So for those of us who have never priced a credit default swap in our lives, can you take us through this slowly? There's a lot of new people here since 2023, would love to walk through that CDS kind of comparison or metaphor with you.

Sure.

I'd be happy to.

Thanks for the question.

Everybody would say the United States of America will never default on their debt, and that is highly likely to be the case.

In fact, if they ever default, they will be the last fiat currency in the world to default, but all sorts of other currencies will default before them, and they do all the time.

I frequently say the Canadian dollar would default 10 years before the, the, uh, US government would default.

Is holding Bitcoin and ETF sufficient to get that protection?

So

I'll just add building on the banking theme that Larry just brought up.

Interesting side note.

Many people don't know that in Canada, we only have really eight banks in all of Canada, coast-to-coast banking.

Whereas in the United States, due to interstate banking laws and to an extent Glass-Steagall restrictions, the U.S. had, when I was going to school in the U.S. in the late 80s, 15,000 banks, and they now probably still have about 10,000 banks, which is remarkable.

If you think of the rule of one in 10, take what you have in the United States and divide that by 10, and that's what you get in Canada.

That applies on so many banks.

And I was wondering if you had any thoughts about that because, yeah.

Greg.

Yeah, thanks.

I just wanted to respond to Surfer Jim and basically say good to talk to you, Jim.

And I look forward to hearing Dom's take as well.

But the danger is the people that own Bitcoin in an ETF that really, you know, they'll never self-custody it.

They'll never send Bitcoin.

Block space on Bitcoin right now is essentially zero.

Yeah.

It could mean anything.

Yeah, no, it's a great question, Martin.

I think, um, that is the toughest problem we're wrangling with today.

Um, because identity now is truly like, like the actual perimeter for all of these, uh, you know, defensive, um, topics that we're talking about here.

You know, the big thing with identity that we like to focus on, you know, of course, there's the individual, the individual's accounts, like named accounts that tie to things like your email, your system, your, you know, various like business applications and things.

But the one that's most concerning, I would say, is like these non-human identities.

Because for each individual, there's anywhere, I think the average is around 80 non-human identities tied to each individual person.

How about you, Greg? Has anything you would like to add at the end?