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Coinbase CEO: A Billion People Will Be Using Crypto in Five Years

Confidence in crypto may be at a low point for the year but some believe we are only at the beginning and adoption will inevitably grow substantially over the next five years.

In an interview with TechCrunch Coinbase CEO Brian Armstrong outlined his vision for the company and the future of the crypto industry. In that future he sees the company operating in a similar way to the New York Stock Exchange hosting a growing number of altcoins and becoming the standard for companies to create their own tokens. He stated;

“It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens. We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies,”

Coinbase could be host to hundreds of tokens in the near future and potentially millions looking even further ahead. Today it only supports five but the addition of new ones would obviously give them a price pump that is desperately needed in the current market climate.

Regulation is currently the hurdle preventing US companies taking full advantage of this embryonic industry. Coinbase’s billion dollar value is evidently the exception to this notion as the firm goes from strength to strength. The question over whether cryptos will be considered as securities is still a concern, one which Coinbase has already addressed with the acquisition of a securities dealer earlier this year.

“We do feel a substantial subset of these tokens will be securities. Our approach has always been to be the most trusted [exchange] and the easiest to use. So we want to be the legal compliant place where you can start to trade these tokens that are classified as securities.” Armstrong added.

He also made the internet comparison by stating that Web 1.0 was all about publishing information, Web 2.0 interaction, and Web 3.0 will be about value transfer. “Web 3.0 is going to be about value transfer on the internet because now the web has this native currency and so applications can be built that instantly tap into this global economy on the internet,” he added.

When asked about crypto adoption the exchange boss remained bullish claiming that the total number of people in the crypto ecosystem can reach a billion within the next five years. It is currently estimated at around 40 million today.

The post Coinbase CEO: A Billion People Will Be Using Crypto in Five Years appeared first on Ethereum World News.

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“We Are More Likely to See $10,000, Rather Than $5,000,” Says CEO of Genesis Capital

The cryptocurrency market seems to be recovering from a strong bearish trend that has lasted all year, and the bullish sentiment may be taking over the markets, so several analysts have said, adventuring to study the world of cryptocurrencies and the markets in general. One of those is Michael Moro, CEO of Genesis Global Trading.

In an interview for CNBC, Michael Moro said he is confident that Bitcoin can start a bullish run in the short term if it can overcome its resistance on the 7k band.

Michael Moro discussing BTC prices with the Panel of CNBC’s Fast Money

This opinion is based on simple technical analysis. Those who firmly believe in this prediction method over the use of fundamental analysis can come to this conclusion very quickly.

It is also important to note that other long-term indicators confirm that a reversal of the bearish trend could occur if the bullish are able to pass this severe test.

Michael Moro is quite optimistic about the maximum prices of this fluctuation. For him, after defeating the 7k, it is hard to foresee a near bearish domain. He says that it is easier to see a steep climb than a slightly more moderate descent:

“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000.”

Michael Moro

Crypto Market is Maturing

Moro considers it important that the markets were not strongly affected by the recent SEC decisions to reject an ETF Bitcoin; however, it is important to note that while this news was discouraging, Hester Peirce’s opinion was a relief to the community, giving optimism to those nervous sellers.

He says he does not think the SEC will approve an ETF in the near future but does not rule out the reality in the longer term.

“I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next 12 months,”

The Key: 7510 USD

For Mr. Moro, the critical price to follow beyond a band is, specifically, $7150. Bitcoin has not yet reached this level, but seems to slowly begin to get closer.

The well-known businessman believes that the market is able to keep the price close to this amount this week, next week could be a smooth and energetic foundation for a bullish run in the crypto market.

Bitcoin is currently quoted below 7k; however, even though it has exceeded 7k, it has not yet reached the figure set by Mr. Moro.

Fluctuation of BTC Price during August 2018. Graph: Tradingview

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President of Venezuelan Cryptocurrencies Association: Cryptos are “The Evolution of Money”

The president of the Venezuelan Association of Cryptocurrencies “Asonacrip,” spoke on a radio show about his impressions of the potential that cryptocurrencies and blockchain technologies have for the evolution of the local economy.

