u003c/span\u003e \u003cspan m='2754250'\u003edoes\u003c/span\u003e \u003cspan m='2754520'\u003eit\u003c/span\u003e \u003cspan m='2754640'\u003eas\u003c/span\u003e \u003cspan m='2754760'\u003ewell.\u003c/span\u003e \u003cspan m='2755310'\u003eIt's\u003c/span\u003e \u003cspan m='2755390'\u003enot--\u003c/span\u003e \u003cspan m='2755930'\u003eFidelity\u003c/span\u003e \u003cspan m='2756620'\u003eprobably\u003c/span\u003e \u003cspan m='2757070'\u003edoes.\u003c/span\u003e \u003cspan m='2757380'\u003eI'm\u003c/span\u003e \u003cspan m='2757490'\u003enot\u003c/span\u003e \u003cspan m='2757700'\u003ecertain.\u003c/span\u003e \u003cspan m='2758540'\u003eBut\u003c/span\u003e \u003cspan m='2758750'\u003emany\u003c/span\u003e \u003cspan m='2759710'\u003ebig\u003c/span\u003e \u003cspan m='2760160'\u003ebrokerage\u003c/span\u003e \u003cspan m='2760760'\u003efirms,\u003c/span\u003e \u003cspan m='2762670'\u003ewhen\u003c/span\u003e \u003cspan m='2762880'\u003ewe all\u003c/span\u003e \u003cspan m='2763240'\u003ework\u003c/span\u003e \u003cspan m='2763750'\u003ewith\u003c/span\u003e \u003cspan m='2763930'\u003ethem--\u003c/span\u003e \u003cspan m='2764980'\u003eand\u003c/span\u003e \u003cspan m='2765130'\u003emy\u003c/span\u003e \u003cspan m='2765380'\u003eaccount\u003c/span\u003e \u003cspan m='2765720'\u003eat\u003c/span\u003e \u003cspan m='2765820'\u003eVanguard,\u003c/span\u003e \u003cspan m='2766390'\u003eI\u003c/span\u003e \u003cspan m='2766510'\u003ehave\u003c/span\u003e \u003cspan m='2766630'\u003ezero\u003c/span\u003e \u003cspan m='2767110'\u003ecommissions,\u003c/span\u003e \u003cspan m='2768070'\u003ebut\u003c/span\u003e \u003cspan m='2768250'\u003eI\u003c/span\u003e \u003cspan m='2768400'\u003eknow\u003c/span\u003e \u003cspan m='2768670'\u003ethey're\u003c/span\u003e \u003cspan m='2768880'\u003eselling\u003c/span\u003e \u003cspan m='2769330'\u003emy\u003c/span\u003e \u003cspan m='2769780'\u003eorder\u003c/span\u003e \u003cspan m='2770110'\u003eflow.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2770500'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2770980'\u003eBut who would be\u003c/span\u003e \u003cspan m='2771460'\u003einterested\u003c/span\u003e \u003cspan m='2771940'\u003ein the\u003c/span\u003e \u003cspan m='2772420'\u003edata?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2773380'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2773450'\u003eSo\u003c/span\u003e \u003cspan m='2773520'\u003ewho\u003c/span\u003e \u003cspan m='2773760'\u003ewould\u003c/span\u003e \u003cspan m='2773940'\u003ebe\u003c/span\u003e \u003cspan m='2774270'\u003einterested\u003c/span\u003e \u003cspan m='2774780'\u003ein\u003c/span\u003e \u003cspan m='2774870'\u003ethe\u003c/span\u003e \u003cspan m='2774960'\u003edata--\u003c/span\u003e \u003cspan m='2775440'\u003eor\u003c/span\u003e \u003cspan m='2775590'\u003ewho\u003c/span\u003e \u003cspan m='2775770'\u003eis\u003c/span\u003e \u003cspan m='2775890'\u003einterested\u003c/span\u003e \u003cspan m='2776490'\u003ein\u003c/span\u003e \u003cspan m='2776610'\u003ethe\u003c/span\u003e \u003cspan m='2776820'\u003eflow?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2777195'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2777570'\u003eSo\u003c/span\u003e \u003cspan m='2778015'\u003eFacebook,\u003c/span\u003e \u003cspan m='2778460'\u003eI\u003c/span\u003e \u003cspan m='2778560'\u003eunderstand,\u003c/span\u003e \u003cspan m='2778915'\u003ewould\u003c/span\u003e \u003cspan m='2779270'\u003ebe\u003c/span\u003e \u003cspan m='2779400'\u003emarketing\u003c/span\u003e \u003cspan m='2779850'\u003ecompanies,\u003c/span\u003e \u003cspan m='2780700'\u003eso\u003c/span\u003e \u003cspan m='2780990'\u003ethey\u003c/span\u003e \u003cspan m='2781275'\u003ewere\u003c/span\u003e \u003cspan m='2781560'\u003etargeting,\u003c/span\u003e \u003cspan m='2782235'\u003ebut\u003c/span\u003e \u003cspan m='2783630'\u003ein\u003c/span\u003e \u003cspan m='2783750'\u003ethis\u003c/span\u003e \u003cspan m='2783960'\u003ecase,\u003c/span\u003e \u003cspan m='2784480'\u003eis\u003c/span\u003e \u003cspan m='2784640'\u003eit\u003c/span\u003e \u003cspan m='2785233'\u003efederal\u003c/span\u003e \u003cspan m='2785656'\u003eagencies\u003c/span\u003e \u003cspan m='2786502'\u003eor--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2787350'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2787515'\u003eOK,\u003c/span\u003e \u003cspan m='2787680'\u003eno.\u003c/span\u003e \u003cspan m='2788500'\u003eWho\u003c/span\u003e \u003cspan m='2788680'\u003eis\u003c/span\u003e \u003cspan m='2788850'\u003einterested\u003c/span\u003e \u003cspan m='2789540'\u003ein\u003c/span\u003e \u003cspan m='2789690'\u003ethe\u003c/span\u003e \u003cspan m='2789810'\u003edata\u003c/span\u003e \u003cspan m='2790950'\u003eor\u003c/span\u003e \u003cspan m='2791100'\u003ethe\u003c/span\u003e \u003cspan m='2791310'\u003eactual\u003c/span\u003e \u003cspan m='2792060'\u003eorder\u003c/span\u003e \u003cspan m='2792420'\u003eflow\u003c/span\u003e \u003cspan m='2793710'\u003eof\u003c/span\u003e \u003cspan m='2794130'\u003efinancial\u003c/span\u003e \u003cspan m='2794820'\u003etransactions?\u003c/span\u003e \u003cspan m='2797330'\u003eTom?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2797810'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2797915'\u003eHedge\u003c/span\u003e \u003cspan m='2798020'\u003efunds,\u003c/span\u003e \u003cspan m='2798440'\u003etrading\u003c/span\u003e \u003cspan m='2798770'\u003eentities.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2799610'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2799760'\u003eHedge\u003c/span\u003e \u003cspan m='2799910'\u003efunds.\u003c/span\u003e \u003cspan m='2801590'\u003eWhat\u003c/span\u003e \u003cspan m='2801800'\u003etype\u003c/span\u003e \u003cspan m='2802070'\u003eof\u003c/span\u003e \u003cspan m='2802130'\u003etrading\u003c/span\u003e \u003cspan m='2802550'\u003eentities?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2803000'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2803353'\u003eHigh-frequency\u003c/span\u003e \u003cspan m='2803706'\u003etraders.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2804380'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2804485'\u003eHigh-frequency\u003c/span\u003e \u003cspan m='2805100'\u003etraders.\u003c/span\u003e \u003cspan m='2806120'\u003eSo\u003c/span\u003e \u003cspan m='2806510'\u003eI\u003c/span\u003e \u003cspan m='2806660'\u003ebelieve\u003c/span\u003e \u003cspan m='2810470'\u003ethat\u003c/span\u003e \u003cspan m='2810810'\u003eRobinhood\u003c/span\u003e \u003cspan m='2812060'\u003eside\u003c/span\u003e \u003cspan m='2812420'\u003econtracts\u003c/span\u003e \u003cspan m='2813140'\u003ewith\u003c/span\u003e \u003cspan m='2813740'\u003einitially,\u003c/span\u003e \u003cspan m='2814190'\u003eI\u003c/span\u003e \u003cspan m='2814250'\u003ethink,\u003c/span\u003e \u003cspan m='2814460'\u003ethree\u003c/span\u003e \u003cspan m='2814910'\u003eand\u003c/span\u003e \u003cspan m='2815030'\u003ethen\u003c/span\u003e \u003cspan m='2815210'\u003efive\u003c/span\u003e \u003cspan m='2816470'\u003ehigh-frequency\u003c/span\u003e \u003cspan m='2817370'\u003etrading\u003c/span\u003e \u003cspan m='2817760'\u003eshops.\u003c/span\u003e \u003cspan m='2819600'\u003eAnd\u003c/span\u003e \u003cspan m='2819900'\u003eI've\u003c/span\u003e \u003cspan m='2820140'\u003ebeen\u003c/span\u003e \u003cspan m='2820320'\u003etold\u003c/span\u003e \u003cspan m='2820770'\u003ea\u003c/span\u003e \u003cspan m='2820820'\u003enumber of\u003c/span\u003e \u003cspan m='2821110'\u003ethose\u003c/span\u003e \u003cspan m='2821370'\u003enames.\u003c/span\u003e \u003cspan m='2821940'\u003eI\u003c/span\u003e \u003cspan m='2822030'\u003edon't\u003c/span\u003e \u003cspan m='2822210'\u003eknow\u003c/span\u003e \u003cspan m='2822360'\u003eif\u003c/span\u003e \u003cspan m='2822480'\u003ethey're\u003c/span\u003e \u003cspan m='2822630'\u003epublic,\u003c/span\u003e \u003cspan m='2823110'\u003eso\u003c/span\u003e \u003cspan m='2823290'\u003eI'm\u003c/span\u003e \u003cspan m='2823410'\u003enot\u003c/span\u003e \u003cspan m='2823590'\u003egoing\u003c/span\u003e \u003cspan m='2823710'\u003eto\u003c/span\u003e \u003cspan m='2823770'\u003erepeat\u003c/span\u003e \u003cspan m='2824160'\u003ethem\u003c/span\u003e \u003cspan m='2824280'\u003eon\u003c/span\u003e \u003cspan m='2824380'\u003ethe\u003c/span\u003e \u003cspan m='2824460'\u003ecamera,\u003c/span\u003e \u003cspan m='2825600'\u003ebut\u003c/span\u003e \u003cspan m='2825930'\u003ebig--\u003c/span\u003e \u003cspan m='2827670'\u003ea\u003c/span\u003e \u003cspan m='2827730'\u003ecouple\u003c/span\u003e \u003cspan m='2828120'\u003eof\u003c/span\u003e \u003cspan m='2828270'\u003ethem--\u003c/span\u003e \u003cspan m='2828390'\u003eUS-based,\u003c/span\u003e \u003cspan m='2829620'\u003ehigh-frequency\u003c/span\u003e \u003cspan m='2830490'\u003etrading\u003c/span\u003e \u003cspan m='2830880'\u003eshops.\u003c/span\u003e \u003cspan m='2831540'\u003eWhy\u003c/span\u003e \u003cspan m='2831900'\u003ewould\u003c/span\u003e \u003cspan m='2832050'\u003ea\u003c/span\u003e \u003cspan m='2832110'\u003ehigh-frequency\u003c/span\u003e \u003cspan m='2832830'\u003etrading\u003c/span\u003e \u003cspan m='2833160'\u003eshop\u003c/span\u003e \u003cspan m='2833610'\u003epay\u003c/span\u003e \u003cspan m='2833880'\u003efor\u003c/span\u003e \u003cspan m='2834120'\u003eit?\u003c/span\u003e \u003cspan m='2834270'\u003eDaniel?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2834720'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2835220'\u003eGo ahead. I\u003c/span\u003e \u003cspan m='2835470'\u003ehad\u003c/span\u003e \u003cspan m='2835720'\u003ea question.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2837220'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2837720'\u003eWhy\u003c/span\u003e \u003cspan m='2837990'\u003ewould\u003c/span\u003e \u003cspan m='2838110'\u003ea\u003c/span\u003e \u003cspan m='2838170'\u003ehigh-frequency\u003c/span\u003e \u003cspan m='2838770'\u003etrading\u003c/span\u003e \u003cspan m='2839130'\u003eshop\u003c/span\u003e \u003cspan m='2839430'\u003epay\u003c/span\u003e \u003cspan m='2839670'\u003efor\u003c/span\u003e \u003cspan m='2840030'\u003eit?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2840490'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2840950'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2843710'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2844170'\u003eSo\u003c/span\u003e \u003cspan m='2844350'\u003ethey\u003c/span\u003e \u003cspan m='2844470'\u003ethink\u003c/span\u003e \u003cspan m='2844740'\u003ethere's\u003c/span\u003e \u003cspan m='2844890'\u003esome\u003c/span\u003e \u003cspan m='2845280'\u003evalue.\u003c/span\u003e \u003cspan m='2846930'\u003eIsaac?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2847260'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2847616'\u003eOr you can\u003c/span\u003e \u003cspan m='2847972'\u003efront run.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2848330'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2848600'\u003eYeah,\u003c/span\u003e \u003cspan m='2848870'\u003eyou\u003c/span\u003e \u003cspan m='2849040'\u003ecan--\u003c/span\u003e \u003cspan m='2849220'\u003eright,\u003c/span\u003e \u003cspan m='2849510'\u003eright,\u003c/span\u003e \u003cspan m='2849840'\u003eright.\u003c/span\u003e \u003cspan m='2850590'\u003eSo\u003c/span\u003e \u003cspan m='2850800'\u003eanybody\u003c/span\u003e \u003cspan m='2851230'\u003ewho's\u003c/span\u003e \u003cspan m='2851430'\u003eread,\u003c/span\u003e \u003cspan m='2851850'\u003eyou\u003c/span\u003e \u003cspan m='2851970'\u003eknow,\u003c/span\u003e \u003cspan m='2852180'\u003esome\u003c/span\u003e \u003cspan m='2852420'\u003eof\u003c/span\u003e \u003cspan m='2852480'\u003ethe\u003c/span\u003e \u003cspan m='2852570'\u003ebooks\u003c/span\u003e \u003cspan m='2852840'\u003eon\u003c/span\u003e \u003cspan m='2852960'\u003ehigh-frequency\u003c/span\u003e \u003cspan m='2853530'\u003etrading--\u003c/span\u003e \u003cspan m='2854280'\u003eyou\u003c/span\u003e \u003cspan m='2854400'\u003ecan\u003c/span\u003e \u003cspan m='2854550'\u003efront\u003c/span\u003e \u003cspan m='2854820'\u003erun,\u003c/span\u003e \u003cspan m='2855030'\u003ebut\u003c/span\u003e \u003cspan m='2855150'\u003ethere's\u003c/span\u003e \u003cspan m='2855390'\u003ealso\u003c/span\u003e \u003cspan m='2855720'\u003evalue--\u003c/span\u003e \u003cspan m='2856560'\u003eto\u003c/span\u003e \u003cspan m='2856770'\u003eanswer\u003c/span\u003e \u003cspan m='2857280'\u003eRahim's\u003c/span\u003e \u003cspan m='2857790'\u003equestion--\u003c/span\u003e \u003cspan m='2858420'\u003ethere's\u003c/span\u003e \u003cspan m='2858630'\u003evalue\u003c/span\u003e \u003cspan m='2859170'\u003ein\u003c/span\u003e \u003cspan m='2859290'\u003ethe\u003c/span\u003e \u003cspan m='2859440'\u003eorder\u003c/span\u003e \u003cspan m='2859830'\u003eflow,\u003c/span\u003e \u003cspan m='2861340'\u003ebecause\u003c/span\u003e \u003cspan m='2861640'\u003eif\u003c/span\u003e \u003cspan m='2861760'\u003eyou\u003c/span\u003e \u003cspan m='2861940'\u003ecan\u003c/span\u003e \u003cspan m='2862120'\u003esee\u003c/span\u003e \u003cspan m='2862510'\u003ethat\u003c/span\u003e \u003cspan m='2862690'\u003ethe\u003c/span\u003e \u003cspan m='2862810'\u003emarket's\u003c/span\u003e \u003cspan m='2863320'\u003eleaning\u003c/span\u003e \u003cspan m='2863830'\u003ejust\u003c/span\u003e \u003cspan m='2864100'\u003ea\u003c/span\u003e \u003cspan m='2864130'\u003elittle\u003c/span\u003e \u003cspan m='2864370'\u003ebit\u003c/span\u003e \u003cspan m='2864550'\u003ethis\u003c/span\u003e \u003cspan m='2864760'\u003eway\u003c/span\u003e \u003cspan m='2865510'\u003eeven\u003c/span\u003e \u003cspan m='2865840'\u003efor\u003c/span\u003e \u003cspan m='2866020'\u003ea\u003c/span\u003e \u003cspan m='2866080'\u003efew\u003c/span\u003e \u003cspan m='2866350'\u003eseconds,\u003c/span\u003e \u003cspan m='2867880'\u003eyou\u003c/span\u003e \u003cspan m='2868060'\u003ecan\u003c/span\u003e \u003cspan m='2868270'\u003eoptimize\u003c/span\u003e \u003cspan m='2868990'\u003eyour\u003c/span\u003e \u003cspan m='2869170'\u003ealgorithms\u003c/span\u003e \u003cspan m='2869860'\u003eand\u003c/span\u003e \u003cspan m='2869950'\u003emake\u003c/span\u003e \u003cspan m='2870130'\u003emoney\u003c/span\u003e \u003cspan m='2870490'\u003eoff\u003c/span\u003e \u003cspan m='2870700'\u003eof\u003c/span\u003e \u003cspan m='2870790'\u003ethat.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2872380'\u003eAnd\u003c/span\u003e \u003cspan m='2872830'\u003ethe\u003c/span\u003e \u003cspan m='2873010'\u003eUS\u003c/span\u003e \u003cspan m='2873520'\u003eequity\u003c/span\u003e \u003cspan m='2873910'\u003emarkets--\u003c/span\u003e \u003cspan m='2876340'\u003ewell\u003c/span\u003e \u003cspan m='2876640'\u003eover\u003c/span\u003e \u003cspan m='2876880'\u003e60%\u003c/span\u003e \u003cspan m='2877780'\u003eof\u003c/span\u003e \u003cspan m='2877840'\u003ethe\u003c/span\u003e \u003cspan m='2877930'\u003eUS\u003c/span\u003e \u003cspan m='2878260'\u003eequity\u003c/span\u003e \u003cspan m='2878590'\u003emarkets\u003c/span\u003e \u003cspan m='2879040'\u003eare\u003c/span\u003e \u003cspan m='2879100'\u003etrading\u003c/span\u003e \u003cspan m='2879520'\u003ewith\u003c/span\u003e \u003cspan m='2879760'\u003ehigh-frequency\u003c/span\u003e \u003cspan m='2880480'\u003etrading\u003c/span\u003e \u003cspan m='2880870'\u003eright\u003c/span\u003e \u003cspan m='2881080'\u003enow--\u003c/span\u003e \u003cspan m='2882160'\u003eany\u003c/span\u003e \u003cspan m='2882340'\u003edaily\u003c/span\u003e \u003cspan m='2882700'\u003evolume.\u003c/span\u003e \u003cspan m='2883780'\u003eIn\u003c/span\u003e \u003cspan m='2883870'\u003ethe\u003c/span\u003e \u003cspan m='2883960'\u003ecommodity\u003c/span\u003e \u003cspan m='2884470'\u003emarkets\u003c/span\u003e \u003cspan m='2884980'\u003ewhen\u003c/span\u003e \u003cspan m='2885160'\u003eI\u003c/span\u003e \u003cspan m='2885280'\u003ewas\u003c/span\u003e \u003cspan m='2885670'\u003eat\u003c/span\u003e \u003cspan m='2885790'\u003ethe\u003c/span\u003e \u003cspan m='2885880'\u003eCFDC,\u003c/span\u003e \u003cspan m='2888010'\u003esome\u003c/span\u003e \u003cspan m='2888970'\u003econtracts\u003c/span\u003e \u003cspan m='2889630'\u003ewe\u003c/span\u003e \u003cspan m='2889750'\u003ethought\u003c/span\u003e \u003cspan m='2889960'\u003eit\u003c/span\u003e \u003cspan m='2890020'\u003ecould\u003c/span\u003e \u003cspan m='2890200'\u003ebe\u003c/span\u003e \u003cspan m='2890290'\u003eas\u003c/span\u003e \u003cspan m='2890410'\u003emuch\u003c/span\u003e \u003cspan m='2890620'\u003eas\u003c/span\u003e \u003cspan m='2890710'\u003e90%.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2892810'\u003eThe\u003c/span\u003e \u003cspan m='2892960'\u003e\u003ci\u003eS\u0026amp;P\u003c/i\u003e\u003c/span\u003e \u003cspan m='2893470'\u003e\u003ci\u003e500\u003c/i\u003e\u003c/span\u003e \u003cspan m='2894070'\u003e\u003ci\u003eFutures\u003c/i\u003e\u003c/span\u003e \u003cspan m='2894820'\u003econtract\u003c/span\u003e \u003cspan m='2896320'\u003eor\u003c/span\u003e \u003cspan m='2896470'\u003ethe\u003c/span\u003e \u003cspan m='2896620'\u003einterest\u003c/span\u003e \u003cspan m='2897070'\u003erates\u003c/span\u003e \u003cspan m='2897760'\u003econtracts\u003c/span\u003e \u003cspan m='2899150'\u003evary\u003c/span\u003e \u003cspan m='2899650'\u003esignificantly.\u003c/span\u003e \u003cspan m='2900470'\u003eAnd\u003c/span\u003e \u003cspan m='2900520'\u003ethey\u003c/span\u003e \u003cspan m='2900940'\u003eprovide\u003c/span\u003e \u003cspan m='2901330'\u003ea\u003c/span\u003e \u003cspan m='2901390'\u003eservice.\u003c/span\u003e \u003cspan m='2902210'\u003eThere's\u003c/span\u003e \u003cspan m='2902320'\u003ea\u003c/span\u003e \u003cspan m='2902380'\u003emarket-making\u003c/span\u003e \u003cspan m='2903160'\u003efunction\u003c/span\u003e \u003cspan m='2903640'\u003ethose\u003c/span\u003e \u003cspan m='2903850'\u003ehigh-frequency\u003c/span\u003e \u003cspan m='2904480'\u003etraders\u003c/span\u003e \u003cspan m='2904860'\u003edo,\u003c/span\u003e \u003cspan m='2905190'\u003eand\u003c/span\u003e \u003cspan m='2905950'\u003emostly,\u003c/span\u003e \u003cspan m='2906490'\u003ethey\u003c/span\u003e \u003cspan m='2906610'\u003edo\u003c/span\u003e \u003cspan m='2906760'\u003eit\u003c/span\u003e \u003cspan m='2906850'\u003elegally.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2908510'\u003eBut\u003c/span\u003e \u003cspan m='2908870'\u003ethere's\u003c/span\u003e \u003cspan m='2909110'\u003ea\u003c/span\u003e \u003cspan m='2909200'\u003evalue\u003c/span\u003e \u003cspan m='2910940'\u003eto\u003c/span\u003e \u003cspan m='2911090'\u003ethat\u003c/span\u003e \u003cspan m='2911360'\u003eorder\u003c/span\u003e \u003cspan m='2911660'\u003eflow.\u003c/span\u003e \u003cspan m='2912440'\u003eAnd\u003c/span\u003e \u003cspan m='2912530'\u003eso\u003c/span\u003e \u003cspan m='2912710'\u003epayment\u003c/span\u003e \u003cspan m='2913250'\u003efor\u003c/span\u003e \u003cspan m='2913490'\u003eorder\u003c/span\u003e \u003cspan m='2913760'\u003eflow\u003c/span\u003e \u003cspan m='2914210'\u003eis\u003c/span\u003e \u003cspan m='2914420'\u003ea\u003c/span\u003e \u003cspan m='2914480'\u003every\u003c/span\u003e \u003cspan m='2915170'\u003ecritical\u003c/span\u003e \u003cspan m='2915710'\u003epart\u003c/span\u003e \u003cspan m='2916130'\u003eof\u003c/span\u003e \u003cspan m='2916820'\u003efinancial\u003c/span\u003e \u003cspan m='2917360'\u003emarkets\u003c/span\u003e \u003cspan m='2917870'\u003eall\u003c/span\u003e \u003cspan m='2918080'\u003ethe\u003c/span\u003e \u003cspan m='2918170'\u003eway\u003c/span\u003e \u003cspan m='2918320'\u003earound\u003c/span\u003e \u003cspan m='2918620'\u003ethe\u003c/span\u003e \u003cspan m='2918680'\u003eglobe\u003c/span\u003e \u003cspan m='2919130'\u003ein\u003c/span\u003e \u003cspan m='2919220'\u003eany\u003c/span\u003e \u003cspan m='2919460'\u003ehighly-liquid\u003c/span\u003e \u003cspan m='2920210'\u003ecurrency\u003c/span\u003e \u003cspan m='2920750'\u003emarket,\u003c/span\u003e \u003cspan m='2921320'\u003ebond\u003c/span\u003e \u003cspan m='2921680'\u003emarkets,\u003c/span\u003e \u003cspan m='2922340'\u003eequity\u003c/span\u003e \u003cspan m='2922700'\u003emarkets,\u003c/span\u003e \u003cspan m='2923150'\u003eand,\u003c/span\u003e \u003cspan m='2923300'\u003eyes,\u003c/span\u003e \u003cspan m='2924170'\u003eBitcoin.\u003c/span\u003e \u003cspan m='2924690'\u003eSo\u003c/span\u003e \u003cspan m='2924830'\u003eRobinhood--\u003c/span\u003e \u003cspan m='2926620'\u003eErin,\u003c/span\u003e \u003cspan m='2927500'\u003edo\u003c/span\u003e \u003cspan m='2927620'\u003eyou\u003c/span\u003e \u003cspan m='2927770'\u003etrade\u003c/span\u003e \u003cspan m='2928100'\u003eBitcoin\u003c/span\u003e \u003cspan m='2928610'\u003eon\u003c/span\u003e \u003cspan m='2928760'\u003ethere or do you\u003c/span\u003e \u003cspan m='2929090'\u003etrade\u003c/span\u003e \u003cspan m='2929720'\u003eregular\u003c/span\u003e \u003cspan m='2930110'\u003eequity?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2930500'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='2930946'\u003eYeah, I actually\u003c/span\u003e \u003cspan m='2931392'\u003edon't use it that much,\u003c/span\u003e \u003cspan m='2931838'\u003ebut it's on my phone.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2932730'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='2933180'\u003eIt's\u003c/span\u003e \u003cspan m='2933370'\u003eon\u003c/span\u003e \u003cspan m='2933520'\u003eyour\u003c/span\u003e \u003cspan m='2933610'\u003ephone,\u003c/span\u003e \u003cspan m='2933930'\u003eall\u003c/span\u003e \u003cspan m='2934000'\u003eright.\u003c/span\u003e \u003cspan m='2934420'\u003eBut\u003c/span\u003e \u003cspan m='2934570'\u003ethe\u003c/span\u003e \u003cspan m='2934660'\u003eone\u003c/span\u003e \u003cspan m='2934930'\u003eor\u003c/span\u003e \u003cspan m='2935020'\u003etwo\u003c/span\u003e \u003cspan m='2935230'\u003etimes\u003c/span\u003e \u003cspan m='2935620'\u003eyou\u003c/span\u003e \u003cspan m='2935710'\u003eused\u003c/span\u003e \u003cspan m='2936080'\u003eit,\u003c/span\u003e \u003cspan m='2936220'\u003eyou\u003c/span\u003e \u003cspan m='2936340'\u003ehad\u003c/span\u003e \u003cspan m='2936520'\u003ezero\u003c/span\u003e \u003cspan m='2936970'\u003efee,\u003c/span\u003e \u003cspan m='2937450'\u003ebecause\u003c/span\u003e \u003cspan m='2938710'\u003esome\u003c/span\u003e \u003cspan m='2939100'\u003etrading\u003c/span\u003e \u003cspan m='2939610'\u003ehouse\u003c/span\u003e \u003cspan m='2939970'\u003ein\u003c/span\u003e \u003cspan m='2940090'\u003eChicago\u003c/span\u003e \u003cspan m='2941410'\u003ehas\u003c/span\u003e \u003cspan m='2941650'\u003ea\u003c/span\u003e \u003cspan m='2941710'\u003econtract\u003c/span\u003e \u003cspan m='2942910'\u003ewith\u003c/span\u003e \u003cspan m='2943090'\u003eRobinhood\u003c/span\u003e \u003cspan m='2946540'\u003eto\u003c/span\u003e \u003cspan m='2946690'\u003edo\u003c/span\u003e \u003cspan m='2946900'\u003ethat.\u003c/span\u003e \u003cspan m='2948450'\u003eAnd\u003c/span\u003e \u003cspan m='2948600'\u003eJeff\u003c/span\u003e \u003cspan m='2948840'\u003eSprecher,\u003c/span\u003e \u003cspan m='2949950'\u003ewho\u003c/span\u003e \u003cspan m='2950130'\u003eyou'll\u003c/span\u003e \u003cspan m='2950310'\u003emeet\u003c/span\u003e \u003cspan m='2950520'\u003eThursday,\u003c/span\u003e \u003cspan m='2951510'\u003ewill\u003c/span\u003e \u003cspan m='2951600'\u003etell\u003c/span\u003e \u003cspan m='2951810'\u003eyou\u003c/span\u003e \u003cspan m='2951930'\u003eRobinhood,\u003c/span\u003e \u003cspan m='2952500'\u003ewith\u003c/span\u003e \u003cspan m='2952620'\u003efive\u003c/span\u003e \u003cspan m='2952950'\u003emillion\u003c/span\u003e \u003cspan m='2953580'\u003eaccounts\u003c/span\u003e \u003cspan m='2954200'\u003enow,\u003c/span\u003e \u003cspan m='2954780'\u003ethat's\u003c/span\u003e \u003cspan m='2955020'\u003ea\u003c/span\u003e \u003cspan m='2955080'\u003ereal\u003c/span\u003e \u003cspan m='2955350'\u003ethreat\u003c/span\u003e \u003cspan m='2956550'\u003eto\u003c/span\u003e \u003cspan m='2958420'\u003ethe\u003c/span\u003e \u003cspan m='2958510'\u003ebrokerage\u003c/span\u003e \u003cspan m='2959050'\u003emodel.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2961540'\u003eWhy\u003c/span\u003e \u003cspan m='2961750'\u003ewould\u003c/span\u003e \u003cspan m='2961870'\u003epeople\u003c/span\u003e \u003cspan m='2962530'\u003emostly\u003c/span\u003e \u003cspan m='2962980'\u003eof\u003c/span\u003e \u003cspan m='2963100'\u003eyour\u003c/span\u003e \u003cspan m='2963280'\u003egeneration--\u003c/span\u003e \u003cspan m='2963940'\u003eor\u003c/span\u003e \u003cspan m='2964000'\u003eMillennials,\u003c/span\u003e \u003cspan m='2965140'\u003ebecause\u003c/span\u003e \u003cspan m='2965350'\u003eyou're\u003c/span\u003e \u003cspan m='2965470'\u003enot--\u003c/span\u003e \u003cspan m='2966070'\u003esome\u003c/span\u003e \u003cspan m='2966340'\u003eof\u003c/span\u003e \u003cspan m='2966400'\u003eyou're\u003c/span\u003e \u003cspan m='2966520'\u003eGen\u003c/span\u003e \u003cspan m='2966810'\u003eXers,\u003c/span\u003e \u003cspan m='2967240'\u003eI\u003c/span\u003e \u003cspan m='2967330'\u003ethink,\u003c/span\u003e \u003cspan m='2968170'\u003ebut--\u003c/span\u003e \u003cspan m='2969620'\u003eI'm\u003c/span\u003e \u003cspan m='2969850'\u003ea\u003c/span\u003e \u003cspan m='2969940'\u003eBaby\u003c/span\u003e \u003cspan m='2970360'\u003eBoomer.\u003c/span\u003e \u003cspan m='2971450'\u003eI\u003c/span\u003e \u003cspan m='2971680'\u003eknow\u003c/span\u003e \u003cspan m='2971800'\u003ewhere\u003c/span\u003e \u003cspan m='2971980'\u003eI\u003c/span\u003e \u003cspan m='2972160'\u003eam.\u003c/span\u003e \u003cspan m='2972640'\u003eBut\u003c/span\u003e \u003cspan m='2973570'\u003eMillennials,\u003c/span\u003e \u003cspan m='2974560'\u003eyou\u003c/span\u003e \u003cspan m='2974830'\u003eget\u003c/span\u003e \u003cspan m='2975010'\u003eso\u003c/span\u003e \u003cspan m='2975220'\u003emany\u003c/span\u003e \u003cspan m='2975400'\u003eservices\u003c/span\u003e \u003cspan m='2975970'\u003efor\u003c/span\u003e \u003cspan m='2976120'\u003efree.\u003c/span\u003e \u003cspan m='2977020'\u003eRobinhood\u003c/span\u003e \u003cspan m='2977590'\u003esaw\u003c/span\u003e \u003cspan m='2977860'\u003ean\u003c/span\u003e \u003cspan m='2977950'\u003eopportunity,\u003c/span\u003e \u003cspan m='2978790'\u003eand\u003c/span\u003e \u003cspan m='2978910'\u003ethey've\u003c/span\u003e \u003cspan m='2979110'\u003eall\u003c/span\u003e \u003cspan m='2979200'\u003eof\u003c/span\u003e \u003cspan m='2979270'\u003ea\u003c/span\u003e \u003cspan m='2979310'\u003esudden\u003c/span\u003e \u003cspan m='2979570'\u003egot\u003c/span\u003e \u003cspan m='2979720'\u003efive\u003c/span\u003e \u003cspan m='2980020'\u003emillion\u003c/span\u003e \u003cspan m='2980350'\u003ecustomers.\u003c/span\u003e \u003cspan m='2982050'\u003eBut\u003c/span\u003e \u003cspan m='2982230'\u003ethat's\u003c/span\u003e \u003cspan m='2983250'\u003ehow\u003c/span\u003e \u003cspan m='2983370'\u003ethey--\u003c/span\u003e \u003cspan m='2983550'\u003eit's\u003c/span\u003e \u003cspan m='2983700'\u003ea\u003c/span\u003e \u003cspan m='2983760'\u003every\u003c/span\u003e \u003cspan m='2983970'\u003egood\u003c/span\u003e \u003cspan m='2984090'\u003equestion.\u003c/span\u003e \u003cspan m='2986790'\u003eAnd\u003c/span\u003e \u003cspan m='2988200'\u003eso\u003c/span\u003e \u003cspan m='2988440'\u003emoving\u003c/span\u003e \u003cspan m='2988800'\u003ea\u003c/span\u003e \u003cspan m='2988860'\u003elittle\u003c/span\u003e \u003cspan m='2989130'\u003ealong\u003c/span\u003e \u003cspan m='2989430'\u003ejust\u003c/span\u003e \u003cspan m='2989610'\u003eto\u003c/span\u003e \u003cspan m='2989700'\u003egive\u003c/span\u003e \u003cspan m='2989910'\u003eyou--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='2990240'\u003eSo\u003c/span\u003e \u003cspan m='2991410'\u003ethese\u003c/span\u003e \u003cspan m='2991680'\u003eare\u003c/span\u003e \u003cspan m='2991740'\u003ethe\u003c/span\u003e \u003cspan m='2991830'\u003emain\u003c/span\u003e \u003cspan m='2992100'\u003ethings\u003c/span\u003e \u003cspan m='2992400'\u003efrom\u003c/span\u003e \u003cspan m='2992550'\u003ethis\u003c/span\u003e \u003cspan m='2992700'\u003e\u003ci\u003eCryptoCompare\u003c/i\u003e\u003c/span\u003e \u003cspan m='2993450'\u003ejust\u003c/span\u003e \u003cspan m='2993690'\u003ein\u003c/span\u003e \u003cspan m='2993810'\u003eOctober\u003c/span\u003e \u003cspan m='2994350'\u003eto\u003c/span\u003e \u003cspan m='2994440'\u003egive\u003c/span\u003e \u003cspan m='2994620'\u003eyou\u003c/span\u003e \u003cspan m='2994680'\u003ea\u003c/span\u003e \u003cspan m='2994710'\u003esense.