00:00Yes. But the question is, will the value of XRP be the same in the private ledgers as it is on the
00:05public? Yes. The value proposition of XRP is that it has these liquidity pools. If it doesn't make
00:11sense to isolate, there's no place where gold is worth twice as much as it is now, because if there
00:14was, people would just bring gold there and they would buy gold somewhere else and they would sell
00:18it there. Unless the only way that you can have the value be very different in two places is if
00:22there's a lot of friction. And if there's friction, someone will make a business of removing that
00:25friction. So I don't see any realistic scenario where XRP has significantly different value,
00:29unless something's wrong. Like a good example of a case, there was a time where the value of XRP,
00:34they called it the kimchi premium, right? Where the value of XRP in some Asian countries is very
00:38high, but that was because there were capital controls, right? That was because things were
00:40bad. I think that's a sign that something is not going well. The value proposition of XRP is that
00:44you can take it to all of the places, right? If I sell you some gold and you say, hey, this gold can
00:48only be used in jewelry. You're like, well, that kind of sucks. I don't want that gold, right?
00:50The value proposition of gold is that you have access to the entire value proposition of gold.
00:54And so I don't see any scenario where it makes sense to snip pieces off, again, unless something is
00:58wrong.
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