0:00
(speaks in foreign language)
0:03
(audience applauding)
0:14
- All right, I'm gonna try my speech English this time.
0:29
Because when Roger was speaking,
0:30
everybody seems to understand,
0:31
and he's speaking really, really fast.
0:33
I'm gonna try to speak a little bit slower,
0:35
and make it a bit easy for my Xbox project to understand.
0:38
So, I'm gonna tell you about the future of Bitcoin.
0:41
Now, I've got everyone listening, huh?
0:43
I'm gonna tell you exactly the price in the future every day.
0:46
I wish I can do that.
0:47
If I can't do that, I'm not gonna be here,
0:48
I'm gonna be training myself.
0:50
So, I can't do that.
0:52
Let me tell you a little bit of a story of why I'm here.
0:55
So, I lost 22 hours ago, roughly.
0:58
I was told by a star that he couldn't come to Hong Kong,
1:01
and I got to come.
1:02
And then an hour after that,
1:03
or maybe five minutes after that,
1:05
the event coordinator, I hope that it'll get a coin.
1:07
She has a lot of titles.
1:09
She comes to me, says, okay, Susie,
1:10
you gotta write a TPT, you just started in a white one.
1:13
And heaters needed a really, really quick place.
1:15
I gotta get that done with you an hour.
1:19
So, I got that done with you an hour,
1:21
and then an hour later she tells me
1:22
that it has to be about future of Bitcoin.
1:25
Like, oh, future of Bitcoin, that's pretty tough.
1:28
I mean, I don't know.
1:29
I don't know about the future of Bitcoin.
1:31
So, I have two reactions, actually.
1:33
So, first of all, I don't really know.
1:34
No, number two is, I thought about this.
1:37
That was a direct reaction, it was to the moon.
1:40
(laughing)
1:42
Everybody knows about Bitcoin to the moon, right?
1:44
So, but in the last 70 hours or so,
1:46
I actually have tried to explore the future of Bitcoin.
1:49
So, that's what we're here,
1:50
but that's what I'm gonna share with you.
1:52
So, I think Raj explained the basics of Bitcoins,
1:56
which actually helps quite a lot from my presentation.
1:59
So, I'm gonna just look at Bitcoin right now,
2:01
and I'm gonna look at one property of Bitcoin.
2:04
So, Bitcoin is a credit system.
2:07
So, we have seen many credit systems,
2:10
and we use a lot of credit systems,
2:12
and Bitcoin is one very special credit system,
2:16
namely, it's distributed, it's a P2P credit system.
2:19
So, Bitcoin is the first time in human history
2:23
as a species that we can actually establish trust,
2:27
a moral group, or a common ledger,
2:30
or a common book, or a common accounting system,
2:32
that the group of people doesn't have to know
2:36
or trust each other, but they can trust that book.
2:39
This is the core invention in Bitcoin,
2:41
and I think this has very powerful impacts.
2:44
And so, think about that for a little bit.
2:47
I think this is Bitcoin's invention.
2:50
Everything else, strip the site.
2:51
This is the core of Bitcoin.
2:53
And it's quite new to this.
2:56
We still try to figure out how to use this,
2:59
and Bitcoin is just one application.
3:01
So, we have a lot of credit systems in history.
3:04
So, I'm gonna go back in history a little bit
3:06
and talk about some of the other credit systems
3:07
that we have seen in our mailman unknown.
3:10
So, Shells, right?
3:12
So, any of you guys studied Bitcoin,
3:13
it's probably heard about a story,
3:15
a bunch of guys on Ireland,
3:17
they use Shells from us credits, as money.
3:20
So, we don't use this today, but it's kind of interesting.
3:23
This has a few interesting properties.
3:26
Shells are a physical credit system,
3:29
and you can get lucky sometimes.
3:30
You can scroll down the beach and find a shell,
3:33
and you just become that much richer,
3:34
or that much credible.
3:36
So, this is one fiscal credit system.
3:39
We don't use anymore because it's kind of hard to use.
3:42
This one people are probably more familiar with.
3:44
It's gold.
3:45
We don't use this very much anymore either.
3:48
I don't think anybody in the room,
3:50
but at least probably not that many people in the room
3:53
actually used gold to buy things,
3:54
or to purchase things, or to pay for things.
3:58
But we're more familiar with gold.
3:59
Again, gold is a physical credit system,
4:02
and you can get lucky as well.