\u003c/span\u003e \u003cspan m='2997290'\u003eTwo thirds\u003c/span\u003e \u003cspan m='2997890'\u003eof\u003c/span\u003e \u003cspan m='2997950'\u003ethe\u003c/span\u003e \u003cspan m='2998040'\u003evolume\u003c/span\u003e \u003cspan m='2998490'\u003ethey\u003c/span\u003e \u003cspan m='2998610'\u003emeasure,\u003c/span\u003e \u003cspan m='2999030'\u003espot\u003c/span\u003e \u003cspan m='2999285'\u003ein\u003c/span\u003e \u003cspan m='2999540'\u003eone\u003c/span\u003e \u003cspan m='2999870'\u003ethird\u003c/span\u003e \u003cspan m='3000200'\u003eis\u003c/span\u003e \u003cspan m='3000380'\u003ederivatives.\u003c/span\u003e \u003cspan m='3001100'\u003eAnd\u003c/span\u003e \u003cspan m='3001190'\u003ewe're\u003c/span\u003e \u003cspan m='3001280'\u003enot\u003c/span\u003e \u003cspan m='3001460'\u003etalking\u003c/span\u003e \u003cspan m='3001790'\u003eabout\u003c/span\u003e \u003cspan m='3002000'\u003ethe\u003c/span\u003e \u003cspan m='3002090'\u003e\u003ci\u003eChicago\u003c/i\u003e\u003c/span\u003e \u003cspan m='3002570'\u003e\u003ci\u003eMercantile\u003c/i\u003e\u003c/span\u003e \u003cspan m='3003170'\u003e\u003ci\u003eExchange.\u003c/i\u003e\u003c/span\u003e \u003cspan m='3003440'\u003e$$$\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3004160'\u003eThe\u003c/span\u003e \u003cspan m='3004250'\u003ebiggest\u003c/span\u003e \u003cspan m='3004670'\u003ederivatives\u003c/span\u003e \u003cspan m='3005300'\u003eexchange\u003c/span\u003e \u003cspan m='3005900'\u003eactually\u003c/span\u003e \u003cspan m='3006350'\u003ein\u003c/span\u003e \u003cspan m='3006440'\u003ecrypto\u003c/span\u003e \u003cspan m='3006920'\u003eis\u003c/span\u003e \u003cspan m='3007070'\u003eBitMax\u003c/span\u003e \u003cspan m='3008440'\u003ethat\u003c/span\u003e \u003cspan m='3008690'\u003ehas\u003c/span\u003e \u003cspan m='3008900'\u003ea\u003c/span\u003e \u003cspan m='3008960'\u003eperpetual\u003c/span\u003e \u003cspan m='3010070'\u003eBitcoin\u003c/span\u003e \u003cspan m='3012000'\u003eswap\u003c/span\u003e \u003cspan m='3012600'\u003eand\u003c/span\u003e \u003cspan m='3012720'\u003ea\u003c/span\u003e \u003cspan m='3012750'\u003eperpetual\u003c/span\u003e \u003cspan m='3013760'\u003eEth\u003c/span\u003e \u003cspan m='3015000'\u003ethat\u003c/span\u003e \u003cspan m='3015150'\u003ehas\u003c/span\u003e \u003cspan m='3015330'\u003eno\u003c/span\u003e \u003cspan m='3015810'\u003esettlement\u003c/span\u003e \u003cspan m='3016420'\u003edate.\u003c/span\u003e \u003cspan m='3018630'\u003eHighly-leveraged--\u003c/span\u003e \u003cspan m='3019600'\u003eyou\u003c/span\u003e \u003cspan m='3019680'\u003ecan\u003c/span\u003e \u003cspan m='3019800'\u003eput\u003c/span\u003e \u003cspan m='3019950'\u003e1%\u003c/span\u003e \u003cspan m='3020670'\u003emargin\u003c/span\u003e \u003cspan m='3021150'\u003edown\u003c/span\u003e \u003cspan m='3021420'\u003eand\u003c/span\u003e \u003cspan m='3021500'\u003e99%\u003c/span\u003e \u003cspan m='3022620'\u003eborrow.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3024290'\u003eAnd\u003c/span\u003e \u003cspan m='3024420'\u003eevery\u003c/span\u003e \u003cspan m='3024810'\u003e10\u003c/span\u003e \u003cspan m='3025140'\u003ehours,\u003c/span\u003e \u003cspan m='3025660'\u003eit\u003c/span\u003e \u003cspan m='3026400'\u003ereprices,\u003c/span\u003e \u003cspan m='3028020'\u003ebut\u003c/span\u003e \u003cspan m='3028200'\u003eit's\u003c/span\u003e \u003cspan m='3028320'\u003ea\u003c/span\u003e \u003cspan m='3028380'\u003eperpetual\u003c/span\u003e \u003cspan m='3029160'\u003erolling\u003c/span\u003e \u003cspan m='3029760'\u003e10-hour\u003c/span\u003e \u003cspan m='3030480'\u003efuture.\u003c/span\u003e \u003cspan m='3032140'\u003eAnd\u003c/span\u003e \u003cspan m='3032240'\u003ethat's\u003c/span\u003e \u003cspan m='3032340'\u003ewhy\u003c/span\u003e \u003cspan m='3032490'\u003eit's\u003c/span\u003e \u003cspan m='3032620'\u003ecalled a\u003c/span\u003e \u003cspan m='3032900'\u003eperpetual--\u003c/span\u003e \u003cspan m='3033510'\u003eRoss,\u003c/span\u003e \u003cspan m='3033870'\u003eI\u003c/span\u003e \u003cspan m='3033930'\u003esaw\u003c/span\u003e \u003cspan m='3034170'\u003eyou\u003c/span\u003e \u003cspan m='3034290'\u003elook\u003c/span\u003e \u003cspan m='3034470'\u003equizzical.\u003c/span\u003e \u003cspan m='3035640'\u003eIt's\u003c/span\u003e \u003cspan m='3035820'\u003emade\u003c/span\u003e \u003cspan m='3036060'\u003eperpetual,\u003c/span\u003e \u003cspan m='3036630'\u003ebecause\u003c/span\u003e \u003cspan m='3036870'\u003eit's\u003c/span\u003e \u003cspan m='3037020'\u003erolling\u003c/span\u003e \u003cspan m='3037530'\u003e10-hour\u003c/span\u003e \u003cspan m='3038100'\u003epricing\u003c/span\u003e \u003cspan m='3038580'\u003esettlements.\u003c/span\u003e \u003cspan m='3040740'\u003eBut\u003c/span\u003e \u003cspan m='3040950'\u003eyou\u003c/span\u003e \u003cspan m='3041070'\u003edon't\u003c/span\u003e \u003cspan m='3041310'\u003esettle\u003c/span\u003e \u003cspan m='3041730'\u003eat\u003c/span\u003e \u003cspan m='3041820'\u003e10\u003c/span\u003e \u003cspan m='3042090'\u003ehours.\u003c/span\u003e \u003cspan m='3042480'\u003eYou\u003c/span\u003e \u003cspan m='3042630'\u003ehave\u003c/span\u003e \u003cspan m='3042810'\u003eto\u003c/span\u003e \u003cspan m='3043290'\u003eeither\u003c/span\u003e \u003cspan m='3043590'\u003epost\u003c/span\u003e \u003cspan m='3044040'\u003emore\u003c/span\u003e \u003cspan m='3044220'\u003emargin\u003c/span\u003e \u003cspan m='3044760'\u003eor\u003c/span\u003e \u003cspan m='3044820'\u003ereceive\u003c/span\u003e \u003cspan m='3045270'\u003eprofit\u003c/span\u003e \u003cspan m='3046980'\u003eevery\u003c/span\u003e \u003cspan m='3047250'\u003e10\u003c/span\u003e \u003cspan m='3047520'\u003ehours.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3047940'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3048435'\u003eWhy isn't it a 10-hour future?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3048930'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='3049050'\u003eWhat's\u003c/span\u003e \u003cspan m='3049170'\u003ethat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3049380'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3049485'\u003eWhy\u003c/span\u003e \u003cspan m='3049590'\u003eisn't\u003c/span\u003e \u003cspan m='3049770'\u003eit\u003c/span\u003e \u003cspan m='3049870'\u003ejust\u003c/span\u003e \u003cspan m='3050130'\u003ea 10-hour\u003c/span\u003e \u003cspan m='3050320'\u003efuture?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3051390'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='3051570'\u003eBecause\u003c/span\u003e \u003cspan m='3051750'\u003eat\u003c/span\u003e \u003cspan m='3051810'\u003e10-hour\u003c/span\u003e \u003cspan m='3052290'\u003efuture\u003c/span\u003e \u003cspan m='3052680'\u003emight\u003c/span\u003e \u003cspan m='3052920'\u003enot\u003c/span\u003e \u003cspan m='3053130'\u003ehave\u003c/span\u003e \u003cspan m='3053430'\u003eyou\u003c/span\u003e \u003cspan m='3053670'\u003eor\u003c/span\u003e \u003cspan m='3053760'\u003emay\u003c/span\u003e \u003cspan m='3053940'\u003econtinue\u003c/span\u003e \u003cspan m='3054450'\u003ein\u003c/span\u003e \u003cspan m='3054630'\u003ethe\u003c/span\u003e \u003cspan m='3054720'\u003econtract,\u003c/span\u003e \u003cspan m='3055380'\u003eso\u003c/span\u003e \u003cspan m='3055500'\u003ethey\u003c/span\u003e \u003cspan m='3055650'\u003ecreated\u003c/span\u003e \u003cspan m='3056130'\u003ea\u003c/span\u003e \u003cspan m='3056190'\u003eperpetual\u003c/span\u003e \u003cspan m='3058670'\u003erolling--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3059330'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3059655'\u003eIf\u003c/span\u003e \u003cspan m='3059980'\u003eI\u003c/span\u003e \u003cspan m='3060050'\u003edon't\u003c/span\u003e \u003cspan m='3060340'\u003epost,\u003c/span\u003e \u003cspan m='3060500'\u003eI'm\u003c/span\u003e \u003cspan m='3060950'\u003eout\u003c/span\u003e \u003cspan m='3061400'\u003e10 hours\u003c/span\u003e \u003cspan m='3061840'\u003elater.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3062360'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='3062450'\u003eThat's\u003c/span\u003e \u003cspan m='3062540'\u003ecorrect.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3064346'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3064818'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3066710'\u003eGARY GENSLER:\u003c/span\u003e \u003cspan m='3066845'\u003eBitMax\u003c/span\u003e \u003cspan m='3067340'\u003eis\u003c/span\u003e \u003cspan m='3067490'\u003ethe\u003c/span\u003e \u003cspan m='3067700'\u003elargest\u003c/span\u003e \u003cspan m='3069440'\u003ein\u003c/span\u003e \u003cspan m='3069590'\u003ethis\u003c/span\u003e \u003cspan m='3069790'\u003evolume.\u003c/span\u003e \u003cspan m='3072230'\u003eThey\u003c/span\u003e \u003cspan m='3072410'\u003esay\u003c/span\u003e \u003cspan m='3072680'\u003ethey\u003c/span\u003e \u003cspan m='3072800'\u003edon't\u003c/span\u003e \u003cspan m='3073010'\u003eoperate\u003c/span\u003e \u003cspan m='3073400'\u003ein\u003c/span\u003e \u003cspan m='3073460'\u003ethe\u003c/span\u003e \u003cspan m='3073530'\u003eUS,\u003c/span\u003e \u003cspan m='3073970'\u003ebecause\u003c/span\u003e \u003cspan m='3074210'\u003eif\u003c/span\u003e \u003cspan m='3074330'\u003ethey\u003c/span\u003e \u003cspan m='3074510'\u003edid,\u003c/span\u003e \u003cspan m='3074810'\u003eit\u003c/span\u003e \u003cspan m='3074900'\u003ewould\u003c/span\u003e \u003cspan m='3074990'\u003edefinitely\u003c/span\u003e \u003cspan m='3075410'\u003ehave\u003c/span\u003e \u003cspan m='3075530'\u003eto\u003c/span\u003e \u003cspan m='3075620'\u003eregister\u003c/span\u003e \u003cspan m='3076250'\u003eits\u003c/span\u003e \u003cspan m='3076400'\u003ecommodity\u003c/span\u003e \u003cspan m='3076910'\u003efutures\u003c/span\u003e \u003cspan m='3077270'\u003etrading\u003c/span\u003e \u003cspan m='3077570'\u003ecommission.\u003c/span\u003e \u003cspan m='3078320'\u003eBut\u003c/span\u003e \u003cspan m='3078410'\u003ewhether\u003c/span\u003e \u003cspan m='3078680'\u003ethey\u003c/span\u003e \u003cspan m='3078860'\u003eoperate in\u003c/span\u003e \u003cspan m='3079290'\u003ethe\u003c/span\u003e \u003cspan m='3079430'\u003eUS\u003c/span\u003e \u003cspan m='3079730'\u003eor\u003c/span\u003e \u003cspan m='3079820'\u003enot\u003c/span\u003e \u003cspan m='3080060'\u003eis\u003c/span\u003e \u003cspan m='3080150'\u003eprobably\u003c/span\u003e \u003cspan m='3080480'\u003efor\u003c/span\u003e \u003cspan m='3080630'\u003esome\u003c/span\u003e \u003cspan m='3080900'\u003eother\u003c/span\u003e \u003cspan m='3081320'\u003epeople\u003c/span\u003e \u003cspan m='3081590'\u003eto\u003c/span\u003e \u003cspan m='3081680'\u003efigure\u003c/span\u003e \u003cspan m='3082010'\u003eout.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3084920'\u003eCrypto\u003c/span\u003e \u003cspan m='3085320'\u003eto\u003c/span\u003e \u003cspan m='3085430'\u003ecrypto\u003c/span\u003e \u003cspan m='3085760'\u003eversus\u003c/span\u003e \u003cspan m='3086150'\u003eFiat\u003c/span\u003e \u003cspan m='3086540'\u003eto\u003c/span\u003e \u003cspan m='3086630'\u003ecrypto--\u003c/span\u003e \u003cspan m='3088530'\u003e70%\u003c/span\u003e \u003cspan m='3089790'\u003eof\u003c/span\u003e \u003cspan m='3089850'\u003ethe\u003c/span\u003e \u003cspan m='3089940'\u003evolume\u003c/span\u003e \u003cspan m='3090420'\u003eis\u003c/span\u003e \u003cspan m='3090540'\u003eon\u003c/span\u003e \u003cspan m='3090660'\u003ecrypto to\u003c/span\u003e \u003cspan m='3091140'\u003ecrypto\u003c/span\u003e \u003cspan m='3091560'\u003eexchanges.\u003c/span\u003e \u003cspan m='3092850'\u003eAgain,\u003c/span\u003e \u003cspan m='3093240'\u003ewe\u003c/span\u003e \u003cspan m='3093360'\u003edon't\u003c/span\u003e \u003cspan m='3093510'\u003eknow\u003c/span\u003e \u003cspan m='3093600'\u003eif\u003c/span\u003e \u003cspan m='3093690'\u003ethe\u003c/span\u003e \u003cspan m='3093780'\u003evolume\u003c/span\u003e \u003cspan m='3094200'\u003efigures\u003c/span\u003e \u003cspan m='3094590'\u003eare\u003c/span\u003e \u003cspan m='3094710'\u003eaccurate,\u003c/span\u003e \u003cspan m='3095220'\u003ebut\u003c/span\u003e \u003cspan m='3095520'\u003ejust\u003c/span\u003e \u003cspan m='3096390'\u003ebased\u003c/span\u003e \u003cspan m='3096750'\u003eon\u003c/span\u003e \u003cspan m='3096870'\u003ethese\u003c/span\u003e \u003cspan m='3097050'\u003efigures.\u003c/span\u003e \u003cspan m='3098310'\u003eSo\u003c/span\u003e \u003cspan m='3098700'\u003ethe\u003c/span\u003e \u003cspan m='3098880'\u003eecosystem\u003c/span\u003e \u003cspan m='3099750'\u003eis\u003c/span\u003e \u003cspan m='3100320'\u003estill\u003c/span\u003e \u003cspan m='3100680'\u003e2/3\u003c/span\u003e \u003cspan m='3101520'\u003ecrypto\u003c/span\u003e \u003cspan m='3101940'\u003eto\u003c/span\u003e \u003cspan m='3102030'\u003ecrypto\u003c/span\u003e \u003cspan m='3103750'\u003erather\u003c/span\u003e \u003cspan m='3104110'\u003ethan\u003c/span\u003e \u003cspan m='3104350'\u003eswitching\u003c/span\u003e \u003cspan m='3104830'\u003eout\u003c/span\u003e \u003cspan m='3105040'\u003eto\u003c/span\u003e \u003cspan m='3105160'\u003esome\u003c/span\u003e \u003cspan m='3105460'\u003eother--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3108690'\u003eDecentralized--\u003c/span\u003e \u003cspan m='3109590'\u003ewe\u003c/span\u003e \u003cspan m='3109720'\u003ealready\u003c/span\u003e \u003cspan m='3109960'\u003etalk\u003c/span\u003e \u003cspan m='3110260'\u003eabout\u003c/span\u003e \u003cspan m='3110530'\u003ethis.\u003c/span\u003e \u003cspan m='3111160'\u003eReally\u003c/span\u003e \u003cspan m='3111550'\u003eimportant\u003c/span\u003e \u003cspan m='3112180'\u003einnovation.\u003c/span\u003e \u003cspan m='3113210'\u003eI\u003c/span\u003e \u003cspan m='3113310'\u003ethink\u003c/span\u003e \u003cspan m='3113410'\u003ewe're\u003c/span\u003e \u003cspan m='3113920'\u003egoing\u003c/span\u003e \u003cspan m='3114030'\u003eto\u003c/span\u003e \u003cspan m='3114100'\u003esee\u003c/span\u003e \u003cspan m='3114280'\u003emore\u003c/span\u003e \u003cspan m='3114580'\u003eabout\u003c/span\u003e \u003cspan m='3114970'\u003edecentralized,\u003c/span\u003e \u003cspan m='3115690'\u003ebut\u003c/span\u003e \u003cspan m='3115810'\u003eright\u003c/span\u003e \u003cspan m='3116020'\u003enow\u003c/span\u003e \u003cspan m='3116200'\u003ewe're\u003c/span\u003e \u003cspan m='3116290'\u003estill\u003c/span\u003e \u003cspan m='3116500'\u003eat\u003c/span\u003e \u003cspan m='3116590'\u003ethe\u003c/span\u003e \u003cspan m='3116710'\u003eearly\u003c/span\u003e \u003cspan m='3116980'\u003edays.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3119200'\u003eBitcoin\u003c/span\u003e \u003cspan m='3119830'\u003eversus\u003c/span\u003e \u003cspan m='3120250'\u003eFiat--\u003c/span\u003e \u003cspan m='3121780'\u003ethis\u003c/span\u003e \u003cspan m='3121960'\u003eis\u003c/span\u003e \u003cspan m='3122020'\u003ejust\u003c/span\u003e \u003cspan m='3122230'\u003ethe\u003c/span\u003e \u003cspan m='3122320'\u003emonth\u003c/span\u003e \u003cspan m='3122620'\u003eof\u003c/span\u003e \u003cspan m='3122740'\u003eOctober,\u003c/span\u003e \u003cspan m='3123400'\u003ebut\u003c/span\u003e \u003cspan m='3123550'\u003e50%\u003c/span\u003e \u003cspan m='3124390'\u003ewas\u003c/span\u003e \u003cspan m='3124570'\u003eversus\u003c/span\u003e \u003cspan m='3125300'\u003eUS\u003c/span\u003e \u003cspan m='3125650'\u003edollar,\u003c/span\u003e \u003cspan m='3126400'\u003e21%\u003c/span\u003e \u003cspan m='3127390'\u003eyen,\u003c/span\u003e \u003cspan m='3128560'\u003eKorea--\u003c/span\u003e \u003cspan m='3130390'\u003ewho's\u003c/span\u003e \u003cspan m='3130580'\u003efrom\u003c/span\u003e \u003cspan m='3130760'\u003eKorea\u003c/span\u003e \u003cspan m='3131140'\u003ehere?\u003c/span\u003e \u003cspan m='3131620'\u003eAnybody,\u003c/span\u003e \u003cspan m='3132415'\u003edo\u003c/span\u003e \u003cspan m='3132710'\u003ewe\u003c/span\u003e \u003cspan m='3132830'\u003ehave\u003c/span\u003e \u003cspan m='3132950'\u003eanybody?\u003c/span\u003e \u003cspan m='3134550'\u003eSo\u003c/span\u003e \u003cspan m='3134790'\u003etell\u003c/span\u003e \u003cspan m='3135120'\u003eus\u003c/span\u003e \u003cspan m='3135270'\u003ea\u003c/span\u003e \u003cspan m='3135330'\u003elittle\u003c/span\u003e \u003cspan m='3135570'\u003ebit\u003c/span\u003e \u003cspan m='3135690'\u003eabout\u003c/span\u003e \u003cspan m='3136020'\u003ethat\u003c/span\u003e \u003cspan m='3136230'\u003efigure.\u003c/span\u003e \u003cspan m='3136650'\u003eWhy\u003c/span\u003e \u003cspan m='3136890'\u003e16%\u003c/span\u003e \u003cspan m='3137880'\u003eKorea?\u003c/span\u003e \u003cspan m='3139520'\u003eYour\u003c/span\u003e \u003cspan m='3139700'\u003eviews.\u003c/span\u003e \u003cspan m='3140180'\u003eI\u003c/span\u003e \u003cspan m='3140300'\u003eknow\u003c/span\u003e \u003cspan m='3140480'\u003ethere's\u003c/span\u003e \u003cspan m='3140660'\u003eno\u003c/span\u003e \u003cspan m='3140780'\u003ereadings\u003c/span\u003e \u003cspan m='3141320'\u003eon\u003c/span\u003e \u003cspan m='3141530'\u003eit.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3143006'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3143460'\u003eI\u003c/span\u003e \u003cspan m='3143720'\u003eam\u003c/span\u003e \u003cspan m='3144020'\u003enot\u003c/span\u003e \u003cspan m='3144270'\u003eactually\u003c/span\u003e \u003cspan m='3144650'\u003esure\u003c/span\u003e \u003cspan m='3145040'\u003ewhy.\u003c/span\u003e \u003cspan m='3145625'\u003eBut\u003c/span\u003e \u003cspan m='3146690'\u003ethere\u003c/span\u003e \u003cspan m='3147610'\u003ewere\u003c/span\u003e \u003cspan m='3147770'\u003ea\u003c/span\u003e \u003cspan m='3147830'\u003elot\u003c/span\u003e \u003cspan m='3148070'\u003eof\u003c/span\u003e \u003cspan m='3148160'\u003earticles\u003c/span\u003e \u003cspan m='3148670'\u003eabout\u003c/span\u003e \u003cspan m='3148860'\u003ehow\u003c/span\u003e \u003cspan m='3149330'\u003ethere\u003c/span\u003e \u003cspan m='3149800'\u003eare some\u003c/span\u003e \u003cspan m='3150270'\u003epeople who\u003c/span\u003e \u003cspan m='3150740'\u003ejust\u003c/span\u003e \u003cspan m='3151170'\u003eput\u003c/span\u003e \u003cspan m='3151640'\u003eall\u003c/span\u003e \u003cspan m='3151850'\u003ethe\u003c/span\u003e \u003cspan m='3151940'\u003emoney\u003c/span\u003e \u003cspan m='3152390'\u003ethat\u003c/span\u003e \u003cspan m='3152640'\u003ethey\u003c/span\u003e \u003cspan m='3152870'\u003ehave\u003c/span\u003e \u003cspan m='3153110'\u003einvested\u003c/span\u003e \u003cspan m='3153590'\u003eover\u003c/span\u003e \u003cspan m='3154190'\u003eyour\u003c/span\u003e \u003cspan m='3154460'\u003elifetime\u003c/span\u003e \u003cspan m='3155450'\u003eto\u003c/span\u003e \u003cspan m='3155820'\u003ecryptocurrency\u003c/span\u003e \u003cspan m='3156870'\u003e[INAUDIBLE].\u003c/span\u003e \u003cspan m='3158160'\u003eThey\u003c/span\u003e \u003cspan m='3158260'\u003edidn't\u003c/span\u003e \u003cspan m='3158480'\u003ehave\u003c/span\u003e \u003cspan m='3158630'\u003eany\u003c/span\u003e \u003cspan m='3158800'\u003efuture\u003c/span\u003e \u003cspan m='3161040'\u003elike\u003c/span\u003e \u003cspan m='3161520'\u003emaking\u003c/span\u003e \u003cspan m='3161820'\u003emoney\u003c/span\u003e \u003cspan m='3162670'\u003eby\u003c/span\u003e \u003cspan m='3162870'\u003eworking.\u003c/span\u003e \u003cspan m='3163280'\u003eI don't\u003c/span\u003e \u003cspan m='3163725'\u003eknow\u003c/span\u003e \u003cspan m='3164170'\u003elike\u003c/span\u003e \u003cspan m='3164615'\u003e[INAUDIBLE].\u003c/span\u003e \u003cspan m='3166400'\u003eSo\u003c/span\u003e \u003cspan m='3167560'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3168060'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3168207'\u003eAny\u003c/span\u003e \u003cspan m='3168650'\u003eother\u003c/span\u003e \u003cspan m='3168850'\u003eviews?\u003c/span\u003e \u003cspan m='3172350'\u003eAre\u003c/span\u003e \u003cspan m='3172440'\u003eyou--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3172560'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3172676'\u003eI\u003c/span\u003e \u003cspan m='3172792'\u003ethink\u003c/span\u003e \u003cspan m='3172910'\u003epsychologically\u003c/span\u003e \u003cspan m='3173940'\u003ea\u003c/span\u003e \u003cspan m='3174000'\u003elot\u003c/span\u003e \u003cspan m='3174180'\u003eof\u003c/span\u003e \u003cspan m='3174270'\u003ethe\u003c/span\u003e \u003cspan m='3174720'\u003especulators\u003c/span\u003e \u003cspan m='3175560'\u003ethought\u003c/span\u003e \u003cspan m='3175730'\u003ethat\u003c/span\u003e \u003cspan m='3175910'\u003ethis\u003c/span\u003e \u003cspan m='3176100'\u003ewas\u003c/span\u003e \u003cspan m='3176270'\u003ea\u003c/span\u003e \u003cspan m='3176380'\u003every\u003c/span\u003e \u003cspan m='3176610'\u003eeven\u003c/span\u003e \u003cspan m='3177036'\u003ething\u003c/span\u003e \u003cspan m='3177462'\u003eto\u003c/span\u003e \u003cspan m='3177888'\u003ejust\u003c/span\u003e \u003cspan m='3179170'\u003esort of\u003c/span\u003e \u003cspan m='3179390'\u003especulating\u003c/span\u003e \u003cspan m='3179900'\u003eon\u003c/span\u003e \u003cspan m='3180010'\u003ethe\u003c/span\u003e \u003cspan m='3180070'\u003estock\u003c/span\u003e \u003cspan m='3180410'\u003emarket,\u003c/span\u003e \u003cspan m='3180860'\u003ewhere you\u003c/span\u003e \u003cspan m='3180970'\u003eneeded\u003c/span\u003e \u003cspan m='3181180'\u003eto\u003c/span\u003e \u003cspan m='3181300'\u003ehave\u003c/span\u003e \u003cspan m='3181540'\u003esome\u003c/span\u003e \u003cspan m='3181840'\u003efundamental\u003c/span\u003e \u003cspan m='3182680'\u003etechnical\u003c/span\u003e \u003cspan m='3183220'\u003eskill\u003c/span\u003e \u003cspan m='3183580'\u003esets.\u003c/span\u003e \u003cspan m='3184770'\u003eWhereas,\u003c/span\u003e \u003cspan m='3184980'\u003ethis is\u003c/span\u003e \u003cspan m='3185220'\u003ejust\u003c/span\u003e \u003cspan m='3185400'\u003ea very\u003c/span\u003e \u003cspan m='3185743'\u003epure--\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3186430'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3186670'\u003ePure.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3187120'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3187345'\u003e--even\u003c/span\u003e \u003cspan m='3188140'\u003ekeel.\u003c/span\u003e \u003cspan m='3188855'\u003eNot\u003c/span\u003e \u003cspan m='3189110'\u003ehere,\u003c/span\u003e \u003cspan m='3189520'\u003ebut,\u003c/span\u003e \u003cspan m='3189700'\u003eyou know,\u003c/span\u003e \u003cspan m='3189850'\u003ejust\u003c/span\u003e \u003cspan m='3190210'\u003ethat\u003c/span\u003e \u003cspan m='3190570'\u003eyou\u003c/span\u003e \u003cspan m='3190700'\u003edidn't\u003c/span\u003e \u003cspan m='3191680'\u003erequire any\u003c/span\u003e \u003cspan m='3192080'\u003especific\u003c/span\u003e \u003cspan m='3192690'\u003eskill\u003c/span\u003e \u003cspan m='3192980'\u003esets.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3195100'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3195215'\u003eThat's\u003c/span\u003e \u003cspan m='3195330'\u003ejust\u003c/span\u003e \u003cspan m='3195480'\u003epure,\u003c/span\u003e \u003cspan m='3195960'\u003eup\u003c/span\u003e \u003cspan m='3196060'\u003eor\u003c/span\u003e \u003cspan m='3196260'\u003edown.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3197118'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3197337'\u003eGetting\u003c/span\u003e \u003cspan m='3197556'\u003earound\u003c/span\u003e \u003cspan m='3197994'\u003ecapital\u003c/span\u003e \u003cspan m='3198432'\u003econtrols.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3198870'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3199030'\u003eGetting\u003c/span\u003e \u003cspan m='3199190'\u003earound\u003c/span\u003e \u003cspan m='3199500'\u003ecurious\u003c/span\u003e \u003cspan m='3199950'\u003eto\u003c/span\u003e \u003cspan m='3200070'\u003eus\u003c/span\u003e \u003cspan m='3200190'\u003ecapital\u003c/span\u003e \u003cspan m='3200550'\u003econtrols?\u003c/span\u003e \u003cspan m='3202160'\u003eYeah.\u003c/span\u003e \u003cspan m='3202560'\u003eThere's\u003c/span\u003e \u003cspan m='3202760'\u003ea\u003c/span\u003e \u003cspan m='3202820'\u003ekimchi\u003c/span\u003e \u003cspan m='3203300'\u003epremium\u003c/span\u003e \u003cspan m='3203870'\u003eeven\u003c/span\u003e \u003cspan m='3204350'\u003ethat\u003c/span\u003e \u003cspan m='3204440'\u003eBitcoin\u003c/span\u003e \u003cspan m='3204920'\u003esells\u003c/span\u003e \u003cspan m='3205280'\u003efor\u003c/span\u003e \u003cspan m='3205430'\u003ea\u003c/span\u003e \u003cspan m='3205460'\u003elittle\u003c/span\u003e \u003cspan m='3205700'\u003ebit\u003c/span\u003e \u003cspan m='3205850'\u003emore.\u003c/span\u003e \u003cspan m='3206030'\u003eAnd\u003c/span\u003e \u003cspan m='3206180'\u003ethat's\u003c/span\u003e \u003cspan m='3206360'\u003ewhat\u003c/span\u003e \u003cspan m='3206480'\u003eit's\u003c/span\u003e \u003cspan m='3206600'\u003ecalled.\u003c/span\u003e \u003cspan m='3208310'\u003eI\u003c/span\u003e \u003cspan m='3208460'\u003edidn't\u003c/span\u003e \u003cspan m='3208850'\u003emake\u003c/span\u003e \u003cspan m='3209030'\u003ethat\u003c/span\u003e \u003cspan m='3209210'\u003eterm\u003c/span\u003e \u003cspan m='3209510'\u003eup.\u003c/span\u003e \u003cspan m='3210240'\u003eThere's\u003c/span\u003e \u003cspan m='3210470'\u003ea\u003c/span\u003e \u003cspan m='3210530'\u003elittle\u003c/span\u003e \u003cspan m='3210740'\u003ebit\u003c/span\u003e \u003cspan m='3210890'\u003eof\u003c/span\u003e \u003cspan m='3211010'\u003ea\u003c/span\u003e \u003cspan m='3211070'\u003epremium.\u003c/span\u003e \u003cspan m='3211670'\u003eAnd\u003c/span\u003e \u003cspan m='3211760'\u003ethere's\u003c/span\u003e \u003cspan m='3211910'\u003esome\u003c/span\u003e \u003cspan m='3212150'\u003eacademic\u003c/span\u003e \u003cspan m='3212630'\u003estudies\u003c/span\u003e \u003cspan m='3213110'\u003eon\u003c/span\u003e \u003cspan m='3214010'\u003ehow\u003c/span\u003e \u003cspan m='3214220'\u003ethat\u003c/span\u003e \u003cspan m='3214460'\u003ewidens\u003c/span\u003e \u003cspan m='3215060'\u003eand\u003c/span\u003e \u003cspan m='3215150'\u003enarrows\u003c/span\u003e \u003cspan m='3215640'\u003esometimes\u003c/span\u003e \u003cspan m='3216260'\u003edepending\u003c/span\u003e \u003cspan m='3216650'\u003eupon\u003c/span\u003e \u003cspan m='3216890'\u003ewhat\u003c/span\u003e \u003cspan m='3217010'\u003ethe\u003c/span\u003e \u003cspan m='3217100'\u003egovernment's\u003c/span\u003e \u003cspan m='3217640'\u003edoing.\u003c/span\u003e \u003cspan m='3218510'\u003eIt's\u003c/span\u003e \u003cspan m='3218720'\u003emeasured\u003c/span\u003e \u003cspan m='3219050'\u003ein\u003c/span\u003e \u003cspan m='3219170'\u003esingle\u003c/span\u003e \u003cspan m='3219470'\u003edigit\u003c/span\u003e \u003cspan m='3219800'\u003epercent.\u003c/span\u003e \u003cspan m='3220310'\u003eBut\u003c/span\u003e \u003cspan m='3220490'\u003eyou\u003c/span\u003e \u003cspan m='3220610'\u003emight\u003c/span\u003e \u003cspan m='3220820'\u003epay\u003c/span\u003e \u003cspan m='3221180'\u003e3%\u003c/span\u003e \u003cspan m='3221480'\u003eor\u003c/span\u003e \u003cspan m='3221540'\u003e4%\u003c/span\u003e \u003cspan m='3221750'\u003epremium.\u003c/span\u003e \u003cspan m='3223550'\u003eSometimes\u003c/span\u003e \u003cspan m='3224060'\u003eit's\u003c/span\u003e \u003cspan m='3224180'\u003e1.5%\u003c/span\u003e \u003cspan m='3224660'\u003epremium.\u003c/span\u003e \u003cspan m='3225350'\u003eBut\u003c/span\u003e \u003cspan m='3225500'\u003ethere's\u003c/span\u003e \u003cspan m='3225710'\u003ea\u003c/span\u003e \u003cspan m='3226070'\u003epremium\u003c/span\u003e \u003cspan m='3226610'\u003eon\u003c/span\u003e \u003cspan m='3226850'\u003ethe\u003c/span\u003e \u003cspan m='3227090'\u003eKorean\u003c/span\u003e \u003cspan m='3227540'\u003eexchanges.