So, a great deal of people find that too inconvenient, which's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes needed to go through a procedure which just takes 5 minutes if you desire to establish a brokerage account.
" Oh Teeka, we love your concepts, but gosh, setting up a crypto account is so challenging." What I tell them is I state, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x larger. So you're actually really earning money a huge quantity of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you envision what will occur to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and one thing I wish to expose too that you didn't mention, however I know a great deal of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just buy $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever before I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, it's if you remember the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I indicate it would take 20 minutes to pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I indicate, we're in the early days of that innovation, but similar to during that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk to individuals who are, especially somebody like yourself, who's devoted the last, you know, the lion's share of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's an excellent concern.
They're 2 absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's only going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust paper currency, you can print an unrestricted amount of it. It's really not protect, and the government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that were in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they currently do not believe in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin. But there are billions of individuals worldwide that do not have steady currencies.
Yeah. And so there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is essentially an international computer system that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, since you're basically purchasing programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people a concept, like an extremely simple one that I would envision you 'd called an utility token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on many different areas and. I do not understand the ins and outs of it, but as an example for somebody who may simply be very standard in their understanding of this, there are many different types of energies that are readily available.
And you type of pointed out having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity depends on the utility coin area.
There's all of these ICOs that were taking place, those decreased a bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people need to understand that not all energy coins are produced equivalent.
So you have the advantage of devoting your profession to this, so you can head out there and do the reconnaissance, you can fulfill the creators, you can inspect the code, and so on. But for a typical individual, there's now what, over 1,000 different types of coins readily available, almost 1,200 I think.
How do they do that? That's a great concern. I will state that 95% of ICOs are either deceitful or just bad ideas. Okay. Right? There's absolutely nothing worse than somebody that's young, earnest, with a dreadful concept, that somebody provides $40 million to. Right? Yeah, totally. So yeah, so I do not actually take part in lots of ICOs, and I advise you probably side step that market, unless you have actually got an unique relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause typically it'll crash 80% or two. Which's when we actually begin looking at the concept in more information. So here are some fast and unclean things that you should look at, right? So, one is, are they solving a problem that needs to be resolved? One of the big downsides with extremely clever, technical individuals, is that they like to resolve issues that nobody appreciates resolving.
Does the group have experience of carrying out in a successful manner in another area of their life? And it does not even need to be directly associated to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I wish to see a performance history of success in something, right? If it's 4 men in a space that are just out of college, unless they've got some truly good consultants behind them, I'm most likely not going to offer them any money.
Yeah. I believe that in marketing in general, my world of organization, we constantly search for problems and how we can solve them. Now, are the problems things that individuals are trying to solve a part of the Blockchain usually? Or would you state it's better if they're solving type of a mass issue? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm basically trying to find solutions that, so I'll offer you an example.
And the reason that we purchased it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% more affordable than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of developing computer system programs that entire states run their entire operations on, right? So you've got fine, the clever guy has actually constructed huge computer programs, terrific team, solving a huge issue that is going to cut huge costs.
I imply, it does not get any easier than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have an actually basic rule, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).
And after that if the individual that you're speaking to can't dumb it down enough where you comprehend it, then it's most likely not a great idea. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience examining companies and looking at much, much bigger business.
Ryan: So you have actually taken a look at business that are huge companies, you've examined much bigger marketcap type situations. Do you feel that that experience has assisted you? Or are we in such, type of the infancy, that as you mentioned, it is nearly simply common sense. You simply need to kind of look at it and think rationally about what's going on, and pull the emotion out? You need to pull the emotion out, and there are no standard metrics that you can take a look at.
Okay. What I can use that I learned from working on Wall Street throughout 3 years, is how to check out individuals. I've fulfilled tens of thousands of people throughout my profession. I have actually met experts; I have actually met fund managers, I've satisfied stock promoters, I've fulfilled all these different kinds of characters along the method.
So I think that's probably among my incredibly powers, if you will. And if you have actually got a good BS detector, you ought to listen to it. Okay. You ought to absolutely listen to it. If I'm sitting down and I'm talking with someone, and they've got all the bonifides, but you understand, there's just; it's not sitting well with me, there's something about them that's not agreeing with me.
There are so numerous other deals out there to take a look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you know, you type of discussed at the beginning, Bitcoin and Ethereum, many people have actually heard of these 2, particularly Bitcoin, due to the fact that it appears like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading almost upwards of $6,000 recently; it's turned up from say $3,000 not too long earlier, it's quite unpredictable. Do they kind of wait for a pullback, or do they just state, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You understand? Yeah that's a great question.
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