Venezuelan Flag

He also took the opportunity to explain the current situation in Venezuela regarding fundamental issues associated with the development of various industries associated with crypto-economics, elaborating on different subjects going from trading to mining.

According to Mr. Alvarez, cryptocurrencies represent an excellent opportunity for Venezuelans who have seen their purchasing power diminished by handling national fiat money:

“Undoubtedly cryptocurrencies are a great possibility for all the country. Especially in this social, economic and political situation that we are experiencing. We realized that Bitcoin has been a savings refugee for many people, not only for businessmen but also for ordinary Venezuelans.”

Jose Alvarez

Alvarez believes that a process of “digitization of money” is currently underway. He explains that the Association visualizes that “this growth is exponential.”

Many Have Heard About Cryptos, Few Actualy Know How They Work

Although he recognizes that the phenomenon of cryptocurrencies and DLTs is creating a global community around it thanks to the facilities it represents for those who adopt the technologies, he mentions that in Venezuela, the growth of interest in these technologies has been extraordinary:

“What is happening is that physical money is being turned into digital cash so that anyone in the world can exchange value in real time just as a photograph is now able to be virtually sent …

The most significant difficulty is knowledge. Venezuela, given the current situation, is one of the Latin American countries that is having the highest awareness on the issue of crypto money. We saw today an article that said that in Russia 44% of people have talked about cryptos, in the United States less than 20% know it is cryptos…

In our country today, thanks to what is happening – we are going through a stage of institutional cryptocurrencies with the issuance of the Petro – I believe that about 100% of people have already addressed the issue of cryptocurrencies. The only thing missing is to spread the knowledge of how to enter that world.”

Crypto-Industries are Slowly but Steadily Developing in Venezuela

Alvarez commented that in the country there have been several successful developments in the field of cryptocurrencies, showing that beyond Petro, the community is creating a name for itself:

“There are developments in Venezuela such as developments in Puerto Ordaz of a cryptocurrency named Onixcoin, developments in Vargas of a tourist currency called Ril, there are developments in Margarita of a cryptocurrency called Perlacoin … And all this alongside with Petro.The great advantage we see is that there was an opening of the currency exchange control”.

Alvarez was also quite optimistic about the global use of cryptos, which he described as an “evolution” of the traditional financial system:

“More than the death of the Venezuelan Bolivar I believe it is the death of all physical currencies, just as photography died physically… It is the evolution of the means of payment, not only in Venezuela but in the entire world.”

Right now, Asonacrip is in conversations with venezuelan authorities. The team is aiming no normalize the mining situation, seeking to find a solution to some legal problems associated with importation of mining equipment such as ASICs and RIGs that are on hold by Venezuelan Customs.

Full Interview Here:

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Tom Lee Says Bitcoin ‘Isn’t Broken.’ Actual Events Prove Him Right

Despite the sharp fall in Bitcoin (BTC) last week, Tom Lee, CEO of Fundstrat, is still spreading his strong bullish sentiment. In an interview for CNBC, Mr. Lee commented that Bitcoin (BTC) still had enough reasons to increase its value and that in fact, in the middle of the bearish market, there are signs to show that it is clearly the king of cryptocurrencies.

Tom Lee on a previous interview, explaining why the gap between BTC (BTC) actual prices and 200 MA is a bullish signal

According to Mr. Lee, even after the overall bearish trend, Bitcoin’s dominance increased in proportion, which is a clear indicator of investors’ confidence in Bitcoin’s strength and its potential as a real and verifiable asset.

He also believes that although last week’s news fueled a robust bearish run, the announcements may actually have attracted investors with a more strategic and long-term business plan.

