will come along and it will destroy an existing industry. We have recently seen how the digital camera innovation has destroyed the film industry pushing Eastman Kodak into bankruptcy. Looking back through history there have been many, many innovations that have destroyed whole industries. Railroads destroyed the stage coach industry. This list just goes on and on.

Bitcoins may be an innovation that will impact credit cards and Pay Pal. I read this morning that Russia is considering a crypto currency in an attempt to move the pricing of crude oil away from the American dollar. That could have a major impact on us if the dollar is one of the "Oxen" gored by this innovation.

But Bitcoin may fail and have no impact.

I'm watching and being a participant in whatever it is that happens.

Best wishes,

dhm