On The Brink with Castle Island - Weekly Roundup 04/26/25 (DEBTBox fallout, DoJ vs Samourai Wallet, IMF on Bitcoin flows) (EP.523)

Episode Date: April 26, 2024

Matt and Nic return for another week of news and deals. In this episode: CIV's new stablecoin survey What happened with Runes? Lawsuit against the SEC's dealer rule New capital gains tax proposal How would taxing unrealized gains work? Two SEC lawyers leave in connection with the DEBT Box scandal The founders of Samourai wallet are arrested and charged by the DoJ Morgan Stanley close to permitting Bitcoin ETF to be solicited by their brokers Hong Kong Bitcoin ETFs go live Block is building Bitcoin mining hardware Visa's stablecoin analytics dashboard Bitcoin Sign Guy sells his sign TikTok ban reactions Choke Point 2.0 moves to fintechs Content mentioned in this episode: Visa's stablecoin dashboard IMF, A Primer on Cross-Border Bitcoin Flows FDAS Q1 Signals Report Sponsor notes: Layer-1 Landscape In Coin Metrics' State of the Network issue 256, we explore the diverse landscape of Layer-1 blockchains

Brought down by bad mortgage investments, Lehman, which has 25,000 employees, will be liquidated. The federal government loans American International Group, AIG, $85 billion. This is a different kind of market, and the Fed is asleep. The federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped 75 billion pounds more into Britain's ailing economy with a new round of concentrated easing. You've printed a couple trillion dollars, and all of a sudden, people start to worry.

So out of this worry, we have something called the... Bitcoin. Bitcoin. Welcome to On the Brink. I'm Matt Walsh. And I'm Nick Carter. This episode is brought to you by Coin Metrics and here is the Metrics Minute. For today's Metrics Minute, we're looking at Layer 1 stats.

Among major L1 blockchains, Solana has the shortest average block time at 0.4 seconds while Bitcoin has 10 minute block times. Despite recent fee spikes due to congestion, Salana's fees are remaining around 1 cent. Bitcoin average fees spiked to $124 per transaction with the launch of ruins during Bitcoin's fourth-having block but have since dropped at 25. While Bitcoin and Ethereum L1 active addresses have remained stable at 800K and 600K respectively, unique wallets on Salon has spooked at $1.2 million in March daily. Major stablecoins have gained traction across L1 with Tron leading tether usage, and Salana stablecoins showing the lowest meat. media transfer values $10 for USDC, $60 for USDT.

That's your Metrics Minute. All right, so we are recording this in our podcast studio. And the bowels of the office. This is a great studio. We got noise cancelling foam on the walls. No video, though. If the audio sounds incredible, that's why. It's because we got the foam.

We're making up for the air conditioner episode. Two episodes ago. Yeah. So we went to the Celtics game last night, and they got beat by the heat. That was terrible. Well, I'm not a big basketball guy, but I guess I'm technically a heat fan now.

You can't be one of these guys that moves to a city and just starts rooting for that team. Why not? I can't be that guy. What? So I have to be a Wizards fan for the rest of my life? Yeah, no, Washington Bullets. That's your fan.

I don't want to be a Washington bullet slash wizards fan. I just, these people that move to new cities and then just start rooting for that team, I just don't get it. You don't understand. I'm an itinerant person. So you have roots. You know, you're really from here.

Yes. I have no allegiance to any place. All right, fair enough. But the garden was rocking. There were not a lot of heat fans at that place. I was the only one. Yeah. And I'm not even a real heat fan.

It was cool, though. It was a really good. Kind of an upset. Yeah, it was a big upset. I think this might go seven games this series. Yeah, that was great. We saw CJ Stroud was sitting a couple rows in front of us. Sussie J. Stroud, yeah, not a ton of celebrity.

Outside Donnie Wahlberg. Yeah, I thought there'd be more celebs there. Yeah, they'd probably come out a little bit later in the postseason. Yeah, not for game two. The NBA postseason is like two months long. Too long. Yeah, it's way too long. A lot happened this week.

