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    <p>Hello Mike. IP space was (and is never) meant to fulfill the IP
      market era but to get people connected in the most reasonable and
      fair way. And the RIR should always be the entity who validate
      org's justification for the need of more IP space, not private
      companies having profit with it therefore with no neutral interest
      upon the topic.</p>
    <p>When people go around the system with the justification that
      'market demands it', someone else is treated unfairly. In a ideal
      scenario any unused or unjustified IP space should go back to the
      RIR pool which in turn based on its own policies should
      re-distribute that IP space to organizations in need, that justify
      and that are possibility waiting on a queue. If people go around
      this logic other are treated unfairly because someone could pay
      more and fewer people are privileged at the cost of longer wait
      for those who go by the natural path.<br>
      Yes I understand the ideal scenario may never be reached but at
      least we should bind ourselves to work towards that, not in the
      opposite way. One important point to also mention is that it makes
      harder for newcomers. In my personal view considering the current
      scenario they are the most important to take in consideration as
      existing ASNs have technical ways deal with IPv4 exhaustion,
      newcomers don't.<br>
      Leasing IP space from one ASN to another because it cannot get it
      immediately from the RIR is a way to go around the system and to
      treat others unfairly. If a RIR doesn't accept lease in such way
      as a justification then it is a clear message that something is
      not right.<br>
    </p>
    <p>It may all sound poesy but it is based on the concepts how it was
      thought from the beginnings.<br>
    </p>
    <p>Ahh, and before someone thinks I am against legitimate transfers
      in certain conditions, as you mentioned are valid from a couple of
      years already, I am not. But that's a different topic which I will
      not go into to not divert from the subject about IP Leasing.<br>
    </p>
    <p>Thanks for your input.</p>
    <p>Regards<br>
      Fernando</p>
    <div class="moz-cite-prefix">On 29/05/2019 21:13, Mike Burns wrote:<br>
    </div>
    <blockquote type="cite"
      cite="mid:16b061556ec.dc0eca11104921.6146194226790123963@iptrading.com">
      <meta content="text/html; charset=UTF-8" http-equiv="Content-Type">
      <div style="font-family: Verdana, Arial, Helvetica, sans-serif;
        font-size: 10pt;">
        <div>Hi Scott and Fernando,<br>
        </div>
        <div><br>
        </div>
        <div>Thank you for the change of subject and the discussion.<br>
        </div>
        <div>Fernando, your vision of how things should be is reasonable
          and consistent, but archaic in the market era.<br>
        </div>
        <div>We did things your way for decades, people did not return
          addresses for reasons involving utilization.<br>
        </div>
        <div>Why not audit them? Too expensive and fraught.<br>
        </div>
        <div>The community decided to provide incentives in the form of
          payment for IPv4 blocks.<br>
        </div>
        <div>We began that in 2010 and since then transfers have
          provided the bulk of new allocations worldwide.<br>
        </div>
        <div>The lure of lucre brought un- and under-utilized addresses
          to the market, which by nature elevates them to their most
          productive use.<br>
        </div>
        <div><br>
        </div>
        <div>That has brought us to the current state. Whereas leasing
          was always problematical because it allowed the lessor to
          claim more address space from the RIRs by demonstrating
          efficient usage of his blocks, now there are basically no free
          pools at the RIRs, so there shouldn't be the same worries.<br>
        </div>
        <div><br>
        </div>
        <div>In the absence of a policy, leasing is quite openly
          advertised and is legitimate, although not a valid
          justification for ARIN to approve more space for the Lessor.<br>
        </div>
        <div>For the present, we should have a policy that recognizes
          legitimate leasing types (LOA, VPN) and requires the same
          sorts of assignment and delegation records commonly done by
          ISPs for their customers.<br>
        </div>
        <div>It should recognize that blocks can be legitimately
          advertised under un-related ASNs with a valid Letter of
          Authorization, which must contain certain information.<br>
        </div>
        <div>It could have a process for identifying ARIN members who
          are participating in a lease policy violation, for notifying
          them, and for potentially punishing them under RSA terms.<br>
        </div>
        <div><br>
        </div>
        <div>We see more market participants who have a longer view of
          the duration of the transition to IPv6, and in a time of
          continually rising IPv4 prices, who can blame address block
          holders who want to lease their blocks?<br>
        </div>
        <div>At the end of the lease, instead of depreciated and
          worn-out assets, they could be shiny and more valuable then
          when the lease started.<br>
        </div>
        <div>(Or they could be blacklisted.)<br>
        </div>
        <div><br>
        </div>
        <div>Regards,<br>
          Mike</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="" class="zmail_extra">
          <div><br>
          </div>
          <div id="Zm-_Id_-Sgn1">---- On Wed, 29 May 2019 19:33:25 -0400
            <b>Scott Leibrand <a class="moz-txt-link-rfc2396E" href="mailto:scottleibrand@gmail.com"><scottleibrand@gmail.com></a></b> wrote
            ----<br>
          </div>
          <div><br>
          </div>
          <blockquote style="border-left: 1px solid rgb(204, 204, 204);
            padding-left: 6px; margin: 0px 0px 0px 5px;">
            <div>
              <div dir="ltr">
                <div dir="ltr">On Wed, May 29, 2019 at 4:11 PM Fernando
                  Frediani <<a target="_blank"
                    href="mailto:fhfrediani@gmail.com"
                    moz-do-not-send="true">fhfrediani@gmail.com</a>>
                  wrote:<br>
                </div>
                <div class="x_1125712014gmail_quote">
                  <blockquote style="margin:0px 0px 0px
                    0.8ex;border-left:1px solid
                    rgb(204,204,204);padding-left:1ex;"
                    class="x_1125712014gmail_quote">
                    <div>
                      <div
                        class="x_1125712014gmail-m_-5103199404380489074moz-cite-prefix">On
                        29/05/2019 19:26, Scott Leibrand wrote:<br>
                      </div>
                      <blockquote>
                        <div dir="ltr">
                          <div>(New subject line for a new topic.)<br>
                          </div>
                          <div dir="ltr"><br>
                          </div>
                          <div dir="ltr">You just described a lease
                            policy: one where leasing is not allowed. 
