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Where in the World to ICO Part 1: Singapore

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The market has suffered a huge downtrend this week – a period filled with mostly government rumblings. The SEC has changed its tune. It is becoming a lot more vocal, which is certainly throwing prices off course. As an investor, these are the prices I want to buy in to. Ethereum is below $600, Ripple was playing in the $0.60s and NEO is still currently sitting at $68. However, I am not putting a dime into any of these exchanges. All government senses are in hyperdrive right now. They smell money, and they want their cut of it.

If I go into Coinbase with more cash, I do think it’s going to be treated a lot differently than it was when I first invested. Coinbase, along with Kraken, Gemini and others, are being harassed from all angles to start acting like a securities exchange and give people tax bills. We knew this was coming, but it wasn’t done as we were promised in the first congressional meeting in February.

There is no reason to start handing out subpoenas to ICOs and exchanges before rules have been set. Once there are rules surrounding primary and secondary offerings of cryptocurrency, then there can be enforcement of the rules. Overall, it was a very disappointing week for the United States and its role in cryptocurrency. As in any democracy with powerful government agencies, there is a vested interest in making something bigger than it is.

Crypto Countries

I wanted to take a look into countries doing things correctly when it came to cryptocurrency, and how they were doing it. I looked into the best countries for primary offerings. Having a place to spend your bitcoin is great, but if there isn’t blockchain commerce taking place within the country, there is always the risk of having those liberties taken away from you. The ideal countries are ones that have an endorsed ICO culture, and have a population of interested parties already operating. There is strength in numbers.

Cryptocurrency has lifted the veil for a lot of people on the capabilities of governments restricting them from doing things. This has not sat well with the new generation. We are seeing people traveling all around the world to government endorsed blockchain meet-ups to sniff out how well the country would treat them. The countries that are openly welcoming that change may be in for an inflow of capital through employment, investment and migration. I will be doing a series on the different countries best poised to be a friendly place to settle down with your earnings, and maybe start a DAPP or two.

Background

We are going to assume that our hypothetical ICO has a working prototype that we would like to launch as a utility token. In order to get on a Binance, Kucoin, etc., you will need to (1) be a utility token and (2) have a written document from a lawyer from your jurisdiction that definitively says that you are a utility token.

To be a fully compliant utility token, you must not have taken funding prior to the ICO, there must be a use case at the time of ICO (if you want to be safe), and have no U.S. investment. The SEC has made sure that any money made off its citizens is going to have a very bright light shined on it, and that they will label it as a securities offering. There is no reason to get involved with that.

Singapore

One of the most technology-friendly places that one can go is Singapore. This country is ranked 7th in GDP per capita at $90,500. With a population of 5.1 million, Singapore is in the same class as countries like Monaco and Lichtenstein. The government and regulatory authorities have been way ahead of the game, having already made definitive statements on how their country defines tokens and securities.

The reason they have been able to do this is their size. There is only one regulatory body that oversees all financial institutions, and that is the Monetary Authority of Singapore (MAS). Because of this, the government relies holistically on MAS to determine the most progressive and forward thinking laws to continue to promote business in the country.

MAS

Created in 1971 to oversee monetary functions related to banking and finance, MAS has since grown to oversee all investment, insurance, banking and monetary policy within the country. Think of this as the Fed, SEC, FINRA and CTFC rolled into one single regulatory body. Ironically, MAS has so much strength that it doesn’t use it aggressively. They want markets to be autonomous enough to be entrepreneurial. They have even invested in technology that would limit their role!

MAS has been the overseeer of “Smart Nation,” a government initiative to innovate Singapore’s infrastructure. Smart Nation was created in 2014 by Prime Minister Lee Hsien Loong. His plan was to spend $2.4 billion in the private sector by engaging with start-ups, not funding them. Rather than having them work with no connection to the country, he wanted them to build the technological infrastructure of Singapore. MAS was tasked with creating the sub-initiatives within the country that different entrepreneurs could work on.

ITMs

The end product of MAS and other government agencies was Industry Transformation Maps (ITMs), which are roadmaps for almost every industry within Singapore. A total of 23 ITMs are to be launched with different characteristics and incentives attached to them based on industry.

The Financial Services ITM was launched on October 31, 2017. Spooky. It did not disappoint, and has already mentioned that blockchain will be actively used (and incentivized) within their insurance industry for better risk management, placements and offerings. I think they were very careful not to mention cryptocurrency within an ITM. Both MAS and broader government are actively watching it, but they are watching politely. Not making noise, and trying to make the buffers wide.