We had some good podcasts. Yes. Wyatt did his inaugural Castle Island on the Bring podcast. Getting good reviews on that. So Wyatt had his debut. Wyatt's an investor on our team. He sat down with a... Alexi from Build on Bitcoin, Bob, to talk about the Bitcoin Layer 2 landscape. So that was a good

episode. And you did, well, how do you pronounce this? So it's BVNK, but it's so it's like a, is it bank? Do you just pronounce it bank or is it BVNK? It's, I just call it BVNK. It's, if you look at it though and you flip the V upside down, it is bank. It looks like it could be bank. Yes. But it's really Bvunk. So I sat down with Chris Harms, who's the co-founder of BVNK, and they are a global stable coin company. So they're an infrastructure company that sits underneath companies that want to offer on and off ramps and payment services around stablecoins. So really fascinating episode. Chris has been in the stable coin space for a long, long time, started to really see the opportunity set in the context first of crypto trading, just moving stable coins around on venues.

So enjoyed that episode. We have so much stablecoin content coming your way here. We are doing a, we're going to do the reveal here. We're doing a comprehensive study on stable coins. Yeah. So you know how there's a lot of on-chain data. Now there's tons of these dashboards. In fact, we have a new one to talk about today.

There's all this on-chain data. Okay, there's X-Money wallets to hold stable coins, all these active addresses, all this transaction volume. We know that. But who is using them and where and how? And on what blockchain with what wallet? We're getting to the bottom of it. We're going to be getting to the bottom of it over what, the next three, four months?

Yeah, don't hold us to a specific date because these things take a lot of time, but we're doing a real quantitative on the ground survey with one of the best survey companies that exists in five key emerging market geos that are highly adopted for stable coins. And we're going to tell you what they're using stable coins for, what they're using TetherTron, really, for. Love it. What are they doing with TetherTron? I love it. So we'll report back to you on that soon. All right.

So more to come on that front. Busy deal week. Yeah, for sure. First up is Castle Island Portcoe Talos, the leading institutional trading platform for digital assets. They acquired Cloudwall, a risk management platform. Congrats to the Talos team. If you're an institution and you're doing trading technology

and you're not using Talos, you're out of your mind. So congrats to Talos. Next one is Roons Decks. This is a Bitcoin Roons Exchange. They raised $2 million from kinetic and mechanism. So Roons, we were excited about Roons, but Roons were a flop? Or what do we like Roons? What's the rooting Roon?

What's the best Roos? So the fees on Bitcoin after the having, oh, I guess happy having. Having occurred. Did Bitcoin's price double? No. No. They said it would. It almost halved.

Yeah, it's going on. It almost, yeah, it's kind of the opposite. So Roons launched, and I assume that that's why the fees on the Bitcoin network were exorbitant. So I didn't even try to get involved in the Roons game here. What's the best Roon? I don't know. I don't know. What are they? I couldn't tell you either.

Are they just meme coins? And where do you see them? I don't know. I guess they're like new BRC20s, but yeah, the whole thing is very indescriberable to me. If you know what the best ruin is, let me know. If someone could explain this, ruin's situation to us, it would be greatly appreciative.

Well, there's a decks to trade them now called Ruinsdecks. So congrats to the Rune's Dex team. Next up we have Super Logic. An enterprise loyalty platform, there is $7.6 million from American Express Ventures and Chainlink. Then we have a company called Prime Intellect. This is a decentralized AI platform that raised $5.5 million

from distributed global coin fund and collab currency. Then we have Authentic, that's with an O. They're building an eigenlayer ecosystem. There is 4 million from Finality, Capital Partners, Breyer Capital, Coinbase, and Bankless Ventures. Authentic, that's a good name. I like that one. Next one is Turnkey.

It's a wallet infrastructure company that raised $15 million from Lightspeed Faction and Galaxy. Then we have Tavaira on blockchain gaming company. There is $5 million from Lazy Digital Hashkey and Fibushi. This is a fund announcement here. So Founders Fund, Peter Teal's Fund, has taken a stake in Alliance, which is a crypto-focused venture fund. Big congrats to the team over there, Alliance. Next up we have Infinigods, a blockchain gaming company. There is $8 million from Pantera.

Then it's Moso. It's a crypto reward site that has a browser extension. Sounds like honey back in the day. They raised $2 million from symbolic capital, P2 Ventures, and Coinlist. And lastly, we have Puffverse, a blockchain gaming company. There is $3 million from Anamokas, Sky Mavis, Spartan, and Hashki. All right, so busy deal week there. Let's get into some of the news.