                            Such a policy would have to exist to be
                            enforced.  Right now there is no policy, so
                            leasing is allowed because it's not
                            prohibited.<br>
                          </div>
                        </div>
                      </blockquote>
                      <div>No it doesn't. When someone leases IP
                        addressing it proves it doesn't have use for its
                        original justification. No one can think asking
                        for more IP addressing and justify as "I need
                        them to lease them" is something that would be
                        ever accepted. If it is not a justification you
                        can give to get more IPs from the RIR than it is
                        not a accepted practice.<br>
                      </div>
                      <div> <br>
                      </div>
                      <blockquote>
                        <div dir="ltr">
                          <div dir="ltr">
                            <div><br>
                            </div>
                            <div>ISPs lease space to their customers all
                              the time, bundled with IP connectivity. 
                              Hosting companies do the same.  So do VPN
                              providers.  The challenge with a "no
                              leasing allowed" policy is differentiating
                              between a valid reassignment of space to
                              accompany multihomed IP connectivity, vs.
                              an invalid reassignment of space intended
                              primarily as a lease, where any IP
                              connectivity provided is incidental, or a
                              fig leaf VPN that simply is set up to
                              comply with the policy.<br>
                            </div>
                          </div>
                        </div>
                      </blockquote>
                      <div>That has nothing to do with the topic and is
                        a totally different matter. It is conceptual.
                        ISPs allocate IP address to their customers
                        **which are not autonomous system** and cannot
                        get them directly from the RIR.<br>
                      </div>
                    </div>
                  </blockquote>
                  <div><br>
                  </div>
                  <div>That's not the only way IPs are allocated,
                    reallocated, and assigned in the RIR system.  It's
                    also possible, and common, for an ISP to receive an
                    allocation from ARIN, and reallocate it to
                    multihomed downstream customers who do have their
                    own ASN and are running BGP.  The ISP assigning the
                    space may be the primary provider of IP connectivity
                    for the customer at the time of the reallocation,
                    but may not remain so.  Or they may be one of
                    multiple upstream transit providers, and just happen
                    to be the one from whom it's easiest/cheapest to get
                    the needed IPv4 space.<br>
                  </div>
                  <div> <br>
                  </div>
                  <blockquote style="margin:0px 0px 0px
                    0.8ex;border-left:1px solid
                    rgb(204,204,204);padding-left:1ex;"
                    class="x_1125712014gmail_quote">
                    <div>That's the main propose of an ISP Autonomous
                      System go to the RIR to ask for IP space, to serve
                      their internal needs and customers with Internet
                      Services.<br>
                      When IP leases becomes the only service and **to
                      another ASN** which inside the rules can ask
                      directly to the RIR is certainly not the same
                      thing as an ISP who allocates IP space to their
                      end-user customer.<br>
                    </div>
                  </blockquote>
                  <div><br>
                  </div>
                  <div>What if IP leases aren't the *only* service, but
                    the IP space is bundled with IP connectivity of some
                    sort?  What kind of IP connectivity is sufficient to
                    make this "an ISP who allocates IP space to their
                    end-user customer" vs. an impermissible case of "IP
                    leases becomes the only service"?<br>
                  </div>
                  <blockquote style="margin:0px 0px 0px
                    0.8ex;border-left:1px solid
                    rgb(204,204,204);padding-left:1ex;"
                    class="x_1125712014gmail_quote">
                    <div>
                      <blockquote>
                        <div dir="ltr">
                          <div dir="ltr">
                            <div><br>
                            </div>
                            <div>A more tractable policy on leasing
                              might focus on things like requiring
                              registration of the downstream recipient
                              of any leased space.  There may be other
                              requirements that could be meaningfully
                              enforced as well, but you'll need to be
                              careful not to try to enforce requirements
                              that impinge on the business of legitimate
                              IP transit and hosting providers.<br>
                            </div>
                          </div>
                        </div>
                      </blockquote>
                      <p>That's not legitimate I'm sorry. It's not
                        difficult to think things like: 1) Any
                        Autonomous System should always go to the RIR
                        and ask for more IP addresses<br>
                      </p>
                    </div>
                  </blockquote>
                  <div><br>
                  </div>
                  <div>Such a policy would put most multihomed
                    autonomous systems in violation of your policy at
                    some point in their growth.<br>
                  </div>
                  <div> <br>
                  </div>
                  <blockquote style="margin:0px 0px 0px
                    0.8ex;border-left:1px solid
                    rgb(204,204,204);padding-left:1ex;"
                    class="x_1125712014gmail_quote">
                    <div>
                      <p>2) If it has to go around it and get from
                        another ASN there is something very wrong with
                        it. Those addresses where given **to that ASN**
                        for their internal use or end-user customers<br>
                      </p>
                    </div>
                  </blockquote>
                  <div><br>
                  </div>
                  <div>The downstream ASN is their end-user customer. 
