So, a lot of people find that too troublesome, which's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are prepared to put in perhaps the 20 minutes required to go through a procedure which simply takes 5 minutes if you want to establish a brokerage account.
" Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so difficult." 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 entire cryptocurrency market will be 10x larger. So you're actually truly getting paid an enormous quantity of cash to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you picture what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that individuals go through, and one thing I desire to expose too that you didn't mention, however I know a lot of folks who have problem with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As hard as possible, right, like Coinbase. It 'd take me forever prior to I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 suggest, we're in the early days of that technology, but simply like during that period of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm always curious to speak to individuals who are, specifically someone like yourself, who's committed the last, you understand, the better part of the last few years to really go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a fantastic concern.
They're two absolutely different 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 gives it worth is that it is, there's only going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And actually, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not rely on paper currency, you can print an unrestricted quantity of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that remained in Cypress, or simply individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, due to the fact that they currently don't believe in their own currency? Yeah, and I think we have actually currently 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 resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin. But there are billions of individuals worldwide that don't have steady currencies.
Yeah. And so there's this whole burgeoning international 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 say Ethereum, which a lot of people learn about Ethereum. Ethereum is basically an international computer that you can compose computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, because you're basically buying programs power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like a really simple one that I would imagine you 'd called an energy 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 example, due to the fact that it's on so lots of various locations and. I do not understand the ins and outs of it, but as an example for someone who might just be very basic in their understanding of this, there are numerous different kinds of utilities that are readily available.
And you sort of discussed having this boots on the ground experience. Now, given that we're looking at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the genuine chance depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people require to understand that not all energy coins are created equal.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the recon, you can fulfill the founders, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins offered, nearly 1,200 I believe.
How do they do that? That's an excellent concern. I will say that 95% of ICOs are either deceptive or simply bad concepts. Okay. Right? There's absolutely nothing worse than somebody that's young, earnest, with a dreadful concept, that somebody offers $40 million to. Right? Yeah, completely. So yeah, so I don't truly take part in lots of ICOs, and I advise you probably side action that market, unless you've got an unique relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% or so. And that's when we actually begin taking a look at the concept in more information. So here are some quick and filthy things that you should take a look at, right? So, one is, are they fixing an issue that requires to be resolved? One of the huge drawbacks with extremely clever, technical individuals, is that they like to solve problems that no one appreciates solving.
Does the team have experience of performing in a successful way in another area of their life? And it doesn't even need to be directly associated to cryptocurrency, it does not have to be even directly related to software application, right? So, however I wish to see a track record of success in something, right? If it's four men in a room that are simply out of college, unless they've got some truly great consultants behind them, I'm most likely not going to provide them any money.
Yeah. I believe that in marketing in basic, my world of organization, we continuously try to find problems and how we can resolve them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain usually? Or would you say it's better if they're resolving kind of a mass problem? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm basically looking for solutions that, so I'll provide you an example.
And the reason that we purchased it is due to the fact that they found a method to make files tamper-proof, and it's 99% cheaper than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a performance history of developing computer programs that entire states run their whole operations on, right? So you have actually got alright, the wise person has constructed substantial computer system programs, excellent group, fixing an enormous problem that is going to cut substantial costs.
I suggest, it doesn't get any easier than that in regards to choosing who to put money behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a really basic guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).
And then if the individual that you're talking to can't dumb it down enough where you comprehend it, then it's probably not a good concept. Right, right. It's going to be easy to understand. And do you feel that you have years of experience examining business and taking a look at much, much larger companies.
Ryan: So you've looked at companies that are huge companies, you have actually evaluated much bigger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you discussed, it is practically just typical sense. You just need to sort of look at it and believe logically about what's going on, and pull the feeling out? You need to pull the feeling out, and there are no standard metrics that you can look at.
Okay. What I can utilize that I gained from dealing with Wall Street throughout 3 years, is how to read people. I have actually met 10s of countless individuals throughout my career. I have actually satisfied experts; I have actually fulfilled fund managers, I've fulfilled stock promoters, I have actually met all these various types of characters along the way.
So I think that's probably one of my super powers, if you will. And if you have actually got an excellent BS detector, you need to listen to it. Okay. You ought to definitely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, however you understand, there's simply; it's not agreeing with me, there's something about them that's not sitting well with me.
There are numerous other deals out there to take a look at. Yeah, there's excessive opportunity. Yeah. And speaking of opportunity, you understand, you kind of discussed at the start, Bitcoin and Ethereum, the majority of people have actually heard of these 2, especially Bitcoin, because it appears like it remains in the news all the time, something or the other.
Have they missed out on the boat on Bitcoin? Bitcoin is trading practically upwards of $6,000 recently; it's come up from say $3,000 not too long earlier, it's rather volatile. Do they sort of await a pullback, or do they simply state, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in 10 years." You understand? Yeah that's a great question.
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