So on the lawsuit front, this is kind of interesting. Blockchain Association and the Crypto Freedom Alliance of Texas have sued the SEC over their new dealer rule. And this dealer rule would essentially define a number of open source blockchain protocols as security dealers, which is totally unworkable. So imagine having a smart contract that is. now a quote-unquote securities dealer. It needs to comply with the SEC, but it's just a piece of open-source software. It's not like there's a person there that can actually produce dealer statements or whatever type of filings you need. So I like this lawsuit because this rule just actually makes no sense. You're introducing a rule that is structurally impossible to comply with.

It would be like having TCPIP have a reporting requirement. And like who do you go to? There are a lot of strange proposals from our dear leaders this last week. Capital gains tax. Yeah, you think. What was that, 46%. Capital gains proposal from the president this week is 44.6% plus an additional 25% on unrealized gains. That's actually even more psychotic, the unrealized part.

How would you even do that? So if you're a startup, so let's say you found a company, you have founder shares, your cost basis is essentially a dollar and the company gets to a hundred million dollar valuation in the private markets that's all just private it's not that that's cash in your pocket so you own 50% of that company so you have 50 million dollars and then you're getting taxed 25% on the gain i don't understand that so then you pay that forced to sell the company you sell the company you give the shares to the government well how how would that actually even work it makes entrepreneurship illegal no one would start a business yeah I don't so did anyone talk about that if you got a trillion dollar

air drop with very little liquidity do you owe billions of dollars on that maybe that's a game here people are just going to start creating air drops I don't know it's if we could just figure out that that doesn't work in 30 seconds you would think that other people in our government would be able to understand that well elsewhere in SEC clownish SEC News, dare I say. Two SEC lawyers have resigned in the wake of the debt box fiasco. Michael Welsh and then Joseph Watkins. These guys were fairly junior. Is that fair to say? Michael Welsh seems like he's junior. Joseph Watkins, maybe the next rung up, but they were trial attorneys on this debt box case. And the story that, I guess this is in a bunch of different outlets,

including Bloomberg, but the story is that the SEC went to them and told them to resign, otherwise they would be fired. But their names are out there. I mean, they might as well have just fired these guys. And I guess if they were trial attorneys on this case, obviously this case is one of the biggest fiascos in the history of the SEC. The SEC fabricated evidence against this company. And the judge was furious, sanctioned the agency. So they had to step down. But you think it goes beyond just two individuals here, right? Yeah. I mean, surely this isn't a decision made unilaterally by these two SEC employees. This is part of their strategy. You have to imagine that leadership was aware of the tactics around DeBox. So if you're Michael Welch or Joseph Watkins,

at this point, what incentive do you have to be quiet? The SEC has already put your name out there. You're completely unhirable. No one can touch these guys. It's not like they're going to get a job in the private sector at a reputable law firm. They're the bad boys of of the SEC here at this point. But you would think that between the two of them, they would come out and say, no, we were instructed to do this by the SEC General Counsel Office or however this all happened,

because this was clearly more than just two rogue employees. Well, they might have signed a fat non-disparagement clause, presumably. Do you think? I don't know. Usually those non-disparagements come with some sort of a monetary thing. Right now, the SEC is on the hook

to pay for debt boxes, legal fees, and disgorgements. So I don't think the SEC is going to write Michael Welch and Joseph Watkins, the bad boys of the SEC, a fat check on their way out. Well, Michael and Joseph, if you want to come on and explain the innards of the SEC to us, you're welcome to appear on the show. Maybe they should, because right now, the reputation is in the mud right now, but maybe there's more to the story. So big, big story this week.

The founders of Samurai Wallet were arrested in Portugal, I guess, One of them was in Portugal and was sent back to the U.S., maybe it sounds like. And charged with running an unlicensed money transmitting service and facilitating money laundering. And I have to say the facts of this case do not look good. So why don't we set this up? What is Samurai wallet? Samurai wallet has existed for a fair amount of time, I think, since maybe 2015, 2016.