                    That's why reallocations exist, and not just
                    reassignments.  But even reassignments are often
                    made to ASNs defined as end users (organizations not
                    themselves acting as ISPs and performing further
                    reassignments).<br>
                  </div>
                  <div><br>
                  </div>
                  <blockquote style="margin:0px 0px 0px
                    0.8ex;border-left:1px solid
                    rgb(204,204,204);padding-left:1ex;"
                    class="x_1125712014gmail_quote">
                    <div>
                      <p>3) If those addresses were given for this
                        proposes and someone is not using (internal use
                        or end-user who are not ASN) then that ASN
                        doesn't justify for the IP space received
                        anymore.<br>
                      </p>
                    </div>
                  </blockquote>
                  <div><br>
                  </div>
                  <div>Such a policy would force the reclamation of a
                    lot of legitimately in-use space that is still in
                    use primarily because it's difficult to renumber out
                    of.<br>
                  </div>
                  <div><br>
                  </div>
                  <blockquote style="margin:0px 0px 0px
                    0.8ex;border-left:1px solid
                    rgb(204,204,204);padding-left:1ex;"
                    class="x_1125712014gmail_quote">
                    <div>
                      <p>Before going ahead and writing a more specific
                        and clear policy for that need to find out how
                        ARIN currently reads and apply that. Then think
                        in a proper and well written policy to cover
                        where else needed.<br>
                      </p>
                      <p>I find very concerning defenses "as something
                        pretty normal" use of IP address for proposes
                        which they were never meant over the last
                        decades, be a speculating and monetizing asset
                        rather than serve to get people connected to the
                        internet going against conversation and
                        justification concepts. I see it seems the
                        recent times of IPv4 exhaustion is making many
                        to forget the very basics of Internet foundation
                        and treat IP space as his very own asset and
                        something irrevocable and unrecoverable.<br>
                      </p>
                    </div>
                  </blockquote>
                  <div><br>
                  </div>
                  <div>You seem to have a very limited view of how IPs
                    are allocated, reallocated, and reassigned between
                    legitimate network operators who aren't trying to
                    circumvent the rules.  Such practices have been in
                    place since before IPv6 existed.  It's not about
                    treating IP space as property.  In fact, it's the
                    reverse: historically the use of Provider Assigned
                    space when possible was the norm, and "everyone gets
                    their own IP space from an RIR via direct
                    allocation/assignment or via transfer" is a fairly
                    recent practice (much more common within the last
                    decade or so).<br>
                  </div>
                  <div><br>
                  </div>
                  <div>-Scott<br>
                  </div>
                  <blockquote style="margin:0px 0px 0px
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                    class="x_1125712014gmail_quote">
                    <div>
                      <blockquote>
                        <div dir="ltr">
                          <div class="x_1125712014gmail_quote">
                            <div class="x_1125712014gmail_attr"
                              dir="ltr">On Wed, May 29, 2019 at 2:46 PM
                              Fernando Frediani <<a target="_blank"
                                href="mailto:fhfrediani@gmail.com"
                                moz-do-not-send="true">fhfrediani@gmail.com</a>>
                              wrote:<br>
                            </div>
                            <blockquote style="margin:0px 0px 0px
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                              rgb(204,204,204);padding-left:1ex;"
                              class="x_1125712014gmail_quote">
                              <div>
                                <p>A lease policy should never exist in
                                  my opinion and registries should stand
                                  strong against it for the simple
                                  reason that IPs are not assets or
                                  something that belong to a company for
                                  it to lease.<br>
                                </p>
                                <p>Is it always necessary to remind that
                                  IP addresses are meant to be used by
                                  the resource holders who  justified
                                  for that ? If someone is leasing it it
                                  obviously means it does not need and
                                  justify anymore for that IP space and
                                  any RIR should recover them
                                  immediately. If such a policy doesn't
                                  exist on its terms it should exist and
                                  should be discussed to make it sooner.<br>
                                  I would recommend some Jon Postel
                                  reading to those who believe "it is Ok
                                  to lease IPs" as if they were they
                                  very own asset as a router or a server
                                  that you buy with a invoice and you do
                                  whatever you like with it.<br>
                                </p>
                                <p>This type of thing goes pretty much
                                  against concepts of conservation and
                                  justification.<br>
                                  Imagine if someone asked a RIR more IP
                                  address and may justify as "I need
                                  them in order to lease them". That's
                                  what a lease policy would walk towards
                                  to.</p>
                                <p>As I mentioned in the other message,
                                  the fact the people do anyway and the
                                  whois doesn't get updated is **less
                                  important** than having people
                                  monetizing IP addresses in such way
                                  while there are others on waiting
                                  lists that truly justify for those
                                  addresses.<br>
                                </p>
                                <p>Regards<br>
                                  Fernando<br>
                                </p>
                                <div
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748moz-cite-prefix">On
                                  29/05/2019 18:02, Mike Burns wrote:<br>
                                </div>
                                <blockquote>
                                  <div
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748WordSection1">
                                    <p class="MsoNormal">Hi Robert,<br>
                                    </p>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <p class="MsoNormal">The problem of
                                      leasing space before the 12 month
                                      waiting period, so as *<b>only</b>*
                                      to avoid that period, is small in
                                      my experience.<br>
                                    </p>
                                    <p class="MsoNormal">After a year,
                                      any such lessor could sell if they
                                      wanted to, and they have the same
                                      sell/lease incentives as any other
                                      ARIN holder.<br>
                                    </p>
                                    <p class="MsoNormal">Do you have
                                      evidence that people are
                                      monetizing waiting-list addresses
                                      prior to the 12 month period by
                                      leasing them?<br>
                                    </p>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <p class="MsoNormal">What you say
                                      below, however, is completely
                                      correct.<br>
                                    </p>
                                    <p class="MsoNormal">I have tried to
                                      direct the community towards the
                                      glaring absence of a lease policy
                                      at any registry.<br>
                                    </p>
                                    <p class="MsoNormal">I believe it’s
                                      time for such a policy, given the
                                      market circumstances we find
                                      ourselves in.<br>
                                    </p>
                                    <p class="MsoNormal">Such a policy
                                      would allow for open leasing, with
                                      certain recording requirements for
                                      abuse contacts of the lessee, etc.<br>
                                    </p>
                                    <p class="MsoNormal">I think such a
                                      policy would be in-scope and would
                                      yield, in a negative way, to the
                                      desired results of the anti-BGP
                                      hacking policy.<br>
                                    </p>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <p class="MsoNormal">Regards,<br>
                                    </p>
                                    <p class="MsoNormal">Mike<br>
                                    </p>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <div>
                                      <div
style="border-right:none;border-bottom:none;border-left:none;border-top:1pt
                                        solid
                                        rgb(225,225,225);padding:3pt 0in
                                        0in;">
                                        <p class="MsoNormal"><b>From:</b>
                                          Robert Clarke <a
                                            target="_blank"
                                            href="mailto:robert@rjfc.net"
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748moz-txt-link-rfc2396E"
                                            moz-do-not-send="true"><robert@rjfc.net></a>
                                          <br>
                                          <b>Sent:</b> Wednesday, May
                                          29, 2019 4:24 PM<br>
                                          <b>To:</b> Mike Burns <a
                                            target="_blank"
                                            href="mailto:mike@iptrading.com"
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748moz-txt-link-rfc2396E"
                                            moz-do-not-send="true"><mike@iptrading.com></a><br>
                                          <b>Cc:</b> Fernando Frediani <a
                                            target="_blank"
                                            href="mailto:fhfrediani@gmail.com"
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748moz-txt-link-rfc2396E"
                                            moz-do-not-send="true"><fhfrediani@gmail.com></a>;
                                          arin-ppml <a target="_blank"
href="mailto:arin-ppml@arin.net"
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748moz-txt-link-rfc2396E"
                                            moz-do-not-send="true"><arin-ppml@arin.net></a><br>
                                          <b>Subject:</b> Re:
                                          [arin-ppml] Waiting List IPv4
                                          blocks transferred after
                                          issuance</p>
                                      </div>
                                    </div>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                    <p class="MsoNormal">Hello Mike,<br>
                                    </p>
                                    <div>
                                      <p class="MsoNormal"> <br>
                                      </p>