The news that we have seen, from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market,

Long-Term vs. Short-Term

It is important to note that short and long-term trading strategies are very different, even becoming contradictory at particular times. For example, a scalper can profit by shorting bitcoin while having a stronger amount of bitcoin (BTC) in a long-term bullish position. Although a market may be bearish on charts of less than 4 hours, the picture may be completely different on charts with candles expressing longer periods of time.

After a relatively sustained drop that led Bitcoin to reach values below 6k (an important resistance during 2018), Bitcoin had a steady rise of more than 2k USD approaching the 8.4k mark just a few days ago. However, following the SEC’s announcement to reject the application for a Bitcoin ETF and the recent delay on another application, the crypto market experienced a sharp decline.

Tom Lee: “Bitcoin isn’t Broken”

However, for Mr. Tom Lee, these kinds of ups and downs are healthy, and are by no means a sign of weakness for Bitcoin (BTC) as it has repeatedly tested the 6k support:

Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets … I think bitcoin dominance is actually showing the market is reacting to what’s been taking place.

Generally, in these volatile markets, the social impact of many news can often lead to exaggerated reactions. Both FOMO and FUD are social phenomena that have become very famous in crypto-verse, especially among short-term traders.

A Green Future Coming After The 6K?

Right now, Bitcoin (BTC) has tested once again the 6k USD support, bouncing to 6.5k USD in price with a nice panorama in the short term. Next “soft” resistance is near 6.9k USD, with a stronger test zone around 7.5K USD

Graph created with Tradingview

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Mike Novogratz: For Bitcoin to Hit 10k It Needs Custody and Regulatory Clarity. After That 20k is Easy

Mike Novogratz has taken a bullish but cautious stance on the general cryptomarket. He made it clear in an exclusive interview that came out yesterday.

Novogratz: Bitcoin’s Rising Price May Attract Government RegulationMr. Novogratz

During the Beyond Blocks Conferences, which is being held at Korea Blockchain Week, Mr. Novogratz talked with Ran Neuner of Crypto Trader; sharing his opinions on the prices of Bitcoin and its future as a cryptocurrency, the possibilities of adoption, Bitcoin ETFs, the situation of the ICOs and his forecasts.

Novogratz was confident to say that he believes that Bitcoin has Bottomed, an opinion that has been shared by several experts. According to the renowned investor, the 6.8k is a support that has been tested several times, serving as a rebound point for new bullish streaks:

“I don’t think we’re gonna race off I think a Bitcoin takes at 6,800 you get a nice little pump but I do think we’re really building a nice bottom for the next move up.”

Mike Novogratz

Mr. Novogratz: Focusing on Fundamental Analysis

For Novogratz, the true bullish run of bitcoin depends more on fundamental factors rather than technical factors. The regulatory framework and the custody and security of funds are two essential elements that will permit Bitcoin to grow in value beyond the typical market trends:

“I think the next move up is gonna need custody from a trusted source it’s gonna need a little regulatory clarity you know we won’t take out ten thousand without those two things because that’s what brings the institutional investors in but we’re gonna get there.”

As to why bitcoin has bottomed at around 6.8k Mr. Novogratz relies on fundamental analysis. For Novogratz, the growing adoption is a sign of the real value of Bitcoin (BTC) and is the main argument for why he believes that Bitcoin will not fall further.

“You know we’ve tested the downside bunch and kind of bouncing off it but I I’d see slowly but surely more adoption you know there are more people at these conferences there are more people working in this space … so there’s this weird scenario where the privates are actually richer right now than the what I’ve called the publics.”

For Bitcoin (BTC) To Go Up, Bigger Names Need to Come In

For Novogratz, institutional investors need a certain level of security to be willing to invest in crypto. They need to get important names like Nomura, Goldman-Sachs, etc. involved first before they see significant institutional investments. The work of fintechs and firms like Coinbase, Bitgo, and Xapo is irrelevant to the decisions of the big capitalists.

The time of his prophecy about Bitcoin (BTC) may be near. He said he thinks it could be accomplished in 6 to 18 months. He also believes that the global market cap of 800 billion can be reached in a period of 12 months.