basically a service to, you know, build privacy in your transactions by engaging in sort of collaborative mixing with other Bitcoin users. You know, the founders of the wallet did make money from this. I mean, they charged premium fees in order to obtain, you know, better mix-ins, basically. And so there were really two privacy-preserving wallets in the Bitcoin space, Sabi and Samurai. This is one of the bigger one. They probably did the most amount of volume, from what I know. And frankly, after the tornado cash case, given the facts of that case, and the way that one went, this one looks pretty bleak, I have to say. Yeah, so it's essentially a wallet mixing service. They're being charged with running an unlicensed money transmitting service,

which that one's kind of interesting. I'm kind of interested to see what the case looks like that front because they weren't, as far as I can tell, they weren't taking possession and control of the underlying assets. So they're essentially putting software out there. But the second charge of facilitating money laundering, there's no doubt that they were. Yeah, I mean, the question, I guess if they, did they knowingly facilitate the mixing of illicit funds and based on their tweets, which were pretty brazen? They were. Right. It is interesting though on the first point because I believe it was kind of non-custodial.

They were just creating a software layer where users could opt into making these collaborative transactions. Yeah, I'm no money service business expert, but the fact that they did not take possession of customer money, I think is critical to being a money transmitter. But maybe that's a secondary point. These guys are facing 20 years in jail for facilitating money laundering. and there are known bad actors using this software. Yeah. I mean, the DOJ included DMs from the Samurai Wallet founders to folks using the service who were admitting

that they were engaged in basically illicit transactions. Yeah, I don't have a ton of sympathy for these guys. I know there's going to be people, you know, on the Twitter platform that are talking about, hey, this is an open source software. But these guys really knew what they were doing. Yeah, I mean, look, there's no love loss between me and the Samurai Wallet guys at all. I am disturbed by the Biden administration's continued criminalization of financial privacy.

At the same time, it does appear that they have them dead to rights on this. Yeah. So these guys are facing, like I said, 20 years in jail. So this is a pretty serious charge. All right, let's move on to some happier news here. Morgan Stanley, they're reportedly close to allowing. their brokers to pitch an allocation to the Bitcoin ETFs on a solicited basis. So this, of course, means that they can go out and they can say, put this in your account, as opposed to just waiting

for customers to come and say, I want that Bitcoin ETF in my account. So it's actually a big deal. It'll open up a very large network here. These are professional salespeople at the end of the day. So sooner this happens, I think the better it is for Bitcoin as a whole. Yep. Also on the Bitcoin ETF front, Hong Kong. has approved the listing and trading of spot Bitcoin ATFs, although it appears that that's still not available to mainland Chinese. Yeah, so what, Hong Kong, their market is probably what, about the size of like the Boston market here?

It's a pretty small market. Well, I remember doing analysis to the size of all the public securities markets, and I think Hong Kong was actually one of the biggest ones, but that's because it's Chinese capital, as far as I can tell. So I don't exactly know how that works. Yeah, I'm not expecting this to be a material impact, but it's obviously good to see. I think that you'll see Hong Kong approve Ethereum ETFs before the US does. I mean, what it does show to me is that there is now this regulatory race,

regardless of whether the SEC was dragged kicking and screaming into approving the Bitcoin ETF, other regulators have woken up and have realized, okay, what's our response here? So it did catalyze action overseas, which is good. So did you see that Block, which is Jack Dorsey's company formerly known as Square? They're apparently building a Bitcoin mining system. They have a three nanometer chip. I was shocked by this. Yeah, we'd known this was in the works, but it was very surprising.

I mean, it's a tough and very competitive industry. And as we know with the halving, it's an industry that shrinks. And Block is a kind of a payments business here. This is kind of surprising. They do have a hardware wallet, which we've talked about on this pot. I think it's a very good one. They are getting into hardware now. Yeah.

Not what I expect. Well, I guess, you know, square, they were known for their terminal. The terminal was great. Did you ever have one of those little chip reader things? No, because I was never, I never ran a food truck. Oh, well, I did not either. But, you know, I used to have these, I used to get these gift cards. And it was great because you could just swipe them on the terminal.

So you had a terminal just so you could ingest gift cards. I had a terminal because I just started to stack up all these gift cards because I had some people in my family that would give me like a $25 prepaid card for like my birthday or whatever. And I just have them for years. They would be sitting there. So I said, let me get one of these terminals. And then you repatriate that.