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3229310'\u003eBut\u003c/span\u003e \u003cspan m='3230330'\u003ethree\u003c/span\u003e \u003cspan m='3230690'\u003eyears\u003c/span\u003e \u003cspan m='3231050'\u003eago,\u003c/span\u003e \u003cspan m='3231350'\u003ewhat\u003c/span\u003e \u003cspan m='3232160'\u003ecross\u003c/span\u003e \u003cspan m='3232670'\u003edo\u003c/span\u003e \u003cspan m='3232760'\u003eyou\u003c/span\u003e \u003cspan m='3232850'\u003ethink\u003c/span\u003e \u003cspan m='3233120'\u003ewas\u003c/span\u003e \u003cspan m='3233300'\u003ethe\u003c/span\u003e \u003cspan m='3233490'\u003elargest,\u003c/span\u003e \u003cspan m='3233990'\u003eover\u003c/span\u003e \u003cspan m='3234230'\u003e50%\u003c/span\u003e \u003cspan m='3235100'\u003ejust\u003c/span\u003e \u003cspan m='3235370'\u003ethree\u003c/span\u003e \u003cspan m='3235610'\u003eyears\u003c/span\u003e \u003cspan m='3235880'\u003eago?\u003c/span\u003e \u003cspan m='3236330'\u003eIt's\u003c/span\u003e \u003cspan m='3236510'\u003enot\u003c/span\u003e \u003cspan m='3236840'\u003eeven\u003c/span\u003e \u003cspan m='3237140'\u003eon\u003c/span\u003e \u003cspan m='3237320'\u003ethat\u003c/span\u003e \u003cspan m='3237530'\u003echart\u003c/span\u003e \u003cspan m='3237860'\u003eright\u003c/span\u003e \u003cspan m='3238070'\u003enow.\u003c/span\u003e \u003cspan m='3238410'\u003eTom?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3239185'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3239432'\u003eRem NB.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3239680'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3239817'\u003eRem NB.\u003c/span\u003e \u003cspan m='3241490'\u003eIn\u003c/span\u003e \u003cspan m='3241690'\u003e2015\u003c/span\u003e \u003cspan m='3242500'\u003eand\u003c/span\u003e \u003cspan m='3242590'\u003e2016,\u003c/span\u003e \u003cspan m='3243310'\u003eover\u003c/span\u003e \u003cspan m='3243490'\u003ehalf\u003c/span\u003e \u003cspan m='3243850'\u003ethe\u003c/span\u003e \u003cspan m='3243970'\u003emarket\u003c/span\u003e \u003cspan m='3244360'\u003ewas\u003c/span\u003e \u003cspan m='3244850'\u003eRem NB\u003c/span\u003e \u003cspan m='3245350'\u003eBitcoin.\u003c/span\u003e \u003cspan m='3248460'\u003eKind\u003c/span\u003e \u003cspan m='3248730'\u003eof\u003c/span\u003e \u003cspan m='3248790'\u003egot\u003c/span\u003e \u003cspan m='3249000'\u003ethe\u003c/span\u003e \u003cspan m='3249120'\u003eattention\u003c/span\u003e \u003cspan m='3249630'\u003efrom\u003c/span\u003e \u003cspan m='3249870'\u003ethe\u003c/span\u003e \u003cspan m='3250020'\u003eChinese\u003c/span\u003e \u003cspan m='3250800'\u003ecentral\u003c/span\u003e \u003cspan m='3251190'\u003ebank.\u003c/span\u003e \u003cspan m='3251760'\u003eBy\u003c/span\u003e \u003cspan m='3252420'\u003e2017,\u003c/span\u003e \u003cspan m='3253440'\u003ethat\u003c/span\u003e \u003cspan m='3253590'\u003eall\u003c/span\u003e \u003cspan m='3253740'\u003echanged.\u003c/span\u003e \u003cspan m='3256180'\u003eAnd\u003c/span\u003e \u003cspan m='3256200'\u003ethe\u003c/span\u003e \u003cspan m='3256300'\u003eUS\u003c/span\u003e \u003cspan m='3256620'\u003edollar\u003c/span\u003e \u003cspan m='3257010'\u003ething\u003c/span\u003e \u003cspan m='3257250'\u003ethen\u003c/span\u003e \u003cspan m='3257850'\u003ekind\u003c/span\u003e \u003cspan m='3258180'\u003eof\u003c/span\u003e \u003cspan m='3258270'\u003etook\u003c/span\u003e \u003cspan m='3258540'\u003ethat\u003c/span\u003e \u003cspan m='3258810'\u003espace.\u003c/span\u003e \u003cspan m='3260010'\u003eAnd\u003c/span\u003e \u003cspan m='3260160'\u003ea\u003c/span\u003e \u003cspan m='3260220'\u003elot\u003c/span\u003e \u003cspan m='3260430'\u003eof\u003c/span\u003e \u003cspan m='3260490'\u003efolks\u003c/span\u003e \u003cspan m='3260850'\u003ethat\u003c/span\u003e \u003cspan m='3261000'\u003egets\u003c/span\u003e \u003cspan m='3261210'\u003ereally\u003c/span\u003e \u003cspan m='3261540'\u003eUS\u003c/span\u003e \u003cspan m='3261900'\u003edollar\u003c/span\u003e \u003cspan m='3262410'\u003eto\u003c/span\u003e \u003cspan m='3263280'\u003etether\u003c/span\u003e \u003cspan m='3264270'\u003eto\u003c/span\u003e \u003cspan m='3264450'\u003eBitcoin\u003c/span\u003e \u003cspan m='3265350'\u003eor\u003c/span\u003e \u003cspan m='3266310'\u003eother\u003c/span\u003e \u003cspan m='3266970'\u003eways.\u003c/span\u003e \u003cspan m='3268500'\u003eThis\u003c/span\u003e \u003cspan m='3268710'\u003efluctuates.\u003c/span\u003e \u003cspan m='3269490'\u003eThese\u003c/span\u003e \u003cspan m='3270030'\u003enumbers\u003c/span\u003e \u003cspan m='3270360'\u003earen't\u003c/span\u003e \u003cspan m='3270570'\u003estable.\u003c/span\u003e \u003cspan m='3271210'\u003eThere's\u003c/span\u003e \u003cspan m='3271290'\u003esome\u003c/span\u003e \u003cspan m='3271590'\u003emonths\u003c/span\u003e \u003cspan m='3271890'\u003ethat\u003c/span\u003e \u003cspan m='3272040'\u003eyen\u003c/span\u003e \u003cspan m='3272400'\u003eis\u003c/span\u003e \u003cspan m='3272580'\u003ethe\u003c/span\u003e \u003cspan m='3272700'\u003ebiggest\u003c/span\u003e \u003cspan m='3273060'\u003enumber.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3276130'\u003eWe\u003c/span\u003e \u003cspan m='3276280'\u003etalked\u003c/span\u003e \u003cspan m='3276610'\u003eabout\u003c/span\u003e \u003cspan m='3276880'\u003ethe\u003c/span\u003e \u003cspan m='3276940'\u003ecountry's\u003c/span\u003e \u003cspan m='3277720'\u003ewonderful\u003c/span\u003e \u003cspan m='3279430'\u003efinancial\u003c/span\u003e \u003cspan m='3279940'\u003ecenters.\u003c/span\u003e \u003cspan m='3282520'\u003eAnd\u003c/span\u003e \u003cspan m='3282790'\u003ethen\u003c/span\u003e \u003cspan m='3283090'\u003eKYC,\u003c/span\u003e \u003cspan m='3284980'\u003ean\u003c/span\u003e \u003cspan m='3285130'\u003einteresting\u003c/span\u003e \u003cspan m='3285670'\u003estatistic.\u003c/span\u003e \u003cspan m='3286470'\u003eNow,\u003c/span\u003e \u003cspan m='3286570'\u003ethis\u003c/span\u003e \u003cspan m='3286750'\u003eis\u003c/span\u003e \u003cspan m='3287110'\u003eabout\u003c/span\u003e \u003cspan m='3287440'\u003e140\u003c/span\u003e \u003cspan m='3288290'\u003eexchanges\u003c/span\u003e \u003cspan m='3289060'\u003ethat\u003c/span\u003e \u003cspan m='3289630'\u003eCrypto\u003c/span\u003e \u003cspan m='3290050'\u003eCompare\u003c/span\u003e \u003cspan m='3290470'\u003ehas\u003c/span\u003e \u003cspan m='3290710'\u003ein\u003c/span\u003e \u003cspan m='3290800'\u003etheir\u003c/span\u003e \u003cspan m='3290920'\u003edatabase.\u003c/span\u003e \u003cspan m='3292310'\u003eAnd\u003c/span\u003e \u003cspan m='3292330'\u003ethey\u003c/span\u003e \u003cspan m='3292480'\u003esay\u003c/span\u003e \u003cspan m='3292750'\u003eonly\u003c/span\u003e \u003cspan m='3293020'\u003ehalf\u003c/span\u003e \u003cspan m='3293440'\u003eof\u003c/span\u003e \u003cspan m='3293560'\u003ethem,\u003c/span\u003e \u003cspan m='3293680'\u003e47%,\u003c/span\u003e \u003cspan m='3295360'\u003eobserve\u003c/span\u003e \u003cspan m='3295750'\u003estrict\u003c/span\u003e \u003cspan m='3296570'\u003eknow\u003c/span\u003e \u003cspan m='3296800'\u003eyour\u003c/span\u003e \u003cspan m='3296920'\u003ecustomer.\u003c/span\u003e \u003cspan m='3298150'\u003e1/4\u003c/span\u003e \u003cspan m='3298570'\u003epartial\u003c/span\u003e \u003cspan m='3299080'\u003eand\u003c/span\u003e \u003cspan m='3299170'\u003e28%\u003c/span\u003e \u003cspan m='3300040'\u003eabsolutely\u003c/span\u003e \u003cspan m='3300730'\u003enone,\u003c/span\u003e \u003cspan m='3301547'\u003ezero.\u003c/span\u003e \u003cspan m='3305660'\u003eNo.\u003c/span\u003e \u003cspan m='3306500'\u003eThat's\u003c/span\u003e \u003cspan m='3306740'\u003ejust\u003c/span\u003e \u003cspan m='3306860'\u003esort\u003c/span\u003e \u003cspan m='3307070'\u003eof the\u003c/span\u003e \u003cspan m='3307130'\u003estate\u003c/span\u003e \u003cspan m='3307670'\u003eof\u003c/span\u003e \u003cspan m='3307730'\u003eplay\u003c/span\u003e \u003cspan m='3308210'\u003eof\u003c/span\u003e \u003cspan m='3308780'\u003ecrypto.\u003c/span\u003e \u003cspan m='3309920'\u003eI\u003c/span\u003e \u003cspan m='3310190'\u003ehope\u003c/span\u003e \u003cspan m='3310460'\u003enone\u003c/span\u003e \u003cspan m='3310700'\u003eof\u003c/span\u003e \u003cspan m='3310760'\u003ethose\u003c/span\u003e \u003cspan m='3311000'\u003e28%\u003c/span\u003e \u003cspan m='3311780'\u003eare\u003c/span\u003e \u003cspan m='3312290'\u003eoperating\u003c/span\u003e \u003cspan m='3312800'\u003ein\u003c/span\u003e \u003cspan m='3312890'\u003ethe\u003c/span\u003e \u003cspan m='3313000'\u003eUS.\u003c/span\u003e \u003cspan m='3313490'\u003eBut\u003c/span\u003e \u003cspan m='3314390'\u003ethey\u003c/span\u003e \u003cspan m='3314510'\u003emight\u003c/span\u003e \u003cspan m='3314750'\u003ebe.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3317560'\u003eSo\u003c/span\u003e \u003cspan m='3317920'\u003ewhat\u003c/span\u003e \u003cspan m='3318340'\u003eare\u003c/span\u003e \u003cspan m='3318400'\u003ethe\u003c/span\u003e \u003cspan m='3318490'\u003epolicy\u003c/span\u003e \u003cspan m='3319060'\u003echallenges?\u003c/span\u003e \u003cspan m='3320150'\u003eOne\u003c/span\u003e \u003cspan m='3320440'\u003eis\u003c/span\u003e \u003cspan m='3320710'\u003ethe\u003c/span\u003e \u003cspan m='3320800'\u003emarkets\u003c/span\u003e \u003cspan m='3321310'\u003eare\u003c/span\u003e \u003cspan m='3321370'\u003ereadily\u003c/span\u003e \u003cspan m='3321820'\u003esusceptible\u003c/span\u003e \u003cspan m='3322510'\u003eto\u003c/span\u003e \u003cspan m='3322600'\u003efraud and\u003c/span\u003e \u003cspan m='3323020'\u003emanipulation.\u003c/span\u003e \u003cspan m='3324550'\u003eAny\u003c/span\u003e \u003cspan m='3324850'\u003emarket--\u003c/span\u003e \u003cspan m='3325300'\u003eit's\u003c/span\u003e \u003cspan m='3325420'\u003ehuman\u003c/span\u003e \u003cspan m='3325750'\u003enature.\u003c/span\u003e \u003cspan m='3326440'\u003eI\u003c/span\u003e \u003cspan m='3326500'\u003edon't\u003c/span\u003e \u003cspan m='3326650'\u003ethink\u003c/span\u003e \u003cspan m='3326830'\u003ewe're\u003c/span\u003e \u003cspan m='3326920'\u003egoing\u003c/span\u003e \u003cspan m='3326990'\u003eto\u003c/span\u003e \u003cspan m='3327100'\u003etake\u003c/span\u003e \u003cspan m='3327370'\u003ethe\u003c/span\u003e \u003cspan m='3327490'\u003ehuman\u003c/span\u003e \u003cspan m='3327940'\u003eout\u003c/span\u003e \u003cspan m='3328090'\u003eof\u003c/span\u003e \u003cspan m='3328150'\u003ehuman.\u003c/span\u003e \u003cspan m='3329500'\u003eIt's\u003c/span\u003e \u003cspan m='3329750'\u003egoing\u003c/span\u003e \u003cspan m='3329860'\u003eto\u003c/span\u003e \u003cspan m='3329980'\u003elook\u003c/span\u003e \u003cspan m='3330250'\u003efor\u003c/span\u003e \u003cspan m='3330460'\u003eangles,\u003c/span\u003e \u003cspan m='3331090'\u003elook\u003c/span\u003e \u003cspan m='3331300'\u003efor\u003c/span\u003e \u003cspan m='3331480'\u003eways\u003c/span\u003e \u003cspan m='3331840'\u003eto\u003c/span\u003e \u003cspan m='3331960'\u003emake\u003c/span\u003e \u003cspan m='3332200'\u003eopportunities,\u003c/span\u003e \u003cspan m='3333130'\u003eeven\u003c/span\u003e \u003cspan m='3333400'\u003ethe\u003c/span\u003e \u003cspan m='3333490'\u003ebest\u003c/span\u003e \u003cspan m='3333940'\u003emeaning\u003c/span\u003e \u003cspan m='3334300'\u003efolks.\u003c/span\u003e \u003cspan m='3335470'\u003eIf\u003c/span\u003e \u003cspan m='3335650'\u003eyou\u003c/span\u003e \u003cspan m='3335830'\u003ehold\u003c/span\u003e \u003cspan m='3336220'\u003ethe\u003c/span\u003e \u003cspan m='3336640'\u003eassets\u003c/span\u003e \u003cspan m='3337210'\u003ein\u003c/span\u003e \u003cspan m='3337330'\u003ecustody\u003c/span\u003e \u003cspan m='3338740'\u003eand\u003c/span\u003e \u003cspan m='3338890'\u003eyou\u003c/span\u003e \u003cspan m='3339010'\u003emight\u003c/span\u003e \u003cspan m='3339400'\u003emake\u003c/span\u003e \u003cspan m='3339760'\u003ethe\u003c/span\u003e \u003cspan m='3339880'\u003emarkets,\u003c/span\u003e \u003cspan m='3340540'\u003ebecause\u003c/span\u003e \u003cspan m='3341080'\u003eyou're\u003c/span\u003e \u003cspan m='3341200'\u003enot\u003c/span\u003e \u003cspan m='3341500'\u003esettling\u003c/span\u003e \u003cspan m='3342150'\u003eto\u003c/span\u003e \u003cspan m='3342310'\u003ethe\u003c/span\u003e \u003cspan m='3342400'\u003eblockchain,\u003c/span\u003e \u003cspan m='3343630'\u003eeven\u003c/span\u003e \u003cspan m='3344020'\u003efor\u003c/span\u003e \u003cspan m='3344300'\u003eshort\u003c/span\u003e \u003cspan m='3344560'\u003ewhiles ,\u003c/span\u003e \u003cspan m='3345070'\u003ethis\u003c/span\u003e \u003cspan m='3345280'\u003emarket\u003c/span\u003e \u003cspan m='3345760'\u003emodel,\u003c/span\u003e \u003cspan m='3346450'\u003ethis\u003c/span\u003e \u003cspan m='3346600'\u003ebusiness\u003c/span\u003e \u003cspan m='3347020'\u003emodel\u003c/span\u003e \u003cspan m='3347410'\u003eis\u003c/span\u003e \u003cspan m='3347560'\u003eto\u003c/span\u003e \u003cspan m='3347650'\u003emake\u003c/span\u003e \u003cspan m='3347950'\u003emarkets\u003c/span\u003e \u003cspan m='3348570'\u003emaybe.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3350710'\u003eThere's\u003c/span\u003e \u003cspan m='3350920'\u003einherent\u003c/span\u003e \u003cspan m='3351400'\u003econflicts\u003c/span\u003e \u003cspan m='3352000'\u003eof\u003c/span\u003e \u003cspan m='3352120'\u003einterest.\u003c/span\u003e \u003cspan m='3352540'\u003eThere's\u003c/span\u003e \u003cspan m='3352720'\u003econflicts\u003c/span\u003e \u003cspan m='3353230'\u003eof\u003c/span\u003e \u003cspan m='3353320'\u003einterest\u003c/span\u003e \u003cspan m='3353710'\u003ein\u003c/span\u003e \u003cspan m='3354460'\u003epretty\u003c/span\u003e \u003cspan m='3354670'\u003emuch\u003c/span\u003e \u003cspan m='3354880'\u003eall\u003c/span\u003e \u003cspan m='3355210'\u003eof\u003c/span\u003e \u003cspan m='3355270'\u003efinance.\u003c/span\u003e \u003cspan m='3355930'\u003eBut\u003c/span\u003e \u003cspan m='3356080'\u003ethen\u003c/span\u003e \u003cspan m='3356230'\u003ewe\u003c/span\u003e \u003cspan m='3356350'\u003etry\u003c/span\u003e \u003cspan m='3356530'\u003eto\u003c/span\u003e \u003cspan m='3356650'\u003emanage.\u003c/span\u003e \u003cspan m='3357280'\u003eWe\u003c/span\u003e \u003cspan m='3357460'\u003eeither\u003c/span\u003e \u003cspan m='3357670'\u003emanage\u003c/span\u003e \u003cspan m='3358090'\u003econflicts\u003c/span\u003e \u003cspan m='3358600'\u003eof\u003c/span\u003e \u003cspan m='3358720'\u003einterest\u003c/span\u003e \u003cspan m='3359080'\u003eby\u003c/span\u003e \u003cspan m='3359860'\u003ecertain\u003c/span\u003e \u003cspan m='3360250'\u003erules\u003c/span\u003e \u003cspan m='3360580'\u003eabout\u003c/span\u003e \u003cspan m='3360850'\u003etransparency\u003c/span\u003e \u003cspan m='3362020'\u003eor\u003c/span\u003e \u003cspan m='3362110'\u003ecertain\u003c/span\u003e \u003cspan m='3362530'\u003eprohibitions\u003c/span\u003e \u003cspan m='3363520'\u003eabout,\u003c/span\u003e \u003cspan m='3364100'\u003ein\u003c/span\u003e \u003cspan m='3364210'\u003ethe\u003c/span\u003e \u003cspan m='3364300'\u003ecustody\u003c/span\u003e \u003cspan m='3364600'\u003eworld,\u003c/span\u003e \u003cspan m='3365240'\u003ebanks\u003c/span\u003e \u003cspan m='3365680'\u003ehold\u003c/span\u003e \u003cspan m='3365920'\u003ecustody\u003c/span\u003e \u003cspan m='3366520'\u003eas\u003c/span\u003e \u003cspan m='3366670'\u003ewell.\u003c/span\u003e \u003cspan m='3367480'\u003eBut\u003c/span\u003e \u003cspan m='3367660'\u003ewe\u003c/span\u003e \u003cspan m='3367780'\u003eprohibit\u003c/span\u003e \u003cspan m='3368350'\u003ethem\u003c/span\u003e \u003cspan m='3368620'\u003efrom\u003c/span\u003e \u003cspan m='3369220'\u003eusing\u003c/span\u003e \u003cspan m='3369820'\u003eyour\u003c/span\u003e \u003cspan m='3370060'\u003eassets\u003c/span\u003e \u003cspan m='3370630'\u003eunless\u003c/span\u003e \u003cspan m='3370990'\u003eyou\u003c/span\u003e \u003cspan m='3371140'\u003epermission\u003c/span\u003e \u003cspan m='3371710'\u003ethem\u003c/span\u003e \u003cspan m='3371890'\u003eto\u003c/span\u003e \u003cspan m='3371980'\u003euse\u003c/span\u003e \u003cspan m='3372310'\u003eyour\u003c/span\u003e \u003cspan m='3372460'\u003eassets,\u003c/span\u003e \u003cspan m='3372910'\u003eand\u003c/span\u003e \u003cspan m='3373000'\u003ethings\u003c/span\u003e \u003cspan m='3373240'\u003elike\u003c/span\u003e \u003cspan m='3373390'\u003ethat.\u003c/span\u003e \u003cspan m='3374630'\u003eSo\u003c/span\u003e \u003cspan m='3374680'\u003ewhat\u003c/span\u003e \u003cspan m='3374800'\u003ewe\u003c/span\u003e \u003cspan m='3374950'\u003etry\u003c/span\u003e \u003cspan m='3375160'\u003eto\u003c/span\u003e \u003cspan m='3375330'\u003euse\u003c/span\u003e \u003cspan m='3375730'\u003eusually\u003c/span\u003e \u003cspan m='3376600'\u003eis\u003c/span\u003e \u003cspan m='3376780'\u003ebuild\u003c/span\u003e \u003cspan m='3377140'\u003esome\u003c/span\u003e \u003cspan m='3377440'\u003esystem\u003c/span\u003e \u003cspan m='3378100'\u003eof\u003c/span\u003e \u003cspan m='3378280'\u003etransparency\u003c/span\u003e \u003cspan m='3379470'\u003eand\u003c/span\u003e \u003cspan m='3380110'\u003eaffirmative\u003c/span\u003e \u003cspan m='3381070'\u003eresponsibilities\u003c/span\u003e \u003cspan m='3382330'\u003eor\u003c/span\u003e \u003cspan m='3382420'\u003eprohibitive\u003c/span\u003e \u003cspan m='3383200'\u003eactions,\u003c/span\u003e \u003cspan m='3384040'\u003ethose\u003c/span\u003e \u003cspan m='3384280'\u003ethree\u003c/span\u003e \u003cspan m='3384380'\u003ebuckets,\u003c/span\u003e \u003cspan m='3384970'\u003etransparency,\u003c/span\u003e \u003cspan m='3385870'\u003esome\u003c/span\u003e \u003cspan m='3386110'\u003eaffirmative\u003c/span\u003e \u003cspan m='3387010'\u003eresponsibilities,\u003c/span\u003e \u003cspan m='3387940'\u003eand\u003c/span\u003e \u003cspan m='3388030'\u003eprohibited\u003c/span\u003e \u003cspan m='3388600'\u003eactions\u003c/span\u003e \u003cspan m='3389890'\u003earound\u003c/span\u003e \u003cspan m='3390370'\u003econflicts.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3391570'\u003eBut\u003c/span\u003e \u003cspan m='3391690'\u003ethis\u003c/span\u003e \u003cspan m='3391900'\u003espace\u003c/span\u003e \u003cspan m='3392260'\u003ehas\u003c/span\u003e \u003cspan m='3392440'\u003ethe\u003c/span\u003e \u003cspan m='3392560'\u003econflicts\u003c/span\u003e \u003cspan m='3393130'\u003ewithout\u003c/span\u003e \u003cspan m='3393610'\u003emuch\u003c/span\u003e \u003cspan m='3394150'\u003eof\u003c/span\u003e \u003cspan m='3394300'\u003ethose\u003c/span\u003e \u003cspan m='3394600'\u003ethree\u003c/span\u003e \u003cspan m='3394870'\u003ethings,\u003c/span\u003e \u003cspan m='3395320'\u003etransparency,\u003c/span\u003e \u003cspan m='3396640'\u003eeither\u003c/span\u003e \u003cspan m='3397210'\u003eobligations\u003c/span\u003e \u003cspan m='3398020'\u003eor\u003c/span\u003e \u003cspan m='3398170'\u003eprohibitive\u003c/span\u003e \u003cspan m='3399010'\u003eactions.\u003c/span\u003e \u003cspan m='3401050'\u003eSo\u003c/span\u003e \u003cspan m='3401860'\u003einevitably,\u003c/span\u003e \u003cspan m='3402460'\u003eI\u003c/span\u003e \u003cspan m='3402520'\u003ethink\u003c/span\u003e \u003cspan m='3402700'\u003eit's\u003c/span\u003e \u003cspan m='3402820'\u003ehuman\u003c/span\u003e \u003cspan m='3403120'\u003enature.\u003c/span\u003e \u003cspan m='3403460'\u003eYou're going\u003c/span\u003e \u003cspan m='3403600'\u003eto\u003c/span\u003e \u003cspan m='3403660'\u003ehave\u003c/span\u003e \u003cspan m='3403780'\u003esome\u003c/span\u003e \u003cspan m='3405070'\u003ekind\u003c/span\u003e \u003cspan m='3405280'\u003eof\u003c/span\u003e \u003cspan m='3405670'\u003egames\u003c/span\u003e \u003cspan m='3406150'\u003egoing\u003c/span\u003e \u003cspan m='3406480'\u003eon.\u003c/span\u003e \u003cspan m='3408100'\u003eThe\u003c/span\u003e \u003cspan m='3408190'\u003ecustodial\u003c/span\u003e \u003cspan m='3408910'\u003earrangements\u003c/span\u003e \u003cspan m='3409510'\u003ewe\u003c/span\u003e \u003cspan m='3409660'\u003etalked\u003c/span\u003e \u003cspan m='3410020'\u003eabout,\u003c/span\u003e \u003cspan m='3411340'\u003ebig\u003c/span\u003e \u003cspan m='3411580'\u003echallenge.\u003c/span\u003e \u003cspan m='3412300'\u003eWe're\u003c/span\u003e \u003cspan m='3412420'\u003egoing\u003c/span\u003e \u003cspan m='3412540'\u003eto\u003c/span\u003e \u003cspan m='3412900'\u003esee\u003c/span\u003e \u003cspan m='3413140'\u003ea\u003c/span\u003e \u003cspan m='3413200'\u003elittle\u003c/span\u003e \u003cspan m='3413380'\u003ebit\u003c/span\u003e \u003cspan m='3413500'\u003emore\u003c/span\u003e \u003cspan m='3413710'\u003eabout\u003c/span\u003e \u003cspan m='3414010'\u003ethat.\u003c/span\u003e \u003cspan m='3415530'\u003eComplying\u003c/span\u003e \u003cspan m='3416130'\u003ewith\u003c/span\u003e \u003cspan m='3416460'\u003eanti-money\u003c/span\u003e \u003cspan m='3417030'\u003elaundering,\u003c/span\u003e \u003cspan m='3417570'\u003eKYC,\u003c/span\u003e \u003cspan m='3418380'\u003eand\u003c/span\u003e \u003cspan m='3418530'\u003eimplementing\u003c/span\u003e \u003cspan m='3419040'\u003etax\u003c/span\u003e \u003cspan m='3419490'\u003ereporting.\u003c/span\u003e \u003cspan m='3420750'\u003eIn\u003c/span\u003e \u003cspan m='3420900'\u003ethe\u003c/span\u003e \u003cspan m='3421060'\u003eUS,\u003c/span\u003e \u003cspan m='3421590'\u003eat\u003c/span\u003e \u003cspan m='3421710'\u003eleast,\u003c/span\u003e \u003cspan m='3423440'\u003ein\u003c/span\u003e \u003cspan m='3423530'\u003ethe\u003c/span\u003e \u003cspan m='3423640'\u003eUS,\u003c/span\u003e \u003cspan m='3424110'\u003ebrokers\u003c/span\u003e \u003cspan m='3425120'\u003ehave\u003c/span\u003e \u003cspan m='3425420'\u003eto\u003c/span\u003e \u003cspan m='3425540'\u003ereport\u003c/span\u003e \u003cspan m='3426020'\u003eto\u003c/span\u003e \u003cspan m='3426140'\u003ethe\u003c/span\u003e \u003cspan m='3426260'\u003egovernment\u003c/span\u003e \u003cspan m='3427670'\u003ewhen\u003c/span\u003e \u003cspan m='3427880'\u003eyou\u003c/span\u003e \u003cspan m='3428000'\u003ebuy\u003c/span\u003e \u003cspan m='3428390'\u003eand\u003c/span\u003e \u003cspan m='3428510'\u003esell\u003c/span\u003e \u003cspan m='3428810'\u003esomething.\u003c/span\u003e \u003cspan m='3430510'\u003eThis\u003c/span\u003e \u003cspan m='3430930'\u003ewas\u003c/span\u003e \u003cspan m='3431080'\u003enot\u003c/span\u003e \u003cspan m='3431290'\u003etrue\u003c/span\u003e \u003cspan m='3431500'\u003e30\u003c/span\u003e \u003cspan m='3431920'\u003eand\u003c/span\u003e \u003cspan m='3432010'\u003e50\u003c/span\u003e \u003cspan m='3432370'\u003eyears\u003c/span\u003e \u003cspan m='3432700'\u003eago.\u003c/span\u003e \u003cspan m='3433030'\u003eBut\u003c/span\u003e \u003cspan m='3433240'\u003ewe've\u003c/span\u003e \u003cspan m='3433810'\u003ecome\u003c/span\u003e \u003cspan m='3434110'\u003eto\u003c/span\u003e \u003cspan m='3434220'\u003ea\u003c/span\u003e \u003cspan m='3434260'\u003eplace\u003c/span\u003e \u003cspan m='3435220'\u003ewhere\u003c/span\u003e \u003cspan m='3435700'\u003eI\u003c/span\u003e \u003cspan m='3435850'\u003ethink\u003c/span\u003e \u003cspan m='3436090'\u003eit\u003c/span\u003e \u003cspan m='3436150'\u003ewas\u003c/span\u003e \u003cspan m='3436300'\u003ein\u003c/span\u003e \u003cspan m='3436390'\u003ethe\u003c/span\u003e \u003cspan m='3436510'\u003elast\u003c/span\u003e \u003cspan m='3436780'\u003e15\u003c/span\u003e \u003cspan m='3437260'\u003eto\u003c/span\u003e \u003cspan m='3437380'\u003e20\u003c/span\u003e \u003cspan m='3437710'\u003eyears,\u003c/span\u003e \u003cspan m='3438770'\u003elaws\u003c/span\u003e \u003cspan m='3439030'\u003echanged.\u003c/span\u003e \u003cspan m='3440050'\u003eRoss,\u003c/span\u003e \u003cspan m='3440410'\u003emaybe\u003c/span\u003e \u003cspan m='3440680'\u003eyou\u003c/span\u003e \u003cspan m='3440800'\u003eknow\u003c/span\u003e \u003cspan m='3440980'\u003eon\u003c/span\u003e \u003cspan m='3441070'\u003eyour\u003c/span\u003e \u003cspan m='3441220'\u003elegal\u003c/span\u003e \u003cspan m='3441520'\u003ework.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3442010'\u003eBut\u003c/span\u003e \u003cspan m='3442450'\u003elaws\u003c/span\u003e \u003cspan m='3442690'\u003echange\u003c/span\u003e \u003cspan m='3442930'\u003ewhere\u003c/span\u003e \u003cspan m='3443050'\u003ebrokerage\u003c/span\u003e \u003cspan m='3443590'\u003ehouses\u003c/span\u003e \u003cspan m='3443950'\u003ehave to\u003c/span\u003e \u003cspan m='3444190'\u003ereport.\u003c/span\u003e \u003cspan m='3445240'\u003eAnd\u003c/span\u003e \u003cspan m='3446020'\u003ethose\u003c/span\u003e \u003cspan m='3446320'\u003ereports\u003c/span\u003e \u003cspan m='3446770'\u003ego\u003c/span\u003e \u003cspan m='3447010'\u003einto\u003c/span\u003e \u003cspan m='3447310'\u003ethe\u003c/span\u003e \u003cspan m='3447480'\u003eUS\u003c/span\u003e \u003cspan m='3447820'\u003egovernment\u003c/span\u003e \u003cspan m='3448300'\u003eand\u003c/span\u003e \u003cspan m='3448400'\u003eother\u003c/span\u003e \u003cspan m='3448600'\u003ecountries.\u003c/span\u003e \u003cspan m='3449240'\u003eSo\u003c/span\u003e \u003cspan m='3449410'\u003ethe\u003c/span\u003e \u003cspan m='3449530'\u003ebrokers\u003c/span\u003e \u003cspan m='3449805'\u003esay\u003c/span\u003e \u003cspan m='3451420'\u003eJames\u003c/span\u003e \u003cspan m='3451810'\u003esold\u003c/span\u003e \u003cspan m='3452230'\u003ethis\u003c/span\u003e \u003cspan m='3452470'\u003emany\u003c/span\u003e \u003cspan m='3452710'\u003eshares\u003c/span\u003e \u003cspan m='3453160'\u003eof\u003c/span\u003e \u003cspan m='3453445'\u003ethis\u003c/span\u003e \u003cspan m='3453730'\u003eand\u003c/span\u003e \u003cspan m='3453960'\u003ehad\u003c/span\u003e \u003cspan m='3454150'\u003ea\u003c/span\u003e \u003cspan m='3454210'\u003ebasis\u003c/span\u003e \u003cspan m='3454780'\u003eof\u003c/span\u003e \u003cspan m='3454870'\u003ethat.\u003c/span\u003e \u003cspan m='3455430'\u003eAnd\u003c/span\u003e \u003cspan m='3456340'\u003ethere's\u003c/span\u003e \u003cspan m='3456550'\u003emore\u003c/span\u003e \u003cspan m='3456760'\u003etax\u003c/span\u003e \u003cspan m='3457210'\u003ecompliance.\u003c/span\u003e \u003cspan m='3458350'\u003eHere,\u003c/span\u003e \u003cspan m='3458590'\u003ethere's\u003c/span\u003e \u003cspan m='3458770'\u003eno\u003c/span\u003e \u003cspan m='3458960'\u003ebroker.\u003c/span\u003e \u003cspan m='3459410'\u003eSo\u003c/span\u003e \u003cspan m='3459640'\u003eit's\u003c/span\u003e \u003cspan m='3459760'\u003ehard\u003c/span\u003e \u003cspan m='3460000'\u003eto\u003c/span\u003e \u003cspan m='3460180'\u003eattach\u003c/span\u003e \u003cspan m='3460720'\u003esomething.\u003c/span\u003e \u003cspan m='3463720'\u003eAnd\u003c/span\u003e \u003cspan m='3464920'\u003esome\u003c/span\u003e \u003cspan m='3465190'\u003eof\u003c/span\u003e \u003cspan m='3465250'\u003ethe\u003c/span\u003e \u003cspan m='3465370'\u003eexchanges\u003c/span\u003e \u003cspan m='3466120'\u003eare\u003c/span\u003e \u003cspan m='3466210'\u003erather\u003c/span\u003e \u003cspan m='3468010'\u003eslow\u003c/span\u003e \u003cspan m='3468640'\u003ewhen\u003c/span\u003e \u003cspan m='3468880'\u003ethe\u003c/span\u003e \u003cspan m='3469030'\u003eIRS\u003c/span\u003e \u003cspan m='3469540'\u003ecomes\u003c/span\u003e \u003cspan m='3469810'\u003eknocking.\u003c/span\u003e \u003cspan m='3470200'\u003eCoinbase\u003c/span\u003e \u003cspan m='3470950'\u003eand\u003c/span\u003e \u003cspan m='3471070'\u003ethe\u003c/span\u003e \u003cspan m='3471190'\u003eIRS\u003c/span\u003e \u003cspan m='3471700'\u003ehad\u003c/span\u003e \u003cspan m='3471880'\u003ea\u003c/span\u003e \u003cspan m='3471940'\u003elittle\u003c/span\u003e \u003cspan m='3473890'\u003ekerfluffle,\u003c/span\u003e \u003cspan m='3475510'\u003eI'd\u003c/span\u003e \u003cspan m='3475660'\u003ecall\u003c/span\u003e \u003cspan m='3475990'\u003eit,\u003c/span\u003e \u003cspan m='3476440'\u003ewhen\u003c/span\u003e \u003cspan m='3476620'\u003ethe\u003c/span\u003e \u003cspan m='3476770'\u003eIRS\u003c/span\u003e \u003cspan m='3477340'\u003easked\u003c/span\u003e \u003cspan m='3477640'\u003efor\u003c/span\u003e \u003cspan m='3477790'\u003edata\u003c/span\u003e \u003cspan m='3478330'\u003eon\u003c/span\u003e \u003cspan m='3478540'\u003etheir\u003c/span\u003e \u003cspan m='3478720'\u003ethen\u003c/span\u003e \u003cspan m='3479050'\u003e13\u003c/span\u003e \u003cspan m='3479560'\u003emillion\u003c/span\u003e \u003cspan m='3479890'\u003ecustomers.