4:06
If you work on the street, you can go mine,
4:08
you can find some, or if you go mining,
4:10
you can get them.
4:12
And it depends a little bit on luck.
4:14
And this is another system that we're very familiar with.
4:17
This is actually a credit system.
4:19
It's not money.
4:20
It's credit.
4:21
So, why does a piece of paper worth,
4:24
actually mentioning in our previous two slides,
4:26
a shell, when you exchange it for food, for fish,
4:30
the shell is actually not worth this fish.
4:32
The fish is worth a lot of money,
4:33
because the fish is very valuable,
4:35
because if you have nothing to eat, you're gonna die.
4:38
So, the fish is much more valuable than the shell.
4:41
The same thing with gold.
4:43
The gold today, the industrial value of gold
4:46
is no worth the price of gold is such.
4:49
But the price of gold is really high,
4:51
because it's used as a currency of credit system.
4:54
This paper is really amazing,
4:57
because the paper itself is not really worth a lot of money.
5:00
So, why does that piece of paper worth $100,
5:02
or $100 from the, or $100 from the game?
5:07
So, you guys can think about it relatively.
5:09
If you get some of you want to know the answers already,
5:11
some of you want to know,
5:12
why does a piece of paper worth that much money?
5:15
Or worth that much value?
5:16
You can buy food with it, you can get a hotel,
5:19
you can do a lot of things with it.
5:20
So, why is it worth that much value?
5:23
And let me tell you something.
5:25
If you think Bitcoin's a virtual currency,
5:27
or I can tell you that the paper money is virtual already,
5:32
and it's been virtual since 1971.
5:34
So, right now, with the banks,
5:37
or the central government's central banks print money,
5:39
they don't have the gold to back it up.
5:42
In theory, when they print money,
5:44
they should have the gold in the vault,
5:46
so they can back it up.
5:48
But, since 1971, Nixon stopped that.
5:51
And since then, the money has been virtual.
5:53
So, you've already very familiar with virtual currency,
5:55
virtual credit systems.
5:57
You just don't know,
5:58
you just haven't really thought about it that much.
6:00
I think this is my favorite example of a credit system,
6:06
because it's actually called a credit card.
6:08
I think this is the only thing that's appropriate name.
6:10
And even in Chinese, you have the right name.
6:13
It's Xinyon Ka, right?
6:14
So, it's got the credit in there.
6:16
So, there's actually a lot of different cards, right?
6:19
So, in Hong Kong, you have the octopus.
6:21
In Tokyo, you have the suit card, or the pass model.
6:26
In Beijing, you have the metro card.
6:29
So, and we have the point cards, or the emails.
6:32
All of those are credit systems,
6:33
and all of them have value.
6:35
So, and this is virtual and digital, right?
6:39
So, you actually don't see anything going on.
6:41
Everything's a number in your computer in your bank.
6:45
And then, we have the online banking system.
6:47
On the online banking system, everything's digital.
6:50
So, everybody here is already very familiar
6:53
with virtual digital currency.
6:55
The Bitcoin's not that much different.
6:57
The only difference in Bitcoin is that it's distributed.
7:00
It's no central party.
7:02
So, I had a problem representing Bitcoin.
7:06
I've always had this problem.
7:07
Bitcoin's really hard to visualize.
7:09
So, most people are visualized using a coin.
7:12
This is actually very, very distributed,
7:13
because Bitcoin's new. It's not a coin.
7:16
So, there's more coins, and then there's more coins.
7:21
And some people represented, like,
7:22
this is a Bitcoin address.
7:24
It's actually not a Bitcoin.
7:26
So, if you look at the Bitcoin protocol,
7:27
actually, there's no definition of Bitcoin itself.
7:29
It doesn't exist in the protocol.
7:31
There's no unit of it.
7:32
There's no, if you're a programmer, there's no object,
7:34
there's no instantiation, instantiation, instantiation.
7:39
So, there's no object that represents a Bitcoin
7:42
in the programming language.
7:43
So, there's another protocol,
7:46
which represents that address.
7:49
And I'm going to take a look at the tutorial here.
7:51
This particular address is actually a real address
7:53
that I started a charity for.
7:56
So, if you could scan this protocol
7:57
and donate Bitcoin to that address,
8:00
that Bitcoin will not be used by myself, anybody,
8:02
unless it's for a real charity cost.
8:04
And it's going to do directly to the beneficiary.