I've never heard that before. That's interesting. So just breaking as we went to press here on this podcast, Visa was so inspired by the chart I made, apparently. The chart heard around the world that they made an entire on-chain analytics dashboard for stablecoins. Wow. And it's pretty good, dare I say. It's pretty good. So Visaonchainanalytics.com has a ton of stablecoin data on it.

This is pretty awesome. I love how much great stable coin data there is. I love it. The thing is that there's a lot of complexity with specifically transaction value. So everybody always wants to know what the actual number is. Like, okay, what's the transaction value settled by stable coins? No one actually knows the answer to that. But there are ways to filter it and make adjustments.

So Visa has made an effort here with Allium. There's a lot of great dashboards. I'm going to give a shout out to RWA.xy-Z. I've been using their stuff recently. It's excellent. And you know what I found on there is the total number of wallets holding any kind of a stable coin is rapidly approaching 100 million. That's incredible.

A hundred million wallets holding some unit of a stable coin. Wow. Pretty awesome stuff. So Visa is really at the forefront here. We have some collaboration going on. on with them too. We do. Stay tuned there. There's an interesting paper that came out this week, which I want to draw your attention to, entitled A Primer on Bitcoin Cross Border Flows, which is published by the International Monetary Fund. IMF, huh? The IMF. Wow. This is actually a good

paper. Wow. They don't always put out good papers at the IMF. Yeah. Of the sort of Bretton Woods institutions, I've found historically that the World Bank has been more favorable to crypto and the IMF has been more hostile and the BIS has been the most hostile. BIS is the one that has that big toad-looking guy. Augustine Carson's. So this paper, they look at local Bitcoin's data and they look at chain analysis data and they try and determine which countries have the highest Bitcoin flows relative to GDP. and try and ascertain which factors co-vary with those flows the most.

I'm not going to dive into the regression for you. I'm going to spare you that part, but there's some interesting graphics, some good visuals in here. And basically, if you like the chain analysis geography of crypto report, which I personally love, this goes further than that and provides even more comprehensive data. And it shows you with the hotspots of crypto adoption, specifically Bitcoin. are globally based on different data sets. It's kind of what we knew already. So we know that Southeast Asia is really the hot spot. East in Europe is really big. Turkey, Latin America, of course, Asia Minor, West Africa, Southern Africa. Again, confirms what we knew already, but it's just

interesting new additional data. Really cool. Yeah, it's a good chart. We'll have to link to that in her newsletter. Did you see that the Bitcoin sign guy sold his sign? So the buy Bitcoin sign that was famously held up behind then Federal Reserve Chair Janet Yellen in a congressional testimony. It has been sold at auction for over $1 million down at Pubkey. Yeah, huge congrats to Christian. That's one of the most profitable memes of all time, I have to say.

Incredible. So I think he was an intern, right, on the Hill when he did that and he just scribbled by Bitcoin and he held it up behind. on what C-SPAN or something. And now he has a million dollars and he's going to use it to build out his startup. So it's a venture round. I respect that.

I mean, yeah, he's not just pocketing the money. He's building his company with it. Incredible. So congratulations to Christian. And it looked like a fun night. The guy that bought it looked like a character. Yeah, I remember watching this. I was on Twitter.

It was in July 2017. I think the price of Bitcoin was like $3,000 or $4,000 at the time. So it was good advice. In terms of meme-based financial advice, it was good advice. Yes. And I sent Christian some Bitcoin at that time. Sign guy, yeah. Because I was so fired up about it.

And then later on, we became friends with Clemson Mountains together. That's funny. So you had not met him before that. No, I didn't know who he was. Sign guy. Love Sign guy. Yeah. I remember people used to hold Bitcoin signs back in 2014-15 on college game day.

Do you remember that? People used to put up the QR code. send me Bitcoin and people used to actually send them Bitcoin. That was a better time, you know, a simpler time. College campuses, you know, people were just getting together and partying, you know. It was a very different type of flavor than what we see in this day. Yeah, college campuses are not happy places these days. No, I don't want to go anywhere near a college campus.

No. Hey, did you see TikTok is being banned? Does that matter? Is there a crypto angle there? Does it matter? I am shedding no tears for TikTok. I'm sorry. I can't find it in me to be upset.

It objectively is a propaganda tool. I know a lot of people are saying, oh, well, it's unconstitutional. There's nothing in the law that says you can ban TikTok is a slippery slope. No, dude. TikTok is objectively an arm of the CCP. I'm sorry.