Government Timeline

August 2017

August of 2017 was a hot time in the ICO market. Singapore and MAS were one of the first governments to come out with a direct interpretation of cryptocurrencies. Case in point, MAS clarified its position on the matter in the following quote:

“MAS’ position of not regulating virtual currencies is similar to that of most jurisdictions. However, MAS has observed that the function of digital tokens has evolved beyond just being a virtual currency. For example, digital tokens may represent ownership or a security interest over an issuer’s assets or property. Such tokens may therefore be considered an offer of shares or units in a collective investment scheme1 under the SFA. Digital tokens may also represent a debt owed by an issuer and be considered a debenture under the SFA.”

This allowed for active utility token primary offerings within the boundaries that were set after this statement. With MAS being the only voice needed, there was an immediate public sector response to private sector innovation.

October 2017

A member of the Singapore Parliament asked a “parliamentary question,” which apparently makes it a public question that requires a public answer. On Oct. 3, 2017, the Deputy Prime Minister of Singapore then responded via blog post.  Let’s just say this blog post was something that had Twitter cheering.

“MAS does not and cannot regulate all products that people put their money in thinking that they will appreciate in value.”

This was one of the key quotes that came from the Deputy Prime Minister, indicating that they were letting the crypto market play out with minimal intervention.

December 2017

MAS came out with a caution against cryptocurrencies on Dec. 19, 2017. Remember, this was around the time that the EOS ICO shocked the pants off investors by raising $800 million within weeks.

“MAS considers the recent surge in the prices of cryptocurrencies to be driven by speculation. The risk of a sharp reduction in prices is high. Investors in cryptocurrencies should be aware that they run the risk of losing all their capital.”

That sounds like a Twitter post from a blockchain advocate to me. Even during a period where there was money flooding into coins that didn’t even make sense, they still held their ground and determined it wasn’t their place to intervene.

February 2018

The Prime Minister (AGAIN!), came out and had a discussion with the public his stance on cryptocurrency and regulation. This made him one of the only government officials bold enough to come out and state his exact stance on how everything ought to be regulated. There are probably two or three world leaders who can have an intelligent conversation blockchain, and he is the best of them.

“Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies are growing internationally. It is too early to say if they will succeed.”

Once again, another cautiously bullish stance. He also clarified he still sees no reason to limit the activity on cryptocurrency exchanges within the country. This is a unified voice. There aren’t congressional hearings with irrational and irrelevant opinions being offered. The prime minister has relied on MAS to keep the country safe, while endorsing any type of commerce that the country could take part in.

March 2018

Managing Director Ravi Menon of MAS spoke on crypto currency at the Money 20/20 Asia Conference held in Singapore on Mar. 15. It seems as if every person within both MAS and the government itself are unafraid to make their stance known on a technology that most people are scratching their heads about.

“Some of the best minds in the field are applying their creative energies to make crypto tokens mainstream. With technology, never say never,” Menon said.

During his speech he even said that he was in active discussions with government officials to monitor the situation with “great interest” but also “not stifle innovation.”

Implementations

The crypto market has seen broad implementation within Singapore. Below are a few examples.

OBike: This is a Singapore version of Barclay’s Bikes/Citibank Bikes that are all over London and New York City, respectively. They have partnered with Chinese company Tron to work with them on launching OCoins, their own currency within the network of bikes. Users can both buy OCoins and generate them from using the service. The CEO of OBike believes that OCoins could be the proper incentive for people to continue using the bikes, and find new reasons to hop on one. This type of offering could never take place in the United States. Each of the bike users would have to get their lawyer to overlook the Private Placement documents every time they wanted to use the bike.

Enjin Coin: This Singapore Operated ICO raised $12 million in September 2017. The purpose of the coin is to act as digital incentives within the game Minecraft. It has since performed quite well, with its success raising the prospect of new jobs within the country. They average 60 million views per month on their gaming creation platform, and this has still yet to be implemented within the game.