8:07
And all the admin costs are born by OK coin and myself.
8:11
So, if you guys want to donate, here's a chance.
8:14
You'll have even more chances later.
8:16
So, the real representation of Bitcoin is like this.
8:20
It's just a number, plus a unit.
8:23
That's what a Bitcoin is.
8:25
And so, the way Bitcoin works,
8:29
that how do you know that?
8:31
How many Bitcoins you have?
8:33
It's very simple.
8:34
I think a lot of you guys will know this.
8:35
You'll take all the, every payment that you receive
8:38
on your Bitcoin address,
8:40
and then minus all the payments you've made.
8:42
And that's how much Bitcoins you have left on that address.
8:44
So, every time it's calculated.
8:46
So, it's just a number of plus a unit.
8:48
And that's it.
8:49
And I specifically put a decimal here
8:51
because it's very important to realize
8:53
that Bitcoin is reversible, right?
8:55
So, I've got a lot of new people asking me,
8:57
hey, it's a Bitcoin's life, $300.
8:59
And I want to give $3 to somebody, how do I give it?
9:02
It's very simple.
9:02
You're typing 0.01 Bitcoin, Bitcoin.
9:05
And that works.
9:07
So, Bitcoin, I think,
9:10
is not going to replace everything immediately.
9:13
This is, I'm sort of guessing a little bit
9:18
into the future here.
9:19
I think Bitcoin is just one more way
9:21
we can use currency or we can use the credit system.
9:23
So, I think Shell's kind of already,
9:26
nobody uses it anymore.
9:27
Gold, people still use it, to some extent.
9:30
Not very often, cash people use.
9:32
Credit cards was, when credit card came along,
9:35
that did not replace cash.
9:37
When our mind banking came along,
9:39
that did not replace cash.
9:40
So, cash is still used very heavily.
9:42
So, Bitcoin is, I think, just a supplement
9:45
for the traditional credit systems
9:48
or money systems we have today.
9:50
So, I don't think it's going to replace everything immediately.
9:53
It might in the long future, but it's going to take a lot.
9:55
So, I think right now, it's just another way
9:58
to help us conduct transactions in both value.
10:01
So, I think that's where the value comes from.
10:04
There's quite a number of ways.
10:06
Again, it's that Bitcoin address you can donate to, you want to.
10:10
So, there's many ways right now.
10:13
So, right now, today, Bitcoin's mostly used
10:15
by technology-savvy people or firms.
10:19
I'm kind of a geek, so.
10:23
And then, it's very useful for a cross-border
10:27
or global transactions.
10:28
So, if I want to pay somebody in the U.S.,
10:30
to require money from here to the U.S.,
10:32
or take me a lot of time, a lot of firms to steal,
10:34
so he has a lot of advantage in the global over it
10:38
or cross-border transactions.
10:40
So, if I want to hire a web designer in India
10:43
and I want to pay him something off-value,
10:45
I can give him big points very easily.
10:48
There's also a lot of other very unique uses for it.
10:52
For example, you can do micro-pennets.
10:54
If I want to pay you 0.1 penny,
10:57
actually the current fiat system will kind of handle it.
10:59
And most of the current fiat system
11:01
probably couldn't even handle it like pennies.
11:02
You don't have a penny, so you go back to your bank wire,
11:05
it's not going to work.
11:06
Big points are last time.
11:08
And you last, doing micro-pennets and last tipping,
11:11
crowdfunding, a lot of other things will depend up.
11:13
That was not how to use fiat systems today.
11:16
So, it has very unique uses.
11:20
And the last thing is very good for travelers.
11:22
Again, this is cross-border, so I arrived in Hong Kong last night.
11:25
I gave some guy in Bitcoin, he gave me a couple of time
11:27
on the end, and that worked satisfying.
11:30
So this way, I saved the 10% I paid to the airport travel bags
11:35
for those guys who were looking me off the way.
11:37
So I saved so many there.
11:40
So if you think of the internet as an information highway,
11:43
then the Bitcoin, I think, is fairly appropriately called
11:46
the financial or the currency highway.
11:49
So I think, basically, this is going to develop
11:52
at a very high speed.
11:54
So if you think of the Bitcoin as a financial highway,
11:58
then what is OKcoin?
11:59
So OKcoin is the right.
12:00
So OKcoins are all in the right, on to the highway.
12:04
So OKcoin is an exchange.