“We’re gonna take out ten thousand then we’re gonna go right to twenty thousand because we’re only gonna take it out [when] you’ve got custody moving in, and that’s going to reignite the animal spirits in the FOMO.”

Full video available here:

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Bitcoin is Set to New Highs, Spencer Bogart Says

Blockchain Capital’s Spencer Bogart, reiterated his bullish position on Bitcoin, affirming he is definitely expecting for it to begin its race towards new highs.

In an interview for CNBC’s Fast Money, Bogart explained his impressions of Bitcoin’s current situation in the market. For the well-known businessman, Bitcoin has already experienced the 2017’s record lows, and for the rest of the year, a bullish trend is expected.

His comments show a more enthusiastic attitude compared to previous participation in which he has been more cautious:

“It’s Possible we’ve seen the lows, and I’m definitely expecting to see new highs, I mean, listen I think prior times I’ve been in the show I’ve said expect to see new lows before new highs… That low may already be in.”

Spencer Bogart

Bitcoin’s current reality justifies the reasons for Mr. Bogart’s recent optimism. From his point of view, many possible catalysts could start a Bitcoin price boom:

“Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher; whether that’s global currency wars, trade wars, whether there is an ETF approval; I think any number of catalysts can send Bitcoin exploding higher.”

Although there has been speculation and analysis about a possible ETF approval in the current year, Mr. Bogart believes that this is much more likely to happen by 2019:

“My guess is sometime in 2019. I think the SEC is going to be thoughtful and take some time but… the cat is already out of the bag here.”

Bogart Focuses on Fundamentals

For Bogart, the conditions for ETF approval are becoming increasingly favorable. Not only from a legal point of view but also from an economic one. He says that there is already high exposure to blockchain technologes, and the adoption of cryptos is increasing.

Also, institutional investors are gaining exposure to cryptocurrencies too, which may increase regulators’ interest in approving crypto ETFs soon.

He commented that currently, the investments he finds most interesting are those of traditional equity startups. He told the staff at Fast Money that “We’ve found great opportunities there.”

As stated By Cryptocrimson.com, Bitcoin is on a bullish run. Thecnical Analysis confirm Mr. Bogart’s opinions. However, being a volatile market changes can happen quite unpredictably:

“There wasn’t much to chew on for bulls last week as market watchers were mostly focused on the SEC decision on the bitcoin ETF applications. Some of these were shelved for a later decision date while the application filed by the Winklevoss twins was denied again.

With that, investors are hoping to get more positive industry updates this week to see the climb sustained. Security troubles like hacking incidents might force a larger retreat but more signs of institutional interest from big names could be enough to spur more gains.”

Currently, the Bitcoin is trading above 8.2k. The bullish run has allowed it to increase its value from its historical lows of close to 6k and during this week has remained relatively stable within the 7.5 -8.5k range.

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Reddit’s Cofounder Alexis Ohanian Keeps His Prediction: BTC at 20k and ETH at 1.5k by 2018 Are His Bets

In an interview for CNBC, Alexis Ohanian spoke about the stability of Bitcoin (BTC) as the cryptocurrency par excellence within the crypto sphere.

For Mr. Ohanian, Bitcoin (BTC) has already been battle-tested and has proven victorious. The co-founder of Reddit and Initialized Capital comments that Bitcoin is “certainly the most robust” crypto right now and is also “one of the best proofs” that cryptocurrencies are an excellent means of storing value, especially in times like the ones we have today.

He argued that his prediction of the value of the two main cryptos in the global market cap has strong chances of being met. For the famous investor, Bitcoin will reach at least 20k, and Ethereum will reach 1.5K before the end of the year.

He commented that Bitcoin is a good investment despite the high volatility of prices. Scalability efforts and its growing adoption make it an exciting option for those with a long-term vision.

“As volatile as it’s been, we see [Bitcoin] continuing to go up over the long term.”