Ripple: The ITM of Financial Services expressed Singapore’s essential role as wealth management and forex leader of Asia. That was the dinner bell for Ripple, whose technology can drastically lower the costs of transacting in different currencies and sending across borders. Standard Charter Bank, a Singapore banking incumbent for over 150 years, recently trialed Ripple’s XCurrent product for cross border payment processing. There was no use of XRP (yet), but this is one of the most well-developed banks in the world using new technology at a time when there is a lot of negative publicity surrounding everything in cryptocurrency.

Project Ubin: One non-ITM MAS initiative was to re-design the monetary infrastructure of the country through distributed ledger technology. This could reduce total reliance on central banking in the future. Processes and data are distributed across all users of the network. MAS would be tasked with making sure that all nodes were behaving properly, and updating their software for security and performance purposes.

Phase 1: Distributed ledger technology trials began in May 2017. The main purpose was to try to digitize the Singapore dollar onto the blockchain. They wanted to assess the different productive functions it could have with transactions, storage and security. They worked with different institutions with the help of consulting firm Deloitte.

Phase 2: MAS updated Project Ubin in November 2017 with the next phase: bank to bank transactions. MAS is the epicenter of all financial transactions, settlements and currency exchanges. This phase was going to limit the costs they already incur, while also seeing what types of options were available. I guess the Ripple meeting makes sense.

Conclusion

Singapore is perhaps the only country that has such well-read blockchain regulators. They are making decisions carefully, and not trying to interfere. Of course, there are frauds and scams that must be dealt with. I am extremely confident that a government like this has already found ways to make sure that there are at least some guard rails within the marketplace.

There is clear evidence of legislation, and continuous public re-enforcement of that legislation. Most countries are hurting their chances at a technological migration each day. Inaction and fiery rhetoric have already caused many to leave their home countries in search of a more favorable climate for this new technology. Singapore is certainly putting up a true fight to become that landing spot.

 

I will be making this a series, so I will continue to write about the crypto climbate of each country. Clearly no recommendations to buy or sell cryptocurrency. But, perhaps a recommendation to move with all your Bitcoins. Best of luck and trade safely- @Raijincrypto

Sources

http://www.straitstimes.com/singapore/transport/obike-partners-blockchain-platform-tron-to-launch-cryptocurrency-ocoins-for

http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-cautions-against-investments-in-cryptocurrencies.aspx

http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-clarifies-regulatory-position-on-the-offer-of-digital-tokens-in-Singapore.aspx

http://www.straitstimes.com/business/companies-markets/tharman-no-strong-case-yet-to-ban-cryptocurrency-trading-in-spore

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 27 rated postsMythological God of Lightning. Cryptocurrency/Blockchain writer, evangelist, and friend. May the odds be ever in our favor.




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2 Comments

  1. johnnyquid

    March 18, 2018 at 2:43 pm

    Looking forward to the series.

  2. febrocas

    March 18, 2018 at 9:41 pm

    Thank you so much for this Raiden. This article is super useful to understand the global mindset of regulators. Nice work!

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Altcoins

EOS Price Analysis: Cardano Founder Charles Hoskinson Warns of Regulatory Action Against EOS

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  • Charles Hoskinson projects some form of action from the SEC on EOS.
  • EOS/USD enjoys a relief rally on Wednesday, as price moves further north following recent bounce.

The EOS price hasn’t done much but decline of late. Back in August, EOS/USD entered into a very stubborn narrowing range. The price had been confined within this mode of trading right up until November. The range was seen from the $6 territory down $4 area. On the 19th November, EOS/USD bears had finally pushed for a breakout to the downside, from this mentioned range-block. Following this fall, the price plummeted over 60%, over the course of 3 weeks.

Cardano Founder Hoskinson Expresses EOS Regulatory Concerns

The Cardano (ADA) founder, Charles Hoskinson, has beliefs that EOS chief developer of the network is likely to face strong action from regulatory bodies. The SEC would be a potential regulator that investigates their $4bln ICO, as he has described as “egregious.”

Speaking at a press conference in Edinburgh, Charles Hoskinson has made a projection that the Securities and Exchange Commission will look at taking firm measures against Block.One. He believes that this would be done due to the way it had run and hosted the EOS ICO.  Hoskinson further detailed how the EOS token sale sits within the remit of the regulators for them to review the potential for harm of retail investors in the United States.

Charles Hoskinson Anticipating SEC Action on EOS

Hoskinson predicted that the SEC will likely bring punitive measures against Block.One for the way it ran the EOS Initial Coin Offering. The IOHK leader explained that EOS’ token sale falls well within the regulator’s remit to take action against any financial activity which harms US retail investors.