\u003c/span\u003e \u003cspan m='3480640'\u003eAnd\u003c/span\u003e \u003cspan m='3480730'\u003ethey\u003c/span\u003e \u003cspan m='3480880'\u003esettled,\u003c/span\u003e \u003cspan m='3481360'\u003ebecause\u003c/span\u003e \u003cspan m='3481780'\u003ethe\u003c/span\u003e \u003cspan m='3481930'\u003eIRS\u003c/span\u003e \u003cspan m='3482530'\u003ewas\u003c/span\u003e \u003cspan m='3482860'\u003ebringing\u003c/span\u003e \u003cspan m='3483220'\u003ean\u003c/span\u003e \u003cspan m='3483310'\u003eaction\u003c/span\u003e \u003cspan m='3483670'\u003eagainst\u003c/span\u003e \u003cspan m='3484060'\u003ethem\u003c/span\u003e \u003cspan m='3484150'\u003ewhen\u003c/span\u003e \u003cspan m='3484270'\u003ethey\u003c/span\u003e \u003cspan m='3484390'\u003ewouldn't\u003c/span\u003e \u003cspan m='3484570'\u003egive\u003c/span\u003e \u003cspan m='3484660'\u003ethem\u003c/span\u003e \u003cspan m='3484780'\u003eany\u003c/span\u003e \u003cspan m='3484930'\u003einformation.\u003c/span\u003e \u003cspan m='3486010'\u003eAnd\u003c/span\u003e \u003cspan m='3486150'\u003ethey\u003c/span\u003e \u003cspan m='3486670'\u003esettled\u003c/span\u003e \u003cspan m='3487000'\u003eand\u003c/span\u003e \u003cspan m='3487090'\u003egave\u003c/span\u003e \u003cspan m='3487240'\u003ethem\u003c/span\u003e \u003cspan m='3487360'\u003einformation\u003c/span\u003e \u003cspan m='3487870'\u003eon\u003c/span\u003e \u003cspan m='3487960'\u003etheir\u003c/span\u003e \u003cspan m='3488080'\u003e10,000\u003c/span\u003e \u003cspan m='3488380'\u003eor\u003c/span\u003e \u003cspan m='3488470'\u003e20,000\u003c/span\u003e \u003cspan m='3489730'\u003emost\u003c/span\u003e \u003cspan m='3490060'\u003eactive\u003c/span\u003e \u003cspan m='3490480'\u003eaccounts.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3492730'\u003eBut\u003c/span\u003e \u003cspan m='3492910'\u003efor\u003c/span\u003e \u003cspan m='3493150'\u003ea\u003c/span\u003e \u003cspan m='3493180'\u003ewhile,\u003c/span\u003e \u003cspan m='3493780'\u003eright\u003c/span\u003e \u003cspan m='3494080'\u003enow,\u003c/span\u003e \u003cspan m='3494530'\u003ethe\u003c/span\u003e \u003cspan m='3494650'\u003ecoin\u003c/span\u003e \u003cspan m='3495070'\u003ebasis\u003c/span\u003e \u003cspan m='3495460'\u003ecan\u003c/span\u003e \u003cspan m='3495640'\u003eact\u003c/span\u003e \u003cspan m='3496030'\u003elike\u003c/span\u003e \u003cspan m='3496390'\u003ethey're\u003c/span\u003e \u003cspan m='3497140'\u003eSwiss\u003c/span\u003e \u003cspan m='3497710'\u003ebank\u003c/span\u003e \u003cspan m='3498070'\u003eaccounts.\u003c/span\u003e \u003cspan m='3500200'\u003eIs\u003c/span\u003e \u003cspan m='3500320'\u003eanybody\u003c/span\u003e \u003cspan m='3500650'\u003efrom\u003c/span\u003e \u003cspan m='3500800'\u003eSwitzerland?\u003c/span\u003e \u003cspan m='3502440'\u003eAll\u003c/span\u003e \u003cspan m='3502500'\u003eright,\u003c/span\u003e \u003cspan m='3502700'\u003ethen\u003c/span\u003e \u003cspan m='3502840'\u003eI\u003c/span\u003e \u003cspan m='3502930'\u003ecan\u003c/span\u003e \u003cspan m='3503110'\u003esay\u003c/span\u003e \u003cspan m='3503410'\u003eit.\u003c/span\u003e \u003cspan m='3504060'\u003eBut,\u003c/span\u003e \u003cspan m='3504700'\u003eyou\u003c/span\u003e \u003cspan m='3504790'\u003eknow,\u003c/span\u003e \u003cspan m='3504940'\u003efor\u003c/span\u003e \u003cspan m='3505150'\u003edecades--\u003c/span\u003e \u003cspan m='3506440'\u003ewait.\u003c/span\u003e \u003cspan m='3506650'\u003eWho?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3508430'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3508670'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='3508910'\u003eBut I\u003c/span\u003e \u003cspan m='3509390'\u003elived\u003c/span\u003e \u003cspan m='3509870'\u003ethere.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3510350'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3510425'\u003eYou\u003c/span\u003e \u003cspan m='3510500'\u003elive\u003c/span\u003e \u003cspan m='3510680'\u003ethere?\u003c/span\u003e \u003cspan m='3511370'\u003eWell,\u003c/span\u003e \u003cspan m='3511490'\u003ewhat\u003c/span\u003e \u003cspan m='3511700'\u003edid\u003c/span\u003e \u003cspan m='3511970'\u003efor\u003c/span\u003e \u003cspan m='3512210'\u003edecades,\u003c/span\u003e \u003cspan m='3512870'\u003emaybe\u003c/span\u003e \u003cspan m='3513140'\u003ecenturies,\u003c/span\u003e \u003cspan m='3513800'\u003eSwiss\u003c/span\u003e \u003cspan m='3514130'\u003ebank\u003c/span\u003e \u003cspan m='3514430'\u003eaccounts\u003c/span\u003e \u003cspan m='3514850'\u003ebeen\u003c/span\u003e \u003cspan m='3515030'\u003eknown\u003c/span\u003e \u003cspan m='3515300'\u003efor?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3515960'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3516140'\u003eSecrecy.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3516680'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3516837'\u003eSecrecy.\u003c/span\u003e \u003cspan m='3517700'\u003eSecrecy.\u003c/span\u003e \u003cspan m='3518270'\u003eThat\u003c/span\u003e \u003cspan m='3518450'\u003ewas\u003c/span\u003e \u003cspan m='3519360'\u003etheir--\u003c/span\u003e \u003cspan m='3519920'\u003ethey\u003c/span\u003e \u003cspan m='3520070'\u003ehad\u003c/span\u003e \u003cspan m='3520250'\u003ea\u003c/span\u003e \u003cspan m='3520310'\u003elot\u003c/span\u003e \u003cspan m='3520520'\u003eof\u003c/span\u003e \u003cspan m='3520640'\u003eother\u003c/span\u003e \u003cspan m='3520850'\u003egood\u003c/span\u003e \u003cspan m='3521060'\u003ethings\u003c/span\u003e \u003cspan m='3521360'\u003egoing\u003c/span\u003e \u003cspan m='3521690'\u003eon.\u003c/span\u003e \u003cspan m='3521930'\u003eBut\u003c/span\u003e \u003cspan m='3522110'\u003ethat\u003c/span\u003e \u003cspan m='3522410'\u003ewas\u003c/span\u003e \u003cspan m='3522620'\u003eone\u003c/span\u003e \u003cspan m='3522830'\u003eof\u003c/span\u003e \u003cspan m='3522920'\u003etheir\u003c/span\u003e \u003cspan m='3523130'\u003emarketing\u003c/span\u003e \u003cspan m='3523820'\u003epoints,\u003c/span\u003e \u003cspan m='3524180'\u003esecrecy.\u003c/span\u003e \u003cspan m='3526670'\u003eIt's\u003c/span\u003e \u003cspan m='3526850'\u003ea\u003c/span\u003e \u003cspan m='3526910'\u003elittle\u003c/span\u003e \u003cspan m='3527120'\u003eharder\u003c/span\u003e \u003cspan m='3527540'\u003enow.\u003c/span\u003e \u003cspan m='3527880'\u003eBut\u003c/span\u003e \u003cspan m='3527960'\u003eit's\u003c/span\u003e \u003cspan m='3528110'\u003estill\u003c/span\u003e \u003cspan m='3529730'\u003erelative\u003c/span\u003e \u003cspan m='3530420'\u003eto\u003c/span\u003e \u003cspan m='3530630'\u003ea\u003c/span\u003e \u003cspan m='3530690'\u003eGerman\u003c/span\u003e \u003cspan m='3531080'\u003ebank\u003c/span\u003e \u003cspan m='3531530'\u003eor\u003c/span\u003e \u003cspan m='3531660'\u003ea\u003c/span\u003e \u003cspan m='3531680'\u003eFrench\u003c/span\u003e \u003cspan m='3532040'\u003ebank,\u003c/span\u003e \u003cspan m='3532340'\u003eprobably\u003c/span\u003e \u003cspan m='3532640'\u003ea\u003c/span\u003e \u003cspan m='3532670'\u003elittle\u003c/span\u003e \u003cspan m='3532850'\u003ebit\u003c/span\u003e \u003cspan m='3533000'\u003emore\u003c/span\u003e \u003cspan m='3533180'\u003esecret,\u003c/span\u003e \u003cspan m='3533630'\u003eright?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3535810'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3535945'\u003eYes,\u003c/span\u003e \u003cspan m='3536080'\u003eit's\u003c/span\u003e \u003cspan m='3536290'\u003eless.\u003c/span\u003e \u003cspan m='3537040'\u003eA\u003c/span\u003e \u003cspan m='3537100'\u003elot\u003c/span\u003e \u003cspan m='3537700'\u003ebecause\u003c/span\u003e \u003cspan m='3538030'\u003eof\u003c/span\u003e \u003cspan m='3538240'\u003eUS\u003c/span\u003e \u003cspan m='3538620'\u003epressure\u003c/span\u003e \u003cspan m='3538920'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3539730'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3539860'\u003eRight.\u003c/span\u003e \u003cspan m='3540630'\u003eRight.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3541320'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3541447'\u003eStill\u003c/span\u003e \u003cspan m='3541830'\u003emore\u003c/span\u003e \u003cspan m='3542070'\u003esecret\u003c/span\u003e \u003cspan m='3542480'\u003ethan\u003c/span\u003e \u003cspan m='3542990'\u003esome\u003c/span\u003e \u003cspan m='3543210'\u003eof\u003c/span\u003e \u003cspan m='3543310'\u003eEuropean\u003c/span\u003e \u003cspan m='3543500'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3544290'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3544487'\u003eYeah.\u003c/span\u003e \u003cspan m='3545080'\u003eBut\u003c/span\u003e \u003cspan m='3545350'\u003ecrypto\u003c/span\u003e \u003cspan m='3545830'\u003eexchanges\u003c/span\u003e \u003cspan m='3546590'\u003eare\u003c/span\u003e \u003cspan m='3546700'\u003estill\u003c/span\u003e \u003cspan m='3547000'\u003ethinking,\u003c/span\u003e \u003cspan m='3547810'\u003eoh,\u003c/span\u003e \u003cspan m='3547990'\u003ewell,\u003c/span\u003e \u003cspan m='3549670'\u003ehow\u003c/span\u003e \u003cspan m='3549910'\u003ecan\u003c/span\u003e \u003cspan m='3550090'\u003ewe\u003c/span\u003e \u003cspan m='3550240'\u003egive\u003c/span\u003e \u003cspan m='3550540'\u003eup\u003c/span\u003e \u003cspan m='3550750'\u003esecrecy?\u003c/span\u003e \u003cspan m='3551560'\u003eBecause\u003c/span\u003e \u003cspan m='3552130'\u003ecompetitively,\u003c/span\u003e \u003cspan m='3553150'\u003eother\u003c/span\u003e \u003cspan m='3553450'\u003eexchanges\u003c/span\u003e \u003cspan m='3554920'\u003earen't\u003c/span\u003e \u003cspan m='3555160'\u003edoing\u003c/span\u003e \u003cspan m='3555520'\u003eit.\u003c/span\u003e \u003cspan m='3555770'\u003eSo\u003c/span\u003e \u003cspan m='3555850'\u003eI\u003c/span\u003e \u003cspan m='3555940'\u003ethink\u003c/span\u003e \u003cspan m='3556180'\u003eCoinbase\u003c/span\u003e \u003cspan m='3556820'\u003ewas\u003c/span\u003e \u003cspan m='3556960'\u003etrying\u003c/span\u003e \u003cspan m='3557260'\u003eto\u003c/span\u003e \u003cspan m='3557950'\u003ebe\u003c/span\u003e \u003cspan m='3558160'\u003egood\u003c/span\u003e \u003cspan m='3558490'\u003ecitizens,\u003c/span\u003e \u003cspan m='3559210'\u003ebut\u003c/span\u003e \u003cspan m='3559390'\u003ealso\u003c/span\u003e \u003cspan m='3560200'\u003enot\u003c/span\u003e \u003cspan m='3560740'\u003egive\u003c/span\u003e \u003cspan m='3561010'\u003eeverything\u003c/span\u003e \u003cspan m='3561430'\u003eto\u003c/span\u003e \u003cspan m='3561520'\u003ethe\u003c/span\u003e \u003cspan m='3561700'\u003eIRS\u003c/span\u003e \u003cspan m='3562220'\u003ethe\u003c/span\u003e \u003cspan m='3563170'\u003eIRS\u003c/span\u003e \u003cspan m='3563560'\u003ewanted.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3566480'\u003eThere's\u003c/span\u003e \u003cspan m='3566530'\u003ea\u003c/span\u003e \u003cspan m='3566590'\u003ebig\u003c/span\u003e \u003cspan m='3566740'\u003equestion\u003c/span\u003e \u003cspan m='3567130'\u003eof\u003c/span\u003e \u003cspan m='3567220'\u003ewhat's\u003c/span\u003e \u003cspan m='3567430'\u003ea\u003c/span\u003e \u003cspan m='3567490'\u003esecurity?\u003c/span\u003e \u003cspan m='3568060'\u003eWhat's\u003c/span\u003e \u003cspan m='3568240'\u003ea\u003c/span\u003e \u003cspan m='3568300'\u003ecommodity?\u003c/span\u003e \u003cspan m='3568870'\u003eWhat's\u003c/span\u003e \u003cspan m='3569050'\u003ea\u003c/span\u003e \u003cspan m='3569110'\u003ederivative?\u003c/span\u003e \u003cspan m='3570730'\u003eAnd\u003c/span\u003e \u003cspan m='3571330'\u003ein\u003c/span\u003e \u003cspan m='3571600'\u003eevery\u003c/span\u003e \u003cspan m='3571900'\u003elegal\u003c/span\u003e \u003cspan m='3572200'\u003ejurisdiction\u003c/span\u003e \u003cspan m='3572770'\u003earound\u003c/span\u003e \u003cspan m='3573010'\u003ethe\u003c/span\u003e \u003cspan m='3573070'\u003eglobe,\u003c/span\u003e \u003cspan m='3574630'\u003esecurities\u003c/span\u003e \u003cspan m='3575530'\u003eexchanges\u003c/span\u003e \u003cspan m='3576220'\u003eare\u003c/span\u003e \u003cspan m='3576280'\u003eregulated\u003c/span\u003e \u003cspan m='3577030'\u003epretty\u003c/span\u003e \u003cspan m='3577300'\u003emuch\u003c/span\u003e \u003cspan m='3577600'\u003ein\u003c/span\u003e \u003cspan m='3577690'\u003eevery\u003c/span\u003e \u003cspan m='3577960'\u003ejurisdiction.\u003c/span\u003e \u003cspan m='3580050'\u003eSo\u003c/span\u003e \u003cspan m='3580160'\u003ewhat\u003c/span\u003e \u003cspan m='3580490'\u003eis\u003c/span\u003e \u003cspan m='3580760'\u003ea\u003c/span\u003e \u003cspan m='3580820'\u003esecurity\u003c/span\u003e \u003cspan m='3581420'\u003eand\u003c/span\u003e \u003cspan m='3581510'\u003ewhat's\u003c/span\u003e \u003cspan m='3581720'\u003enot\u003c/span\u003e \u003cspan m='3581960'\u003ea\u003c/span\u003e \u003cspan m='3582020'\u003esecurity\u003c/span\u003e \u003cspan m='3582590'\u003edoes\u003c/span\u003e \u003cspan m='3582920'\u003erelate\u003c/span\u003e \u003cspan m='3583280'\u003eto\u003c/span\u003e \u003cspan m='3583490'\u003ewhat's\u003c/span\u003e \u003cspan m='3584030'\u003ecurrently\u003c/span\u003e \u003cspan m='3584810'\u003eregulated\u003c/span\u003e \u003cspan m='3585380'\u003eunder\u003c/span\u003e \u003cspan m='3585590'\u003ecurrent\u003c/span\u003e \u003cspan m='3586040'\u003elaw.\u003c/span\u003e \u003cspan m='3587120'\u003eI've\u003c/span\u003e \u003cspan m='3587390'\u003etestified\u003c/span\u003e \u003cspan m='3588050'\u003ein\u003c/span\u003e \u003cspan m='3588110'\u003ethe\u003c/span\u003e \u003cspan m='3588210'\u003eUS\u003c/span\u003e \u003cspan m='3588440'\u003eCongress.\u003c/span\u003e \u003cspan m='3588830'\u003eAnd\u003c/span\u003e \u003cspan m='3588920'\u003eI'd\u003c/span\u003e \u003cspan m='3589040'\u003esay\u003c/span\u003e \u003cspan m='3589220'\u003eregardless\u003c/span\u003e \u003cspan m='3589970'\u003eof\u003c/span\u003e \u003cspan m='3590090'\u003ethat,\u003c/span\u003e \u003cspan m='3591190'\u003eif\u003c/span\u003e \u003cspan m='3591350'\u003eit's\u003c/span\u003e \u003cspan m='3591530'\u003eeven\u003c/span\u003e \u003cspan m='3591770'\u003ejust\u003c/span\u003e \u003cspan m='3592010'\u003ea\u003c/span\u003e \u003cspan m='3592070'\u003ecommodity,\u003c/span\u003e \u003cspan m='3592970'\u003elike\u003c/span\u003e \u003cspan m='3593210'\u003eBitcoin\u003c/span\u003e \u003cspan m='3594080'\u003eunder\u003c/span\u003e \u003cspan m='3594290'\u003eUS\u003c/span\u003e \u003cspan m='3594590'\u003elaw\u003c/span\u003e \u003cspan m='3594770'\u003eis\u003c/span\u003e \u003cspan m='3594890'\u003econsidered\u003c/span\u003e \u003cspan m='3595340'\u003ea\u003c/span\u003e \u003cspan m='3595400'\u003ecommodity,\u003c/span\u003e \u003cspan m='3596360'\u003eyou\u003c/span\u003e \u003cspan m='3596450'\u003eprobably\u003c/span\u003e \u003cspan m='3596930'\u003ewant\u003c/span\u003e \u003cspan m='3597170'\u003ethese\u003c/span\u003e \u003cspan m='3597380'\u003eexchanges\u003c/span\u003e \u003cspan m='3598010'\u003eregulated.\u003c/span\u003e \u003cspan m='3599180'\u003eAnd\u003c/span\u003e \u003cspan m='3599300'\u003eif\u003c/span\u003e \u003cspan m='3599420'\u003eit's\u003c/span\u003e \u003cspan m='3599540'\u003ea\u003c/span\u003e \u003cspan m='3599600'\u003ederivative,\u003c/span\u003e \u003cspan m='3600800'\u003ein\u003c/span\u003e \u003cspan m='3600950'\u003emost\u003c/span\u003e \u003cspan m='3601280'\u003ejurisdictions,\u003c/span\u003e \u003cspan m='3602060'\u003eit\u003c/span\u003e \u003cspan m='3602150'\u003ealso\u003c/span\u003e \u003cspan m='3602570'\u003eis\u003c/span\u003e \u003cspan m='3602690'\u003eregulated.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3603990'\u003eSo\u003c/span\u003e \u003cspan m='3604100'\u003ethe\u003c/span\u003e \u003cspan m='3604190'\u003efirst\u003c/span\u003e \u003cspan m='3604670'\u003eand\u003c/span\u003e \u003cspan m='3604760'\u003ethe\u003c/span\u003e \u003cspan m='3604850'\u003ethird\u003c/span\u003e \u003cspan m='3605240'\u003ein\u003c/span\u003e \u003cspan m='3605360'\u003ethat\u003c/span\u003e \u003cspan m='3605540'\u003elist,\u003c/span\u003e \u003cspan m='3606020'\u003esecurities\u003c/span\u003e \u003cspan m='3606710'\u003eand\u003c/span\u003e \u003cspan m='3606800'\u003ederivatives,\u003c/span\u003e \u003cspan m='3607550'\u003eexchanges\u003c/span\u003e \u003cspan m='3608360'\u003eare\u003c/span\u003e \u003cspan m='3608510'\u003eregulated.\u003c/span\u003e \u003cspan m='3609620'\u003eIn\u003c/span\u003e \u003cspan m='3609740'\u003emost\u003c/span\u003e \u003cspan m='3610100'\u003ejurisdictions,\u003c/span\u003e \u003cspan m='3610910'\u003ecommodity\u003c/span\u003e \u003cspan m='3611540'\u003eexchanges\u003c/span\u003e \u003cspan m='3612200'\u003eare\u003c/span\u003e \u003cspan m='3612320'\u003enot,\u003c/span\u003e \u003cspan m='3612740'\u003ebut\u003c/span\u003e \u003cspan m='3612920'\u003enot\u003c/span\u003e \u003cspan m='3613700'\u003eall.\u003c/span\u003e \u003cspan m='3615080'\u003eSo\u003c/span\u003e \u003cspan m='3615470'\u003ethe\u003c/span\u003e \u003cspan m='3615680'\u003edefinitional\u003c/span\u003e \u003cspan m='3616520'\u003ething\u003c/span\u003e \u003cspan m='3617390'\u003ealso\u003c/span\u003e \u003cspan m='3617720'\u003erelates\u003c/span\u003e \u003cspan m='3618170'\u003eto\u003c/span\u003e \u003cspan m='3618290'\u003ewhat\u003c/span\u003e \u003cspan m='3619310'\u003ecomes\u003c/span\u003e \u003cspan m='3619760'\u003ein.\u003c/span\u003e \u003cspan m='3620670'\u003eSo\u003c/span\u003e \u003cspan m='3620810'\u003ein\u003c/span\u003e \u003cspan m='3620900'\u003ethe\u003c/span\u003e \u003cspan m='3621010'\u003eUS,\u003c/span\u003e \u003cspan m='3622310'\u003ethere\u003c/span\u003e \u003cspan m='3622490'\u003eare\u003c/span\u003e \u003cspan m='3622520'\u003ea\u003c/span\u003e \u003cspan m='3622580'\u003enumber\u003c/span\u003e \u003cspan m='3622910'\u003eof\u003c/span\u003e \u003cspan m='3623000'\u003eexchanges\u003c/span\u003e \u003cspan m='3623630'\u003ethat\u003c/span\u003e \u003cspan m='3623780'\u003ewill,\u003c/span\u003e \u003cspan m='3624200'\u003eI\u003c/span\u003e \u003cspan m='3624320'\u003ewould\u003c/span\u003e \u003cspan m='3624470'\u003epredict\u003c/span\u003e \u003cspan m='3624860'\u003ein\u003c/span\u003e \u003cspan m='3624950'\u003ethe\u003c/span\u003e \u003cspan m='3625040'\u003enext\u003c/span\u003e \u003cspan m='3625370'\u003e18\u003c/span\u003e \u003cspan m='3625730'\u003emonths,\u003c/span\u003e \u003cspan m='3626000'\u003eregister\u003c/span\u003e \u003cspan m='3626600'\u003ewith\u003c/span\u003e \u003cspan m='3626780'\u003ethe\u003c/span\u003e \u003cspan m='3626840'\u003eSecurities\u003c/span\u003e \u003cspan m='3627260'\u003eand\u003c/span\u003e \u003cspan m='3627350'\u003eExchange\u003c/span\u003e \u003cspan m='3627830'\u003eCommission\u003c/span\u003e \u003cspan m='3628160'\u003eas\u003c/span\u003e \u003cspan m='3628310'\u003ebroker-dealers\u003c/span\u003e \u003cspan m='3629150'\u003eunder\u003c/span\u003e \u003cspan m='3629360'\u003eregulation\u003c/span\u003e \u003cspan m='3629990'\u003ealternative\u003c/span\u003e \u003cspan m='3630500'\u003etrading\u003c/span\u003e \u003cspan m='3630890'\u003esystem\u003c/span\u003e \u003cspan m='3631250'\u003eReg\u003c/span\u003e \u003cspan m='3631580'\u003eATS.\u003c/span\u003e \u003cspan m='3633460'\u003eBut\u003c/span\u003e \u003cspan m='3633640'\u003eI\u003c/span\u003e \u003cspan m='3633730'\u003ethink\u003c/span\u003e \u003cspan m='3634000'\u003ethat\u003c/span\u003e \u003cspan m='3634150'\u003ethey\u003c/span\u003e \u003cspan m='3634270'\u003ewill\u003c/span\u003e \u003cspan m='3634390'\u003eonly\u003c/span\u003e \u003cspan m='3634600'\u003edo\u003c/span\u003e \u003cspan m='3634810'\u003eit\u003c/span\u003e \u003cspan m='3634900'\u003eif\u003c/span\u003e \u003cspan m='3634990'\u003ethey're\u003c/span\u003e \u003cspan m='3636340'\u003ecategory\u003c/span\u003e \u003cspan m='3636880'\u003eone.\u003c/span\u003e \u003cspan m='3638200'\u003eThey\u003c/span\u003e \u003cspan m='3638290'\u003ehave\u003c/span\u003e \u003cspan m='3638410'\u003ea\u003c/span\u003e \u003cspan m='3638440'\u003ebunch\u003c/span\u003e \u003cspan m='3638770'\u003eof\u003c/span\u003e \u003cspan m='3638890'\u003einitial\u003c/span\u003e \u003cspan m='3639280'\u003ecoin\u003c/span\u003e \u003cspan m='3639640'\u003etokens\u003c/span\u003e \u003cspan m='3641020'\u003ethat\u003c/span\u003e \u003cspan m='3641170'\u003eare\u003c/span\u003e \u003cspan m='3641260'\u003eso\u003c/span\u003e \u003cspan m='3641590'\u003eclearly\u003c/span\u003e \u003cspan m='3642310'\u003esecurities,\u003c/span\u003e \u003cspan m='3643960'\u003ethey\u003c/span\u003e \u003cspan m='3644110'\u003eregister.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3645370'\u003eBut\u003c/span\u003e \u003cspan m='3645460'\u003ewhat\u003c/span\u003e \u003cspan m='3645640'\u003eif\u003c/span\u003e \u003cspan m='3645760'\u003eyou're\u003c/span\u003e \u003cspan m='3645970'\u003eonly\u003c/span\u003e \u003cspan m='3646810'\u003etrading\u003c/span\u003e \u003cspan m='3647290'\u003eBitcoin,\u003c/span\u003e \u003cspan m='3648850'\u003eonly\u003c/span\u003e \u003cspan m='3649120'\u003etrading\u003c/span\u003e \u003cspan m='3649420'\u003eBitcoin\u003c/span\u003e \u003cspan m='3649900'\u003eand\u003c/span\u003e \u003cspan m='3650020'\u003eEth\u003c/span\u003e \u003cspan m='3650560'\u003eand\u003c/span\u003e \u003cspan m='3650860'\u003eso\u003c/span\u003e \u003cspan m='3651100'\u003eforth?\u003c/span\u003e \u003cspan m='3652270'\u003eThose\u003c/span\u003e \u003cspan m='3652570'\u003emight\u003c/span\u003e \u003cspan m='3652810'\u003esay,\u003c/span\u003e \u003cspan m='3653020'\u003eI\u003c/span\u003e \u003cspan m='3653080'\u003edon't\u003c/span\u003e \u003cspan m='3653230'\u003ewant\u003c/span\u003e \u003cspan m='3653560'\u003eto\u003c/span\u003e \u003cspan m='3653770'\u003ehave\u003c/span\u003e \u003cspan m='3654100'\u003eall\u003c/span\u003e \u003cspan m='3654220'\u003ethose\u003c/span\u003e \u003cspan m='3654460'\u003eadded\u003c/span\u003e \u003cspan m='3654730'\u003ecosts.\u003c/span\u003e \u003cspan m='3656200'\u003eSo\u003c/span\u003e \u003cspan m='3656680'\u003equestion\u003c/span\u003e \u003cspan m='3657070'\u003efor\u003c/span\u003e \u003cspan m='3657220'\u003eThursday\u003c/span\u003e \u003cspan m='3657910'\u003eis,\u003c/span\u003e \u003cspan m='3658750'\u003ewhy\u003c/span\u003e \u003cspan m='3658930'\u003edid\u003c/span\u003e \u003cspan m='3659050'\u003ethe\u003c/span\u003e \u003cspan m='3659200'\u003eIntercontinental\u003c/span\u003e \u003cspan m='3659950'\u003eExchange\u003c/span\u003e \u003cspan m='3660970'\u003ecreate\u003c/span\u003e \u003cspan m='3661450'\u003ea\u003c/span\u003e \u003cspan m='3661600'\u003eone\u003c/span\u003e \u003cspan m='3661930'\u003eday\u003c/span\u003e \u003cspan m='3662230'\u003efuture,\u003c/span\u003e \u003cspan m='3662800'\u003ewhich\u003c/span\u003e \u003cspan m='3663040'\u003eappears\u003c/span\u003e \u003cspan m='3663490'\u003eto\u003c/span\u003e \u003cspan m='3663580'\u003ebe\u003c/span\u003e \u003cspan m='3663790'\u003elike\u003c/span\u003e \u003cspan m='3664060'\u003eit\u003c/span\u003e \u003cspan m='3664150'\u003ewas\u003c/span\u003e \u003cspan m='3664330'\u003elike\u003c/span\u003e \u003cspan m='3664570'\u003ewalking\u003c/span\u003e \u003cspan m='3665200'\u003einto\u003c/span\u003e \u003cspan m='3665710'\u003eand\u003c/span\u003e \u003cspan m='3665920'\u003esaying,\u003c/span\u003e \u003cspan m='3667090'\u003eI\u003c/span\u003e \u003cspan m='3667150'\u003ewant\u003c/span\u003e \u003cspan m='3667390'\u003ea\u003c/span\u003e \u003cspan m='3667450'\u003eregulated\u003c/span\u003e \u003cspan m='3668110'\u003eexchange?\u003c/span\u003e \u003cspan m='3669550'\u003eAs\u003c/span\u003e \u003cspan m='3669760'\u003ea\u003c/span\u003e \u003cspan m='3669910'\u003ebusiness\u003c/span\u003e \u003cspan m='3670510'\u003eproposition,\u003c/span\u003e \u003cspan m='3672190'\u003ethat's\u003c/span\u003e \u003cspan m='3672430'\u003ewhat\u003c/span\u003e \u003cspan m='3672580'\u003eit\u003c/span\u003e \u003cspan m='3672640'\u003efeels\u003c/span\u003e \u003cspan m='3673030'\u003elike\u003c/span\u003e \u003cspan m='3673240'\u003eto\u003c/span\u003e \u003cspan m='3673360'\u003eme.\u003c/span\u003e \u003cspan m='3674352'\u003eThat\u003c/span\u003e \u003cspan m='3674730'\u003ethat\u003c/span\u003e \u003cspan m='3675120'\u003ewas\u003c/span\u003e \u003cspan m='3676566'\u003epart\u003c/span\u003e \u003cspan m='3677010'\u003eof\u003c/span\u003e \u003cspan m='3677190'\u003ethat\u003c/span\u003e \u003cspan m='3677550'\u003edecision\u003c/span\u003e \u003cspan m='3678160'\u003eset.\u003c/span\u003e \u003cspan m='3679050'\u003eBut\u003c/span\u003e \u003cspan m='3679260'\u003eyou\u003c/span\u003e \u003cspan m='3679380'\u003ecan\u003c/span\u003e \u003cspan m='3679560'\u003eask\u003c/span\u003e \u003cspan m='3680340'\u003eon\u003c/span\u003e \u003cspan m='3680550'\u003eThursday.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3684270'\u003eTracking\u003c/span\u003e \u003cspan m='3684690'\u003ebeneficial\u003c/span\u003e \u003cspan m='3685260'\u003eownership.\u003c/span\u003e \u003cspan m='3686940'\u003eWe've\u003c/span\u003e \u003cspan m='3687090'\u003etracked\u003c/span\u003e \u003cspan m='3687420'\u003ebeneficial\u003c/span\u003e \u003cspan m='3687990'\u003eownership\u003c/span\u003e \u003cspan m='3688410'\u003ein\u003c/span\u003e \u003cspan m='3688500'\u003ethe\u003c/span\u003e \u003cspan m='3688560'\u003esecurities\u003c/span\u003e \u003cspan m='3689040'\u003emarkets\u003c/span\u003e \u003cspan m='3689550'\u003efor\u003c/span\u003e \u003cspan m='3690120'\u003ea\u003c/span\u003e \u003cspan m='3690540'\u003elong\u003c/span\u003e \u003cspan m='3690900'\u003etime,\u003c/span\u003e \u003cspan m='3691920'\u003efrom\u003c/span\u003e \u003cspan m='3692130'\u003ethe\u003c/span\u003e \u003cspan m='3692220'\u003efirst\u003c/span\u003e \u003cspan m='3692700'\u003ejoint\u003c/span\u003e \u003cspan m='3693030'\u003estock\u003c/span\u003e \u003cspan m='3693450'\u003ecompanies.\u003c/span\u003e \u003cspan m='3694680'\u003eBecause\u003c/span\u003e \u003cspan m='3695010'\u003eyou\u003c/span\u003e \u003cspan m='3695160'\u003etrack\u003c/span\u003e \u003cspan m='3695550'\u003ebeneficial\u003c/span\u003e \u003cspan m='3696060'\u003eownership\u003c/span\u003e \u003cspan m='3697110'\u003eto\u003c/span\u003e \u003cspan m='3697320'\u003eensure\u003c/span\u003e \u003cspan m='3697770'\u003ethat\u003c/span\u003e \u003cspan m='3697950'\u003esomebody\u003c/span\u003e \u003cspan m='3698370'\u003egets\u003c/span\u003e \u003cspan m='3698610'\u003etheir\u003c/span\u003e \u003cspan m='3698730'\u003edividends.\u003c/span\u003e \u003cspan m='3699550'\u003eAnd\u003c/span\u003e \u003cspan m='3699570'\u003eif\u003c/span\u003e \u003cspan m='3699660'\u003ethey're\u003c/span\u003e \u003cspan m='3699810'\u003evoting\u003c/span\u003e \u003cspan m='3700890'\u003eonce\u003c/span\u003e \u003cspan m='3701190'\u003ea\u003c/span\u003e \u003cspan m='3701250'\u003eyear\u003c/span\u003e \u003cspan m='3701490'\u003eon\u003c/span\u003e \u003cspan m='3701610'\u003ethe\u003c/span\u003e \u003cspan m='3701670'\u003eboard\u003c/span\u003e \u003cspan m='3701880'\u003eof\u003c/span\u003e \u003cspan m='3701940'\u003edirectors\u003c/span\u003e \u003cspan m='3702420'\u003eand\u003c/span\u003e \u003cspan m='3702510'\u003ethings\u003c/span\u003e \u003cspan m='3702780'\u003elike\u003c/span\u003e \u003cspan m='3702930'\u003ethat.\u003c/span\u003e \u003cspan m='3703770'\u003eBut\u003c/span\u003e \u003cspan m='3703980'\u003esomewhere\u003c/span\u003e \u003cspan m='3704340'\u003ein\u003c/span\u003e \u003cspan m='3704430'\u003ethe\u003c/span\u003e \u003cspan m='3704490'\u003elast\u003c/span\u003e \u003cspan m='3704790'\u003e30\u003c/span\u003e \u003cspan m='3705120'\u003eor\u003c/span\u003e \u003cspan m='3705210'\u003e40\u003c/span\u003e \u003cspan m='3705570'\u003eyears,\u003c/span\u003e \u003cspan m='3706620'\u003elaw\u003c/span\u003e \u003cspan m='3706920'\u003eenforcement\u003c/span\u003e \u003cspan m='3707490'\u003eagencies\u003c/span\u003e \u003cspan m='3708030'\u003esaid\u003c/span\u003e \u003cspan m='3708330'\u003ethat's\u003c/span\u003e \u003cspan m='3708690'\u003ea\u003c/span\u003e \u003cspan m='3708750'\u003egood\u003c/span\u003e \u003cspan m='3709020'\u003eway\u003c/span\u003e \u003cspan m='3709230'\u003eto\u003c/span\u003e \u003cspan m='3709350'\u003etrack\u003c/span\u003e \u003cspan m='3710040'\u003eagainst\u003c/span\u003e \u003cspan m='3710430'\u003emoney\u003c/span\u003e \u003cspan m='3710760'\u003elaundering\u003c/span\u003e \u003cspan m='3711360'\u003eand\u003c/span\u003e \u003cspan m='3711450'\u003etrack\u003c/span\u003e \u003cspan m='3711810'\u003eagainst\u003c/span\u003e \u003cspan m='3712230'\u003eother\u003c/span\u003e \u003cspan m='3712500'\u003ethings.