diff --git a/README.md b/README.md
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+++ b/README.md
@@ -1,3 +1,27 @@
-Bitcoin subversion clone
-========================
-This branch is a clone of the subversion tree, kept up-to-date via 'git svn fetch'.
+Bitcoin TEST network source code
+================================
+
+Branches here:
+
+* svn : up-to-date mirror of the 'production' Bitcoin (from http://sourceforge.net/projects/bitcoin/).
+* listtransactions: Implements new JSON-RPC command "listtransactions" (from jgarzik)
+* refundtransaction : Implements new JSON-RPC command "refundtransaction"
+
+These branches operate on the TEST network:
+
+* svnTEST : just like 'svn' (no additional features), but patched to operate on the TEST network.
+* master : runs on the TEST-network with any of what I think are "production-ready" features.
+
+Important changes on the master branch are:
+
+* Listen port is 18333 (instead of 8333).  Uses 18332 for JSON-RPC (instead of 8332).
+* Uses irc.lfnet.org channel #bitcoinTEST  for bootstrapping.
+* Never tries to connect to "well known" nodes for bootstrapping.
+* Uses bitcoinTEST for the default data directory (e.g. ~/.bitcoinTEST on Linux, %APPDATA%/BitcoinTEST on Windows, etc)
+* Uses a different ADDRESSVERSION for Bitcoin Addresses (0xff instead of 0x0), so you can't screw up copying and pasting Bitcoin addresses (if you try to use a TEST address on the production system it will tell you it's invalid; you can, however, lose TESTcoins by trying to send them to a valid production address)
+* Has a brand-new block chain (with a different genesis block)
+* Initial difficulty is 4 times easier than production Bitcoin
+* protocol message header bytes are { 0xfa, 0xbf, 0xb5, 0xda } instead of { 0xf9, 0xbe, 0xb4, 0xd9 }
+
+Code is hosted at github: http://github.com/gavinandresen/bitcoin-git
+