“I just want to throw out there as we close the show how far crypto has come, not necessarily in a good way. In the early days, if you talked to people in the space about crypto, you were talking about Byzantine generals and you were talking about cypherpunk stuff and you were talking about sharding. We are now at the point where crypto, we're talking about credit and credit risk. And it is just so 180 from the early days because credit would be the last word that would be used.”

…the best of both worlds instead of a halfway solution. And I think that's when it becomes an institutional product. Right now, totally retail. Retail doesn't care about credit risk. Right. Retail doesn't care about their money being on the exchange and like separation and all these other things.

…it was just like not the mindset of people necessarily in the space in the same way. But it was the most important thing at the big traditional hedge funds around like, what is my counterparty risk? What is my credit risk? And we learned it the hard way in FTX, obviously, and we're solving that.

Yeah, well, and I think credit counterparty risk, definitely. So maybe it is a good place.

I think just for comparison, like the internet, the same thing. We talked about TCP IP. And then you have like all these things like e-commerce and social networks and things like that. And that is the arc to me of any industry. And this is an awesome thing. And lastly, I have tons of friends that…

Yeah, I think there's no doubt about that. I continue to think it's as exciting as a time to be, you know, building and investing in this space. And I know that's why we're all here. And it sounds like Namil, you guys at Y Combinator are as excited as you've ever been. And so probably a good place…