According to Mr. Ohanian, Bitcoin (BTC) and cryptos, in general, can not only contribute to building a better economic system but also a better way to interconnect data

Better Times Ahead

Ohanian believes that thanks to cryptos it is possible to promote the construction of a “new internet” based on “the idea of being able to browse with a store of value.”

Internet of Value / Courtesy: Z-punkt.de

Internet of value is an idea that has been circulating over the last few years, even though it has not yet become a reality. Despite these difficulties, Ohanian sees cryptos as a “changing sign of the times” and as a “viable alternative that is showing more and more credibility over time.”

However, unlike some anarchists and maximalist enthusiasts who overestimate the influence of cryptocurrencies, Ohanian was explicit in mentioning that he is “not calling for the end of fiat or anything like that.”

Ohanian Invests in a Better World

He commented that with the creation of Initialized Capital, he seeks to invest in startups that have a development potential within the crypto money ecosystem. In his statements he mentioned that his VC firm was one of the first to invest in Coinbase during its birth:

“We’re looking for those companies who are building the robust but very unsexy infrastructure that’s probably not going to make a headline anytime soon.”

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Charlie Lee: BTC is “Gold”, LTC is “Silver” and XRP are “Diamonds”

In an interview for the Chinese website Jinse.com, Charlie Lee, founder of Litecoin spoke about his vision regarding cryptocurrency, the comparison between BTC, LTC, and XRP, as well as the reasons why he decided to sell his Litecoins.

The interview was conducted while Charlie attended the Asian Blockchain Summit 2018 in Taiwan. During some free time, Mr. Lee took a moment to answer some of the questions asked by the team, giving some interesting insights regarding the world of cryptos.

Selling his Litecoins (LTC) Was a “Relief”

About the decision to sell his Litecoins, Charlie said it was a relief. He did so after carefully thinking through the consequences for two weeks. However, he does not regret it:

“it was less than two weeks in consideration. After selling it, I feel that there is no pressure … Because at that time I will also publish some predictions about the movement of the Litecoin market, but it always feels a bit strange.”

In this way, he eliminated the accusations of biased opinions and gained the possibility to focus on the development of Litecoin beyond speculating on its value in the markets.

Bitcoin (BTC) is Digital Gold

bitcoin logoThe famous developer commented that if he had to compare Bitcoin (BTC) with some commodity, in his opinion Bitcoin (BTC) is the closest thing to gold that exists in the crypto sphere.

Its massive adoption and the considerable increase in prices make it valuable digital storage for many people. This quality makes it perfect for accurate comparison with gold, being Bitcoin its digital equivalent:

“Bitcoin doesn’t need to face storage problems; it’s also very convenient to transfer. For me, he is better than gold in many places. If you are more optimistic, the market value of Bitcoin may be more than the 10 trillion market value of gold. More than 100 times the upside.”

Litecoin (LTC) is Digital Silver

Litecoin is Undervalued Against Overvalued Bitcoin and Bitcoin CashBitcoin (BTC) and Litecoin (LTC), according to Charlie lee, share the same philosophy. The fundamental difference lies in the fees required to process a block, and the speed of transactions:

“Litecoin (LTC) is trading four times faster than Bitcoin (BTC) but Bitcoin is more used. At present, the user base of Bitcoin and Litecoin is relatively close. Many people use Bitcoin and Litecoin at the same time

Ripple’s XRP is Digital Diamond

For Mr. Lee, the extreme centralization of XRP makes him share specific characteristics with the diamond market. First of all, centralization allows for some manipulation. Charlie also commented that hodling Ripple is good news for fiat lovers

“There are many possibilities (of finding and altcoin to resemble value), but Ripple is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising … If you want to buy a Ripple for marriage, it is very valuable, haha!”

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Ethereum (ETH) Named king of Crypto by Kevin O’Leary, reaches $500.00

It is the best second day of the week possible for crypto-enthusiasts as the digital assets finally make it above the very resistant levels. Bitcoin [BTC] flies past the $7,300 as ETH follows above $500.00 against the US Dollar. However, Kevin O’Leary strongly believes that Ethereum in the end will turn the real leader of the crypto-verse.

