From: Joichi Ito Sent: Tuesday, July 14, 2015 9:50 AM To: Jeffrey Epstein; Jeremy Rubin Subject: Fwd: Sand Hill Exchange and Xcoin "the world's first nihilcurrency — a =ompletely valueless currency": httpliblog.sandhill.exchangelpost/122861863238/introducing-nih=lcurrency Sand Hill Exchange invented the =ihilcurrency out of necessity. Trading on Sand Hill Exchange is =ery fun. But if KCoin attained even the nominal value of a =ere Satoshi, Iranian rial, or Farmville dollar, our exchange would =uickly become among the biggest threats facing financial regulators. For this reason, if we ever learn of anybody trying to trade =n KCoin for anything of value, we'll kick their ass, and =e ask you to do the same. Keep nihilcurrencies =ree! For some background on the SEC action against Sand Hill that =rompted all this, I recommend this article: http://www.bloombergview.com/articles/2015-06-19/bitcoin-bucket=shop-kicks-bucket These are some very smart kids who =idn't realize they were making a securities offering. I'm sure this =on't be the last time we see this. 1 EFTA_R1_01622581 EFTA02497594