\u003c/span\u003e \u003cspan m='3713700'\u003eSo\u003c/span\u003e \u003cspan m='3713940'\u003elayered\u003c/span\u003e \u003cspan m='3714480'\u003eon\u003c/span\u003e \u003cspan m='3714660'\u003etop\u003c/span\u003e \u003cspan m='3714990'\u003eof\u003c/span\u003e \u003cspan m='3715050'\u003esecurities\u003c/span\u003e \u003cspan m='3715710'\u003elaws,\u003c/span\u003e \u003cspan m='3717694'\u003elaw\u003c/span\u003e \u003cspan m='3718190'\u003eenforcement\u003c/span\u003e \u003cspan m='3718690'\u003eagencies\u003c/span\u003e \u003cspan m='3719170'\u003earound\u003c/span\u003e \u003cspan m='3719410'\u003ethe\u003c/span\u003e \u003cspan m='3719470'\u003eglobe\u003c/span\u003e \u003cspan m='3719740'\u003esaid,\u003c/span\u003e \u003cspan m='3720050'\u003ewe\u003c/span\u003e \u003cspan m='3720130'\u003ewant\u003c/span\u003e \u003cspan m='3720280'\u003eto\u003c/span\u003e \u003cspan m='3720340'\u003eknow\u003c/span\u003e \u003cspan m='3720550'\u003ewho\u003c/span\u003e \u003cspan m='3720820'\u003eowns\u003c/span\u003e \u003cspan m='3721360'\u003ewhat.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3723330'\u003eFor\u003c/span\u003e \u003cspan m='3723480'\u003ethe\u003c/span\u003e \u003cspan m='3723540'\u003eprior\u003c/span\u003e \u003cspan m='3724620'\u003e50\u003c/span\u003e \u003cspan m='3725160'\u003eto\u003c/span\u003e \u003cspan m='3725250'\u003e100\u003c/span\u003e \u003cspan m='3725610'\u003eyears,\u003c/span\u003e \u003cspan m='3726000'\u003eit\u003c/span\u003e \u003cspan m='3726060'\u003ewas\u003c/span\u003e \u003cspan m='3726210'\u003ejust\u003c/span\u003e \u003cspan m='3726390'\u003esecurities\u003c/span\u003e \u003cspan m='3727050'\u003elaw\u003c/span\u003e \u003cspan m='3727290'\u003ethat\u003c/span\u003e \u003cspan m='3727410'\u003ecared\u003c/span\u003e \u003cspan m='3727740'\u003eabout\u003c/span\u003e \u003cspan m='3728070'\u003etracking\u003c/span\u003e \u003cspan m='3728520'\u003ebeneficial\u003c/span\u003e \u003cspan m='3729120'\u003eownership.\u003c/span\u003e \u003cspan m='3730770'\u003eBut\u003c/span\u003e \u003cspan m='3730950'\u003ethere's\u003c/span\u003e \u003cspan m='3731100'\u003esome\u003c/span\u003e \u003cspan m='3731370'\u003einternational\u003c/span\u003e \u003cspan m='3731910'\u003etreaty--\u003c/span\u003e \u003cspan m='3732240'\u003eI\u003c/span\u003e \u003cspan m='3732330'\u003ecan't\u003c/span\u003e \u003cspan m='3732540'\u003eremember\u003c/span\u003e \u003cspan m='3732880'\u003ethe\u003c/span\u003e \u003cspan m='3732960'\u003ename\u003c/span\u003e \u003cspan m='3733230'\u003eof\u003c/span\u003e \u003cspan m='3733380'\u003eit--\u003c/span\u003e \u003cspan m='3733470'\u003ethat\u003c/span\u003e \u003cspan m='3733590'\u003esays\u003c/span\u003e \u003cspan m='3733830'\u003eall\u003c/span\u003e \u003cspan m='3733980'\u003esecurities\u003c/span\u003e \u003cspan m='3734580'\u003eregulators\u003c/span\u003e \u003cspan m='3735330'\u003ehave\u003c/span\u003e \u003cspan m='3735540'\u003eto\u003c/span\u003e \u003cspan m='3735660'\u003edo\u003c/span\u003e \u003cspan m='3735840'\u003esomething\u003c/span\u003e \u003cspan m='3736230'\u003eextra\u003c/span\u003e \u003cspan m='3737340'\u003eand\u003c/span\u003e \u003cspan m='3737490'\u003emake\u003c/span\u003e \u003cspan m='3737730'\u003esure\u003c/span\u003e \u003cspan m='3738120'\u003ethat\u003c/span\u003e \u003cspan m='3738660'\u003ethere's\u003c/span\u003e \u003cspan m='3738870'\u003etransfer\u003c/span\u003e \u003cspan m='3739530'\u003eagents.\u003c/span\u003e \u003cspan m='3740100'\u003eAnd\u003c/span\u003e \u003cspan m='3740220'\u003ethere's\u003c/span\u003e \u003cspan m='3740430'\u003ethis\u003c/span\u003e \u003cspan m='3740610'\u003ewhole\u003c/span\u003e \u003cspan m='3741060'\u003eregime\u003c/span\u003e \u003cspan m='3741870'\u003eof\u003c/span\u003e \u003cspan m='3742020'\u003ekeeping\u003c/span\u003e \u003cspan m='3742440'\u003eledgers\u003c/span\u003e \u003cspan m='3743700'\u003eof\u003c/span\u003e \u003cspan m='3743880'\u003ewho\u003c/span\u003e \u003cspan m='3744210'\u003eowns\u003c/span\u003e \u003cspan m='3744540'\u003ewhat.\u003c/span\u003e \u003cspan m='3746010'\u003eIn\u003c/span\u003e \u003cspan m='3746160'\u003eaddition\u003c/span\u003e \u003cspan m='3746610'\u003eto\u003c/span\u003e \u003cspan m='3746790'\u003ethis\u003c/span\u003e \u003cspan m='3747300'\u003eanti-money\u003c/span\u003e \u003cspan m='3747810'\u003elaundering\u003c/span\u003e \u003cspan m='3748200'\u003estuff,\u003c/span\u003e \u003cspan m='3748470'\u003esecurities\u003c/span\u003e \u003cspan m='3749130'\u003elaws\u003c/span\u003e \u003cspan m='3749890'\u003ehave\u003c/span\u003e \u003cspan m='3750150'\u003ethis\u003c/span\u003e \u003cspan m='3750360'\u003eembedded\u003c/span\u003e \u003cspan m='3751530'\u003ein\u003c/span\u003e \u003cspan m='3751710'\u003emost\u003c/span\u003e \u003cspan m='3752040'\u003ejurisdictions,\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3754070'\u003eThis\u003c/span\u003e \u003cspan m='3754150'\u003eis\u003c/span\u003e \u003cspan m='3754300'\u003ea\u003c/span\u003e \u003cspan m='3754360'\u003etough\u003c/span\u003e \u003cspan m='3754720'\u003eone\u003c/span\u003e \u003cspan m='3754930'\u003efor\u003c/span\u003e \u003cspan m='3755110'\u003ethis\u003c/span\u003e \u003cspan m='3755260'\u003espace,\u003c/span\u003e \u003cspan m='3755980'\u003enot\u003c/span\u003e \u003cspan m='3756460'\u003eonly\u003c/span\u003e \u003cspan m='3757000'\u003ebecause\u003c/span\u003e \u003cspan m='3758260'\u003eit\u003c/span\u003e \u003cspan m='3758380'\u003ecomes\u003c/span\u003e \u003cspan m='3758860'\u003efrom\u003c/span\u003e \u003cspan m='3759070'\u003ea\u003c/span\u003e \u003cspan m='3759130'\u003elibertarian\u003c/span\u003e \u003cspan m='3760060'\u003ebasis.\u003c/span\u003e \u003cspan m='3761440'\u003eBut\u003c/span\u003e \u003cspan m='3761590'\u003eit's\u003c/span\u003e \u003cspan m='3761740'\u003ealso\u003c/span\u003e \u003cspan m='3762100'\u003ea\u003c/span\u003e \u003cspan m='3762130'\u003etough\u003c/span\u003e \u003cspan m='3762430'\u003eone\u003c/span\u003e \u003cspan m='3762610'\u003ejust\u003c/span\u003e \u003cspan m='3762820'\u003etechnologically,\u003c/span\u003e \u003cspan m='3764500'\u003ejust\u003c/span\u003e \u003cspan m='3765190'\u003ethe\u003c/span\u003e \u003cspan m='3765310'\u003etechnical\u003c/span\u003e \u003cspan m='3765820'\u003esolutions.\u003c/span\u003e \u003cspan m='3766690'\u003eThe\u003c/span\u003e \u003cspan m='3766780'\u003ecrypto\u003c/span\u003e \u003cspan m='3767290'\u003eexchanges,\u003c/span\u003e \u003cspan m='3768640'\u003ehalf\u003c/span\u003e \u003cspan m='3769030'\u003eof\u003c/span\u003e \u003cspan m='3769210'\u003ethem\u003c/span\u003e \u003cspan m='3769330'\u003ehave\u003c/span\u003e \u003cspan m='3769810'\u003ewhat\u003c/span\u003e \u003cspan m='3770920'\u003eCrypto\u003c/span\u003e \u003cspan m='3771310'\u003eCompare\u003c/span\u003e \u003cspan m='3771640'\u003esays\u003c/span\u003e \u003cspan m='3771970'\u003eis\u003c/span\u003e \u003cspan m='3772030'\u003estrict\u003c/span\u003e \u003cspan m='3773020'\u003eanti-money\u003c/span\u003e \u003cspan m='3773560'\u003elaundering.\u003c/span\u003e \u003cspan m='3773980'\u003eBut\u003c/span\u003e \u003cspan m='3774100'\u003e1/4\u003c/span\u003e \u003cspan m='3774580'\u003edon't\u003c/span\u003e \u003cspan m='3774790'\u003ehave\u003c/span\u003e \u003cspan m='3774970'\u003eany,\u003c/span\u003e \u003cspan m='3776650'\u003ewhich\u003c/span\u003e \u003cspan m='3776830'\u003emeans\u003c/span\u003e \u003cspan m='3777040'\u003ethey're\u003c/span\u003e \u003cspan m='3777160'\u003enot\u003c/span\u003e \u003cspan m='3777370'\u003etracking\u003c/span\u003e \u003cspan m='3777790'\u003ebeneficial\u003c/span\u003e \u003cspan m='3778360'\u003eownership.\u003c/span\u003e \u003cspan m='3780590'\u003eI\u003c/span\u003e \u003cspan m='3780770'\u003ethink\u003c/span\u003e \u003cspan m='3782600'\u003ethat\u003c/span\u003e \u003cspan m='3782750'\u003ewill\u003c/span\u003e \u003cspan m='3782840'\u003eslowly\u003c/span\u003e \u003cspan m='3783380'\u003eget\u003c/span\u003e \u003cspan m='3784340'\u003eramped\u003c/span\u003e \u003cspan m='3784760'\u003eup.\u003c/span\u003e \u003cspan m='3785120'\u003eBut\u003c/span\u003e \u003cspan m='3787160'\u003eif\u003c/span\u003e \u003cspan m='3787280'\u003eyou\u003c/span\u003e \u003cspan m='3787370'\u003esee\u003c/span\u003e \u003cspan m='3787580'\u003ea\u003c/span\u003e \u003cspan m='3788390'\u003elot\u003c/span\u003e \u003cspan m='3788660'\u003eof\u003c/span\u003e \u003cspan m='3789080'\u003eregistered\u003c/span\u003e \u003cspan m='3789770'\u003eexchanges\u003c/span\u003e \u003cspan m='3790460'\u003eleaving\u003c/span\u003e \u003cspan m='3790940'\u003eone\u003c/span\u003e \u003cspan m='3791210'\u003ecountry\u003c/span\u003e \u003cspan m='3791630'\u003efor\u003c/span\u003e \u003cspan m='3791780'\u003eanother,\u003c/span\u003e \u003cspan m='3792650'\u003ethey're\u003c/span\u003e \u003cspan m='3792770'\u003eprobably\u003c/span\u003e \u003cspan m='3793310'\u003egoing\u003c/span\u003e \u003cspan m='3794570'\u003eto\u003c/span\u003e \u003cspan m='3794780'\u003ea\u003c/span\u003e \u003cspan m='3794810'\u003eplace\u003c/span\u003e \u003cspan m='3795170'\u003ethat\u003c/span\u003e \u003cspan m='3795290'\u003ehas\u003c/span\u003e \u003cspan m='3795410'\u003elower\u003c/span\u003e \u003cspan m='3795740'\u003eregulation.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3799820'\u003eOh,\u003c/span\u003e \u003cspan m='3800330'\u003eand\u003c/span\u003e \u003cspan m='3800450'\u003ehow\u003c/span\u003e \u003cspan m='3800600'\u003edo\u003c/span\u003e \u003cspan m='3800690'\u003eyou\u003c/span\u003e \u003cspan m='3800810'\u003eremediate\u003c/span\u003e \u003cspan m='3801170'\u003ea\u003c/span\u003e \u003cspan m='3801530'\u003enoncompliant\u003c/span\u003e \u003cspan m='3802280'\u003eexchange?\u003c/span\u003e \u003cspan m='3803270'\u003eThere's\u003c/span\u003e \u003cspan m='3803450'\u003ea\u003c/span\u003e \u003cspan m='3803480'\u003ebunch\u003c/span\u003e \u003cspan m='3803780'\u003eof\u003c/span\u003e \u003cspan m='3803870'\u003eexchanges\u003c/span\u003e \u003cspan m='3804470'\u003ehere\u003c/span\u003e \u003cspan m='3804650'\u003ein\u003c/span\u003e \u003cspan m='3804710'\u003ethe\u003c/span\u003e \u003cspan m='3804810'\u003eUS\u003c/span\u003e \u003cspan m='3805190'\u003ethat\u003c/span\u003e \u003cspan m='3805340'\u003ewill\u003c/span\u003e \u003cspan m='3805640'\u003eregister.\u003c/span\u003e \u003cspan m='3807080'\u003eSecurities\u003c/span\u003e \u003cspan m='3807620'\u003eand\u003c/span\u003e \u003cspan m='3807710'\u003eExchange\u003c/span\u003e \u003cspan m='3808160'\u003eCommission\u003c/span\u003e \u003cspan m='3808580'\u003ecan\u003c/span\u003e \u003cspan m='3808730'\u003edo,\u003c/span\u003e \u003cspan m='3810350'\u003elook,\u003c/span\u003e \u003cspan m='3810920'\u003ewe're\u003c/span\u003e \u003cspan m='3811730'\u003enot\u003c/span\u003e \u003cspan m='3811880'\u003egoing\u003c/span\u003e \u003cspan m='3812000'\u003eto\u003c/span\u003e \u003cspan m='3812090'\u003efine\u003c/span\u003e \u003cspan m='3812540'\u003eyou.\u003c/span\u003e \u003cspan m='3812930'\u003eWe're\u003c/span\u003e \u003cspan m='3813050'\u003enot\u003c/span\u003e \u003cspan m='3813140'\u003egoing\u003c/span\u003e \u003cspan m='3813260'\u003eto\u003c/span\u003e \u003cspan m='3813320'\u003egive\u003c/span\u003e \u003cspan m='3813410'\u003eyou\u003c/span\u003e \u003cspan m='3813500'\u003epenalties\u003c/span\u003e \u003cspan m='3814040'\u003efor\u003c/span\u003e \u003cspan m='3814130'\u003ethe\u003c/span\u003e \u003cspan m='3814220'\u003epast.\u003c/span\u003e \u003cspan m='3814790'\u003eCan\u003c/span\u003e \u003cspan m='3814940'\u003eyou\u003c/span\u003e \u003cspan m='3815060'\u003ejust\u003c/span\u003e \u003cspan m='3815210'\u003ecome\u003c/span\u003e \u003cspan m='3815540'\u003einto\u003c/span\u003e \u003cspan m='3815720'\u003ecompliance\u003c/span\u003e \u003cspan m='3816410'\u003ein\u003c/span\u003e \u003cspan m='3816500'\u003ethe\u003c/span\u003e \u003cspan m='3816560'\u003enext\u003c/span\u003e \u003cspan m='3816920'\u003e12\u003c/span\u003e \u003cspan m='3817190'\u003eto\u003c/span\u003e \u003cspan m='3817280'\u003e18\u003c/span\u003e \u003cspan m='3817700'\u003emonths?\u003c/span\u003e \u003cspan m='3818690'\u003eThat's\u003c/span\u003e \u003cspan m='3818870'\u003eprobably\u003c/span\u003e \u003cspan m='3819740'\u003ewhat's\u003c/span\u003e \u003cspan m='3819950'\u003egoing\u003c/span\u003e \u003cspan m='3820070'\u003eto\u003c/span\u003e \u003cspan m='3820130'\u003ehappen.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3821570'\u003eBut\u003c/span\u003e \u003cspan m='3821750'\u003elike the\u003c/span\u003e \u003cspan m='3822080'\u003eEther\u003c/span\u003e \u003cspan m='3822410'\u003eDelta\u003c/span\u003e \u003cspan m='3822800'\u003esituation\u003c/span\u003e \u003cspan m='3823520'\u003ejust\u003c/span\u003e \u003cspan m='3823700'\u003elast\u003c/span\u003e \u003cspan m='3824060'\u003eweek,\u003c/span\u003e \u003cspan m='3825310'\u003ethey\u003c/span\u003e \u003cspan m='3825470'\u003ecome\u003c/span\u003e \u003cspan m='3825740'\u003eto\u003c/span\u003e \u003cspan m='3825830'\u003esome\u003c/span\u003e \u003cspan m='3826070'\u003esettlement.\u003c/span\u003e \u003cspan m='3826610'\u003eThey\u003c/span\u003e \u003cspan m='3826700'\u003esay,\u003c/span\u003e \u003cspan m='3826850'\u003eyou've\u003c/span\u003e \u003cspan m='3827180'\u003ebeen\u003c/span\u003e \u003cspan m='3827450'\u003eviolating\u003c/span\u003e \u003cspan m='3828110'\u003ethe\u003c/span\u003e \u003cspan m='3828170'\u003elaw\u003c/span\u003e \u003cspan m='3828530'\u003efor\u003c/span\u003e \u003cspan m='3828710'\u003ethe\u003c/span\u003e \u003cspan m='3828800'\u003elast\u003c/span\u003e \u003cspan m='3829190'\u003eX\u003c/span\u003e \u003cspan m='3829460'\u003enumber\u003c/span\u003e \u003cspan m='3829730'\u003eof\u003c/span\u003e \u003cspan m='3829790'\u003emonths.\u003c/span\u003e \u003cspan m='3831180'\u003eBut\u003c/span\u003e \u003cspan m='3831200'\u003ehow\u003c/span\u003e \u003cspan m='3831380'\u003edo\u003c/span\u003e \u003cspan m='3831460'\u003eyou\u003c/span\u003e \u003cspan m='3831560'\u003ecome\u003c/span\u003e \u003cspan m='3831860'\u003einto\u003c/span\u003e \u003cspan m='3832040'\u003ecompliance?\u003c/span\u003e \u003cspan m='3832970'\u003eAnd\u003c/span\u003e \u003cspan m='3833090'\u003eso\u003c/span\u003e \u003cspan m='3833240'\u003ethat\u003c/span\u003e \u003cspan m='3833420'\u003ewill\u003c/span\u003e \u003cspan m='3833510'\u003ebe\u003c/span\u003e \u003cspan m='3833630'\u003ean\u003c/span\u003e \u003cspan m='3833720'\u003einteresting\u003c/span\u003e \u003cspan m='3834350'\u003esort\u003c/span\u003e \u003cspan m='3834560'\u003eof\u003c/span\u003e \u003cspan m='3835100'\u003ewhat\u003c/span\u003e \u003cspan m='3835730'\u003elevel\u003c/span\u003e \u003cspan m='3836150'\u003eof\u003c/span\u003e \u003cspan m='3836300'\u003eregulatory\u003c/span\u003e \u003cspan m='3837110'\u003eforbearance\u003c/span\u003e \u003cspan m='3839180'\u003ewill\u003c/span\u003e \u003cspan m='3839780'\u003ethere\u003c/span\u003e \u003cspan m='3839900'\u003ebe?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3840710'\u003eI\u003c/span\u003e \u003cspan m='3840830'\u003ethink\u003c/span\u003e \u003cspan m='3841160'\u003ethat\u003c/span\u003e \u003cspan m='3841340'\u003eat\u003c/span\u003e \u003cspan m='3841460'\u003esome\u003c/span\u003e \u003cspan m='3841790'\u003epoint\u003c/span\u003e \u003cspan m='3842060'\u003ein\u003c/span\u003e \u003cspan m='3842120'\u003etime,\u003c/span\u003e \u003cspan m='3842480'\u003ethere\u003c/span\u003e \u003cspan m='3842630'\u003ewill\u003c/span\u003e \u003cspan m='3842900'\u003ebe\u003c/span\u003e \u003cspan m='3843050'\u003efines\u003c/span\u003e \u003cspan m='3843560'\u003eand\u003c/span\u003e \u003cspan m='3843680'\u003epenalties.\u003c/span\u003e \u003cspan m='3845550'\u003eBut\u003c/span\u003e \u003cspan m='3845730'\u003eI\u003c/span\u003e \u003cspan m='3845820'\u003ethink\u003c/span\u003e \u003cspan m='3846150'\u003ein\u003c/span\u003e \u003cspan m='3846600'\u003ethe\u003c/span\u003e \u003cspan m='3846720'\u003eUS\u003c/span\u003e \u003cspan m='3847050'\u003econtext,\u003c/span\u003e \u003cspan m='3847560'\u003ethey'll\u003c/span\u003e \u003cspan m='3847710'\u003ebring\u003c/span\u003e \u003cspan m='3848870'\u003ea\u003c/span\u003e \u003cspan m='3848970'\u003ehalf\u003c/span\u003e \u003cspan m='3849330'\u003ea\u003c/span\u003e \u003cspan m='3849390'\u003edozen,\u003c/span\u003e \u003cspan m='3849840'\u003eor\u003c/span\u003e \u003cspan m='3849930'\u003eeight,\u003c/span\u003e \u003cspan m='3850200'\u003eor\u003c/span\u003e \u003cspan m='3850320'\u003e10\u003c/span\u003e \u003cspan m='3850800'\u003einto\u003c/span\u003e \u003cspan m='3851880'\u003eregulation.\u003c/span\u003e \u003cspan m='3853110'\u003eAnd\u003c/span\u003e \u003cspan m='3853290'\u003ethen\u003c/span\u003e \u003cspan m='3854490'\u003ethey'll\u003c/span\u003e \u003cspan m='3854640'\u003ebring\u003c/span\u003e \u003cspan m='3854940'\u003edown\u003c/span\u003e \u003cspan m='3855860'\u003ea\u003c/span\u003e \u003cspan m='3855990'\u003eheavier\u003c/span\u003e \u003cspan m='3857250'\u003efootprint,\u003c/span\u003e \u003cspan m='3858090'\u003ebring\u003c/span\u003e \u003cspan m='3858360'\u003edown\u003c/span\u003e \u003cspan m='3858570'\u003ethe\u003c/span\u003e \u003cspan m='3858660'\u003ehammer,\u003c/span\u003e \u003cspan m='3859110'\u003eif\u003c/span\u003e \u003cspan m='3859260'\u003eyou\u003c/span\u003e \u003cspan m='3859350'\u003ewish,\u003c/span\u003e \u003cspan m='3860340'\u003ein\u003c/span\u003e \u003cspan m='3860460'\u003e2019\u003c/span\u003e \u003cspan m='3861300'\u003eor\u003c/span\u003e \u003cspan m='3861360'\u003e2020.\u003c/span\u003e \u003cspan m='3862710'\u003eI\u003c/span\u003e \u003cspan m='3862860'\u003edon't\u003c/span\u003e \u003cspan m='3863040'\u003ethink\u003c/span\u003e \u003cspan m='3863220'\u003ethat's\u003c/span\u003e \u003cspan m='3863460'\u003egoing\u003c/span\u003e \u003cspan m='3863550'\u003eto\u003c/span\u003e \u003cspan m='3863670'\u003ebe\u003c/span\u003e \u003cspan m='3863760'\u003ein\u003c/span\u003e \u003cspan m='3863820'\u003e2018.\u003c/span\u003e \u003cspan m='3864810'\u003eKelly?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3865665'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3865912'\u003eSo\u003c/span\u003e \u003cspan m='3866160'\u003emaybe\u003c/span\u003e \u003cspan m='3866655'\u003ethis is\u003c/span\u003e \u003cspan m='3867150'\u003ea\u003c/span\u003e \u003cspan m='3867645'\u003equestion for\u003c/span\u003e \u003cspan m='3868140'\u003eThursday, but\u003c/span\u003e \u003cspan m='3868635'\u003ewhat is\u003c/span\u003e \u003cspan m='3869130'\u003ethe\u003c/span\u003e \u003cspan m='3870615'\u003ethought\u003c/span\u003e \u003cspan m='3871110'\u003eon the\u003c/span\u003e \u003cspan m='3871605'\u003eside of\u003c/span\u003e \u003cspan m='3872100'\u003ethe\u003c/span\u003e \u003cspan m='3872595'\u003eexchanges?\u003c/span\u003e \u003cspan m='3873090'\u003eDo you\u003c/span\u003e \u003cspan m='3873585'\u003ethink\u003c/span\u003e \u003cspan m='3874080'\u003ethat\u003c/span\u003e \u003cspan m='3874575'\u003ethere will\u003c/span\u003e \u003cspan m='3875070'\u003ebe a\u003c/span\u003e \u003cspan m='3875565'\u003ehuge cost\u003c/span\u003e \u003cspan m='3876060'\u003eto them\u003c/span\u003e \u003cspan m='3876555'\u003eto come\u003c/span\u003e \u003cspan m='3877050'\u003einto\u003c/span\u003e \u003cspan m='3877545'\u003ecompliance?\u003c/span\u003e \u003cspan m='3878040'\u003eOr do\u003c/span\u003e \u003cspan m='3878535'\u003ethey\u003c/span\u003e \u003cspan m='3879030'\u003ethink that\u003c/span\u003e \u003cspan m='3879525'\u003ethey're\u003c/span\u003e \u003cspan m='3880020'\u003egoing to\u003c/span\u003e \u003cspan m='3880515'\u003elose members\u003c/span\u003e \u003cspan m='3881010'\u003eor\u003c/span\u003e \u003cspan m='3881505'\u003emaybe even\u003c/span\u003e \u003cspan m='3882000'\u003eit would\u003c/span\u003e \u003cspan m='3882495'\u003eincrease\u003c/span\u003e \u003cspan m='3882990'\u003ebecause\u003c/span\u003e \u003cspan m='3883485'\u003eit's\u003c/span\u003e \u003cspan m='3884010'\u003e[INAUDIBLE]?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3884600'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='3884730'\u003eSo\u003c/span\u003e \u003cspan m='3885120'\u003ea\u003c/span\u003e \u003cspan m='3885230'\u003every\u003c/span\u003e \u003cspan m='3885650'\u003egood\u003c/span\u003e \u003cspan m='3885800'\u003equestion.\u003c/span\u003e \u003cspan m='3887730'\u003eWhat\u003c/span\u003e \u003cspan m='3887990'\u003edoes\u003c/span\u003e \u003cspan m='3888320'\u003ebeing\u003c/span\u003e \u003cspan m='3889460'\u003ecompliant\u003c/span\u003e \u003cspan m='3890300'\u003ewith\u003c/span\u003e \u003cspan m='3890480'\u003esome\u003c/span\u003e \u003cspan m='3890840'\u003ebroad\u003c/span\u003e \u003cspan m='3891230'\u003epublic\u003c/span\u003e \u003cspan m='3891530'\u003epolicy\u003c/span\u003e \u003cspan m='3892010'\u003enorms\u003c/span\u003e \u003cspan m='3892430'\u003edo?\u003c/span\u003e \u003cspan m='3892730'\u003eAnd\u003c/span\u003e \u003cspan m='3892820'\u003eI\u003c/span\u003e \u003cspan m='3892910'\u003ethink\u003c/span\u003e \u003cspan m='3893090'\u003ethere's\u003c/span\u003e \u003cspan m='3893270'\u003eprobably\u003c/span\u003e \u003cspan m='3893810'\u003edifferent\u003c/span\u003e \u003cspan m='3894110'\u003ebusiness\u003c/span\u003e \u003cspan m='3894530'\u003emodels.\u003c/span\u003e \u003cspan m='3895370'\u003eIf\u003c/span\u003e \u003cspan m='3895520'\u003eyou're\u003c/span\u003e \u003cspan m='3895700'\u003ean\u003c/span\u003e \u003cspan m='3895790'\u003eincumbent,\u003c/span\u003e \u003cspan m='3896360'\u003elike\u003c/span\u003e \u003cspan m='3896570'\u003eNASDAQ--\u003c/span\u003e \u003cspan m='3897350'\u003eand\u003c/span\u003e \u003cspan m='3897440'\u003ethere\u003c/span\u003e \u003cspan m='3897530'\u003ewas\u003c/span\u003e \u003cspan m='3897680'\u003ea\u003c/span\u003e \u003cspan m='3897740'\u003ebrief\u003c/span\u003e \u003cspan m='3898070'\u003earticle\u003c/span\u003e \u003cspan m='3898850'\u003ewhen\u003c/span\u003e \u003cspan m='3899080'\u003eAdena\u003c/span\u003e \u003cspan m='3899450'\u003eFriedman\u003c/span\u003e \u003cspan m='3899900'\u003ewho\u003c/span\u003e \u003cspan m='3899960'\u003eruns\u003c/span\u003e \u003cspan m='3900200'\u003eNASDAQ\u003c/span\u003e \u003cspan m='3900740'\u003esaid\u003c/span\u003e \u003cspan m='3900920'\u003eshe\u003c/span\u003e \u003cspan m='3901070'\u003ewanted\u003c/span\u003e \u003cspan m='3901310'\u003eto\u003c/span\u003e \u003cspan m='3901400'\u003ebe\u003c/span\u003e \u003cspan m='3901520'\u003ein\u003c/span\u003e \u003cspan m='3901610'\u003ethis\u003c/span\u003e \u003cspan m='3901700'\u003espace.\u003c/span\u003e \u003cspan m='3902550'\u003eIf\u003c/span\u003e \u003cspan m='3902570'\u003eyou're\u003c/span\u003e \u003cspan m='3902690'\u003eNASDAQ,\u003c/span\u003e \u003cspan m='3903350'\u003eif\u003c/span\u003e \u003cspan m='3903470'\u003eyou're\u003c/span\u003e \u003cspan m='3903620'\u003eCME,\u003c/span\u003e \u003cspan m='3904700'\u003eif\u003c/span\u003e \u003cspan m='3904850'\u003eyou're\u003c/span\u003e \u003cspan m='3904970'\u003eDeutsche\u003c/span\u003e \u003cspan m='3905390'\u003eBorse\u003c/span\u003e \u003cspan m='3905840'\u003ein\u003c/span\u003e \u003cspan m='3906200'\u003eGermany,\u003c/span\u003e \u003cspan m='3906800'\u003eif\u003c/span\u003e \u003cspan m='3906950'\u003eyou're\u003c/span\u003e \u003cspan m='3907640'\u003eICE,\u003c/span\u003e \u003cspan m='3908660'\u003eyou\u003c/span\u003e \u003cspan m='3908810'\u003ereally\u003c/span\u003e \u003cspan m='3910010'\u003ealready\u003c/span\u003e \u003cspan m='3910490'\u003eknow\u003c/span\u003e \u003cspan m='3910610'\u003ehow\u003c/span\u003e \u003cspan m='3910760'\u003eto\u003c/span\u003e \u003cspan m='3910850'\u003ebe\u003c/span\u003e \u003cspan m='3911000'\u003ecompliant.\u003c/span\u003e \u003cspan m='3911880'\u003eIt's\u003c/span\u003e \u003cspan m='3911930'\u003eprobably\u003c/span\u003e \u003cspan m='3912380'\u003eadvantageous\u003c/span\u003e \u003cspan m='3914360'\u003eto\u003c/span\u003e \u003cspan m='3914510'\u003ebe\u003c/span\u003e \u003cspan m='3915500'\u003eregistered\u003c/span\u003e \u003cspan m='3916340'\u003eand\u003c/span\u003e \u003cspan m='3916520'\u003efor\u003c/span\u003e \u003cspan m='3916850'\u003eall\u003c/span\u003e \u003cspan m='3917150'\u003ethose\u003c/span\u003e \u003cspan m='3917360'\u003estartups\u003c/span\u003e \u003cspan m='3917960'\u003eto\u003c/span\u003e \u003cspan m='3918050'\u003ebe\u003c/span\u003e \u003cspan m='3918170'\u003eregistered.\u003c/span\u003e \u003cspan m='3919130'\u003eIn\u003c/span\u003e \u003cspan m='3919250'\u003esome\u003c/span\u003e \u003cspan m='3919520'\u003eways,\u003c/span\u003e \u003cspan m='3919790'\u003eit\u003c/span\u003e \u003cspan m='3919940'\u003ecreates\u003c/span\u003e \u003cspan m='3920450'\u003ea\u003c/span\u003e \u003cspan m='3920480'\u003ebarrier\u003c/span\u003e \u003cspan m='3920840'\u003eto\u003c/span\u003e \u003cspan m='3920960'\u003eentry.\u003c/span\u003e \u003cspan m='3921470'\u003eBut\u003c/span\u003e \u003cspan m='3921960'\u003eyou\u003c/span\u003e \u003cspan m='3922190'\u003ewant\u003c/span\u003e \u003cspan m='3922370'\u003eto\u003c/span\u003e \u003cspan m='3922430'\u003edo\u003c/span\u003e \u003cspan m='3922610'\u003eit.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3923270'\u003eIf\u003c/span\u003e \u003cspan m='3923420'\u003eyou're\u003c/span\u003e \u003cspan m='3923580'\u003ea\u003c/span\u003e \u003cspan m='3923630'\u003estartup,\u003c/span\u003e \u003cspan m='3924380'\u003eyou\u003c/span\u003e \u003cspan m='3924470'\u003ecould\u003c/span\u003e \u003cspan m='3924620'\u003ego\u003c/span\u003e \u003cspan m='3924950'\u003eone of\u003c/span\u003e \u003cspan m='3925230'\u003etwo\u003c/span\u003e \u003cspan m='3925380'\u003epaths.\u003c/span\u003e \u003cspan m='3926340'\u003eSo\u003c/span\u003e \u003cspan m='3926570'\u003eGemini\u003c/span\u003e \u003cspan m='3927260'\u003ehere\u003c/span\u003e \u003cspan m='3927470'\u003ein\u003c/span\u003e \u003cspan m='3927560'\u003ethe\u003c/span\u003e \u003cspan m='3927660'\u003eUS\u003c/span\u003e \u003cspan m='3928280'\u003eand\u003c/span\u003e \u003cspan m='3928400'\u003eCoinbase,\u003c/span\u003e \u003cspan m='3929420'\u003eat\u003c/span\u003e \u003cspan m='3929540'\u003eleast\u003c/span\u003e \u003cspan m='3929780'\u003epublicly,\u003c/span\u003e \u003cspan m='3930350'\u003eare\u003c/span\u003e \u003cspan m='3930440'\u003esaying\u003c/span\u003e \u003cspan m='3930710'\u003ewe\u003c/span\u003e \u003cspan m='3930830'\u003ewant\u003c/span\u003e \u003cspan m='3931130'\u003eto\u003c/span\u003e \u003cspan m='3931250'\u003ebe\u003c/span\u003e \u003cspan m='3931430'\u003ecompliant.\u003c/span\u003e \u003cspan m='3932120'\u003eHow\u003c/span\u003e \u003cspan m='3932270'\u003edo\u003c/span\u003e \u003cspan m='3932390'\u003ewe\u003c/span\u003e \u003cspan m='3932510'\u003eget\u003c/span\u003e \u003cspan m='3932720'\u003ethere?\u003c/span\u003e \u003cspan m='3932930'\u003eCoinbase\u003c/span\u003e \u003cspan m='3933200'\u003emay\u003c/span\u003e \u003cspan m='3933470'\u003ebe,\u003c/span\u003e \u003cspan m='3933800'\u003ebecause\u003c/span\u003e \u003cspan m='3934160'\u003enow\u003c/span\u003e \u003cspan m='3934400'\u003ethey're\u003c/span\u003e \u003cspan m='3934550'\u003ealmost\u003c/span\u003e \u003cspan m='3934940'\u003elike\u003c/span\u003e \u003cspan m='3935150'\u003ean\u003c/span\u003e \u003cspan m='3935270'\u003eincumbent.\u003c/span\u003e \u003cspan m='3937190'\u003eAnd\u003c/span\u003e \u003cspan m='3937310'\u003eso\u003c/span\u003e \u003cspan m='3937460'\u003ethey\u003c/span\u003e \u003cspan m='3937580'\u003emight\u003c/span\u003e \u003cspan m='3937760'\u003ewant\u003c/span\u003e \u003cspan m='3937910'\u003eto\u003c/span\u003e \u003cspan m='3937970'\u003ekeep\u003c/span\u003e \u003cspan m='3939110'\u003ethe\u003c/span\u003e \u003cspan m='3939470'\u003enext\u003c/span\u003e \u003cspan m='3939800'\u003eround\u003c/span\u003e \u003cspan m='3940160'\u003eof\u003c/span\u003e \u003cspan m='3940230'\u003estartups\u003c/span\u003e \u003cspan m='3940940'\u003eout.