There were several fundamental issues with the EOS ICO, which clearly raise red flags, from Hoskinson’s view. He expressed for particular focus on the amount they had raised over the course of a year, in addition to their “utter lack of respect” for investors. Hoskinson said, the SEC “needed” to take action.

Technical Review – EOS/USD

EOS/USD daily chart

Most recently, the price has managed to stabilize, which could be due to sellers exhaustion. A bounce was seen on 7th December, after falling to a low of around $1.55. The bulls are attempting to make a convincing push back into the $2 territory. Demand in the near-term should now be observed from that recent low, $1.55 up to $1.80.

It is interesting to note the area of which EOS/USD received some comfort on 7th December (this is a known acting support). Back in November 2017 during the big bull run, the price consolidated within the mentioned demand zone for a brief period. This came before continuing its strong move to the north.

Downside Observations

EOS/USD daily chart

Should the near-term area of support fail to hold, then there could be some devastating moves to the downside. A breach of the $1 mark could very well be seen. The next major demand area will be within the depths of $0.90 region. EOS/USD had last traded down here again within the early part of Nov 2017 bull run.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 86 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Bitcoin

Bitcoin ETF Watch: VanEck, SolidX and CBOE Met With SEC on Monday

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Backers of a highly-touted bitcoin exchange-traded fund (ETF) application met with U.S. regulators last week to present a new case for why their proposed product should be approved. The contents of the meeting, which were published on the Security and Exchange Commission’s (SEC) website Wednesday, gave new reasons why the regulator should approve a specific rule change that would pave the way for the first crypto-backed fund to be listed.

Bitcoin Market Ready for ETF, Proponents Say

According to the SEC’s memorandum, the Office of Market Supervision met with members of VanEck, SolidX and CBOE on Monday. Rather than focus on regulation, the ETF backers argued that the bitcoin market is mature enough to list an ETF. The proponents also listed several examples of similar products that have been launched for commodities like gold and crude oil.

“Similar to commodity futures, the spot and futures prices [of bitcoin] are tightly linked,” the proponents argued, adding that “this is evidence of a well-functioning capital market.”

The proponents also urged the SEC to remain consistent in its definition of “significant markets,” arguing that bitcoin futures “is a significant, regulated market” when compared to the “dry bulk shipping market” that has already received regulatory approval for ETFs. The SEC has stated repeatedly that the bitcoin market lacks the significance and scale to protect investors against manipulation. VanEck and SolidX have long maintained that the bitcoin market is less susceptible to manipulation.

The meeting followed a closed-door gathering in late October that VanEck claimed had resolved issues regulators had identified in their previous disapproval orders. As Hacked reported, dozens of bitcoin ETF applications have been rejected outright by the securities regulator over concerns of market manipulation and investor safety.

Bitcoin ETF Unlikely Anytime Soon

Despite repeated efforts to convince U.S. regulators of the merits of a bitcoin ETF, the road to approval remains undetermined. That view was echoed recently by SEC Chairman Jay Clayton, who said the market must undergo important changes before an ETF becomes likely.

“What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation. It’s an issue that needs to be addressed before I would be comfortable,” Clayton said during last week’s annual Consensus Invest conference in New York, according to CNBC.

Clayton said venues like the New York Stock Exchange and Nasdaq have “surveillance” mechanisms that can prevent manipulation on the exchanges. However, “those kinds of safeguards do not exist currently in all the exchange venues where digital currencies trade.”

The SEC has yet to reach a final verdict on the VanEck SolidX Bitcoin Trust. At last check, a decision was expected later this month, though the process could get dragged out until February, according to industry sources.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 700 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Interviews

GDPR “helps transparency” and “honesty”: Brendan Eich, Rafal Szymanski and Sam Kim on Digital Advertising in 2018

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When thinking of industries which could potentially benefit from decentralization and distributed ledger technology, digital advertising and marketing may not be the first to come to mind.

When looking at a list created for Forbes by Bernard Marr entitled ‘Here Are 10 Industries Blockchain Is Likely To Disrupt’ published July 2018, for example, these sectors didn’t even feature.

Despite this, there have been some prominent examples of blockchain based solutions that focus on the space. Both in the form of currently released tokens, as well as forthcoming projects and ICOs.

