<table><tr><th>From:</th><th>Jeremy Rubin &lt;</th></tr><tr><td>Sent:</td><td>Wednesday, July 15, 2015 9:36 AM</td></tr><tr><td>To:</td><td>Joichi Ito</td></tr><tr><td>Cc:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Re: Sand Hill Exchange and Xcoin</td></tr></table>

Love to see where this goes. I'll bu one XC from =ou for a penny.

On Tue, Jul 14, 2015 at 5:50 PM, Joichi Ito =lt;j <mailto: > > wrote:

"the world's first nihilcurrency —= completely valueless currency":

http://blog=sandhill.exchange/post/122861863238/introducing-nihilcurrency
<http://blog.sandhill.exchange=post/122861863238/introducing-nihilcurrency>

Sand Hill Exchange invente= the nihilcurrency out of necessity. Trading on Sand Hill Exchange i= very fun. But if )(Coin attained even the nominal value of a me=e Satoshi, Iranian rial, or Farmville dollar, our exchange would quickly b=come among the biggest threats facing financial regulators.

For this re=son, if we ever learn of anybody trying to trade an )(Coin for anythin= of value, we'll kick their ass, and we ask you to do the same...A0 Keep nihilcurrencies free!

For so=e background on the SEC action against Sand Hill that prompted all this, l=recommend this article:

http://www.bloombergview.com/articles/2015-06-19/bitcoin-bucket=shop-kicks-bucket
<http://www.blo=mbergview.com/articles/2015-06-19/bitcoin-bucket-shop-kicks-bucket>

These are some very sma=t kids who didn't realize they were making a securities offering. I Hm sure this won't be the last time we see this.