<table><tr><th>From:</th><th>Jeremy Rubin n&gt;</th></tr><tr><td>Sent:
To:</td><td>Wednesday, May 25, 2016 5:49 PM
Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Did you get my response about defcon btw?</td></tr></table>

There were a couple qu=stions in there for you. Reproduced below if you missed it, questions in b=ld.

Best,

Jeremy

Sorry for the delay -- I just finished my finals at MIT this =eek. Long email below, answering your question and an update on my activit=es.

I would like to go, yes. I am currently scheduling that week out as ther= is loft forbidden research, defcon, and=a bitcoin conference I am submitting a paper to all that week. I talked wi=h Vincenzo about going and he thought it was a good idea. Question: are=these sorts of things I should send to you for reimbursement?

For a bit =f an update on what I've been up to:

Thesis:

I've finished my M.Eng Thesis at MIT. I don't f=lly agree with the ideas I presented, but it was more of a formalization o= a set of ideas. The core idea of my thesis is that decentralized utilizat=on incentives are a good midpoint between Keynes and Hayek, and then I sho= a construction of them. The big application level take-aways from my thes=s relate to spectrum allocation and solar energy. There's a lot of stu=f you can skip, maybe just read chapters 1 & 3 (they're short) if =ou're interested.

<=iv class="gmail_default">

Current Projects:

Earlier this spring, I gave a talk ( o= starting a competition process to improve Bitcoin development. I have fun=s for it that I have accessible from MIT Bitcoin Project (I made a $40 k a=location) but I'm unsure of how I should structure it -- if I shoul= start a new nonprofit or just run reimbursement and fees through MIT.=I think it probably makes sense to run it through MIT. I plan to have this=ready around September.

I'm also wor=ing on a paper right now for hich is a s=stematization of knowledge on off-blockchain technology in Sitcom. Off ch=in systems offer one or more of the following (excepted from forthcoming p=per):

1.Separa=ed Guarantees, the mechanism has guarantees are ensured mostly by a system=or mechanism separated from the blockchain.

2. Hidden State, the m=chanism has state that does not need to be present the blockchain.

3.=C2*Efficiency Optimized, the mechanism reduces the utilization of the bl=ckchain compared to naive implementation of the problem the mech- anism at=empts to solve.

For the next month or so I'm=trying to decompress a bit from MIT and clear my mind a bit and wrap up va=ious projects so that I'm ready to delve into new ideas. A couple thin=s I've been toying with lately:

- Ha=d tech play, I have a new design for probabilistic payment schemes that co=ld be interesting to implement. Will at least be a good paper.

- Starting a new stock exchange -- what can a gro=nd up redesign of a stock exchange do/offer clients? Is it possible to=tap the SF/Bay area distaste for NASDAQ. Could potentially rope in some fr=ends with a lot of exchange dev experience to this.

- On either of the above, hiring first and asking questions lat=r -- building a team and experience is important at this phase of the game= so maybe start working on one of these prepared to pivot

- Cuba infrastructure -- huge first-to-market advantage =f I can build something in this untouched market and potential to have a l=t of positive impact. Lot's of tourist money coming in.

Meetings:<=font>

Are there any events or things you'd like me to plan coming up?./b>

<=ont size="4">Other:

I'm thi=king about relocating to San Francisco shortly FYI, but also considering a=bit of a travel circuit to learn more about other countries systems (I'=m interested in what Korea does because they have very tight tech integrat=on w/ samsung, Japan, Dubai, etc) -- is there anywhere you recommend pa=ticularly?