It just is. It's crazy. I downloaded TikTok and I had it on my phone for about 10 minutes and then I took it off. So this is not going to happen. And it's just not good. for the soul. No.

It's not good for your brain. And what about reciprocity? So why can't U.S. firms operate in China, but we can have TikTok and Prometheum here in the United States? I don't get it. It's like we have this commitment to, you know, liberalism and openness and free speech. And our foreign adversaries abuse that. And they're happy to have their internet companies, which are controlled their

proxy to the CCP running riot in our country. spreading whatever narrative the CCP wants, and then our businesses can't even do business in China. So it makes no sense. I am not at all concerned about this. In fact, I do support it. And I don't think it's a slippery slope to banning Twitter or whatever. That seems extremely far-fetched to me.

Completely. You know, you have to get off a TikTok, I guess. You should get on Farcaster and get on the Brink channel. Yeah, look, if you're, if you're, concerned about getting deplatformed on your social media site just use the one that's on the blockchain okay you can't get deplatform from the blockchain uh some questions from our uh on the brink farcaster ian turner asked about air chat what is air chat i don't know okay i think it's a voice based social network do we need a channel on there i can hardly manage the kind of two that we

maintain? Yeah, I'm not exactly sure. So we have David Morris hopping in. He did a good podcast that I listened to on Eigenlayer in Athena. So that's worth checking out. Are Eganleier and Athena time bombs? Did they deserve terra-lunaism? Yeah, so he had this guy, Zane, Huffmanon, who's the CSO at Block, and they talked about kind of how they're not Terraluna. There's a forbidden topic that I can't talk about because you don't want me to talk about it. Consensus. Consensus related. Fill in the blanks. Adam says last week's episode didn't have a forecast section. Don't forget about us.

Yeah, no, we're doing. Someone says stick to audio. We, uh, yeah, we, we need to figure out the video thing, but I don't know, I don't know. We have recorded the videos. They're just only. We do have a channel actually on. on YouTube. Yeah. More to come on that. Oh, this is an important thing.

You remember all that business about choke point 2.0? Yes. And you remember how after that I said it didn't end with crypto, it then moved on to fintechs and embedded finance? Right. We now have a lot of data about that. Really? So the American fintech council came out with the letter basically saying that the FDIC

specifically, as opposed to the OCC or the Fed, has been extremely punitive towards banks that are the partner banks of Fintechs. And there was a LinkedIn post which I'll put in our show notes that showed that banks dealing with Fintex providing embedded finance, banking as a service, have a far, far higher rate of FDIC actions against them. And we anecdotally knew this. We know that the FDIC has taken this anti-tech, anti-crypto, anti-Fintech stance in a kind of a covert way. It's not like they've passed new rules.

There's no explicit new guidance. It's just this kind of quiet campaign to disproportionately harass certain industry. And so banks that deal with fintechs have a far higher likelihood of facing an FDIC examination. So I consider this a slow burning scandal. that nobody seems to care about. But if you work in FinTech, you know it's happening. Yeah, we need more coverage on this. Marty Gruenberg has just run amok on the American people.

He is a very bad chairman, very, very bad, and presided over a culture, a bro culture at the FDIC, possibly worse. Tried to choke point out the crypto industry. That hasn't changed, by the way. And now he's come for the bank. So crypto is the tip of the spear for a lot of these crackdowns. and people don't seem to care about. It's the same with mining.

You know, the Bitcoin miners got harassed over by the Biden admin. Now they're going to do the same for AI data centers, right? So it's the same thing. Like you may not care about crypto, but you should care because it's a sign of things to come. Yeah. And it will eventually come for your industry,

so you should care. Right. All right. So in the reading list section, Fidelity Digital Assets released their Q1 signals report this week. Really good. We'll put that one in our newslet. letter, but 23 pages of key metrics that matter in the digital asset space.

A really good report. And I think that is about it for the week. I think that's it for the week. Hopefully you get a couple Celtics wins between now and the next time we talk. We actually have an episode coming up with someone who is running for a U.S. Senator next week. Is that right? Yes. More to come on that front, but they are a fan of crypto.

Not surprised to hear that. And it's not Elizabeth Warren. So have a safe and healthy weekend, and we will see you on Monday.