                                    </div>
                                    <div>
                                      <p class="MsoNormal">Why are you
                                        using John's "waiting list IPv4
                                        blocks transferred" numbers as a
                                        baseline for the /19 numbers?
                                        This is completely arbitrary and
                                        doesn't give any scale as to the
                                        problem with fraud. See my
                                        earlier reply to John's email in
                                        the other thread:<br>
                                      </p>
                                    </div>
                                    <div>
                                      <p class="MsoNormal"> <br>
                                      </p>
                                    </div>
                                    <div>
                                      <p class="MsoNormal">"<span
                                          class="colour"
                                          style="color:black">Thanks for
                                          sharing. I'd like to note that
                                          it can be dangerous to use the
                                          blocks transferred via
                                          8.2/8.3/9.4 as a metric for
                                          abuse. A fraudster that gets
                                          past ARIN's scrutiny and
                                          obtains IPs with fraudulent
                                          information is probably smart
                                          enough to lease their IPs as
                                          opposed to selling the space
                                          outright. There is a huge
                                          market for leased space, and
                                          those deals happen behind
                                          closed doors with no oversight
                                          from ARIN. IP addresses go for
                                          $0.2-0.5/mo depending on
                                          term/IP reputation/size which
                                          could lead to $XX,XXX in
                                          illicit revenue with no risk
                                          of ARIN's scrutiny which would
                                          normally occur during the
                                          transfer process."</span><br>
                                      </p>
                                    </div>
                                    <div>
                                      <p class="MsoNormal"> <br>
                                      </p>
                                    </div>
                                    <div>
                                      <p class="MsoNormal">Thanks,<br>
                                      </p>
                                    </div>
                                    <div>
                                      <p class="MsoNormal"> <br>
                                      </p>
                                      <div>
                                        <div>
                                          <p class="MsoNormal"><span
                                              class="colour"
                                              style="color:black">Robert
                                              Clarke</span><br>
                                          </p>
                                        </div>
                                      </div>
                                    </div>
                                    <div>
                                      <p class="MsoNormal"><br>
                                        <br>
                                      </p>
                                      <blockquote
                                        style="margin-top:5pt;margin-bottom:5pt;">
                                        <div>
                                          <p class="MsoNormal">On May
                                            29, 2019, at 8:13 AM, Mike
                                            Burns <<a target="_blank"
href="mailto:mike@iptrading.com" moz-do-not-send="true">mike@iptrading.com</a>>
                                            wrote:<br>
                                          </p>
                                        </div>
                                        <p class="MsoNormal"> <br>
                                        </p>
                                        <div>
                                          <div>
                                            <p style="background-image:
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                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Hi
                                                Fernando,</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-repeat:
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                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
                                              initial;
                                              background-position:
                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Thanks
                                                for the discussion.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
                                              initial;
                                              background-position:
                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Many
                                                feel as you do, that
                                                unused addresses should
                                                be returned to ARIN for
                                                subsequent distribution
                                                to those in need.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              background-position:
                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Unfortunately,
                                                that policy was not
                                                successful in bringing
                                                unused addresses into
                                                actual use by those in
                                                need.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
                                              initial;
                                              background-position:
                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">The
                                                community decided to
                                                harness the profit
                                                motive to incentive this
                                                process, and by all
                                                accounts it is working.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
                                              initial;
                                              background-position:
                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Unfortunately
                                                the profit motive also
                                                incentivizes fraudulent
                                                plundering of the
                                                waiting list pool.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
                                              initial;
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                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
                                              initial;
                                              background-position:
                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">So
                                                I am happy to discuss
                                                the correct balancing of
                                                things to prevent fraud
                                                but allow the market to
                                                continue to drive us
                                                towards the desirable
                                                ends of accurate
                                                registration and
                                                efficient use.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
                                              initial;
                                              background-position:
                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Since
                                                the /19 is the threshold
                                                number of sorts for
                                                flipping, I could accept
                                                a /20 as the maximum
                                                size.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">I
                                                think a 2 year wait is
                                                reasonable, but I don’t
                                                see the additional
                                                benefit as worth the
                                                distinction of ARIN
                                                space into more classes.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial; background-size:
                                              initial;
                                              background-repeat:
                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">And
                                                making it more
                                                complicated with
                                                multiple waiting periods
                                                is even less desirable,
                                                IMO.</span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-repeat:
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                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Regards,<br>
                                                Mike</span></p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-attachment:
                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <div
style="border-right:none;border-bottom:none;border-left:none;border-top:1pt
                                              solid
                                              rgb(225,225,225);padding:3pt
                                              0in 0in;">
                                              <div>
                                                <p
                                                  style="background-image:
                                                  initial;
                                                  background-position:
                                                  initial;
                                                  background-size:
                                                  initial;
                                                  background-repeat:
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                                                  background-attachment:
                                                  initial;
                                                  background-origin:
                                                  initial;
                                                  background-clip:
                                                  initial;"
                                                  class="MsoNormal"><span
                                                    class="highlight"
                                                    style="background-color:white"><b>From:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>ARIN-PPML
                                                    <<a
                                                      target="_blank"
                                                      href="mailto:arin-ppml-bounces@arin.net"
moz-do-not-send="true">arin-ppml-bounces@arin.net</a>><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span><b>On
                                                      Behalf Of<span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span></b>Fernando
                                                    Frediani<br>
                                                    <b>Sent:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>Wednesday,
                                                    May 29, 2019 10:50
                                                    AM<br>
                                                    <b>To:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span><a
                                                      target="_blank"
                                                      href="mailto:arin-ppml@arin.net"
moz-do-not-send="true">arin-ppml@arin.net</a><br>
                                                    <b>Subject:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>Re:
