There's something kind of interesting about the idea that, leaving aside this business of the exchanges, crypto originally was meant to provide transparency and security, because everybody on this block chain could like, see something at once. And yet, in the real world, when we talk about money laundering, when we talk about people using crypto to buy, i don't know, guns and things of that nature, whatever, like, like, illicit sales of s, whether it's guns or drugs or something else, ok, it seems to be, or at least it used to facilitate that kind of transaction in a way that you wouldn't get caught. In other words, like, there's

no transparency in that sense. A lot of that was what, ou know, t we alluded to in the beginning, of obscurity through complexity. But there are a lot of people now who are very good figuring the complexity. And when they figure out the complexity, they can far out who you are. And so ido you sort of have this arms race of what sometimes in compuser m in information security, they'll coll like the white hats versus the black hats, right? Where the white hats are supposed ones trying to, like, do good in the world, still by hacking, and the black hats are the ones whoare like, that money looks like mine. I am taking it, am. And you also have what i think is less well understood, that some of these very, very, very smart people running these companies that do this kind of analysis directly work for the feds, right? And so, you know, there is a cottage industry of organizations who deploy the kinds of matching algorithms that you might see when folks are trying to figure out, like where cartells are moving money around, or who will. There was, very famously, and just a couple of weeks ago, the case of two people who are accused by the department of justice of having laundered three point six billion dollars worth of bit coin that came from another hack. They're not accused of stealing the money, but one of the ways they got found out was because they, like, bought a walmart gift card, or they used some of the crypto to buy things that theyven delivered to their home addresses. And so even though that bit coin itself wasn't necessarily traceable to one or more people that conversions back into fiat currency were very much traceable, right? Because if it's, like, you call up a thing and you're like, hey, i have a hundred thousand dollars worth of bit coin that iwould like to convert into us dollars. Your bank isn't going to be like, sounds good. They're goingto be like, and can you tell us where you gotatti? You know. So some of the lack of em the

lack of carsco underground and then surface, right?