12:05
And this is where we bridge the traditional fiat currency
12:09
and the Bitcoin crypto world.
12:12
Right now, we support Bitcoin and Litecoin,
12:14
so we might as well support more, but probably not
12:16
in the short future.
12:17
I especially like this picture, because it actually
12:20
does a show what's on the highway.
12:21
Because I actually don't know what's on the highway.
12:24
So what's going on is foreign.
12:26
We're still exploring the future of Bitcoin.
12:28
So bear with me for a second.
12:32
So let me brag a little bit about OKcoin.
12:34
So I think OKcoin, my biased opinion,
12:37
is the best Bitcoin exchange existing.
12:39
Period, very similar.
12:42
I think it's four or five months ago
12:44
when I was given a talk in Chicago, very similar talk
12:47
about Bitcoin about OKcoin.
12:51
At that time, there was a joke saying,
12:53
"Who's the largest exchange?"
12:54
And some guy came up to me.
12:56
Some really small Bitcoin exchange in China came up to me.
12:59
He said, "OK, we're the second largest Bitcoin exchange in China."
13:02
I was like, "What?"
13:03
There's like three other big ones.
13:05
And so the guy said, "Because all of OV, OKcoin,
13:09
and PTC China claim to be the largest Bitcoin exchange."
13:12
So they were second.
13:14
So that was four or five months ago.
13:16
But I haven't heard that joke for about four or five months.
13:19
So which is good for us, because I think
13:20
the largest Bitcoin exchange has pretty much
13:22
been established.
13:24
And I think there's a lot of arguments.
13:25
Every exchange is going to say they're the biggest exchange.
13:28
But I think, as a user, you've got to find out
13:30
where the liquidity is, who have the largest real volume,
13:33
who have the largest transactions,
13:34
who have the lowest fees, and who have the most reliable systems.
13:38
So here, I'm going to focus on the best Bitcoin exchange.
13:41
And I think the properties are very simple.
13:43
You've got to be reliable, you've got to have good service,
13:45
and you've got to have a very strong product.
13:47
And this is the three things that OKcoin is focused on,
13:50
and I wouldn't pretty much focus on nothing else.
13:53
Let me talk about reliability for a second here,
13:55
because reliability is all about protecting the users.
13:59
And here, it's actually quite funny,
14:00
because the goal is to make less mistakes.
14:03
It's very, very simple.
14:05
If you don't make mistakes, you're good.
14:07
If you make lots of mistakes, you're not so good.
14:10
So by mistake, many other exchanges
14:14
are reported like very wild price points,
14:16
when every other exchange has very stable prices.
14:19
So OKcoin have never had situations
14:21
where the price brought up to $10,000
14:23
or went down to $1,000, or one RMB,
14:25
where the price should be like $3,500.
14:29
We never lost points.
14:32
A lot of other exchanges lost points.
14:33
Some went down.
14:34
Some lost points are still around.
14:36
And we never had any significant big losses on futures.
14:40
So GBL is an exchange that's no longer around.
14:42
They lost 4,000-- well, there's still 4,000 points
14:44
and ran away.
14:46
And they're not caught.
14:47
So China has a very strong police system.
14:49
They're borrowing it with people's coins.
14:52
So we have very few deductions on the winnings on futures.
14:56
This is actually very difficult, given the hard leverage
14:58
that every futures exchange have right now.
15:00
This is actually very, very difficult.
15:02
So some of the things here are sounds very simple,
15:04
but it's actually very hard to achieve in real life.
15:07
So we don't have other very basic mistakes
15:10
where one of our competitors had a long settlement date,
15:14
the contract settled at near day,
15:16
when they were supposed to start a late date.
15:18
As many, many other had it, but it's actually very difficult
15:21
to have no mistakes or very few mistakes
15:24
in the Bitcoin exchange world.
15:25
I think everybody in the Bitcoin space,
15:28
anybody who's working in the Bitcoin space,
15:30
probably had an idea that wanted to do a Bitcoin exchange,
15:32
and one point in their Bitcoin experience.
15:38
And there's actually only a handful of Bitcoin exchanges.
15:42
The Bitcoin exchanges are actually very hard to do.
15:47
So this is the best criticism that I've received this year.
15:50
So somebody actually, only a couple of days ago,
15:52
comes up to me, says, "Hey, it seems that every Bitcoin exchange
15:55
"have had some issues except okay coin.
15:59
"So are you guys doing something wrong?
16:01
"Why are they different from everybody?"