                                                    [arin-ppml] Waiting
                                                    List IPv4 blocks
                                                    transferred after
                                                    issuance</span></p>
                                              </div>
                                            </div>
                                          </div>
                                          <div>
                                            <p style="background-image:
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                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"> </span><br>
                                            </p>
                                          </div>
                                          <div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white">On
                                                  29/05/2019 11:31, Mike
                                                  Burns wrote:</span><br>
                                              </p>
                                            </div>
                                          </div>
                                          <blockquote
                                            style="margin-top:5pt;margin-bottom:5pt;">
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white">Orgs
                                                  will wait out any
                                                  period, sitting with
                                                  unused addresses until
                                                  they reach the resale
                                                  date. Not efficient
                                                  use.</span><br>
                                              </p>
                                            </div>
                                          </blockquote>
                                          <div>
                                            <p style="background-image:
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                                              initial;
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                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"><span
                                                  class="font"
                                                  style="font-family:Helvetica,
                                                  sans-serif"><span
                                                    class="size"
                                                    style="font-size:9pt">If
                                                    it's not a legacy
                                                    resource and if ARIN
                                                    gets to know about
                                                    it, it may just
                                                    recover this
                                                    addresses even if
                                                    the resource holder
                                                    is paying it
                                                    correctly. That's
                                                    how it should work.</span></span></span><br>
                                            </p>
                                          </div>
                                          <blockquote
                                            style="margin-top:5pt;margin-bottom:5pt;">
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"><br>
                                                  <br>
                                                  <br>
                                                </span></p>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                initial;
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                                                background-clip:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white">People
                                                  will lease unused
                                                  addresses to others
                                                  and Whois accuracy
                                                  will suffer if they
                                                  can’t resell them. Not
                                                  accurate registration.</span><br>
                                              </p>
                                            </div>
                                          </blockquote>
                                          <div>
                                            <p style="background-image:
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                                              initial;
                                              background-repeat:
                                              initial;
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                                              initial;
                                              background-origin:
                                              initial; background-clip:
                                              initial;"
                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white"><span
                                                  class="font"
                                                  style="font-family:Helvetica,
                                                  sans-serif"><span
                                                    class="size"
                                                    style="font-size:9pt">If
                                                    people lease they
                                                    prove they have no
                                                    use for the
                                                    addresses and again
                                                    ARIN should recover
                                                    them at any time. If
                                                    whois is inaccurate,
                                                    well it is their
                                                    fault and not
                                                    policies fault. They
                                                    must bind to the
                                                    current rules not
                                                    the other way round.</span></span></span><br>
                                            </p>
                                          </div>
                                          <blockquote
                                            style="margin-top:5pt;margin-bottom:5pt;">
                                            <div>
                                              <p
                                                style="background-image:
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                                                background-repeat:
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                                                background-origin:
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                                                background-clip:
                                                initial;"
                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"><br>
                                                  <br>
                                                  <br>
                                                </span></p>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white">I
                                                  think we should give
                                                  everybody currently on
                                                  the list up to a /19
                                                  and then restrict new
                                                  entries to a /22.</span><br>
                                              </p>
                                            </div>
                                          </blockquote>
                                          <div>
                                            <p style="background-image:
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                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">Fair
                                                to discuss this
                                                scenario, although I
                                                still think /19 is too
                                                much. Agree on /22 for
                                                new entries.<br>
                                                <br>
                                                <br>
                                              </span></p>
                                          </div>
                                          <blockquote
                                            style="margin-top:5pt;margin-bottom:5pt;">
                                            <div>
                                              <p
                                                style="background-image:
                                                initial;
                                                background-position:
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                                                background-repeat:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white">I
                                                  think a 5 year resale
                                                  wait is too long,
                                                  based on the paltry
                                                  resales of prior
                                                  waiting-list subnets
                                                  smaller than /19.</span><br>
                                              </p>
                                            </div>
                                          </blockquote>
                                          <div>
                                            <p style="background-image:
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                                              initial;
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                                              initial;
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                                              background-origin:
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                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">It
                                                may be long, but 2 years
                                                seems a little short and
                                                'acceptable' for a
                                                fraudster. Perhaps
                                                something in between.<br>
                                                <br>
                                                <br>
                                                <br>
                                              </span></p>
                                          </div>
                                          <blockquote
                                            style="margin-top:5pt;margin-bottom:5pt;">
                                            <div>
                                              <p
                                                style="background-image:
                                                initial;
                                                background-position:
                                                initial;
                                                background-size:
                                                initial;
                                                background-repeat:
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                                                background-attachment:
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                                                background-origin:
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                                                background-clip:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white">I
                                                  support a /22
                                                  restriction for new
                                                  entrants, a /19 max
                                                  for current list
                                                  members, and
                                                  maintenance of the 12
                                                  month wait for
                                                  simplicity’s sake.</span><br>
                                              </p>
                                            </div>
                                          </blockquote>
                                          <div>
                                            <p style="background-image:
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                                              class="MsoNormal"><span
                                                class="highlight"
                                                style="background-color:white">What
