<table><tr><th>From:</th><th>Joichi Ito</th></tr><tr><td>Sent:</td><td>Tuesday, July 14, 2015 9:50 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein; Jeremy Rubin</td></tr><tr><td>Subject:</td><td>Fwd: Sand Hill Exchange and Xcoin</td></tr></table>

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

http://blog.sandhill.exchange/post/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.