1. Brendan Eich, Founder of Basic Attention Token (BAT)

Basic Attention Token (or ‘BAT’) has been the subject of a large volume of press since its launch last year for a myriad of reasons, not least due to the success of the coin itself and its ICO. BAT has recently suffered like the rest of the cryptocurrency market, and yet still resides at a respectable 32nd place in the CoinMarketCap ‘top 100’ listings on its homepage.

A large reason for its success can be attributed in part due to the fact that it was created by much of the same team behind Brave: a free, open source web browser which supports mobile platforms iOS and Android. It’s also available on Windows, macOS and Linux.

The Brave browser incorporates ad-blocking software with the intention of reducing unwanted and intrusive marketing. The result is a promised increase in browsing speed, in addition to options for users to anonymously support their favourite websites.

Behind and within both teams sits Brendan Eich, best known as the creator of renowned and highly popular programming language JavaScript.

In September 2018, Eich wrote a letter to the U.S. Senate Committee on Commerce, Science and Transportation. According to the Brave website the letter, in summary, stated that “the character of GDPR is congruent with the United States’ understanding of privacy,”

More recently, in an interview with German marketing paper Horizont (46/2018, 15th November 2018) Brendan Eich took a shot at one of the most dominant forces in digital advertising at present – Google. In the piece, he stated that:

“All information from which the user’s digital fingerprint could be reconstructed remains on the user’s computer. And we go so far in this strategy that even at Brave we do not want this data… we believe that Google’s ‘Don’t be evil’ must be supplemented by a ‘Cannot be Evil’ policy urgently.”

2. Rafal Szymanski, Founder of EasyVisual and Global Tech Makers

EasyVisual is a mobile advertising network and Global Tech Makers (website under construction) is a company which “actively develops IT products in the B2B and B2C sectors.” We reached out to the founder of these companies, Rafal Szymanski, recently about digital advertising.

Specifically regarding GDPR, Szymanski stated that he believes that it “helps us to create a more transparent and honest market.”. This comes from a perspective of the market as an area which “has rather strict rules for us as people working in digital marketing.”.

Whilst many have seen this legislation as a potential obstacle for blockchain-based businesses in Europe, the words of both Szymanski and Eich echo those of a study performed by a UK university which I covered earlier this month.

He continued:

“Though on one hand, it may seem that now our opportunities are limited, it is not so. The opportunities are limited only for those who do not want to lead a fair game. If you are an honest player, newly applied principles can be viewed as new incentives for looking for new solutions and strategies that will meet the market’s requirements.

“To go forward you should be ready to introduce changes to your business if it is needed. And I don’t think that speaking about digital marketing in such a wide meaning, there is any sense to speak separately about the future of the industry domestically and internationally.”

Regarding new technologies in general and how they may be affecting the industry, Rafal talked about “virtual and augmented reality” and how it “can be used to improve customers’ experience, making ads more interesting for them”.

“AR as well as VR provide us with an opportunity to build interactive forms of advertising which will increase the effectiveness of our work. Though right now these technologies are not widely adopted in marketing and advertising, I hope that in the future it will happen.”

3. Sam Kim, CEO and Co-Founder of Lucidity Tech

Lucidity Tech is an open-source blockchain based protocol for the advertising sector which seeks to become a comprehensive service provider focused on transparency of data usage. According to the official website “the ability to have access to a transparent, clean set of data from across the programmatic supply chain is game-changing.”

The protocol utilises decentralized technology for absolute “accuracy, security and consensus” and like Rafal Szymanski, we reached out to the people behind Lucidity. Subsequently we got to speak directly with CEO and co-founder Sam Kim about his company, blockchain and digital advertising.

Kim “firmly believe[s] that transparency is the most pressing need of the industry today”, falling in line with the ethos of Lucidity at present, and elaborated with the claim that:

“It’s been the most important issue since programmatic advertising started. Advertisers today have to trust that they are getting what they paid for. But it’s very clear that it is not happening today.

“It’s like ordering steak at a restaurant but getting a salmon plate instead. And, they insist you pay for it anyway.”

This is because,

“They are activating their customer data to run CRM campaigns, look-a-like campaigns and use multi-touch attribution to conduct cross platform campaigns. But all of this investment is useless if your vendor decides to cheat you and run the advertisements outside of your desired location.”

The full version of this interview with Sam Kim will be published soon, and will feature content that’s completely exclusive to that you have just read.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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