                                                about discuss /22 for
                                                new entrants, /20 for
                                                current list members and
                                                36, 42 or 48 months for
                                                transfers ? Seems more
                                                reasonable in my view
                                                and cover most aspects
                                                of this discussion.<br>
                                                <br>
                                                <br>
                                              </span></p>
                                          </div>
                                          <blockquote
                                            style="margin-top:5pt;margin-bottom:5pt;">
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"><br>
                                                  <br>
                                                  <br>
                                                </span></p>
                                            </div>
                                            <div>
                                              <p
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"> </span><br>
                                              </p>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white">Regards,<br>
                                                  Mike</span></p>
                                            </div>
                                            <div>
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"> </span><br>
                                              </p>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"> </span><br>
                                              </p>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"> </span><br>
                                              </p>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"> </span><br>
                                              </p>
                                            </div>
                                            <div>
                                              <div
style="border-right:none;border-bottom:none;border-left:none;border-top:1pt
                                                solid
                                                rgb(225,225,225);padding:3pt
                                                0in 0in;">
                                                <div>
                                                  <p
                                                    style="background-image:
                                                    initial;
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                                                    initial;
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                                                    initial;
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"><b>From:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>ARIN-PPML<span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span><a
                                                        target="_blank"
href="mailto:arin-ppml-bounces@arin.net" moz-do-not-send="true"><span
                                                          class="colour"
style="color:purple"><arin-ppml-bounces@arin.net></span></a><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span><b>On
                                                        Behalf Of<span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span></b>Fernando
                                                      Frediani<br>
                                                      <b>Sent:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>Wednesday,
                                                      May 29, 2019 8:51
                                                      AM<br>
                                                      <b>To:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span><a
                                                        target="_blank"
href="mailto:arin-ppml@arin.net" moz-do-not-send="true"><span
                                                          class="colour"
style="color:purple">arin-ppml@arin.net</span></a><br>
                                                      <b>Subject:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>Re:
                                                      [arin-ppml]
                                                      Waiting List IPv4
                                                      blocks transferred
                                                      after issuance</span></p>
                                                </div>
                                              </div>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                initial;"
                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"> </span><br>
                                              </p>
                                            </div>
                                            <div>
                                              <p
                                                style="background-image:
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                                                initial;
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                                                background-origin:
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                                                background-clip:
                                                initial;"
                                                class="MsoNormal"><span
                                                  class="highlight"
                                                  style="background-color:white"><span
                                                    class="font"
                                                    style="font-family:Helvetica,
                                                    sans-serif"><span
                                                      class="size"
                                                      style="font-size:9pt">+1</span></span></span><br>
                                              </p>
                                            </div>
                                            <div>
                                              <div>
                                                <p
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                                                  class="MsoNormal"><span
                                                    class="highlight"
                                                    style="background-color:white">On
                                                    28/05/2019 23:52,
                                                    Owen DeLong wrote:</span><br>
                                                </p>
                                              </div>
                                            </div>
                                            <blockquote
                                              style="margin-top:5pt;margin-bottom:5pt;">
                                              <div>
                                                <p
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                                                  class="MsoNormal"><span
                                                    class="highlight"
                                                    style="background-color:white">Mike,<span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span></span><br>
                                                </p>
                                              </div>
                                              <div>
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                                                  <p
                                                    style="background-image:
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"> </span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white">Yes and no. I believe that the lack of
                                                      legacy holders for
                                                      any blocks issued
                                                      under 4.1.8
                                                      reduces the need
                                                      for the market.</span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"> </span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
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                                                    initial;
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                                                    initial;
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white">Defunct organizations can easily be
                                                      reclaimed in this
                                                      space because they
                                                      stop paying their
                                                      ARIN bill.</span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
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                                                    initial;
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"> </span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
                                                    initial;
                                                    background-position:
                                                    initial;
                                                    background-size:
                                                    initial;
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white">Eliminating the resale value of these
                                                      addresses won’t
                                                      really encourage
                                                      squatting on them
                                                      and limiting the
                                                      size of
                                                      organization and
                                                      size of block that
                                                      can benefit from
                                                      4.1.8 further
                                                      helps to reduce
                                                      the potential for
                                                      hoarding.</span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
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                                                    initial;
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"> </span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
                                                    initial;
                                                    background-position:
                                                    initial;
                                                    background-size:
                                                    initial;
                                                    background-repeat:
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white">I realize that as a broker, any address
                                                      that can’t be
                                                      monetized is a
                                                      lost opportunity
                                                      for your
                                                      organization, but
                                                      I think there’s
                                                      plenty of
                                                      addresses out
                                                      there that haven’t
                                                      been processed
                                                      through 4.1.8, so
                                                      I don’t think
                                                      limiting the
                                                      resale potential
                                                      of such blocks to
                                                      reduce fraud is a
                                                      bad idea.</span><br>
                                                  </p>
                                                </div>
                                              </div>
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"> </span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white">Owen</span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <div>
                                                  <p
                                                    style="background-image:
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                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"> </span><br>
                                                  </p>
                                                </div>
                                                <div>
                                                  <div>
                                                    <p
