Thanks Ed. There's no doubt that bitcoin has a lot of energy around it and has attracted a number of entrants like Coinbase. But I don't think that you are right about the entry barriers ast least as a general matter. Take Coinbase which has a really great wallet. Whatever currency they are converting--whether it is bitcoin or pesos of yuan--or whatever other payment methods they want to use like cards, they have to get money business licenses where they operate. As far a I know they do not face any lower barriers with bitcoin. Some of the entrants--like entrants into payments generally--may be operating under the regulatory radar and taking the risk. Bitcoin (and other virtual currencies) are definitely interesting and provide efficiencies--and avoid a lot of cumbersome infrastructure-- for international remittances in the case where sender and receiver are both willing to use bitcoin. I find the special use cases for bitcoin interesting, bitcoin as a general purpose payment method not so much.