\u003c/span\u003e \u003cspan m='3942770'\u003eBut\u003c/span\u003e \u003cspan m='3942950'\u003eI\u003c/span\u003e \u003cspan m='3943040'\u003ethink\u003c/span\u003e \u003cspan m='3943250'\u003earound\u003c/span\u003e \u003cspan m='3943580'\u003ethe\u003c/span\u003e \u003cspan m='3943670'\u003eglobe,\u003c/span\u003e \u003cspan m='3945240'\u003ethere's\u003c/span\u003e \u003cspan m='3945320'\u003eno\u003c/span\u003e \u003cspan m='3945470'\u003edoubt\u003c/span\u003e \u003cspan m='3945770'\u003ethat\u003c/span\u003e \u003cspan m='3945890'\u003eit\u003c/span\u003e \u003cspan m='3945950'\u003ewould\u003c/span\u003e \u003cspan m='3946070'\u003eraise\u003c/span\u003e \u003cspan m='3946340'\u003ecosts.\u003c/span\u003e \u003cspan m='3947540'\u003eThe\u003c/span\u003e \u003cspan m='3947660'\u003equestion\u003c/span\u003e \u003cspan m='3948050'\u003eis\u003c/span\u003e \u003cspan m='3948170'\u003ewhether\u003c/span\u003e \u003cspan m='3948500'\u003eit\u003c/span\u003e \u003cspan m='3948590'\u003ewould\u003c/span\u003e \u003cspan m='3948770'\u003eeither\u003c/span\u003e \u003cspan m='3949040'\u003esecure\u003c/span\u003e \u003cspan m='3949640'\u003eyour\u003c/span\u003e \u003cspan m='3949820'\u003emarket\u003c/span\u003e \u003cspan m='3950270'\u003eshare\u003c/span\u003e \u003cspan m='3951860'\u003eor\u003c/span\u003e \u003cspan m='3952220'\u003eflush\u003c/span\u003e \u003cspan m='3952730'\u003eout\u003c/span\u003e \u003cspan m='3952940'\u003esome\u003c/span\u003e \u003cspan m='3953120'\u003ecompetitors.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3955660'\u003eI\u003c/span\u003e \u003cspan m='3955930'\u003ewould\u003c/span\u003e \u003cspan m='3956050'\u003econtend\u003c/span\u003e \u003cspan m='3956590'\u003ethat\u003c/span\u003e \u003cspan m='3956710'\u003eit\u003c/span\u003e \u003cspan m='3956800'\u003ewould\u003c/span\u003e \u003cspan m='3956950'\u003eincrease\u003c/span\u003e \u003cspan m='3957520'\u003ethe\u003c/span\u003e \u003cspan m='3957940'\u003eoverall\u003c/span\u003e \u003cspan m='3958450'\u003esize\u003c/span\u003e \u003cspan m='3959080'\u003eof\u003c/span\u003e \u003cspan m='3959140'\u003ethe\u003c/span\u003e \u003cspan m='3959260'\u003emarket.\u003c/span\u003e \u003cspan m='3959740'\u003eBecause\u003c/span\u003e \u003cspan m='3960040'\u003emore\u003c/span\u003e \u003cspan m='3960280'\u003epeople\u003c/span\u003e \u003cspan m='3960670'\u003ewould\u003c/span\u003e \u003cspan m='3960790'\u003ebe\u003c/span\u003e \u003cspan m='3961000'\u003einterested.\u003c/span\u003e \u003cspan m='3962260'\u003eBut\u003c/span\u003e \u003cspan m='3962470'\u003esome\u003c/span\u003e \u003cspan m='3963340'\u003efear\u003c/span\u003e \u003cspan m='3963760'\u003ethat\u003c/span\u003e \u003cspan m='3963910'\u003eit\u003c/span\u003e \u003cspan m='3964000'\u003ewould\u003c/span\u003e \u003cspan m='3964120'\u003eshrink\u003c/span\u003e \u003cspan m='3964510'\u003ethe\u003c/span\u003e \u003cspan m='3964600'\u003emarket.\u003c/span\u003e \u003cspan m='3965080'\u003eBecause\u003c/span\u003e \u003cspan m='3965920'\u003eif\u003c/span\u003e \u003cspan m='3966100'\u003eyou\u003c/span\u003e \u003cspan m='3966250'\u003ehad\u003c/span\u003e \u003cspan m='3967540'\u003eknown\u003c/span\u003e \u003cspan m='3967900'\u003ebeneficial\u003c/span\u003e \u003cspan m='3968500'\u003eownership,\u003c/span\u003e \u003cspan m='3969070'\u003eif\u003c/span\u003e \u003cspan m='3969190'\u003eyou\u003c/span\u003e \u003cspan m='3969280'\u003etracked\u003c/span\u003e \u003cspan m='3969670'\u003ebeneficial\u003c/span\u003e \u003cspan m='3970270'\u003eownership\u003c/span\u003e \u003cspan m='3970660'\u003efor\u003c/span\u003e \u003cspan m='3970780'\u003e100%\u003c/span\u003e \u003cspan m='3971360'\u003eof\u003c/span\u003e \u003cspan m='3971410'\u003ethis\u003c/span\u003e \u003cspan m='3971560'\u003emarket,\u003c/span\u003e \u003cspan m='3972400'\u003esome\u003c/span\u003e \u003cspan m='3972670'\u003eworry\u003c/span\u003e \u003cspan m='3973420'\u003ethe\u003c/span\u003e \u003cspan m='3973570'\u003emarket\u003c/span\u003e \u003cspan m='3973900'\u003ewould\u003c/span\u003e \u003cspan m='3974020'\u003eshrink.\u003c/span\u003e \u003cspan m='3976000'\u003eThat's\u003c/span\u003e \u003cspan m='3976580'\u003efrom\u003c/span\u003e \u003cspan m='3976790'\u003ea\u003c/span\u003e \u003cspan m='3976850'\u003ecommercial\u003c/span\u003e \u003cspan m='3977330'\u003econcept.\u003c/span\u003e \u003cspan m='3978290'\u003eMeaning,\u003c/span\u003e \u003cspan m='3979460'\u003eif\u003c/span\u003e \u003cspan m='3979880'\u003eyou're\u003c/span\u003e \u003cspan m='3980000'\u003etracking\u003c/span\u003e \u003cspan m='3980360'\u003ebeneficial\u003c/span\u003e \u003cspan m='3980870'\u003eownership.\u003c/span\u003e \u003cspan m='3981470'\u003eQuestion\u003c/span\u003e \u003cspan m='3981870'\u003eRiham?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='3982220'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='3982450'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='3983140'\u003ethe\u003c/span\u003e \u003cspan m='3983600'\u003ewhole\u003c/span\u003e \u003cspan m='3983900'\u003eessence\u003c/span\u003e \u003cspan m='3984130'\u003eof\u003c/span\u003e \u003cspan m='3984390'\u003eBitcoin,\u003c/span\u003e \u003cspan m='3985130'\u003eall\u003c/span\u003e \u003cspan m='3985340'\u003eof\u003c/span\u003e \u003cspan m='3985430'\u003ethis\u003c/span\u003e \u003cspan m='3985670'\u003eis\u003c/span\u003e \u003cspan m='3986040'\u003ederegulation,\u003c/span\u003e \u003cspan m='3987350'\u003ebeing\u003c/span\u003e \u003cspan m='3987590'\u003eaway\u003c/span\u003e \u003cspan m='3987770'\u003efrom\u003c/span\u003e \u003cspan m='3987980'\u003ethe\u003c/span\u003e \u003cspan m='3988070'\u003egovernment,\u003c/span\u003e \u003cspan m='3989760'\u003eand\u003c/span\u003e \u003cspan m='3991570'\u003etransaction\u003c/span\u003e \u003cspan m='3992270'\u003ebetween\u003c/span\u003e \u003cspan m='3992690'\u003eindividuals\u003c/span\u003e \u003cspan m='3993530'\u003ewithout\u003c/span\u003e \u003cspan m='3993920'\u003ehaving\u003c/span\u003e \u003cspan m='3994310'\u003eregulations,\u003c/span\u003e \u003cspan m='3994650'\u003ethis\u003c/span\u003e \u003cspan m='3994990'\u003emore\u003c/span\u003e \u003cspan m='3995330'\u003elibertarian\u003c/span\u003e \u003cspan m='3996920'\u003eview\u003c/span\u003e \u003cspan m='3998270'\u003eof\u003c/span\u003e \u003cspan m='3998770'\u003eexchanges\u003c/span\u003e \u003cspan m='4000240'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4001390'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='4001525'\u003eSo\u003c/span\u003e \u003cspan m='4001960'\u003ethe\u003c/span\u003e \u003cspan m='4002110'\u003enature\u003c/span\u003e \u003cspan m='4002500'\u003eof\u003c/span\u003e \u003cspan m='4002590'\u003eyour\u003c/span\u003e \u003cspan m='4002680'\u003equestion\u003c/span\u003e \u003cspan m='4003070'\u003eis,\u003c/span\u003e \u003cspan m='4003550'\u003eisn't\u003c/span\u003e \u003cspan m='4004240'\u003eBitcoin\u003c/span\u003e \u003cspan m='4004750'\u003eand\u003c/span\u003e \u003cspan m='4004840'\u003ecrypto\u003c/span\u003e \u003cspan m='4005410'\u003eabout\u003c/span\u003e \u003cspan m='4006400'\u003esome\u003c/span\u003e \u003cspan m='4007270'\u003eoff\u003c/span\u003e \u003cspan m='4007570'\u003ethe\u003c/span\u003e \u003cspan m='4007660'\u003erails,\u003c/span\u003e \u003cspan m='4008230'\u003elibertarian,\u003c/span\u003e \u003cspan m='4009100'\u003epro\u003c/span\u003e \u003cspan m='4009370'\u003elibertarian,\u003c/span\u003e \u003cspan m='4010720'\u003epeer\u003c/span\u003e \u003cspan m='4010990'\u003eto\u003c/span\u003e \u003cspan m='4011110'\u003epeer?\u003c/span\u003e \u003cspan m='4011800'\u003eI\u003c/span\u003e \u003cspan m='4011890'\u003ethink\u003c/span\u003e \u003cspan m='4012130'\u003eit's\u003c/span\u003e \u003cspan m='4012280'\u003egenesis.\u003c/span\u003e \u003cspan m='4013150'\u003eEric,\u003c/span\u003e \u003cspan m='4013650'\u003eyou\u003c/span\u003e \u003cspan m='4013770'\u003ewant to\u003c/span\u003e \u003cspan m='4013900'\u003eanswer?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4014610'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='4014795'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='4015550'\u003ethere's\u003c/span\u003e \u003cspan m='4016120'\u003ecommon theme in the\u003c/span\u003e \u003cspan m='4017110'\u003ereading\u003c/span\u003e \u003cspan m='4017580'\u003eabout\u003c/span\u003e \u003cspan m='4018040'\u003eCoinbase\u003c/span\u003e \u003cspan m='4018490'\u003ewhere\u003c/span\u003e \u003cspan m='4019220'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='4019870'\u003ethe\u003c/span\u003e \u003cspan m='4020180'\u003efact\u003c/span\u003e \u003cspan m='4020770'\u003ethat\u003c/span\u003e \u003cspan m='4021640'\u003emore\u003c/span\u003e \u003cspan m='4021820'\u003eand\u003c/span\u003e \u003cspan m='4021910'\u003emore\u003c/span\u003e \u003cspan m='4022270'\u003epeople\u003c/span\u003e \u003cspan m='4022660'\u003ewith\u003c/span\u003e \u003cspan m='4023030'\u003ethat\u003c/span\u003e \u003cspan m='4023260'\u003elibertarian\u003c/span\u003e \u003cspan m='4023730'\u003epoint of\u003c/span\u003e \u003cspan m='4024070'\u003eview\u003c/span\u003e \u003cspan m='4024610'\u003eare\u003c/span\u003e \u003cspan m='4025000'\u003econstantly\u003c/span\u003e \u003cspan m='4025600'\u003ereminded\u003c/span\u003e \u003cspan m='4026380'\u003e[INAUDIBLE]\u003c/span\u003e \u003cspan m='4026680'\u003ethat\u003c/span\u003e \u003cspan m='4027370'\u003eit's\u003c/span\u003e \u003cspan m='4027550'\u003ekind\u003c/span\u003e \u003cspan m='4027820'\u003eof\u003c/span\u003e \u003cspan m='4027940'\u003ebetraying\u003c/span\u003e \u003cspan m='4028510'\u003ethat\u003c/span\u003e \u003cspan m='4028720'\u003eideal.\u003c/span\u003e \u003cspan m='4029860'\u003eBut\u003c/span\u003e \u003cspan m='4031870'\u003eyou\u003c/span\u003e \u003cspan m='4032290'\u003edon't\u003c/span\u003e \u003cspan m='4032560'\u003ehave to\u003c/span\u003e \u003cspan m='4032956'\u003ebelieve\u003c/span\u003e \u003cspan m='4033352'\u003eme.\u003c/span\u003e \u003cspan m='4033750'\u003eI\u003c/span\u003e \u003cspan m='4033850'\u003emean,\u003c/span\u003e \u003cspan m='4034080'\u003ehe's\u003c/span\u003e \u003cspan m='4034660'\u003etrying\u003c/span\u003e \u003cspan m='4035000'\u003eto\u003c/span\u003e \u003cspan m='4035090'\u003emake\u003c/span\u003e \u003cspan m='4035360'\u003ea\u003c/span\u003e \u003cspan m='4035390'\u003ebusiness\u003c/span\u003e \u003cspan m='4035900'\u003eout\u003c/span\u003e \u003cspan m='4036080'\u003eof\u003c/span\u003e \u003cspan m='4036230'\u003ethis.\u003c/span\u003e \u003cspan m='4037220'\u003eSo\u003c/span\u003e \u003cspan m='4037640'\u003ebeing\u003c/span\u003e \u003cspan m='4038000'\u003ecompliant\u003c/span\u003e \u003cspan m='4038375'\u003ewith\u003c/span\u003e \u003cspan m='4038750'\u003ethat\u003c/span\u003e \u003cspan m='4039050'\u003eis\u003c/span\u003e \u003cspan m='4039260'\u003eactually\u003c/span\u003e \u003cspan m='4039650'\u003etrying\u003c/span\u003e \u003cspan m='4040040'\u003eto\u003c/span\u003e \u003cspan m='4040370'\u003ebroaden\u003c/span\u003e \u003cspan m='4040850'\u003ethe\u003c/span\u003e \u003cspan m='4040940'\u003ebase\u003c/span\u003e \u003cspan m='4041500'\u003eof\u003c/span\u003e \u003cspan m='4041700'\u003ecustomers\u003c/span\u003e \u003cspan m='4042070'\u003eand\u003c/span\u003e \u003cspan m='4042230'\u003emake\u003c/span\u003e \u003cspan m='4042450'\u003ethe\u003c/span\u003e \u003cspan m='4042775'\u003ebusiness\u003c/span\u003e \u003cspan m='4043100'\u003emore\u003c/span\u003e \u003cspan m='4043720'\u003eprofitable\u003c/span\u003e \u003cspan m='4044690'\u003eand\u003c/span\u003e \u003cspan m='4045170'\u003egrowth.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4046640'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='4046730'\u003eI\u003c/span\u003e \u003cspan m='4046820'\u003ethink\u003c/span\u003e \u003cspan m='4047270'\u003ethat\u003c/span\u003e \u003cspan m='4049070'\u003eto\u003c/span\u003e \u003cspan m='4049220'\u003ego\u003c/span\u003e \u003cspan m='4049430'\u003efrom\u003c/span\u003e \u003cspan m='4049610'\u003ea\u003c/span\u003e \u003cspan m='4049670'\u003e$200\u003c/span\u003e \u003cspan m='4050180'\u003ebillion\u003c/span\u003e \u003cspan m='4050480'\u003emarket\u003c/span\u003e \u003cspan m='4051170'\u003eto\u003c/span\u003e \u003cspan m='4051350'\u003e$2\u003c/span\u003e \u003cspan m='4051620'\u003etrillion\u003c/span\u003e \u003cspan m='4052070'\u003eor\u003c/span\u003e \u003cspan m='4052130'\u003e$10\u003c/span\u003e \u003cspan m='4052430'\u003etrillion,\u003c/span\u003e \u003cspan m='4053270'\u003eit's\u003c/span\u003e \u003cspan m='4053480'\u003egot\u003c/span\u003e \u003cspan m='4053680'\u003eto\u003c/span\u003e \u003cspan m='4053780'\u003ecome\u003c/span\u003e \u003cspan m='4054050'\u003einside\u003c/span\u003e \u003cspan m='4054410'\u003ethe\u003c/span\u003e \u003cspan m='4054500'\u003epublic\u003c/span\u003e \u003cspan m='4054830'\u003epolicy\u003c/span\u003e \u003cspan m='4055340'\u003eenvelope.\u003c/span\u003e \u003cspan m='4056330'\u003eI\u003c/span\u003e \u003cspan m='4056540'\u003ejust\u003c/span\u003e \u003cspan m='4056750'\u003edon't\u003c/span\u003e \u003cspan m='4057020'\u003esee\u003c/span\u003e \u003cspan m='4059320'\u003eparticularly,\u003c/span\u003e \u003cspan m='4060250'\u003elowering\u003c/span\u003e \u003cspan m='4061180'\u003ethe\u003c/span\u003e \u003cspan m='4061300'\u003erisk\u003c/span\u003e \u003cspan m='4061810'\u003eof\u003c/span\u003e \u003cspan m='4061930'\u003emanipulation\u003c/span\u003e \u003cspan m='4062770'\u003eand\u003c/span\u003e \u003cspan m='4062890'\u003efraud.\u003c/span\u003e \u003cspan m='4064270'\u003eThen\u003c/span\u003e \u003cspan m='4064390'\u003eyou're\u003c/span\u003e \u003cspan m='4064480'\u003egoing\u003c/span\u003e \u003cspan m='4064600'\u003eto\u003c/span\u003e \u003cspan m='4064660'\u003ehave\u003c/span\u003e \u003cspan m='4064840'\u003ea\u003c/span\u003e \u003cspan m='4064900'\u003ebroader\u003c/span\u003e \u003cspan m='4066670'\u003esocietal\u003c/span\u003e \u003cspan m='4067570'\u003eacceptance.\u003c/span\u003e \u003cspan m='4068320'\u003eAnd\u003c/span\u003e \u003cspan m='4068440'\u003einvestor\u003c/span\u003e \u003cspan m='4068980'\u003eprotection\u003c/span\u003e \u003cspan m='4069640'\u003ematters.\u003c/span\u003e \u003cspan m='4070900'\u003eBut\u003c/span\u003e \u003cspan m='4072280'\u003ethere\u003c/span\u003e \u003cspan m='4072430'\u003eare\u003c/span\u003e \u003cspan m='4072490'\u003eothers\u003c/span\u003e \u003cspan m='4072790'\u003eon\u003c/span\u003e \u003cspan m='4072880'\u003ethe\u003c/span\u003e \u003cspan m='4072970'\u003eother\u003c/span\u003e \u003cspan m='4073150'\u003eside\u003c/span\u003e \u003cspan m='4073420'\u003eof\u003c/span\u003e \u003cspan m='4073480'\u003ethat.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4074950'\u003eThese\u003c/span\u003e \u003cspan m='4075160'\u003eare\u003c/span\u003e \u003cspan m='4075290'\u003eon\u003c/span\u003e \u003cspan m='4075400'\u003ethe\u003c/span\u003e \u003cspan m='4075490'\u003enumbers.\u003c/span\u003e \u003cspan m='4076040'\u003eI'm\u003c/span\u003e \u003cspan m='4076060'\u003enot\u003c/span\u003e \u003cspan m='4076180'\u003egoing\u003c/span\u003e \u003cspan m='4076300'\u003eto\u003c/span\u003e \u003cspan m='4076360'\u003estay\u003c/span\u003e \u003cspan m='4076660'\u003eon\u003c/span\u003e \u003cspan m='4076810'\u003eit.\u003c/span\u003e \u003cspan m='4076900'\u003eBut\u003c/span\u003e \u003cspan m='4077230'\u003ethis\u003c/span\u003e \u003cspan m='4077470'\u003eis\u003c/span\u003e \u003cspan m='4077590'\u003ejust\u003c/span\u003e \u003cspan m='4077770'\u003eto\u003c/span\u003e \u003cspan m='4077860'\u003esay\u003c/span\u003e \u003cspan m='4079120'\u003eone\u003c/span\u003e \u003cspan m='4079360'\u003ething\u003c/span\u003e \u003cspan m='4079630'\u003eCrypto\u003c/span\u003e \u003cspan m='4080560'\u003eCompare\u003c/span\u003e \u003cspan m='4081040'\u003edoes\u003c/span\u003e \u003cspan m='4081380'\u003eis\u003c/span\u003e \u003cspan m='4081700'\u003eaverage\u003c/span\u003e \u003cspan m='4082090'\u003edaily\u003c/span\u003e \u003cspan m='4082420'\u003evisitors\u003c/span\u003e \u003cspan m='4083170'\u003eversus\u003c/span\u003e \u003cspan m='4083680'\u003etheir\u003c/span\u003e \u003cspan m='4083830'\u003evolume.\u003c/span\u003e \u003cspan m='4084870'\u003eCoinbase's\u003c/span\u003e \u003cspan m='4085810'\u003eaverage\u003c/span\u003e \u003cspan m='4086230'\u003edaily\u003c/span\u003e \u003cspan m='4086560'\u003evisitors\u003c/span\u003e \u003cspan m='4087880'\u003eis\u003c/span\u003e \u003cspan m='4088720'\u003eyou\u003c/span\u003e \u003cspan m='4088840'\u003ecan\u003c/span\u003e \u003cspan m='4088990'\u003esee\u003c/span\u003e \u003cspan m='4089140'\u003ethat\u003c/span\u003e \u003cspan m='4089260'\u003ea\u003c/span\u003e \u003cspan m='4089300'\u003ehighest\u003c/span\u003e \u003cspan m='4089770'\u003eread\u003c/span\u003e \u003cspan m='4089980'\u003echart\u003c/span\u003e \u003cspan m='4090400'\u003ecompared\u003c/span\u003e \u003cspan m='4090820'\u003eto\u003c/span\u003e \u003cspan m='4090910'\u003etheir\u003c/span\u003e \u003cspan m='4091030'\u003evolume.\u003c/span\u003e \u003cspan m='4091990'\u003eThey\u003c/span\u003e \u003cspan m='4092140'\u003eprobably\u003c/span\u003e \u003cspan m='4092560'\u003ehave\u003c/span\u003e \u003cspan m='4092830'\u003elegitimate\u003c/span\u003e \u003cspan m='4093460'\u003euse.\u003c/span\u003e \u003cspan m='4094920'\u003eThe\u003c/span\u003e \u003cspan m='4095220'\u003etwo,\u003c/span\u003e \u003cspan m='4096080'\u003eZB\u003c/span\u003e \u003cspan m='4096859'\u003eand\u003c/span\u003e \u003cspan m='4097010'\u003eEXX,\u003c/span\u003e \u003cspan m='4098630'\u003ealmost\u003c/span\u003e \u003cspan m='4098960'\u003ehave\u003c/span\u003e \u003cspan m='4099109'\u003eno\u003c/span\u003e \u003cspan m='4099319'\u003evisitors.\u003c/span\u003e \u003cspan m='4099890'\u003eAnd\u003c/span\u003e \u003cspan m='4099979'\u003ethey\u003c/span\u003e \u003cspan m='4100100'\u003ereport\u003c/span\u003e \u003cspan m='4100490'\u003ea\u003c/span\u003e \u003cspan m='4100520'\u003elot\u003c/span\u003e \u003cspan m='4100729'\u003eof\u003c/span\u003e \u003cspan m='4100790'\u003evolume.\u003c/span\u003e \u003cspan m='4102840'\u003eSo\u003c/span\u003e \u003cspan m='4102950'\u003eit's\u003c/span\u003e \u003cspan m='4103100'\u003ejust\u003c/span\u003e \u003cspan m='4103310'\u003ean\u003c/span\u003e \u003cspan m='4103399'\u003einteresting\u003c/span\u003e \u003cspan m='4103939'\u003estatistic\u003c/span\u003e \u003cspan m='4104600'\u003eto\u003c/span\u003e \u003cspan m='4104720'\u003esort\u003c/span\u003e \u003cspan m='4104990'\u003eof\u003c/span\u003e \u003cspan m='4105050'\u003esay--\u003c/span\u003e \u003cspan m='4107930'\u003eand\u003c/span\u003e \u003cspan m='4108170'\u003eit\u003c/span\u003e \u003cspan m='4108290'\u003emight\u003c/span\u003e \u003cspan m='4108560'\u003ewell\u003c/span\u003e \u003cspan m='4108770'\u003ebe\u003c/span\u003e \u003cspan m='4108950'\u003ethat\u003c/span\u003e \u003cspan m='4109100'\u003eBinance's\u003c/span\u003e \u003cspan m='4109819'\u003evolume\u003c/span\u003e \u003cspan m='4110240'\u003estatistics\u003c/span\u003e \u003cspan m='4110930'\u003eare\u003c/span\u003e \u003cspan m='4111020'\u003eaccurate.\u003c/span\u003e \u003cspan m='4112420'\u003eThey're\u003c/span\u003e \u003cspan m='4112609'\u003ejust\u003c/span\u003e \u003cspan m='4112819'\u003ea\u003c/span\u003e \u003cspan m='4112880'\u003ecrypto\u003c/span\u003e \u003cspan m='4113300'\u003eto\u003c/span\u003e \u003cspan m='4113390'\u003ecrypto\u003c/span\u003e \u003cspan m='4113840'\u003eexchange.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4115340'\u003eBut\u003c/span\u003e \u003cspan m='4115609'\u003ethey\u003c/span\u003e \u003cspan m='4115819'\u003ealso,\u003c/span\u003e \u003cspan m='4116180'\u003etheir\u003c/span\u003e \u003cspan m='4116330'\u003eratio\u003c/span\u003e \u003cspan m='4116899'\u003eof\u003c/span\u003e \u003cspan m='4116990'\u003evisitors\u003c/span\u003e \u003cspan m='4117529'\u003eto\u003c/span\u003e \u003cspan m='4117649'\u003evolume\u003c/span\u003e \u003cspan m='4118189'\u003eis\u003c/span\u003e \u003cspan m='4118310'\u003every\u003c/span\u003e \u003cspan m='4118550'\u003edifferent\u003c/span\u003e \u003cspan m='4118850'\u003ethan\u003c/span\u003e \u003cspan m='4118970'\u003eCoinbase.\u003c/span\u003e \u003cspan m='4122439'\u003eJust\u003c/span\u003e \u003cspan m='4122649'\u003eto\u003c/span\u003e \u003cspan m='4122950'\u003egive\u003c/span\u003e \u003cspan m='4123160'\u003eyou\u003c/span\u003e \u003cspan m='4123220'\u003ea\u003c/span\u003e \u003cspan m='4123279'\u003elittle\u003c/span\u003e \u003cspan m='4123460'\u003eflavor\u003c/span\u003e \u003cspan m='4123880'\u003efor\u003c/span\u003e \u003cspan m='4124060'\u003ethe\u003c/span\u003e \u003cspan m='4124210'\u003ecraziness\u003c/span\u003e \u003cspan m='4124870'\u003eout\u003c/span\u003e \u003cspan m='4125050'\u003ethere.\u003c/span\u003e \u003cspan m='4126370'\u003eInvestor\u003c/span\u003e \u003cspan m='4126790'\u003eprotection.\u003c/span\u003e \u003cspan m='4127359'\u003eI\u003c/span\u003e \u003cspan m='4127479'\u003esort\u003c/span\u003e \u003cspan m='4127689'\u003eof\u003c/span\u003e \u003cspan m='4127750'\u003esaid\u003c/span\u003e \u003cspan m='4127990'\u003einvestor\u003c/span\u003e \u003cspan m='4128350'\u003eprotection\u003c/span\u003e \u003cspan m='4128890'\u003eis\u003c/span\u003e \u003cspan m='4129069'\u003ecritical.\u003c/span\u003e \u003cspan m='4130399'\u003eWe're\u003c/span\u003e \u003cspan m='4130420'\u003egoing\u003c/span\u003e \u003cspan m='4130540'\u003eto\u003c/span\u003e \u003cspan m='4130600'\u003etalk\u003c/span\u003e \u003cspan m='4130779'\u003eabout\u003c/span\u003e \u003cspan m='4131020'\u003ethis\u003c/span\u003e \u003cspan m='4131600'\u003ein\u003c/span\u003e \u003cspan m='4132310'\u003ea\u003c/span\u003e \u003cspan m='4132370'\u003eweek\u003c/span\u003e \u003cspan m='4132640'\u003eor\u003c/span\u003e \u003cspan m='4132700'\u003eso\u003c/span\u003e \u003cspan m='4132910'\u003eabout\u003c/span\u003e \u003cspan m='4133210'\u003einitial\u003c/span\u003e \u003cspan m='4133580'\u003ecoin\u003c/span\u003e \u003cspan m='4133840'\u003eofferings.\u003c/span\u003e \u003cspan m='4134420'\u003eBut\u003c/span\u003e \u003cspan m='4134439'\u003eit's\u003c/span\u003e \u003cspan m='4134560'\u003efurther\u003c/span\u003e \u003cspan m='4135100'\u003ethan\u003c/span\u003e \u003cspan m='4135279'\u003econsumer\u003c/span\u003e \u003cspan m='4135760'\u003eprotection.\u003c/span\u003e \u003cspan m='4137710'\u003eAnd\u003c/span\u003e \u003cspan m='4138040'\u003eimportantly,\u003c/span\u003e \u003cspan m='4138700'\u003ebecause\u003c/span\u003e \u003cspan m='4139600'\u003ewe\u003c/span\u003e \u003cspan m='4139810'\u003eaddress.\u003c/span\u003e \u003cspan m='4140560'\u003eWe\u003c/span\u003e \u003cspan m='4140770'\u003eknow.\u003c/span\u003e \u003cspan m='4141130'\u003eWe\u003c/span\u003e \u003cspan m='4141330'\u003eare\u003c/span\u003e \u003cspan m='4141460'\u003ehonest.\u003c/span\u003e \u003cspan m='4141880'\u003eWe're\u003c/span\u003e \u003cspan m='4142060'\u003eearnest\u003c/span\u003e \u003cspan m='4142450'\u003eabout\u003c/span\u003e \u003cspan m='4142630'\u003eit.\u003c/span\u003e \u003cspan m='4142700'\u003eWe\u003c/span\u003e \u003cspan m='4142779'\u003esay,\u003c/span\u003e \u003cspan m='4142930'\u003eyes,\u003c/span\u003e \u003cspan m='4143229'\u003ethere\u003c/span\u003e \u003cspan m='4143319'\u003eare\u003c/span\u003e \u003cspan m='4143350'\u003econflicts\u003c/span\u003e \u003cspan m='4143859'\u003eof\u003c/span\u003e \u003cspan m='4143950'\u003einterest.\u003c/span\u003e \u003cspan m='4144310'\u003eHow\u003c/span\u003e \u003cspan m='4144460'\u003ecan\u003c/span\u003e \u003cspan m='4144609'\u003ewe\u003c/span\u003e \u003cspan m='4144729'\u003eaddress\u003c/span\u003e \u003cspan m='4145120'\u003econflicts\u003c/span\u003e \u003cspan m='4145600'\u003eof\u003c/span\u003e \u003cspan m='4145689'\u003einterest?\u003c/span\u003e \u003cspan m='4146290'\u003eYou\u003c/span\u003e \u003cspan m='4146410'\u003edon't\u003c/span\u003e \u003cspan m='4146620'\u003eban\u003c/span\u003e \u003cspan m='4147010'\u003econflicts\u003c/span\u003e \u003cspan m='4147580'\u003eof\u003c/span\u003e \u003cspan m='4147670'\u003einterest.\u003c/span\u003e \u003cspan m='4148160'\u003eBut\u003c/span\u003e \u003cspan m='4148210'\u003eyou\u003c/span\u003e \u003cspan m='4148300'\u003esort\u003c/span\u003e \u003cspan m='4148479'\u003eof\u003c/span\u003e \u003cspan m='4148540'\u003esay,\u003c/span\u003e \u003cspan m='4149080'\u003eis\u003c/span\u003e \u003cspan m='4149200'\u003ethere\u003c/span\u003e \u003cspan m='4149319'\u003eways\u003c/span\u003e \u003cspan m='4149680'\u003eto\u003c/span\u003e \u003cspan m='4149800'\u003emanage\u003c/span\u003e \u003cspan m='4150310'\u003eit?\u003c/span\u003e \u003cspan m='4151180'\u003eHow\u003c/span\u003e \u003cspan m='4151390'\u003edo\u003c/span\u003e \u003cspan m='4151479'\u003ewe\u003c/span\u003e \u003cspan m='4151630'\u003epromote\u003c/span\u003e \u003cspan m='4152109'\u003emarket\u003c/span\u003e \u003cspan m='4152500'\u003eintegrity\u003c/span\u003e \u003cspan m='4153189'\u003ethrough\u003c/span\u003e \u003cspan m='4153460'\u003etransparency\u003c/span\u003e \u003cspan m='4154689'\u003eand\u003c/span\u003e \u003cspan m='4154870'\u003erules\u003c/span\u003e \u003cspan m='4155290'\u003eof\u003c/span\u003e \u003cspan m='4155380'\u003eanti-manipulation?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4156970'\u003eSo\u003c/span\u003e \u003cspan m='4157149'\u003eit's\u003c/span\u003e \u003cspan m='4157270'\u003ekind\u003c/span\u003e \u003cspan m='4157510'\u003eof\u003c/span\u003e \u003cspan m='4157569'\u003ethose,\u003c/span\u003e \u003cspan m='4158140'\u003eyou\u003c/span\u003e \u003cspan m='4158229'\u003eknow,\u003c/span\u003e \u003cspan m='4158439'\u003ethe\u003c/span\u003e \u003cspan m='4158560'\u003erealities\u003c/span\u003e \u003cspan m='4159430'\u003eof\u003c/span\u003e \u003cspan m='4159580'\u003ehumanity.\u003c/span\u003e \u003cspan m='4160740'\u003eAnd\u003c/span\u003e \u003cspan m='4160890'\u003ewe\u003c/span\u003e \u003cspan m='4161000'\u003esay,\u003c/span\u003e \u003cspan m='4161140'\u003ewell,\u003c/span\u003e \u003cspan m='4161410'\u003ehow\u003c/span\u003e \u003cspan m='4161620'\u003ecan\u003c/span\u003e \u003cspan m='4161770'\u003ewe\u003c/span\u003e \u003cspan m='4161890'\u003esort\u003c/span\u003e \u003cspan m='4162100'\u003eof\u003c/span\u003e \u003cspan m='4162490'\u003eput\u003c/span\u003e \u003cspan m='4162700'\u003esome\u003c/span\u003e \u003cspan m='4162880'\u003etraffic\u003c/span\u003e \u003cspan m='4163420'\u003elights\u003c/span\u003e \u003cspan m='4163930'\u003eand\u003c/span\u003e \u003cspan m='4164080'\u003espeed\u003c/span\u003e \u003cspan m='4164439'\u003elimits\u003c/span\u003e \u003cspan m='4164859'\u003ein\u003c/span\u003e \u003cspan m='4164979'\u003ethe\u003c/span\u003e \u003cspan m='4165069'\u003esystem\u003c/span\u003e \u003cspan m='4167029'\u003eto\u003c/span\u003e \u003cspan m='4168500'\u003egive\u003c/span\u003e \u003cspan m='4168710'\u003epeople\u003c/span\u003e \u003cspan m='4168920'\u003econfidence\u003c/span\u003e \u003cspan m='4169460'\u003ethat\u003c/span\u003e \u003cspan m='4169560'\u003edrive\u003c/span\u003e \u003cspan m='4169880'\u003ethe\u003c/span\u003e \u003cspan m='4170000'\u003eroads?\u003c/span\u003e \u003cspan m='4170720'\u003eAnd\u003c/span\u003e \u003cspan m='4170810'\u003eby\u003c/span\u003e \u003cspan m='4170920'\u003ethe\u003c/span\u003e \u003cspan m='4171020'\u003eway,\u003c/span\u003e \u003cspan m='4171180'\u003eRahim,\u003c/span\u003e \u003cspan m='4172550'\u003eI\u003c/span\u003e \u003cspan m='4172700'\u003ecan't\u003c/span\u003e \u003cspan m='4172970'\u003etell\u003c/span\u003e \u003cspan m='4173240'\u003eyou,\u003c/span\u003e \u003cspan m='4173330'\u003ebecause\u003c/span\u003e \u003cspan m='4173600'\u003eI\u003c/span\u003e \u003cspan m='4173689'\u003ewasn't\u003c/span\u003e \u003cspan m='4174020'\u003ethere\u003c/span\u003e \u003cspan m='4174180'\u003earound\u003c/span\u003e \u003cspan m='4174439'\u003ethe\u003c/span\u003e \u003cspan m='4174529'\u003edebates\u003c/span\u003e \u003cspan m='4175010'\u003ein\u003c/span\u003e \u003cspan m='4175069'\u003ethe\u003c/span\u003e \u003cspan m='4175160'\u003enineteen\u003c/span\u003e \u003cspan m='4175530'\u003eteens\u003c/span\u003e \u003cspan m='4176270'\u003eand\u003c/span\u003e \u003cspan m='4176359'\u003ethe\u003c/span\u003e \u003cspan m='4176420'\u003e1920s.