                                                      style="background-image:
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                                                      class="MsoNormal"><span
class="highlight" style="background-color:white"><br>
                                                        <br>
                                                        <br>
                                                        <br>
                                                      </span></p>
                                                  </div>
                                                  <blockquote
                                                    style="margin-top:5pt;margin-bottom:5pt;">
                                                    <div>
                                                      <div>
                                                        <p
                                                          style="background-image:
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                                                          initial;
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">On May 28, 2019, at
                                                          12:46 , Mike
                                                          Burns <<a
                                                          target="_blank"
href="mailto:mike@iptrading.com" moz-do-not-send="true"><span
                                                          class="colour"
style="color:purple">mike@iptrading.com</span></a>> wrote:</span><br>
                                                        </p>
                                                      </div>
                                                    </div>
                                                    <div>
                                                      <p
                                                        style="background-image:
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                                                        class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                      </p>
                                                    </div>
                                                    <div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">The percentages of
                                                          blocks
                                                          transferred
                                                          takes a
                                                          significant
                                                          leap at the
                                                          /19 size.</span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
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                                                          background-origin:
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                                                          background-clip:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">Below that, the
                                                          percentages
                                                          are all below
                                                          7%.</span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
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                                                          background-attachment:
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                                                          background-origin:
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                                                          background-clip:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">At /19 and above, the
                                                          percentages
                                                          are all above
                                                          21%.</span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
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                                                          background-clip:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">Seems like a natural
                                                          demarcation
                                                          for maximum
                                                          block size,
                                                          but prices do
                                                          continue to
                                                          rise.</span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
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                                                          background-origin:
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                                                          background-clip:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">While we want to fight
                                                          fraud, we
                                                          should still
                                                          remember the
                                                          underlying
                                                          reasons for
                                                          the Ipv4
                                                          transfer
                                                          market apply
                                                          to these
                                                          addresses as
                                                          well.</span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
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                                                          initial;
                                                          background-repeat:
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                                                          background-attachment:
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                                                          background-clip:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">That is, the market
                                                          provides
                                                          incentives for
                                                          efficient use
                                                          and accurate
                                                          registration.</span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
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                                                          background-origin:
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                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">Regards,<br>
                                                          Mike</span></p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          background-clip:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
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                                                          background-clip:
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div
style="border-right:none;border-bottom:none;border-left:none;border-top:1pt
                                                          solid
                                                          rgb(225,225,225);padding:3pt
                                                          0in 0in;">
                                                          <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
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                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"><b>From:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>ARIN-PPML
                                                          <<a
                                                          target="_blank"
href="mailto:arin-ppml-bounces@arin.net" moz-do-not-send="true"><span
                                                          class="colour"
style="color:rgb(149, 79, 114)">arin-ppml-bounces@arin.net</span></a>><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span><b>On
                                                          Behalf Of<span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span></b>John
                                                          Curran<br>
                                                          <b>Sent:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>Tuesday,
                                                          May 28, 2019
                                                          1:53 PM<br>
                                                          <b>To:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>ARIN-PPML
                                                          List <<a
                                                          target="_blank"
href="mailto:arin-ppml@arin.net" moz-do-not-send="true"><span
                                                          class="colour"
style="color:rgb(149, 79, 114)">arin-ppml@arin.net</span></a>><br>
                                                          <b>Subject:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>[arin-ppml]
                                                          Waiting List
                                                          IPv4 blocks
                                                          transferred
                                                          after issuance<br>
                                                          <b>Importance:</b><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span>High</span></p>
                                                          </div>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          initial;
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                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">Folks - </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">It occurred to me that
                                                          it might be
                                                          useful to have
                                                          a quick
                                                          summary of
                                                          waiting list
                                                          blocks issued
                                                          and
                                                          subsequently
                                                          transferred. </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">Attached is the
                                                          distribution
                                                          (count per
                                                          prefix size)
                                                          of all blocks
                                                          that have been
                                                          issued via
                                                          ARIN's waiting
                                                          list policy
                                                          and
                                                          subsequently
                                                          transferred
                                                          via NRPM
                                                          8.2/8.3/8.4
                                                          policy.</span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">FYI,</span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">/John</span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
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                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">John Curran</span><br>
                                                          </p>
                                                          </div>
                                                          </div>
                                                        </div>
                                                        <div>
                                                          <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">President and CEO</span><br>
                                                          </p>
                                                          </div>
                                                          </div>
                                                        </div>
                                                        <div>
                                                          <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white">American Registry for
                                                          Internet
                                                          Numbers</span><br>
                                                          </p>
                                                          </div>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
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                                                          initial;