16:03
So I thought that was a really, really good feedback.
16:05
Look at that in my day.
16:08
So let's move on to service.
16:10
So okay coin provides the best service
16:14
in the entire Bitcoin space.
16:16
So we're one of the very steep companies
16:19
that provided 24 by 7 customer service
16:22
in English and Chinese around the clock internationally.
16:26
So, and we also, actually all these eight support methods,
16:29
we support 24 by 7.
16:31
So this includes phone, web, chat, emails, Skype, Reddit,
16:35
Twitter, Facebook.
16:37
If you use any of those things, you can find us.
16:38
Actually, we voice not even out here.
16:40
We do that as well, of course.
16:42
So we spoke, we brought you to you for the Chinese sites.
16:45
I was focused mainly on the international side here.
16:49
To be honest, our withdraw and deposit fees
16:52
are still a little bit slow.
16:53
We're trying to improve that.
16:55
They're just working with different banks
16:57
along the world.
16:58
It's actually quite tough, but web established internal SLAs.
17:01
So basically, if something that takes too long,
17:03
we get a lot, I get a lot,
17:05
and I share something and try to work them.
17:06
So you should, it goes pretty fast now.
17:11
So the next thing is for product.
17:12
I think this is the key for long-term success,
17:15
for any Bitcoin exchange,
17:17
for actually for any business, I think.
17:19
So, okay, Coin, actually right now, has about over 150 people.
17:22
So we're one of the largest Bitcoin companies, I think.
17:26
There's a few other competitors
17:27
who are very similar sites, like we'll be.
17:29
And of our 150 employees,
17:32
a hundred of them are on the tech team.
17:34
So I'm the security owner,
17:35
so I manage about 100 people and a lot of health.
17:39
But the 100 people we have are very, very good.
17:42
They just have one mission to make the product better.
17:44
They don't care about anything else.
17:45
They just work very, very hard.
17:47
And then we are very, so we are pretty lucky
17:53
that we were able to achieve a lot of the first.
17:55
So we're the first Chinese,
17:57
sort of major Chinese Bitcoin exchange
17:58
to actually truly go international.
18:00
So we launched international site.
18:02
We have a completely separate website, user database,
18:05
order of everything.
18:07
So we're also the first major exchange to offer futures.
18:11
And we support futures with multiple contracts
18:13
so that we can help people to hedge.
18:15
So different time periods, we export up to the quarter.
18:19
And we've still the only ones
18:22
that support cross and spread margin modes.
18:24
That's very difficult to do.
18:26
Very, very difficult to program.
18:28
But our users are loving.
18:29
No one else has this right now.
18:31
So this is one of our key competitive advantages.
18:34
When the first one to do a mobile trading app
18:37
or some of our competitors have it now,
18:39
but we are still the only ones
18:40
that support futures trading on the mobile app.
18:43
When you want to achieve the Bitcoin wallets,
18:47
you should try a mobile app.
18:50
Mobile trading apps is very, very slick.
18:52
And I think a lot of you think
18:54
that you cannot trade on a mobile app.
18:56
But I think this app will change your mind.
18:58
You can trade very easily on the mobile app.
19:00
And then we are the first ones to offer
19:04
algorithm trading directly on the exchange.
19:07
And then we still the only ones
19:08
to offer stock models and triggers on futures.
19:11
Nobody else has that.
19:13
I can go on for a while,
19:14
but I think I have 10 minutes left.
19:15
So I'm going to go a little bit faster.
19:17
And lastly, we have the best risk management system.
19:20
This is actually very key.
19:21
The risk management system saves our users money.
19:25
This is a physical money,
19:26
or does it real value that we're saving?
19:28
I think most of the Chinese users notice already
19:31
because they can experience it.
19:32
And again, we have the best liquidity.
19:36
So there's another product which we are launching,
19:40
which is OK Link.
19:41
Some of you guys have heard about it.
19:43
And we won't be opening this up in a week or so.
19:47
So this is coming up very, very soon.
19:49
So this is a consumer-facing wallet payment services
19:54
and also developer APIs.
19:56
So we want this to be a platform
19:57
for people to develop applications.
19:59
So this has a very easy consumer-facing wallet,
20:03
but the wallet actually in technical features
20:05
is very advanced.
20:06
So we support both on-channel wallet,
20:09
both regular and multi-sick wallets.
20:11
I think if you guys know what it is,
20:13
then you'll know why it's good.