Bull’s have taken the Helm – Ethereum Supporter

It has been a long fight against the bears and at some point traders felt like L. DiCaprio in The Revenant movie. However, with the weeks beginning, bulls are having their saying and not letting down at all. Various leading coins by market capitalization are welcoming the double-digit gain in the last 24-hours.

Source: coinmarketcap

It seems the monthly long work of the crypto-team could be paying off even for the enthusiast finally as the blockchain infrastructure made major development.

Kevin O’Leary

During an interview for CNBC’s Fast Money, the co-founder of O’leary Funds and SoftKey has added that Ethereum is getting closer and closer to surpassing Bitcoin and be the next in lead of the crypto-verse.

As of July, there exists more than 1,500 decentralized applications (dapps) on Ethereum, ranging from prediction platforms like Augur to decentralized exchanges such as IDEX, equipped with developers who have a shared vision to commercialize the blockchain across various multi-trillion dollar industries.

According to O’Leary, the talk in the crypto-community has drastically shifted over Ethereum with much optimism surrounding it. The dialogue for the Smart-Contract-welcoming environment is intensifying heavily.

“By the way, the dialogue I’ve noticed on bitcoin over the last 60 days has dramatically changed. It started to sound like the pioneer with arrows in its back because people are saying its not the definitive platform anymore. Maybe Ethereum is becoming the new platform. All of the sudden, Bitcoin? What’s Bitcoin? That is not good for Bitcoin investors. Just a personal opinion, but i were long Bitcoin right now, I would start to worry about it,” O’Leary said.

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Vitalik Buterin on Centralized Exchanges: “I Hope They Burn in Hell”

Vitalik Buterin, creator of Ethereum (ETH) shared his ideas in an interview for Tech Crunch at a special event dedicated to the promotion of blockchain technologies.

Vitalik Buterin during the interview

On several occasions he discussed with Jon Evans (the interviewer) his views on how blockchain technologies have influenced society. For Buterin, the dilemma of centralization vs. decentralization is one of the main moral problems that blockchain technologies must solve in order to be globally accepted.

Today, concern for privacy and decentralization is evident, yet most people easily sacrifice privacy for convenience and are more than happy with centralized solutions in trade for a sense of security.

This vision is translated into the public’s conception of the importance of decentralization. For Buterin now that cryptos have a larger user base, such concern does not seem to be a major focus:

Back in 2013, when GHash had 51 percent everybody freaked out. It’s happening a second time and people aren’t really talking about it this much,

Vitalik Buterin

The concern over the possibility of a 51% attack was touched on several occasions. For Buterin it represents a latent problem because of the control that a centralized group could exercise over an entire network.

Ethereum is studying the possibility of moving to PoS to avoid this situation. However, many have criticized this proposal as benefiting those with more resources invested (or staked).

Bitmain Logo

Vitalik Buterin disagrees, taking as an example the excessive power of Bitmain, which controls approximately 53% of the total hashing power of Bitcoin and BCH. He commented that if PoS is “rich get richer”, PoW is “Rich get richer, squared”.

“Burn in Hell”

When asked about centralised exchanges, Vitalik was not ashamed to openly express his opinion:

“I definitely hope centralized exchanges go burn in hell as much as possible,”

Clearly, Mr Buterin is not particularly a fan of centralized exchange houses; however, it was not just a senseless statement. The main reason for his viewpoint is precisely the same as that he has to criticize the centralization of blockchains and any technology in general. The abuse of power – potential or real – is one of his main concerns.

For Buterin, there is no logical explanation to justify why some tokens have to pay 10 or even 15 million dollars in fees for exchanges to support their listing.

The only reason why he believes these exchanges exist is to serve as a man-in-the-middle between crypto value and fiat value. However, in the event of a global adoption of cryptocurrencies, the standard of crypto to crypto exchanges should aim at decentralization.

The full interview is available here:

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