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                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"> </span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <div>
                                                          <div>
                                                          <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"><image001.png></span><br>
                                                          </p>
                                                          </div>
                                                        </div>
                                                      </div>
                                                      <div>
                                                        <p
                                                          style="background-image:
                                                          initial;
                                                          background-position:
                                                          initial;
                                                          background-size:
                                                          initial;
                                                          background-repeat:
                                                          initial;
                                                          background-attachment:
                                                          initial;
                                                          background-origin:
                                                          initial;
                                                          background-clip:
                                                          initial;"
                                                          class="MsoNormal"><span
class="highlight" style="background-color:white"><span class="font"
                                                          style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt">_______________________________________________<br>
                                                          ARIN-PPML<br>
                                                          You are
                                                          receiving this
                                                          message
                                                          because you
                                                          are subscribed
                                                          to<br>
                                                          the ARIN
                                                          Public Policy
                                                          Mailing List (</span></span><a
target="_blank" href="mailto:ARIN-PPML@arin.net" moz-do-not-send="true"><span
                                                          class="colour"
style="color:rgb(149, 79, 114)"><span class="font"
                                                          style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt">ARIN-PPML@arin.net</span></span></span></a><span
                                                          class="font"
                                                          style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt">).<br>
                                                          Unsubscribe or
                                                          manage your
                                                          mailing list
                                                          subscription
                                                          at:<br>
                                                          </span></span><a
target="_blank" href="https://lists.arin.net/mailman/listinfo/arin-ppml"
moz-do-not-send="true"><span class="colour" style="color:rgb(149, 79,
                                                          114)"><span
                                                          class="font"
                                                          style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt">https://lists.arin.net/mailman/listinfo/arin-ppml</span></span></span></a><span
                                                          class="font"
                                                          style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt"><br>
                                                          Please contact<span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"> </span></span></span><a
target="_blank" href="mailto:info@arin.net" moz-do-not-send="true"><span
                                                          class="colour"
style="color:purple"><span class="font" style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt">info@arin.net</span></span></span></a><span
class="x_1125712014gmail-m_-5103199404380489074gmail-m_-813816542738712748apple-converted-space"><span
                                                          class="font"
                                                          style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt"> </span></span></span><span
                                                          class="font"
                                                          style="font-family:Helvetica,
                                                          sans-serif"><span
                                                          class="size"
                                                          style="font-size:9pt">if
                                                          you experience
                                                          any issues.</span></span></span></p>
                                                      </div>
                                                    </div>
                                                  </blockquote>
                                                </div>
                                                <div>
                                                  <p
                                                    style="background-image:
                                                    initial;
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                                                    initial;
                                                    background-size:
                                                    initial;
                                                    background-repeat:
                                                    initial;
                                                    background-attachment:
                                                    initial;
                                                    background-origin:
                                                    initial;
                                                    background-clip:
                                                    initial;"
                                                    class="MsoNormal"><span
                                                      class="highlight"
style="background-color:white"> </span><br>
                                                  </p>
                                                </div>
                                              </div>
                                              <div>
                                                <p
                                                  style="background-image:
                                                  initial;
                                                  background-position:
                                                  initial;
                                                  background-size:
                                                  initial;
                                                  background-repeat:
                                                  initial;
                                                  background-attachment:
                                                  initial;
                                                  background-origin:
                                                  initial;
                                                  background-clip:
                                                  initial;"
                                                  class="MsoNormal"><span
                                                    class="highlight"
                                                    style="background-color:white"><br>
                                                    <br>
                                                    <br>
                                                    <br>
                                                  </span></p>
                                              </div>
                                              <pre style="background:white;">_______________________________________________
</pre>
                                              <pre style="background:white;">ARIN-PPML
</pre>
                                              <pre style="background:white;">You are receiving this message because you are subscribed to
</pre>
                                              <pre style="background:white;">the ARIN Public Policy Mailing List (<a target="_blank" href="mailto:ARIN-PPML@arin.net" moz-do-not-send="true"><span class="colour" style="color:purple">ARIN-PPML@arin.net</span></a>).
</pre>
                                              <pre style="background:white;">Unsubscribe or manage your mailing list subscription at:
</pre>
                                              <pre style="background:white;"><a target="_blank" href="https://lists.arin.net/mailman/listinfo/arin-ppml" moz-do-not-send="true"><span class="colour" style="color:purple">https://lists.arin.net/mailman/listinfo/arin-ppml</span></a>
</pre>
                                              <pre style="background:white;">Please contact <a target="_blank" href="mailto:info@arin.net" moz-do-not-send="true"><span class="colour" style="color:purple">info@arin.net</span></a> if you experience any issues.
</pre>
                                            </blockquote>
                                          </blockquote>
                                          <p class="MsoNormal"><span
                                              class="highlight"
                                              style="background-color:white"><span
                                                class="font"
                                                style="font-family:Helvetica,
                                                sans-serif"><span
                                                  class="size"
                                                  style="font-size:9pt">_______________________________________________</span></span></span><span
                                              class="font"
                                              style="font-family:Helvetica,
                                              sans-serif"><span
                                                class="size"
                                                style="font-size:9pt"><br>
                                                <span class="highlight"
style="background-color:white">ARIN-PPML</span><br>
                                                <span class="highlight"
style="background-color:white">You are receiving this message because
                                                  you are subscribed to</span><br>
                                                <span class="highlight"
style="background-color:white">the ARIN Public Policy Mailing List (<a
                                                    target="_blank"
                                                    href="mailto:ARIN-PPML@arin.net"
moz-do-not-send="true">ARIN-PPML@arin.net</a>).</span><br>
                                                <span class="highlight"
style="background-color:white">Unsubscribe or manage your mailing list
                                                  subscription at:</span><br>
                                                <span class="highlight"
style="background-color:white"><a target="_blank"
                                                    href="https://lists.arin.net/mailman/listinfo/arin-ppml"
moz-do-not-send="true">https://lists.arin.net/mailman/listinfo/arin-ppml</a></span><br>
                                                <span class="highlight"
style="background-color:white">Please contact <a target="_blank"
                                                    href="mailto:info@arin.net"
moz-do-not-send="true">info@arin.net</a> if you experience any issues.</span></span></span></p>
                                        </div>
                                      </blockquote>
                                    </div>
                                    <p class="MsoNormal"> <br>
                                    </p>
                                  </div>
                                </blockquote>
                              </div>
                              <div>_______________________________________________<br>
                              </div>
                              <div> ARIN-PPML<br>
                              </div>
                              <div> You are receiving this message
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              <div>_______________________________________________<br>
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              <div>You are receiving this message because you are
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