\u003c/span\u003e \u003cspan m='4177300'\u003eBut\u003c/span\u003e \u003cspan m='4177500'\u003eyou\u003c/span\u003e \u003cspan m='4177590'\u003ecan\u003c/span\u003e \u003cspan m='4177740'\u003ebe\u003c/span\u003e \u003cspan m='4177859'\u003eassured\u003c/span\u003e \u003cspan m='4178279'\u003ethere\u003c/span\u003e \u003cspan m='4178399'\u003ewere\u003c/span\u003e \u003cspan m='4178520'\u003edebates\u003c/span\u003e \u003cspan m='4179590'\u003ein\u003c/span\u003e \u003cspan m='4181130'\u003ewhether\u003c/span\u003e \u003cspan m='4181520'\u003eto\u003c/span\u003e \u003cspan m='4181609'\u003eput\u003c/span\u003e \u003cspan m='4181910'\u003ethe\u003c/span\u003e \u003cspan m='4182000'\u003efirst\u003c/span\u003e \u003cspan m='4182330'\u003etraffic\u003c/span\u003e \u003cspan m='4182870'\u003elight\u003c/span\u003e \u003cspan m='4183170'\u003eout.\u003c/span\u003e \u003cspan m='4184990'\u003eLiterally,\u003c/span\u003e \u003cspan m='4185890'\u003eyou\u003c/span\u003e \u003cspan m='4185979'\u003eknow?\u003c/span\u003e \u003cspan m='4186700'\u003eWhether\u003c/span\u003e \u003cspan m='4186970'\u003eto\u003c/span\u003e \u003cspan m='4187060'\u003eput\u003c/span\u003e \u003cspan m='4187270'\u003ethe\u003c/span\u003e \u003cspan m='4187359'\u003efirst\u003c/span\u003e \u003cspan m='4187660'\u003ecrosswalks.\u003c/span\u003e \u003cspan m='4189040'\u003eAnd\u003c/span\u003e \u003cspan m='4189130'\u003edo\u003c/span\u003e \u003cspan m='4189250'\u003etraffic\u003c/span\u003e \u003cspan m='4189819'\u003elights\u003c/span\u003e \u003cspan m='4190149'\u003eand\u003c/span\u003e \u003cspan m='4190240'\u003ecrosswalks\u003c/span\u003e \u003cspan m='4191350'\u003erestrict\u003c/span\u003e \u003cspan m='4192010'\u003ethe\u003c/span\u003e \u003cspan m='4192130'\u003euse\u003c/span\u003e \u003cspan m='4192430'\u003eof\u003c/span\u003e \u003cspan m='4192550'\u003eautomobiles?\u003c/span\u003e \u003cspan m='4194260'\u003eAbsolutely.\u003c/span\u003e \u003cspan m='4196590'\u003eAbsolutely.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4198240'\u003eBut\u003c/span\u003e \u003cspan m='4199170'\u003ethink\u003c/span\u003e \u003cspan m='4199410'\u003eabout\u003c/span\u003e \u003cspan m='4199680'\u003ethis.\u003c/span\u003e \u003cspan m='4199990'\u003eDid\u003c/span\u003e \u003cspan m='4200100'\u003ethey\u003c/span\u003e \u003cspan m='4200250'\u003epromote\u003c/span\u003e \u003cspan m='4200670'\u003ethe\u003c/span\u003e \u003cspan m='4200790'\u003esales\u003c/span\u003e \u003cspan m='4201300'\u003eof\u003c/span\u003e \u003cspan m='4201450'\u003eautomobiles?\u003c/span\u003e \u003cspan m='4203430'\u003eAnd\u003c/span\u003e \u003cspan m='4203580'\u003eI\u003c/span\u003e \u003cspan m='4203760'\u003ewould\u003c/span\u003e \u003cspan m='4203880'\u003econtend\u003c/span\u003e \u003cspan m='4204300'\u003ethey\u003c/span\u003e \u003cspan m='4204480'\u003ealso\u003c/span\u003e \u003cspan m='4204870'\u003epromoted\u003c/span\u003e \u003cspan m='4205290'\u003ethe\u003c/span\u003e \u003cspan m='4205380'\u003esales\u003c/span\u003e \u003cspan m='4205800'\u003eof\u003c/span\u003e \u003cspan m='4205890'\u003eautomobiles.\u003c/span\u003e \u003cspan m='4207300'\u003eThat\u003c/span\u003e \u003cspan m='4207720'\u003esimple\u003c/span\u003e \u003cspan m='4208200'\u003eregulatory\u003c/span\u003e \u003cspan m='4209070'\u003eintervention\u003c/span\u003e \u003cspan m='4210780'\u003emeant\u003c/span\u003e \u003cspan m='4210990'\u003ethat\u003c/span\u003e \u003cspan m='4211110'\u003epeople\u003c/span\u003e \u003cspan m='4211350'\u003ecould\u003c/span\u003e \u003cspan m='4211470'\u003efeel\u003c/span\u003e \u003cspan m='4211680'\u003ea\u003c/span\u003e \u003cspan m='4211710'\u003elittle\u003c/span\u003e \u003cspan m='4211920'\u003ebit\u003c/span\u003e \u003cspan m='4212070'\u003emore\u003c/span\u003e \u003cspan m='4212250'\u003esafe\u003c/span\u003e \u003cspan m='4214020'\u003ehaving\u003c/span\u003e \u003cspan m='4214410'\u003etheir\u003c/span\u003e \u003cspan m='4214560'\u003eneighbors\u003c/span\u003e \u003cspan m='4215070'\u003edrive.\u003c/span\u003e \u003cspan m='4215490'\u003eBecause\u003c/span\u003e \u003cspan m='4215670'\u003emost\u003c/span\u003e \u003cspan m='4215910'\u003epeople\u003c/span\u003e \u003cspan m='4216090'\u003edidn't\u003c/span\u003e \u003cspan m='4216270'\u003edrive.\u003c/span\u003e \u003cspan m='4217350'\u003eBut\u003c/span\u003e \u003cspan m='4217530'\u003ehaving\u003c/span\u003e \u003cspan m='4217800'\u003etheir\u003c/span\u003e \u003cspan m='4217920'\u003eneighbors\u003c/span\u003e \u003cspan m='4218400'\u003ecome\u003c/span\u003e \u003cspan m='4218640'\u003edown\u003c/span\u003e \u003cspan m='4219530'\u003epass\u003c/span\u003e \u003cspan m='4219980'\u003ethere\u003c/span\u003e \u003cspan m='4221280'\u003ewalking\u003c/span\u003e \u003cspan m='4221730'\u003eon\u003c/span\u003e \u003cspan m='4221820'\u003ethe\u003c/span\u003e \u003cspan m='4221880'\u003estreet,\u003c/span\u003e \u003cspan m='4222360'\u003ethe\u003c/span\u003e \u003cspan m='4222480'\u003epedestrians.\u003c/span\u003e \u003cspan m='4223560'\u003ePedestrians\u003c/span\u003e \u003cspan m='4224220'\u003efelt\u003c/span\u003e \u003cspan m='4224430'\u003esafer.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4225610'\u003eSo\u003c/span\u003e \u003cspan m='4225690'\u003eI\u003c/span\u003e \u003cspan m='4225750'\u003ethink\u003c/span\u003e \u003cspan m='4225930'\u003eit's\u003c/span\u003e \u003cspan m='4226350'\u003ea\u003c/span\u003e \u003cspan m='4226380'\u003ebit\u003c/span\u003e \u003cspan m='4226560'\u003eof\u003c/span\u003e \u003cspan m='4226620'\u003eboth.\u003c/span\u003e \u003cspan m='4228650'\u003eAll\u003c/span\u003e \u003cspan m='4228740'\u003eright,\u003c/span\u003e \u003cspan m='4229410'\u003eI\u003c/span\u003e \u003cspan m='4229520'\u003emight\u003c/span\u003e \u003cspan m='4230120'\u003ebe\u003c/span\u003e \u003cspan m='4230240'\u003edisclosing\u003c/span\u003e \u003cspan m='4230810'\u003emy\u003c/span\u003e \u003cspan m='4231020'\u003epoint\u003c/span\u003e \u003cspan m='4231290'\u003eof\u003c/span\u003e \u003cspan m='4231350'\u003eview.\u003c/span\u003e \u003cspan m='4232310'\u003eI\u003c/span\u003e \u003cspan m='4232430'\u003ethink\u003c/span\u003e \u003cspan m='4232640'\u003einvestor\u003c/span\u003e \u003cspan m='4233060'\u003eprotection\u003c/span\u003e \u003cspan m='4233510'\u003ebolsters\u003c/span\u003e \u003cspan m='4234050'\u003einvestor\u003c/span\u003e \u003cspan m='4234830'\u003econfidence\u003c/span\u003e \u003cspan m='4235460'\u003ein\u003c/span\u003e \u003cspan m='4235580'\u003ecapital\u003c/span\u003e \u003cspan m='4236000'\u003emarkets.\u003c/span\u003e \u003cspan m='4236600'\u003eAnd\u003c/span\u003e \u003cspan m='4236690'\u003ethat\u003c/span\u003e \u003cspan m='4236840'\u003eeverybody\u003c/span\u003e \u003cspan m='4237290'\u003ebenefits.\u003c/span\u003e \u003cspan m='4237890'\u003eBut\u003c/span\u003e \u003cspan m='4238610'\u003eyou've\u003c/span\u003e \u003cspan m='4238730'\u003egot\u003c/span\u003e \u003cspan m='4238850'\u003eto\u003c/span\u003e \u003cspan m='4238910'\u003eget\u003c/span\u003e \u003cspan m='4239030'\u003ethe\u003c/span\u003e \u003cspan m='4239120'\u003ebalance\u003c/span\u003e \u003cspan m='4239630'\u003eright.\u003c/span\u003e \u003cspan m='4240590'\u003eAnd\u003c/span\u003e \u003cspan m='4240710'\u003eI'd\u003c/span\u003e \u003cspan m='4240890'\u003erespect\u003c/span\u003e \u003cspan m='4241295'\u003eif\u003c/span\u003e \u003cspan m='4241700'\u003ehalf\u003c/span\u003e \u003cspan m='4242030'\u003eof\u003c/span\u003e \u003cspan m='4242180'\u003eyou\u003c/span\u003e \u003cspan m='4242270'\u003esay,\u003c/span\u003e \u003cspan m='4242510'\u003eno,\u003c/span\u003e \u003cspan m='4242720'\u003eit\u003c/span\u003e \u003cspan m='4242810'\u003eshould\u003c/span\u003e \u003cspan m='4242930'\u003ebe\u003c/span\u003e \u003cspan m='4243020'\u003eless\u003c/span\u003e \u003cspan m='4243290'\u003eregulation,\u003c/span\u003e \u003cspan m='4243950'\u003eand\u003c/span\u003e \u003cspan m='4244070'\u003ehave\u003c/span\u003e \u003cspan m='4244310'\u003esaid\u003c/span\u003e \u003cspan m='4244490'\u003emore.\u003c/span\u003e \u003cspan m='4245180'\u003eI'm\u003c/span\u003e \u003cspan m='4245300'\u003edisclosing\u003c/span\u003e \u003cspan m='4245585'\u003emore\u003c/span\u003e \u003cspan m='4245870'\u003ewhere\u003c/span\u003e \u003cspan m='4246830'\u003eI\u003c/span\u003e \u003cspan m='4247040'\u003eam\u003c/span\u003e \u003cspan m='4247190'\u003eand\u003c/span\u003e \u003cspan m='4247280'\u003eat\u003c/span\u003e \u003cspan m='4247370'\u003eleast\u003c/span\u003e \u003cspan m='4247580'\u003ethe\u003c/span\u003e \u003cspan m='4247670'\u003elogic\u003c/span\u003e \u003cspan m='4248570'\u003ebehind\u003c/span\u003e \u003cspan m='4248960'\u003eit.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4251240'\u003eYou\u003c/span\u003e \u003cspan m='4251360'\u003eknow\u003c/span\u003e \u003cspan m='4251510'\u003ewhat\u003c/span\u003e \u003cspan m='4251660'\u003ethe\u003c/span\u003e \u003cspan m='4251990'\u003eHowey\u003c/span\u003e \u003cspan m='4252350'\u003eTest\u003c/span\u003e \u003cspan m='4252740'\u003eis.\u003c/span\u003e \u003cspan m='4253220'\u003eWe'll\u003c/span\u003e \u003cspan m='4253370'\u003ecome\u003c/span\u003e \u003cspan m='4253580'\u003eback\u003c/span\u003e \u003cspan m='4253850'\u003eto\u003c/span\u003e \u003cspan m='4253940'\u003ethis\u003c/span\u003e \u003cspan m='4254150'\u003ein\u003c/span\u003e \u003cspan m='4254240'\u003ea\u003c/span\u003e \u003cspan m='4254300'\u003eweek\u003c/span\u003e \u003cspan m='4254570'\u003ewhen\u003c/span\u003e \u003cspan m='4254660'\u003ewe\u003c/span\u003e \u003cspan m='4254780'\u003edo\u003c/span\u003e \u003cspan m='4254960'\u003einitial\u003c/span\u003e \u003cspan m='4255290'\u003ecoin\u003c/span\u003e \u003cspan m='4255590'\u003eofferings.\u003c/span\u003e \u003cspan m='4257780'\u003eIn\u003c/span\u003e \u003cspan m='4257930'\u003ethe\u003c/span\u003e \u003cspan m='4258140'\u003ecenter\u003c/span\u003e \u003cspan m='4258470'\u003eof\u003c/span\u003e \u003cspan m='4258530'\u003ecrypto\u003c/span\u003e \u003cspan m='4258980'\u003eexchanges,\u003c/span\u003e \u003cspan m='4259700'\u003eit's\u003c/span\u003e \u003cspan m='4260090'\u003ean\u003c/span\u003e \u003cspan m='4260210'\u003eimportant\u003c/span\u003e \u003cspan m='4260660'\u003eissue\u003c/span\u003e \u003cspan m='4261440'\u003eas\u003c/span\u003e \u003cspan m='4261590'\u003eto\u003c/span\u003e \u003cspan m='4261680'\u003ewhich\u003c/span\u003e \u003cspan m='4262040'\u003ecrypto\u003c/span\u003e \u003cspan m='4262520'\u003eexchanges\u003c/span\u003e \u003cspan m='4263150'\u003ehave\u003c/span\u003e \u003cspan m='4263330'\u003ean\u003c/span\u003e \u003cspan m='4263850'\u003eICO\u003c/span\u003e \u003cspan m='4264320'\u003etoken.\u003c/span\u003e \u003cspan m='4265190'\u003eThen\u003c/span\u003e \u003cspan m='4265370'\u003ethey've\u003c/span\u003e \u003cspan m='4265550'\u003egot\u003c/span\u003e \u003cspan m='4265730'\u003eto\u003c/span\u003e \u003cspan m='4266380'\u003ekind\u003c/span\u003e \u003cspan m='4266490'\u003eof\u003c/span\u003e \u003cspan m='4266750'\u003edo\u003c/span\u003e \u003cspan m='4266900'\u003ea\u003c/span\u003e \u003cspan m='4266960'\u003elittle\u003c/span\u003e \u003cspan m='4267170'\u003ebit\u003c/span\u003e \u003cspan m='4267320'\u003emore.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4269990'\u003eHacks.\u003c/span\u003e \u003cspan m='4271640'\u003eThese\u003c/span\u003e \u003cspan m='4271880'\u003eare\u003c/span\u003e \u003cspan m='4271940'\u003ethe\u003c/span\u003e \u003cspan m='4272030'\u003ebiggest\u003c/span\u003e \u003cspan m='4272390'\u003ehacks\u003c/span\u003e \u003cspan m='4272850'\u003eI\u003c/span\u003e \u003cspan m='4272950'\u003ecould\u003c/span\u003e \u003cspan m='4273020'\u003efind.\u003c/span\u003e \u003cspan m='4273920'\u003eThese\u003c/span\u003e \u003cspan m='4274100'\u003eare\u003c/span\u003e \u003cspan m='4274160'\u003ereported\u003c/span\u003e \u003cspan m='4274730'\u003ehacks.\u003c/span\u003e \u003cspan m='4275180'\u003eWho\u003c/span\u003e \u003cspan m='4275300'\u003eknows\u003c/span\u003e \u003cspan m='4275660'\u003ewhat's\u003c/span\u003e \u003cspan m='4275870'\u003enot\u003c/span\u003e \u003cspan m='4276050'\u003ebeen\u003c/span\u003e \u003cspan m='4276200'\u003ereported?\u003c/span\u003e \u003cspan m='4277370'\u003eCoincheck\u003c/span\u003e \u003cspan m='4279010'\u003eand\u003c/span\u003e \u003cspan m='4279110'\u003eMount\u003c/span\u003e \u003cspan m='4279380'\u003eGox\u003c/span\u003e \u003cspan m='4279830'\u003eeach\u003c/span\u003e \u003cspan m='4280010'\u003eabout\u003c/span\u003e \u003cspan m='4280220'\u003ea\u003c/span\u003e \u003cspan m='4280280'\u003ehalf\u003c/span\u003e \u003cspan m='4280520'\u003ea\u003c/span\u003e \u003cspan m='4280580'\u003ebillion.\u003c/span\u003e \u003cspan m='4281750'\u003eA\u003c/span\u003e \u003cspan m='4281960'\u003ecouple\u003c/span\u003e \u003cspan m='4282350'\u003eof\u003c/span\u003e \u003cspan m='4282830'\u003e50\u003c/span\u003e \u003cspan m='4283220'\u003eto\u003c/span\u003e \u003cspan m='4283350'\u003e100,\u003c/span\u003e \u003cspan m='4284060'\u003e200.\u003c/span\u003e \u003cspan m='4286750'\u003eAnd\u003c/span\u003e \u003cspan m='4286890'\u003ehere's\u003c/span\u003e \u003cspan m='4287100'\u003ea\u003c/span\u003e \u003cspan m='4287130'\u003ebunch\u003c/span\u003e \u003cspan m='4287340'\u003eof\u003c/span\u003e \u003cspan m='4287400'\u003etiny\u003c/span\u003e \u003cspan m='4287790'\u003eones\u003c/span\u003e \u003cspan m='4289050'\u003ethat\u003c/span\u003e \u003cspan m='4289200'\u003eI've\u003c/span\u003e \u003cspan m='4289350'\u003eput.\u003c/span\u003e \u003cspan m='4290130'\u003eI\u003c/span\u003e \u003cspan m='4290250'\u003emean,\u003c/span\u003e \u003cspan m='4290400'\u003ethey'll\u003c/span\u003e \u003cspan m='4290520'\u003ebe\u003c/span\u003e \u003cspan m='4290670'\u003eon\u003c/span\u003e \u003cspan m='4290870'\u003eCanvas.\u003c/span\u003e \u003cspan m='4291480'\u003eBut\u003c/span\u003e \u003cspan m='4292230'\u003ethere's\u003c/span\u003e \u003cspan m='4292410'\u003ea\u003c/span\u003e \u003cspan m='4292500'\u003ebunch\u003c/span\u003e \u003cspan m='4292860'\u003eof\u003c/span\u003e \u003cspan m='4293520'\u003ebasically,\u003c/span\u003e \u003cspan m='4294240'\u003esteal\u003c/span\u003e \u003cspan m='4294630'\u003esomebody\u003c/span\u003e \u003cspan m='4295020'\u003eelse's\u003c/span\u003e \u003cspan m='4295320'\u003ecoins,\u003c/span\u003e \u003cspan m='4296160'\u003ebecause\u003c/span\u003e \u003cspan m='4296400'\u003ethey're\u003c/span\u003e \u003cspan m='4296640'\u003e[INAUDIBLE].\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4298590'\u003eEarlier\u003c/span\u003e \u003cspan m='4298950'\u003equestion,\u003c/span\u003e \u003cspan m='4300120'\u003ecold\u003c/span\u003e \u003cspan m='4300450'\u003estorage.\u003c/span\u003e \u003cspan m='4302230'\u003eThis\u003c/span\u003e \u003cspan m='4302380'\u003eagain,\u003c/span\u003e \u003cspan m='4303790'\u003ethanks\u003c/span\u003e \u003cspan m='4304210'\u003eto\u003c/span\u003e \u003cspan m='4304330'\u003ethe\u003c/span\u003e \u003cspan m='4304420'\u003efriends at\u003c/span\u003e \u003cspan m='4304780'\u003eCrypto\u003c/span\u003e \u003cspan m='4305140'\u003eCompare.\u003c/span\u003e \u003cspan m='4306510'\u003eIsabella,\u003c/span\u003e \u003cspan m='4307090'\u003ethat\u003c/span\u003e \u003cspan m='4307240'\u003ewas\u003c/span\u003e \u003cspan m='4307360'\u003eyour\u003c/span\u003e \u003cspan m='4307480'\u003equestion\u003c/span\u003e \u003cspan m='4307870'\u003eearlier,\u003c/span\u003e \u003cspan m='4308170'\u003eright?\u003c/span\u003e \u003cspan m='4309130'\u003eSo\u003c/span\u003e \u003cspan m='4310090'\u003eI\u003c/span\u003e \u003cspan m='4310270'\u003ecan't\u003c/span\u003e \u003cspan m='4310570'\u003ereally\u003c/span\u003e \u003cspan m='4310870'\u003etell\u003c/span\u003e \u003cspan m='4311080'\u003eyou\u003c/span\u003e \u003cspan m='4311230'\u003ewhy\u003c/span\u003e \u003cspan m='4311440'\u003eBitFlyer\u003c/span\u003e \u003cspan m='4312220'\u003eonly\u003c/span\u003e \u003cspan m='4312430'\u003ehas\u003c/span\u003e \u003cspan m='4312700'\u003e80%\u003c/span\u003e \u003cspan m='4313510'\u003ein\u003c/span\u003e \u003cspan m='4314320'\u003ecold\u003c/span\u003e \u003cspan m='4314650'\u003estorage.\u003c/span\u003e \u003cspan m='4316760'\u003eAnd\u003c/span\u003e \u003cspan m='4316910'\u003esome\u003c/span\u003e \u003cspan m='4317180'\u003eof\u003c/span\u003e \u003cspan m='4317240'\u003ethese\u003c/span\u003e \u003cspan m='4317450'\u003eothers,\u003c/span\u003e \u003cspan m='4317720'\u003elike\u003c/span\u003e \u003cspan m='4317880'\u003eBit\u003c/span\u003e \u003cspan m='4318080'\u003efor\u003c/span\u003e \u003cspan m='4318200'\u003eNexus\u003c/span\u003e \u003cspan m='4318800'\u003e96%\u003c/span\u003e \u003cspan m='4319520'\u003eor\u003c/span\u003e \u003cspan m='4319610'\u003e97%.\u003c/span\u003e \u003cspan m='4321080'\u003eBut\u003c/span\u003e \u003cspan m='4321260'\u003eI\u003c/span\u003e \u003cspan m='4321350'\u003ethink\u003c/span\u003e \u003cspan m='4321680'\u003ethat\u003c/span\u003e \u003cspan m='4321830'\u003eif\u003c/span\u003e \u003cspan m='4321950'\u003eyou\u003c/span\u003e \u003cspan m='4322100'\u003ehave\u003c/span\u003e \u003cspan m='4322310'\u003ea\u003c/span\u003e \u003cspan m='4322370'\u003ehigh\u003c/span\u003e \u003cspan m='4322760'\u003evolume\u003c/span\u003e \u003cspan m='4323370'\u003eand\u003c/span\u003e \u003cspan m='4323660'\u003ehigh\u003c/span\u003e \u003cspan m='4323900'\u003eflow,\u003c/span\u003e \u003cspan m='4324450'\u003eyou\u003c/span\u003e \u003cspan m='4324500'\u003ecould\u003c/span\u003e \u003cspan m='4324650'\u003emaybe\u003c/span\u003e \u003cspan m='4325580'\u003ekeep\u003c/span\u003e \u003cspan m='4325880'\u003emore\u003c/span\u003e \u003cspan m='4326900'\u003ein\u003c/span\u003e \u003cspan m='4327020'\u003ecold\u003c/span\u003e \u003cspan m='4327350'\u003estorage.\u003c/span\u003e \u003cspan m='4327980'\u003eOr\u003c/span\u003e \u003cspan m='4328160'\u003eif\u003c/span\u003e \u003cspan m='4328280'\u003eyour\u003c/span\u003e \u003cspan m='4328430'\u003emodel\u003c/span\u003e \u003cspan m='4328940'\u003eis\u003c/span\u003e \u003cspan m='4329060'\u003emore\u003c/span\u003e \u003cspan m='4329270'\u003eabout\u003c/span\u003e \u003cspan m='4329540'\u003ecustody\u003c/span\u003e \u003cspan m='4330230'\u003ethan\u003c/span\u003e \u003cspan m='4330410'\u003etransactions,\u003c/span\u003e \u003cspan m='4331340'\u003eyou\u003c/span\u003e \u003cspan m='4331430'\u003ecould\u003c/span\u003e \u003cspan m='4331610'\u003ehave\u003c/span\u003e \u003cspan m='4331730'\u003emore\u003c/span\u003e \u003cspan m='4331980'\u003ein\u003c/span\u003e \u003cspan m='4332090'\u003ecold\u003c/span\u003e \u003cspan m='4332330'\u003estorage.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4332960'\u003eYou\u003c/span\u003e \u003cspan m='4333020'\u003edo\u003c/span\u003e \u003cspan m='4333170'\u003eneed\u003c/span\u003e \u003cspan m='4333380'\u003esomething,\u003c/span\u003e \u003cspan m='4334660'\u003eyou\u003c/span\u003e \u003cspan m='4334760'\u003eknow,\u003c/span\u003e \u003cspan m='4335030'\u003eprobably\u003c/span\u003e \u003cspan m='4335780'\u003econnected\u003c/span\u003e \u003cspan m='4337370'\u003eto\u003c/span\u003e \u003cspan m='4337520'\u003egive\u003c/span\u003e \u003cspan m='4337880'\u003eyour\u003c/span\u003e \u003cspan m='4338420'\u003ecustomer\u003c/span\u003e \u003cspan m='4338990'\u003ebase\u003c/span\u003e \u003cspan m='4339800'\u003eliquidity.\u003c/span\u003e \u003cspan m='4341390'\u003eAnd\u003c/span\u003e \u003cspan m='4341570'\u003esomewhat\u003c/span\u003e \u003cspan m='4341990'\u003edepends\u003c/span\u003e \u003cspan m='4342410'\u003ehow\u003c/span\u003e \u003cspan m='4342680'\u003elong\u003c/span\u003e \u003cspan m='4343070'\u003eit\u003c/span\u003e \u003cspan m='4343160'\u003etakes\u003c/span\u003e \u003cspan m='4343520'\u003eyou\u003c/span\u003e \u003cspan m='4343610'\u003eto\u003c/span\u003e \u003cspan m='4343700'\u003emove\u003c/span\u003e \u003cspan m='4343970'\u003esomething\u003c/span\u003e \u003cspan m='4344330'\u003efrom\u003c/span\u003e \u003cspan m='4344510'\u003ecold\u003c/span\u003e \u003cspan m='4344840'\u003estorage\u003c/span\u003e \u003cspan m='4345440'\u003eto\u003c/span\u003e \u003cspan m='4346960'\u003ehot\u003c/span\u003e \u003cspan m='4347230'\u003estorage.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4347740'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='4347952'\u003e[INAUDIBLE]\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4349860'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='4349965'\u003eWhat's\u003c/span\u003e \u003cspan m='4350070'\u003ethat?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4350330'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='4350435'\u003eAt least they used\u003c/span\u003e \u003cspan m='4350750'\u003etheir\u003c/span\u003e \u003cspan m='4350950'\u003eown\u003c/span\u003e \u003cspan m='4351450'\u003ecapital\u003c/span\u003e \u003cspan m='4351950'\u003e[INAUDIBLE]?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4353450'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='4353530'\u003eSo\u003c/span\u003e \u003cspan m='4353610'\u003ethey\u003c/span\u003e \u003cspan m='4353730'\u003eself-insure.\u003c/span\u003e \u003cspan m='4355020'\u003eAnd\u003c/span\u003e \u003cspan m='4355170'\u003eGemini\u003c/span\u003e \u003cspan m='4355800'\u003eannounced\u003c/span\u003e \u003cspan m='4356220'\u003ethat\u003c/span\u003e \u003cspan m='4356340'\u003ethey\u003c/span\u003e \u003cspan m='4356460'\u003ejust\u003c/span\u003e \u003cspan m='4356640'\u003esigned\u003c/span\u003e \u003cspan m='4356910'\u003ea\u003c/span\u003e \u003cspan m='4356970'\u003econtract\u003c/span\u003e \u003cspan m='4357540'\u003ewith\u003c/span\u003e \u003cspan m='4357720'\u003eAion\u003c/span\u003e \u003cspan m='4358290'\u003eone\u003c/span\u003e \u003cspan m='4358470'\u003eof\u003c/span\u003e \u003cspan m='4358530'\u003ethe\u003c/span\u003e \u003cspan m='4358800'\u003eworld's\u003c/span\u003e \u003cspan m='4359220'\u003elargest\u003c/span\u003e \u003cspan m='4359760'\u003einsurance\u003c/span\u003e \u003cspan m='4360240'\u003ecompanies,\u003c/span\u003e \u003cspan m='4360750'\u003eto\u003c/span\u003e \u003cspan m='4360990'\u003einsure\u003c/span\u003e \u003cspan m='4362400'\u003eagainst\u003c/span\u003e \u003cspan m='4362790'\u003eloss\u003c/span\u003e \u003cspan m='4364410'\u003eof\u003c/span\u003e \u003cspan m='4364590'\u003ethat\u003c/span\u003e \u003cspan m='4364830'\u003ewhich\u003c/span\u003e \u003cspan m='4365070'\u003ethey're\u003c/span\u003e \u003cspan m='4365400'\u003ehaving\u003c/span\u003e \u003cspan m='4365790'\u003ecustody.\u003c/span\u003e \u003cspan m='4366990'\u003eBut\u003c/span\u003e \u003cspan m='4367140'\u003edon't\u003c/span\u003e \u003cspan m='4367380'\u003econfuse\u003c/span\u003e \u003cspan m='4367920'\u003eit\u003c/span\u003e \u003cspan m='4368010'\u003efor\u003c/span\u003e \u003cspan m='4368130'\u003e100%\u003c/span\u003e \u003cspan m='4368850'\u003einsurance.\u003c/span\u003e \u003cspan m='4369390'\u003eThe\u003c/span\u003e \u003cspan m='4369480'\u003einsurance\u003c/span\u003e \u003cspan m='4370050'\u003ecompanies\u003c/span\u003e \u003cspan m='4370560'\u003eare\u003c/span\u003e \u003cspan m='4370650'\u003echarging\u003c/span\u003e \u003cspan m='4371280'\u003esignificantly,\u003c/span\u003e \u003cspan m='4372930'\u003esomewhere\u003c/span\u003e \u003cspan m='4373380'\u003earound\u003c/span\u003e \u003cspan m='4373710'\u003e1.5%\u003c/span\u003e \u003cspan m='4374940'\u003ea\u003c/span\u003e \u003cspan m='4375000'\u003equarter.\u003c/span\u003e \u003cspan m='4376260'\u003eSo\u003c/span\u003e \u003cspan m='4376410'\u003ethere's\u003c/span\u003e \u003cspan m='4376560'\u003esome\u003c/span\u003e \u003cspan m='4376950'\u003ecrypto\u003c/span\u003e \u003cspan m='4377460'\u003eexchanges,\u003c/span\u003e \u003cspan m='4378250'\u003ewhich\u003c/span\u003e \u003cspan m='4378480'\u003ewill\u003c/span\u003e \u003cspan m='4378660'\u003eallow\u003c/span\u003e \u003cspan m='4379020'\u003eyou\u003c/span\u003e \u003cspan m='4379620'\u003eto\u003c/span\u003e \u003cspan m='4379800'\u003epay\u003c/span\u003e \u003cspan m='4380100'\u003efor\u003c/span\u003e \u003cspan m='4380280'\u003ethe\u003c/span\u003e \u003cspan m='4380430'\u003einsurance.\u003c/span\u003e \u003cspan m='4384770'\u003eAnd\u003c/span\u003e \u003cspan m='4385070'\u003eGemini\u003c/span\u003e \u003cspan m='4385640'\u003esays\u003c/span\u003e \u003cspan m='4385910'\u003ethey've\u003c/span\u003e \u003cspan m='4386030'\u003esigned\u003c/span\u003e \u003cspan m='4386330'\u003ea\u003c/span\u003e \u003cspan m='4386390'\u003econtract\u003c/span\u003e \u003cspan m='4386900'\u003ewith\u003c/span\u003e \u003cspan m='4387050'\u003eAion.\u003c/span\u003e \u003cspan m='4387410'\u003eAnd\u003c/span\u003e \u003cspan m='4387530'\u003eI\u003c/span\u003e \u003cspan m='4387620'\u003ecan't\u003c/span\u003e \u003cspan m='4387890'\u003equite\u003c/span\u003e \u003cspan m='4388160'\u003etell\u003c/span\u003e \u003cspan m='4388400'\u003ewhether\u003c/span\u003e \u003cspan m='4388670'\u003ethat's\u003c/span\u003e \u003cspan m='4388940'\u003ejust\u003c/span\u003e \u003cspan m='4389120'\u003ebecause\u003c/span\u003e \u003cspan m='4389330'\u003eGemini\u003c/span\u003e \u003cspan m='4389740'\u003eis\u003c/span\u003e \u003cspan m='4389840'\u003egoing\u003c/span\u003e \u003cspan m='4389960'\u003eto\u003c/span\u003e \u003cspan m='4390020'\u003epay\u003c/span\u003e \u003cspan m='4390230'\u003efor\u003c/span\u003e \u003cspan m='4390380'\u003ethe\u003c/span\u003e \u003cspan m='4390470'\u003einsurance.\u003c/span\u003e \u003cspan m='4391550'\u003eOr\u003c/span\u003e \u003cspan m='4391640'\u003ethey're\u003c/span\u003e \u003cspan m='4391760'\u003egoing\u003c/span\u003e \u003cspan m='4391870'\u003eto\u003c/span\u003e \u003cspan m='4391970'\u003eallow\u003c/span\u003e \u003cspan m='4392300'\u003eyou\u003c/span\u003e \u003cspan m='4393170'\u003eto\u003c/span\u003e \u003cspan m='4393350'\u003epay\u003c/span\u003e \u003cspan m='4393710'\u003efor\u003c/span\u003e \u003cspan m='4393890'\u003ethe\u003c/span\u003e \u003cspan m='4394010'\u003einsurance\u003c/span\u003e \u003cspan m='4395450'\u003ein\u003c/span\u003e \u003cspan m='4395690'\u003ethat\u003c/span\u003e \u003cspan m='4395840'\u003ecustody\u003c/span\u003e \u003cspan m='4397420'\u003esolution.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4399360'\u003eLet's\u003c/span\u003e \u003cspan m='4399440'\u003esee\u003c/span\u003e \u003cspan m='4399590'\u003ewhat\u003c/span\u003e \u003cspan m='4399740'\u003eelse.\u003c/span\u003e \u003cspan m='4400000'\u003eOh,\u003c/span\u003e \u003cspan m='4400730'\u003ewe're\u003c/span\u003e \u003cspan m='4400940'\u003ealmost\u003c/span\u003e \u003cspan m='4401240'\u003ewrapping.\u003c/span\u003e \u003cspan m='4402080'\u003eSo\u003c/span\u003e \u003cspan m='4402260'\u003ehere's\u003c/span\u003e \u003cspan m='4402530'\u003ewhat\u003c/span\u003e \u003cspan m='4402710'\u003eI\u003c/span\u003e \u003cspan m='4402830'\u003ethink.\u003c/span\u003e \u003cspan m='4403400'\u003eCustody,\u003c/span\u003e \u003cspan m='4404630'\u003eI\u003c/span\u003e \u003cspan m='4404750'\u003ethink\u003c/span\u003e \u003cspan m='4404960'\u003ethe\u003c/span\u003e \u003cspan m='4405050'\u003ecustody\u003c/span\u003e \u003cspan m='4405560'\u003eduties\u003c/span\u003e \u003cspan m='4406040'\u003eeither\u003c/span\u003e \u003cspan m='4406280'\u003ehave\u003c/span\u003e \u003cspan m='4406400'\u003eto\u003c/span\u003e \u003cspan m='4406490'\u003ebe\u003c/span\u003e \u003cspan m='4406610'\u003efixed\u003c/span\u003e \u003cspan m='4407000'\u003eor\u003c/span\u003e \u003cspan m='4407090'\u003espun\u003c/span\u003e \u003cspan m='4407480'\u003eoff.