20:15
It's not quite ready yet, but you'll be sick.
20:20
So I want to announce some of the partners we have.
20:22
So we have a strong partner.
20:24
We just had a partnership here last couple of days ago,
20:29
on the 25th.
20:31
So that's BuildFX.
20:32
So BuildFX allows you in Hong Kong
20:35
to take cash into their store
20:37
to buy and sell bitcoins,
20:38
or to deposit onto the okay coin platform.
20:40
So this guy's from BitFX.
20:42
Would you guys stand up?
20:44
Just so that you guys know who they are.
20:46
And this is their shop.
20:47
And the shop is very nice.
20:48
Okay, okay, Harry just got here.
20:52
I thought he was sleeping.
20:53
So finally financials is another part,
20:57
another client of ours,
20:58
who is a very relatively very active hedge fund trading firm.
21:05
He's either sleeping or trading, I think.
21:07
And sometimes he's doing both at the same time.
21:09
So, and this is a few guys that Harry actually is here.
21:14
So he's going to talk tomorrow about trading.
21:16
So he's one of the few guys who actually led us
21:18
to use their name publicly.
21:20
We have a lot of other big tech council,
21:21
we can now use, we cannot say publicly.
21:25
So let's circle back to the Bitcoin future topic.
21:32
So I want to just think about cars.
21:35
When cars was first invented,
21:36
nobody, everybody said there's no future for cars.
21:39
Just in need of payment and gasoline,
21:43
there's a lot of other things.
21:44
The forces are much easier because you can go anywhere.
21:47
So just think about where cars are today.
21:50
There's also the internet.
21:52
In the early days of the internet,
21:53
there was a lot of problems.
21:56
It's called the worldwide weight.
21:58
Because everything's 24 about more than in the dialogue,
22:01
costs you $10 per hour.
22:03
And there was a joke in the back in the old days saying,
22:07
things were around 95.
22:09
Somebody told came up to me and said,
22:10
"Hey, the internet thing is really useful.
22:12
"And buy a hamburger and grab out of it and just buy it.
22:14
"And feel the juiciness of it."
22:17
And that was a sarcastic joke.
22:19
But today's reality is that today you could buy a burger
22:22
and get it delivered to you within a few minutes.
22:25
You can actually buy it.
22:26
So I think for Bitcoin, it's going to take some time,
22:29
but we'll get there.
22:29
I don't know how long that might be a couple months,
22:32
a few years, I don't know.
22:33
But for Bitcoin, we want to be a significant company
22:38
in the Bitcoin space.
22:40
So basically, we want to be five, 10, 20 years from now.
22:44
We want to be the Google's Bitcoin,
22:46
where Google is for internet we want to be for Bitcoin.
22:50
So we're not really interested in short-term gains.
22:52
We could try a lot of commission,
22:53
make a lot of money in this go away,
22:54
but that's not our interest.
22:57
So we want to be here, long-term.
22:59
That's OK, Coin.
23:01
So let me tell you about the future.
23:04
To the moon, that's the only thing I can figure out.
23:07
So when I was thinking about the future of Bitcoin,
23:12
I came up with this code.
23:15
I think Bitcoin is going to stay.
23:17
Bitcoin is not going to go away.
23:18
So I can no longer imagine a world without Bitcoin.
23:20
And I thought about this this morning, about 5, 6 AM.
23:25
I didn't see it all last night.
23:28
So I tweeted it and everything else.
23:30
So that's my talk.
23:33
Thank you very much.
23:33
And this is all the ways to do a transaction if you want to.
23:35
[APPLAUSE]
23:44
Any questions?
23:44
I think, yeah, I got lucky because it's nice a lot of time.
23:46
So I'll take a few of them and ask me a lot of questions.
23:49
Go ahead.
23:50
Do you have any view on smart contracts?
23:53
I think smart contracts won't get there.
23:55
I'm not sure which version of it or which implementation of it.
23:59
But I think smart contracts won't get there.
24:01
So no matter what, it's just a matter of time.
24:03
And people are surprised to hear it out.
24:04
People are going to start to use it.
24:06
And it's going to be better than using lawyers and other
24:10
students' stuff.
24:11
So I think you'll get there.
24:12
Any other questions?
24:19
That was pretty easy.
24:24
All right.
24:25
[INAUDIBLE]
24:30
[SPEAKING FOREIGN LANGUAGE]
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