Ann: Full Year Statutory Accounts, page-59

The next quarterly will definitely be important.  

Just going on a bit of a tangent after re-reading some of the previous posts - I am not so sure that I am worried about crypto being less popular than what it was a year ago.  I think that a good/competitive exchange will make enough money even during a lull in crypto trading.  It might make less money than what we might like, but I think the bar for it being able to sustain itself is pretty low.  I also think that crypto is here to stay, it will be just like any other commodity and its popularity will depend on whatever forces are at work in the market.  So long as an exchange trades the most popular cryptocurrencies it will be on the right track I think.  

In the longer term the key question is how (if it launches) the exchange will compete against other exchanges for market share.  I think there will always be money to be made from crypto, especially if the business keeps its operations lean - it will mostly be a matter of who offers the best service and prices amongst the competing exchanges - also on who markets themselves the best.  I think we will start out with a lot of new entrants in the market for exchanges but that only one or two in each geographical region will be able to outmuscle their competitors and dominate the market in the next 10-20+ years. 

I think it is absolutely in our interest to get this thing launched asap, irrespective of whatever the crypto market might be doing.  I do not think that the company will base its decisions on market trends - its main concern and key factor in whether or not the exchange launches is likely to be the resources available.  They need to fight this one out until there are no options left or until the exchange is launched. 

Tough times ahead of us I think, but we are better off waiting for an announcement that confirms whether or not we will launch than trying to guess what the outcome might be.  I think we will have a good idea of what whether or not the exchange is going to happen either by the end of this year or very early next year.  The good news is that the wait is almost over either way - we do not have to second guess this for long.