\u003c/span\u003e \u003cspan m='4408500'\u003eI\u003c/span\u003e \u003cspan m='4408620'\u003ethink\u003c/span\u003e \u003cspan m='4408800'\u003efrom\u003c/span\u003e \u003cspan m='4408950'\u003ea\u003c/span\u003e \u003cspan m='4409010'\u003epublic\u003c/span\u003e \u003cspan m='4409370'\u003epolicy\u003c/span\u003e \u003cspan m='4409910'\u003eperspective,\u003c/span\u003e \u003cspan m='4410510'\u003ethey're\u003c/span\u003e \u003cspan m='4410660'\u003ebetter\u003c/span\u003e \u003cspan m='4410960'\u003espun\u003c/span\u003e \u003cspan m='4411290'\u003eoff.\u003c/span\u003e \u003cspan m='4412310'\u003eAnd\u003c/span\u003e \u003cspan m='4412400'\u003ethat's\u003c/span\u003e \u003cspan m='4412640'\u003ebecause\u003c/span\u003e \u003cspan m='4413000'\u003ethere's\u003c/span\u003e \u003cspan m='4413120'\u003esuch\u003c/span\u003e \u003cspan m='4413540'\u003ean\u003c/span\u003e \u003cspan m='4413630'\u003einherent\u003c/span\u003e \u003cspan m='4414080'\u003econflict.\u003c/span\u003e \u003cspan m='4415640'\u003eI\u003c/span\u003e \u003cspan m='4415730'\u003ethink\u003c/span\u003e \u003cspan m='4415910'\u003eif\u003c/span\u003e \u003cspan m='4416030'\u003eyou're\u003c/span\u003e \u003cspan m='4416180'\u003eholding\u003c/span\u003e \u003cspan m='4416660'\u003esomebody's\u003c/span\u003e \u003cspan m='4417110'\u003efunds\u003c/span\u003e \u003cspan m='4417590'\u003eand\u003c/span\u003e \u003cspan m='4417710'\u003ealso\u003c/span\u003e \u003cspan m='4418010'\u003etransacting,\u003c/span\u003e \u003cspan m='4419520'\u003eit's\u003c/span\u003e \u003cspan m='4419630'\u003ejust\u003c/span\u003e \u003cspan m='4419870'\u003etoo\u003c/span\u003e \u003cspan m='4420110'\u003esweet\u003c/span\u003e \u003cspan m='4420710'\u003ea\u003c/span\u003e \u003cspan m='4420770'\u003ehoneypot\u003c/span\u003e \u003cspan m='4421400'\u003enot\u003c/span\u003e \u003cspan m='4421610'\u003ejust\u003c/span\u003e \u003cspan m='4421790'\u003eto\u003c/span\u003e \u003cspan m='4421880'\u003ebe\u003c/span\u003e \u003cspan m='4422000'\u003estolen,\u003c/span\u003e \u003cspan m='4423290'\u003ebut\u003c/span\u003e \u003cspan m='4423500'\u003efor\u003c/span\u003e \u003cspan m='4423650'\u003ethe\u003c/span\u003e \u003cspan m='4423860'\u003eoperator\u003c/span\u003e \u003cspan m='4424520'\u003eto\u003c/span\u003e \u003cspan m='4424640'\u003esay,\u003c/span\u003e \u003cspan m='4424940'\u003eI\u003c/span\u003e \u003cspan m='4425060'\u003ewant\u003c/span\u003e \u003cspan m='4425240'\u003eto\u003c/span\u003e \u003cspan m='4425300'\u003euse\u003c/span\u003e \u003cspan m='4425660'\u003eit\u003c/span\u003e \u003cspan m='4426230'\u003ein\u003c/span\u003e \u003cspan m='4426380'\u003emy\u003c/span\u003e \u003cspan m='4426650'\u003eown--\u003c/span\u003e \u003cspan m='4428390'\u003elend\u003c/span\u003e \u003cspan m='4428780'\u003eit,\u003c/span\u003e \u003cspan m='4429200'\u003eborrow\u003c/span\u003e \u003cspan m='4429680'\u003eit,\u003c/span\u003e \u003cspan m='4429980'\u003etransact\u003c/span\u003e \u003cspan m='4430700'\u003earound\u003c/span\u003e \u003cspan m='4431060'\u003eit.\u003c/span\u003e \u003cspan m='4432140'\u003eBut\u003c/span\u003e \u003cspan m='4432560'\u003ethat's\u003c/span\u003e \u003cspan m='4432920'\u003emy\u003c/span\u003e \u003cspan m='4433340'\u003ethought.\u003c/span\u003e \u003cspan m='4433880'\u003eFix\u003c/span\u003e \u003cspan m='4434240'\u003eit\u003c/span\u003e \u003cspan m='4434360'\u003eor\u003c/span\u003e \u003cspan m='4434450'\u003espin\u003c/span\u003e \u003cspan m='4434750'\u003eit\u003c/span\u003e \u003cspan m='4434840'\u003eoff\u003c/span\u003e \u003cspan m='4436740'\u003ewould\u003c/span\u003e \u003cspan m='4436940'\u003ebe\u003c/span\u003e \u003cspan m='4437090'\u003ethe\u003c/span\u003e \u003cspan m='4437180'\u003ecustody.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4439100'\u003eIllicit\u003c/span\u003e \u003cspan m='4439460'\u003eactivity,\u003c/span\u003e \u003cspan m='4440900'\u003eI\u003c/span\u003e \u003cspan m='4441080'\u003ethink\u003c/span\u003e \u003cspan m='4441350'\u003ewe're\u003c/span\u003e \u003cspan m='4441500'\u003egoing\u003c/span\u003e \u003cspan m='4441620'\u003eto\u003c/span\u003e \u003cspan m='4441770'\u003ehave\u003c/span\u003e \u003cspan m='4442040'\u003eto\u003c/span\u003e \u003cspan m='4442130'\u003eget\u003c/span\u003e \u003cspan m='4442310'\u003eto\u003c/span\u003e \u003cspan m='4442430'\u003ea\u003c/span\u003e \u003cspan m='4442490'\u003eplace\u003c/span\u003e \u003cspan m='4442910'\u003ewhere\u003c/span\u003e \u003cspan m='4444020'\u003eif\u003c/span\u003e \u003cspan m='4444200'\u003enot\u003c/span\u003e \u003cspan m='4444390'\u003e100%,\u003c/span\u003e \u003cspan m='4445250'\u003eclose\u003c/span\u003e \u003cspan m='4445580'\u003eto\u003c/span\u003e \u003cspan m='4445670'\u003e100%\u003c/span\u003e \u003cspan m='4446360'\u003eare\u003c/span\u003e \u003cspan m='4446450'\u003eactually\u003c/span\u003e \u003cspan m='4446810'\u003ecomplying.\u003c/span\u003e \u003cspan m='4447950'\u003eAnd\u003c/span\u003e \u003cspan m='4448070'\u003eif\u003c/span\u003e \u003cspan m='4448160'\u003e1/4\u003c/span\u003e \u003cspan m='4448700'\u003eof\u003c/span\u003e \u003cspan m='4448850'\u003ethem\u003c/span\u003e \u003cspan m='4448880'\u003earen't\u003c/span\u003e \u003cspan m='4449160'\u003eeven\u003c/span\u003e \u003cspan m='4449360'\u003edoing\u003c/span\u003e \u003cspan m='4449720'\u003eAML\u003c/span\u003e \u003cspan m='4450170'\u003eand\u003c/span\u003e \u003cspan m='4450320'\u003eKYC,\u003c/span\u003e \u003cspan m='4451610'\u003ethere's\u003c/span\u003e \u003cspan m='4451790'\u003estill\u003c/span\u003e \u003cspan m='4452060'\u003ea\u003c/span\u003e \u003cspan m='4452090'\u003elot\u003c/span\u003e \u003cspan m='4452360'\u003eof--\u003c/span\u003e \u003cspan m='4452570'\u003ethere's\u003c/span\u003e \u003cspan m='4452720'\u003esome\u003c/span\u003e \u003cspan m='4452930'\u003eroad\u003c/span\u003e \u003cspan m='4453320'\u003eahead\u003c/span\u003e \u003cspan m='4453650'\u003ehere.\u003c/span\u003e \u003cspan m='4454820'\u003eI\u003c/span\u003e \u003cspan m='4454910'\u003eknow\u003c/span\u003e \u003cspan m='4455120'\u003eit\u003c/span\u003e \u003cspan m='4455240'\u003emight\u003c/span\u003e \u003cspan m='4455510'\u003enot\u003c/span\u003e \u003cspan m='4455690'\u003efit,\u003c/span\u003e \u003cspan m='4456260'\u003eRahim,\u003c/span\u003e \u003cspan m='4456980'\u003ewith\u003c/span\u003e \u003cspan m='4457370'\u003ethe\u003c/span\u003e \u003cspan m='4458630'\u003elibertarian\u003c/span\u003e \u003cspan m='4459650'\u003esoul\u003c/span\u003e \u003cspan m='4460310'\u003eof\u003c/span\u003e \u003cspan m='4460430'\u003ethe\u003c/span\u003e \u003cspan m='4461210'\u003egenesis\u003c/span\u003e \u003cspan m='4461870'\u003eof\u003c/span\u003e \u003cspan m='4462020'\u003eall\u003c/span\u003e \u003cspan m='4462200'\u003ethis.\u003c/span\u003e \u003cspan m='4462560'\u003eI\u003c/span\u003e \u003cspan m='4462650'\u003ewon't\u003c/span\u003e \u003cspan m='4462890'\u003esay\u003c/span\u003e \u003cspan m='4463220'\u003eyou\u003c/span\u003e \u003cspan m='4463670'\u003emaybe\u003c/span\u003e \u003cspan m='4463910'\u003epersonally.\u003c/span\u003e \u003cspan m='4468410'\u003eI\u003c/span\u003e \u003cspan m='4468560'\u003ethink\u003c/span\u003e \u003cspan m='4468800'\u003ethat's\u003c/span\u003e \u003cspan m='4469040'\u003egoing\u003c/span\u003e \u003cspan m='4469140'\u003eto\u003c/span\u003e \u003cspan m='4469220'\u003ebe\u003c/span\u003e \u003cspan m='4469310'\u003ethe\u003c/span\u003e \u003cspan m='4469400'\u003epath\u003c/span\u003e \u003cspan m='4469700'\u003efor\u003c/span\u003e \u003cspan m='4469985'\u003eour--\u003c/span\u003e \u003cspan m='4470900'\u003eif\u003c/span\u003e \u003cspan m='4471110'\u003ewe're\u003c/span\u003e \u003cspan m='4471260'\u003estill\u003c/span\u003e \u003cspan m='4471710'\u003etwo\u003c/span\u003e \u003cspan m='4471950'\u003eand\u003c/span\u003e \u003cspan m='4472040'\u003ethree\u003c/span\u003e \u003cspan m='4472250'\u003eyears\u003c/span\u003e \u003cspan m='4472490'\u003efrom\u003c/span\u003e \u003cspan m='4472640'\u003enow\u003c/span\u003e \u003cspan m='4472790'\u003e1/4\u003c/span\u003e \u003cspan m='4473180'\u003eof\u003c/span\u003e \u003cspan m='4473240'\u003ethe\u003c/span\u003e \u003cspan m='4473300'\u003emarket\u003c/span\u003e \u003cspan m='4473720'\u003enot\u003c/span\u003e \u003cspan m='4473900'\u003edoing\u003c/span\u003e \u003cspan m='4474200'\u003eit.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4475730'\u003eI\u003c/span\u003e \u003cspan m='4475910'\u003ethink\u003c/span\u003e \u003cspan m='4476180'\u003ethat\u003c/span\u003e \u003cspan m='4476360'\u003ethe\u003c/span\u003e \u003cspan m='4476450'\u003emarket\u003c/span\u003e \u003cspan m='4476930'\u003eintegrity\u003c/span\u003e \u003cspan m='4477470'\u003epiece\u003c/span\u003e \u003cspan m='4477830'\u003eis\u003c/span\u003e \u003cspan m='4477950'\u003ethe\u003c/span\u003e \u003cspan m='4478070'\u003etoughest\u003c/span\u003e \u003cspan m='4478550'\u003eone.\u003c/span\u003e \u003cspan m='4478820'\u003eAnd\u003c/span\u003e \u003cspan m='4478940'\u003eit's\u003c/span\u003e \u003cspan m='4479060'\u003emaybe\u003c/span\u003e \u003cspan m='4479330'\u003ewhere\u003c/span\u003e \u003cspan m='4479960'\u003emy\u003c/span\u003e \u003cspan m='4480290'\u003eown\u003c/span\u003e \u003cspan m='4480470'\u003epersonal\u003c/span\u003e \u003cspan m='4480950'\u003eviews\u003c/span\u003e \u003cspan m='4481160'\u003eshouldn't\u003c/span\u003e \u003cspan m='4481430'\u003ecloud\u003c/span\u003e \u003cspan m='4481820'\u003emy\u003c/span\u003e \u003cspan m='4482000'\u003ejudgment.\u003c/span\u003e \u003cspan m='4482480'\u003eMy\u003c/span\u003e \u003cspan m='4482630'\u003eown\u003c/span\u003e \u003cspan m='4482780'\u003epersonal\u003c/span\u003e \u003cspan m='4483170'\u003eviews\u003c/span\u003e \u003cspan m='4483440'\u003eis\u003c/span\u003e \u003cspan m='4483590'\u003ewe\u003c/span\u003e \u003cspan m='4483740'\u003eneed\u003c/span\u003e \u003cspan m='4484070'\u003emarket\u003c/span\u003e \u003cspan m='4484460'\u003eintegrity,\u003c/span\u003e \u003cspan m='4485360'\u003eanti-manipulation,\u003c/span\u003e \u003cspan m='4486470'\u003eno\u003c/span\u003e \u003cspan m='4486680'\u003efront\u003c/span\u003e \u003cspan m='4487010'\u003erunning,\u003c/span\u003e \u003cspan m='4487340'\u003ethings\u003c/span\u003e \u003cspan m='4487580'\u003elike\u003c/span\u003e \u003cspan m='4487730'\u003ethat.\u003c/span\u003e \u003cspan m='4489290'\u003eBut\u003c/span\u003e \u003cspan m='4489500'\u003erealistically,\u003c/span\u003e \u003cspan m='4490280'\u003eit's\u003c/span\u003e \u003cspan m='4490400'\u003eprobably\u003c/span\u003e \u003cspan m='4490850'\u003egoing\u003c/span\u003e \u003cspan m='4490930'\u003eto\u003c/span\u003e \u003cspan m='4491060'\u003ebe\u003c/span\u003e \u003cspan m='4491180'\u003edone\u003c/span\u003e \u003cspan m='4491420'\u003eby\u003c/span\u003e \u003cspan m='4491660'\u003eindividual\u003c/span\u003e \u003cspan m='4492230'\u003eexchanges\u003c/span\u003e \u003cspan m='4492890'\u003eor\u003c/span\u003e \u003cspan m='4492980'\u003eself-regulatory\u003c/span\u003e \u003cspan m='4494090'\u003eorganizations.\u003c/span\u003e \u003cspan m='4495470'\u003eGemini\u003c/span\u003e \u003cspan m='4496010'\u003eand\u003c/span\u003e \u003cspan m='4496130'\u003eothers\u003c/span\u003e \u003cspan m='4496490'\u003ein\u003c/span\u003e \u003cspan m='4496580'\u003ethe\u003c/span\u003e \u003cspan m='4496670'\u003eUK,\u003c/span\u003e \u003cspan m='4497060'\u003ethere's\u003c/span\u003e \u003cspan m='4497240'\u003esome\u003c/span\u003e \u003cspan m='4497420'\u003eself-regulatory\u003c/span\u003e \u003cspan m='4498200'\u003eorganizations.\u003c/span\u003e \u003cspan m='4499610'\u003eI\u003c/span\u003e \u003cspan m='4499700'\u003edon't\u003c/span\u003e \u003cspan m='4499850'\u003ethink\u003c/span\u003e \u003cspan m='4500030'\u003ethat's\u003c/span\u003e \u003cspan m='4500600'\u003esufficient.\u003c/span\u003e \u003cspan m='4502260'\u003eIt's\u003c/span\u003e \u003cspan m='4502310'\u003ea\u003c/span\u003e \u003cspan m='4502370'\u003estep\u003c/span\u003e \u003cspan m='4503090'\u003ereally\u003c/span\u003e \u003cspan m='4503480'\u003ein\u003c/span\u003e \u003cspan m='4503570'\u003ethe\u003c/span\u003e \u003cspan m='4503630'\u003eright\u003c/span\u003e \u003cspan m='4503810'\u003edirection.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4504300'\u003eBut\u003c/span\u003e \u003cspan m='4504440'\u003eI\u003c/span\u003e \u003cspan m='4504560'\u003ethink\u003c/span\u003e \u003cspan m='4504770'\u003esomewhere,\u003c/span\u003e \u003cspan m='4505250'\u003eif\u003c/span\u003e \u003cspan m='4505370'\u003ethis\u003c/span\u003e \u003cspan m='4505550'\u003egets\u003c/span\u003e \u003cspan m='4505790'\u003ebigger,\u003c/span\u003e \u003cspan m='4506090'\u003eit\u003c/span\u003e \u003cspan m='4506180'\u003eneeds\u003c/span\u003e \u003cspan m='4506450'\u003eto\u003c/span\u003e \u003cspan m='4506570'\u003ebe\u003c/span\u003e \u003cspan m='4506750'\u003ethe\u003c/span\u003e \u003cspan m='4506900'\u003eofficial\u003c/span\u003e \u003cspan m='4507380'\u003esector\u003c/span\u003e \u003cspan m='4508670'\u003eputting\u003c/span\u003e \u003cspan m='4509000'\u003esome\u003c/span\u003e \u003cspan m='4509180'\u003etraffic\u003c/span\u003e \u003cspan m='4509690'\u003elights\u003c/span\u003e \u003cspan m='4510980'\u003eand\u003c/span\u003e \u003cspan m='4511670'\u003estop\u003c/span\u003e \u003cspan m='4512060'\u003esigns\u003c/span\u003e \u003cspan m='4512480'\u003ein.\u003c/span\u003e \u003cspan m='4514490'\u003eRegistration\u003c/span\u003e \u003cspan m='4515300'\u003eand\u003c/span\u003e \u003cspan m='4515420'\u003eremediation.\u003c/span\u003e \u003cspan m='4516740'\u003eFirst,\u003c/span\u003e \u003cspan m='4517100'\u003eto\u003c/span\u003e \u003cspan m='4517250'\u003edetermine\u003c/span\u003e \u003cspan m='4517790'\u003ewhether\u003c/span\u003e \u003cspan m='4518000'\u003eyou\u003c/span\u003e \u003cspan m='4518120'\u003ehave\u003c/span\u003e \u003cspan m='4518210'\u003eto\u003c/span\u003e \u003cspan m='4518330'\u003eregister\u003c/span\u003e \u003cspan m='4518840'\u003eand\u003c/span\u003e \u003cspan m='4518930'\u003ethen\u003c/span\u003e \u003cspan m='4519110'\u003ecomply.\u003c/span\u003e \u003cspan m='4520220'\u003eAnd\u003c/span\u003e \u003cspan m='4520340'\u003ethat's\u003c/span\u003e \u003cspan m='4520550'\u003ea\u003c/span\u003e \u003cspan m='4520610'\u003emultiple\u003c/span\u003e \u003cspan m='4521990'\u003emonth\u003c/span\u003e \u003cspan m='4522350'\u003eor\u003c/span\u003e \u003cspan m='4522440'\u003eyear\u003c/span\u003e \u003cspan m='4522680'\u003eperiod.\u003c/span\u003e \u003cspan m='4523460'\u003eIn\u003c/span\u003e \u003cspan m='4523580'\u003eJapan,\u003c/span\u003e \u003cspan m='4524120'\u003ethey\u003c/span\u003e \u003cspan m='4524240'\u003estarted\u003c/span\u003e \u003cspan m='4524570'\u003eregistering\u003c/span\u003e \u003cspan m='4525260'\u003ein\u003c/span\u003e \u003cspan m='4525350'\u003elate\u003c/span\u003e \u003cspan m='4525590'\u003e2017.\u003c/span\u003e \u003cspan m='4526670'\u003eThey\u003c/span\u003e \u003cspan m='4526760'\u003estarted\u003c/span\u003e \u003cspan m='4527120'\u003ewith\u003c/span\u003e \u003cspan m='4527210'\u003e16\u003c/span\u003e \u003cspan m='4527690'\u003eand another\u003c/span\u003e \u003cspan m='4528050'\u003e16.\u003c/span\u003e \u003cspan m='4528890'\u003eSome\u003c/span\u003e \u003cspan m='4529490'\u003ehad\u003c/span\u003e \u003cspan m='4529640'\u003eto\u003c/span\u003e \u003cspan m='4529760'\u003eshut\u003c/span\u003e \u003cspan m='4530000'\u003edown\u003c/span\u003e \u003cspan m='4530300'\u003ein\u003c/span\u003e \u003cspan m='4530360'\u003eJapan.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4531610'\u003eSouth\u003c/span\u003e \u003cspan m='4531830'\u003eKorea\u003c/span\u003e \u003cspan m='4532180'\u003eis\u003c/span\u003e \u003cspan m='4532340'\u003eregistering.\u003c/span\u003e \u003cspan m='4533710'\u003eNow,\u003c/span\u003e \u003cspan m='4533840'\u003esome\u003c/span\u003e \u003cspan m='4534170'\u003eof\u003c/span\u003e \u003cspan m='4534230'\u003ethose\u003c/span\u003e \u003cspan m='4534470'\u003eregistration\u003c/span\u003e \u003cspan m='4535130'\u003eregimes\u003c/span\u003e \u003cspan m='4535550'\u003eare\u003c/span\u003e \u003cspan m='4535610'\u003ereally\u003c/span\u003e \u003cspan m='4535910'\u003ejust\u003c/span\u003e \u003cspan m='4536120'\u003eabout\u003c/span\u003e \u003cspan m='4536390'\u003ecustody\u003c/span\u003e \u003cspan m='4536990'\u003eand\u003c/span\u003e \u003cspan m='4537080'\u003eBank\u003c/span\u003e \u003cspan m='4537350'\u003eSecrecy\u003c/span\u003e \u003cspan m='4537860'\u003eAct.\u003c/span\u003e \u003cspan m='4539530'\u003eThey're\u003c/span\u003e \u003cspan m='4539650'\u003enot\u003c/span\u003e \u003cspan m='4539830'\u003egoing\u003c/span\u003e \u003cspan m='4540130'\u003eas\u003c/span\u003e \u003cspan m='4540220'\u003efar\u003c/span\u003e \u003cspan m='4540460'\u003eas\u003c/span\u003e \u003cspan m='4540640'\u003eI\u003c/span\u003e \u003cspan m='4540910'\u003ewould\u003c/span\u003e \u003cspan m='4541060'\u003elike\u003c/span\u003e \u003cspan m='4541270'\u003eto\u003c/span\u003e \u003cspan m='4541360'\u003ego,\u003c/span\u003e \u003cspan m='4542020'\u003ewhich\u003c/span\u003e \u003cspan m='4542230'\u003eis\u003c/span\u003e \u003cspan m='4542380'\u003einto\u003c/span\u003e \u003cspan m='4542620'\u003emarket\u003c/span\u003e \u003cspan m='4542980'\u003eintegrity.\u003c/span\u003e \u003cspan m='4544240'\u003eBut\u003c/span\u003e \u003cspan m='4544420'\u003eI\u003c/span\u003e \u003cspan m='4544540'\u003ethink\u003c/span\u003e \u003cspan m='4544810'\u003eyou're\u003c/span\u003e \u003cspan m='4544900'\u003egoing\u003c/span\u003e \u003cspan m='4545020'\u003eto\u003c/span\u003e \u003cspan m='4545080'\u003esee\u003c/span\u003e \u003cspan m='4545620'\u003ea\u003c/span\u003e \u003cspan m='4545680'\u003ebunch\u003c/span\u003e \u003cspan m='4545950'\u003emore\u003c/span\u003e \u003cspan m='4546100'\u003ejurisdictions,\u003c/span\u003e \u003cspan m='4546760'\u003eregistration,\u003c/span\u003e \u003cspan m='4547630'\u003eremediation,\u003c/span\u003e \u003cspan m='4548440'\u003esome\u003c/span\u003e \u003cspan m='4548740'\u003eclosing,\u003c/span\u003e \u003cspan m='4549880'\u003eand\u003c/span\u003e \u003cspan m='4550330'\u003ethe\u003c/span\u003e \u003cspan m='4550390'\u003elike.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4551860'\u003eMargin\u003c/span\u003e \u003cspan m='4552370'\u003eand\u003c/span\u003e \u003cspan m='4552460'\u003efee\u003c/span\u003e \u003cspan m='4552670'\u003ecompression,\u003c/span\u003e \u003cspan m='4553810'\u003eI\u003c/span\u003e \u003cspan m='4553900'\u003ethink\u003c/span\u003e \u003cspan m='4554080'\u003ethat's\u003c/span\u003e \u003cspan m='4554320'\u003einevitable,\u003c/span\u003e \u003cspan m='4555640'\u003ewhether\u003c/span\u003e \u003cspan m='4555970'\u003eit\u003c/span\u003e \u003cspan m='4556030'\u003ecomes\u003c/span\u003e \u003cspan m='4556390'\u003efrom\u003c/span\u003e \u003cspan m='4556540'\u003ethe\u003c/span\u003e \u003cspan m='4556630'\u003eRobin\u003c/span\u003e \u003cspan m='4557110'\u003eHoods\u003c/span\u003e \u003cspan m='4558460'\u003eor\u003c/span\u003e \u003cspan m='4558970'\u003ethe\u003c/span\u003e \u003cspan m='4559300'\u003eIntercontinental\u003c/span\u003e \u003cspan m='4559400'\u003eExchange.\u003c/span\u003e \u003cspan m='4560650'\u003eBut\u003c/span\u003e \u003cspan m='4560800'\u003ethe\u003c/span\u003e \u003cspan m='4560920'\u003ejuice\u003c/span\u003e \u003cspan m='4561390'\u003eis\u003c/span\u003e \u003cspan m='4561590'\u003eso\u003c/span\u003e \u003cspan m='4561820'\u003emuch\u003c/span\u003e \u003cspan m='4562120'\u003eright\u003c/span\u003e \u003cspan m='4562360'\u003enow.\u003c/span\u003e \u003cspan m='4563540'\u003eI\u003c/span\u003e \u003cspan m='4563640'\u003emean,\u003c/span\u003e \u003cspan m='4563750'\u003esome\u003c/span\u003e \u003cspan m='4563860'\u003eof\u003c/span\u003e \u003cspan m='4563920'\u003ethese\u003c/span\u003e \u003cspan m='4564100'\u003eare\u003c/span\u003e \u003cspan m='4564160'\u003echarging\u003c/span\u003e \u003cspan m='4564580'\u003e1%\u003c/span\u003e \u003cspan m='4564940'\u003eto\u003c/span\u003e \u003cspan m='4565030'\u003e3%.\u003c/span\u003e \u003cspan m='4566620'\u003eYou\u003c/span\u003e \u003cspan m='4566860'\u003eall\u003c/span\u003e \u003cspan m='4567010'\u003etransact.\u003c/span\u003e \u003cspan m='4567730'\u003eYou\u003c/span\u003e \u003cspan m='4567850'\u003eknow\u003c/span\u003e \u003cspan m='4568000'\u003eyour\u003c/span\u003e \u003cspan m='4568180'\u003efee\u003c/span\u003e \u003cspan m='4568420'\u003estructures\u003c/span\u003e \u003cspan m='4568960'\u003ebetter.\u003c/span\u003e \u003cspan m='4569260'\u003eBut\u003c/span\u003e \u003cspan m='4569410'\u003eI\u003c/span\u003e \u003cspan m='4569500'\u003ethink\u003c/span\u003e \u003cspan m='4569740'\u003ethere'll\u003c/span\u003e \u003cspan m='4569890'\u003ebe\u003c/span\u003e \u003cspan m='4570010'\u003emargin\u003c/span\u003e \u003cspan m='4570480'\u003eand\u003c/span\u003e \u003cspan m='4570580'\u003efee\u003c/span\u003e \u003cspan m='4570790'\u003ecompression.\u003c/span\u003e \u003cspan m='4572910'\u003eAnd\u003c/span\u003e \u003cspan m='4573040'\u003eI\u003c/span\u003e \u003cspan m='4573130'\u003ethink\u003c/span\u003e \u003cspan m='4573340'\u003ethere'll\u003c/span\u003e \u003cspan m='4573490'\u003ebe\u003c/span\u003e \u003cspan m='4573610'\u003esome\u003c/span\u003e \u003cspan m='4573790'\u003econsolidation.\u003c/span\u003e \u003cspan m='4574810'\u003eThere's\u003c/span\u003e \u003cspan m='4574990'\u003enot\u003c/span\u003e \u003cspan m='4575170'\u003eenough\u003c/span\u003e \u003cspan m='4575500'\u003eroom\u003c/span\u003e \u003cspan m='4575830'\u003ehere\u003c/span\u003e \u003cspan m='4576010'\u003efor\u003c/span\u003e \u003cspan m='4576190'\u003e200\u003c/span\u003e \u003cspan m='4576730'\u003eplus\u003c/span\u003e \u003cspan m='4577030'\u003eexchanges.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4579580'\u003eSo\u003c/span\u003e \u003cspan m='4579910'\u003ethose\u003c/span\u003e \u003cspan m='4580300'\u003eare\u003c/span\u003e \u003cspan m='4580360'\u003emy\u003c/span\u003e \u003cspan m='4580630'\u003epredictions.\u003c/span\u003e \u003cspan m='4581860'\u003eAnd\u003c/span\u003e \u003cspan m='4581890'\u003eI\u003c/span\u003e \u003cspan m='4581980'\u003ethink\u003c/span\u003e \u003cspan m='4582220'\u003ethe\u003c/span\u003e \u003cspan m='4582310'\u003edecentralized\u003c/span\u003e \u003cspan m='4583240'\u003eexchanges,\u003c/span\u003e \u003cspan m='4584470'\u003eonce\u003c/span\u003e \u003cspan m='4584800'\u003ethey\u003c/span\u003e \u003cspan m='4584950'\u003ehave\u003c/span\u003e \u003cspan m='4585190'\u003eenhanced\u003c/span\u003e \u003cspan m='4585760'\u003ecustomer\u003c/span\u003e \u003cspan m='4586270'\u003eUI,\u003c/span\u003e \u003cspan m='4586910'\u003ethere\u003c/span\u003e \u003cspan m='4587010'\u003ewill\u003c/span\u003e \u003cspan m='4587110'\u003ebe\u003c/span\u003e \u003cspan m='4587210'\u003emore\u003c/span\u003e \u003cspan m='4587350'\u003eadoption.\u003c/span\u003e \u003cspan m='4588220'\u003eBut\u003c/span\u003e \u003cspan m='4588340'\u003eright\u003c/span\u003e \u003cspan m='4588640'\u003enow,\u003c/span\u003e \u003cspan m='4588850'\u003enot\u003c/span\u003e \u003cspan m='4589210'\u003ethat\u003c/span\u003e \u003cspan m='4589510'\u003eeasy\u003c/span\u003e \u003cspan m='4589810'\u003eto\u003c/span\u003e \u003cspan m='4589930'\u003euse\u003c/span\u003e \u003cspan m='4590290'\u003efor\u003c/span\u003e \u003cspan m='4590440'\u003emost\u003c/span\u003e \u003cspan m='4591640'\u003eregular\u003c/span\u003e \u003cspan m='4592360'\u003epeople,\u003c/span\u003e \u003cspan m='4593890'\u003ethe\u003c/span\u003e \u003cspan m='4593980'\u003enon-computer\u003c/span\u003e \u003cspan m='4594850'\u003escientists.\u003c/span\u003e \u003cspan m='4596680'\u003eTwo\u003c/span\u003e \u003cspan m='4596890'\u003equestions\u003c/span\u003e \u003cspan m='4597430'\u003eand\u003c/span\u003e \u003cspan m='4597520'\u003ethen\u003c/span\u003e \u003cspan m='4597610'\u003ewe\u003c/span\u003e \u003cspan m='4597730'\u003emight\u003c/span\u003e \u003cspan m='4597910'\u003ehave\u003c/span\u003e \u003cspan m='4598030'\u003eto\u003c/span\u003e \u003cspan m='4598150'\u003ewrap.\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4598480'\u003eAUDIENCE:\u003c/span\u003e \u003cspan m='4598716'\u003eIs\u003c/span\u003e \u003cspan m='4598953'\u003ethere\u003c/span\u003e \u003cspan m='4599426'\u003eany\u003c/span\u003e \u003cspan m='4599899'\u003eindication that\u003c/span\u003e \u003cspan m='4600372'\u003ecrypto\u003c/span\u003e \u003cspan m='4600845'\u003eexchanges are profitable?\u003c/span\u003e \u003c/p\u003e\u003cp\u003e\u003cspan m='4602270'\u003ePROFESSOR:\u003c/span\u003e \u003cspan m='4602480'\u003eCrypto\u003c/span\u003e \u003cspan m='4602690'\u003eexchanges,\u003c/span\u003e \u003cspan m='4603320'\u003eprofitability,\u003c/span\u003e \u003cspan m='4603980'\u003ethey're\u003c/span\u003e \u003cspan m='4604130'\u003eenormously\u003c/span\u003e \u003cspan m='4604970'\u003eprofitable.\u003c/span\u003e \u003cspan m='4606200'\u003eCoinbase\u003c/span\u003e \u003cspan m='4606890'\u003edid\u003c/span\u003e \u003cspan m='4607240'\u003ea\u003c/span\u003e \u003cspan m='4608220'\u003eventure\u003c/span\u003e \u003cspan m='4608680'\u003eround\u003c/span\u003e \u003cspan m='4609060'\u003eat\u003c/span\u003e \u003cspan m='4609170'\u003ean\u003c/span\u003e \u003cspan m='4609320'\u003e$8\u003c/span\u003e \u003cspan m='4609530'\u003ebillion\u003c/span\u003e \u003cspan m='4609830'\u003evaluation.\u003c/span\u003e \u003cspan m='4612570'\u003eOne\u003c/span\u003e \u003cspan m='4612950'\u003ecrypto\u003c/span\u003e \u003cspan m='4613400'\u003eexchange\u003c/span\u003e \u003cspan m='4613780'\u003ejust\u003c/span\u003e \u003cspan m='4613880'\u003esold\u003c/span\u003e \u003cspan m='4614210'\u003eitself\u003c/span\u003e \u003cspan m='4614510'\u003efor\u003c/span\u003e \u003cspan m='4614630'\u003e$400\u003c/span\u003e \u003cspan m='4615110'\u003emillion.\u003c/span\u003e \u003cspan m='4615410'\u003eAnd\u003c/span\u003e \u003cspan m='4616310'\u003eCoincheck\u003c/span\u003e \u003cspan m='4617180'\u003ethat\u003c/span\u003e \u003cspan m='4617360'\u003elost\u003c/span\u003e \u003cspan m='4617780'\u003ethe\u003c/span\u003e \u003cspan m='4617890'\u003ehalf\u003c/span\u003e \u003cspan m='4618230'\u003ea\u003c/span\u003e \u003cspan m='4618260'\u003ebillion\u003c/span\u003e \u003cspan m='4618560'\u003eof\u003c/span\u003e \u003cspan m='4619100'\u003eNam,\u003c/span\u003e \u003cspan m='4620090'\u003ethe\u003c/span\u003e \u003cspan m='4620210'\u003e27-year-old\u003c/span\u003e \u003cspan m='4621350'\u003ewho\u003c/span\u003e \u003cspan m='4621500'\u003eran\u003c/span\u003e \u003cspan m='4621860'\u003ethat\u003c/span\u003e \u003cspan m='4622040'\u003ein\u003c/span\u003e \u003cspan m='4622130'\u003eJapan\u003c/span\u003e \u003cspan m='4623000'\u003edid\u003c/span\u003e \u003cspan m='4623180'\u003enot\u003c/span\u003e \u003cspan m='4623450'\u003edeclare\u003c/span\u003e \u003cspan m='4623840'\u003ebankruptcy.\u003c/span\u003e \u003cspan m='4624920'\u003eBecause\u003c/span\u003e \u003cspan m='4625130'\u003ehe\u003c/span\u003e \u003cspan m='4625220'\u003ehad\u003c/span\u003e \u003cspan m='4625310'\u003ealready\u003c/span\u003e \u003cspan m='4625610'\u003emade\u003c/span\u003e \u003cspan m='4625850'\u003eover\u003c/span\u003e \u003cspan m='4626070'\u003ea\u003c/span\u003e \u003cspan m='4626090'\u003ehalf\u003c/span\u003e \u003cspan m='4626390'\u003ea\u003c/span\u003e \u003cspan m='4626450'\u003ebillion\u003c/span\u003e \u003cspan m='4626750'\u003edollars in\u003c/span\u003e \u003cspan m='4627170'\u003ethe\u003c/span\u003e \u003cspan m='4627260'\u003eprevious\u003c/span\u003e \u003cspan m='4627630'\u003e12\u003c/span\u003e \u003cspan m='4627870'\u003emonths.\u003c/span\u003e \u003cspan m='4628730'\u003eThey\u003c/span\u003e \u003cspan m='4628910'\u003eare\u003c/span\u003e \u003cspan m='4629050'\u003eenormously\u003c/span\u003e \u003cspan m='4629810'\u003eprofitable.\u003c/span\u003e \u003c/p\u003e","file":{"id":4052874,"video_id":"KHBi3n0hUSU","name":"17. Secondary Markets \u0026 Crypto-Exchanges","duration":4637024,"thumbnail_url":"https://i.ytimg.com/vi/KHBi3n0hUSU/default.jpg"},"service":{"id":7723592,"state":"complete","created_at":"2019-10-03T17:00:55.000-04:00","deadline":"2019-10-18T20:00:00.000-04:00","finished_at":"2019-10-18T18:59:25.000-04:00","completion_percentage":99}});