teeka tiwari + complaints
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But scams and small scams. And there's one thing that a fraud always does: it always goes to zero. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The huge hack. Which woke something up for me.
And so I can't disregard that. I have actually got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin occasions; I began to talking to individuals that were smarter than me in this area. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of having the ability to have data that we don't require to have it independently confirmed, it's cryptographically confirmed. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I understood I needed to devote all my professional resources into becoming an expert in this area.
And do you think, I imply you discussed something there about not needing to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks may not even fully understand validation procedure . We were just talking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and after that suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly know about these processes, so they do not perhaps see what you're stating as this advancement, they do not see it in their daily life? Or what do you believe about that? I believe that holds true.
It's not as simple as firing up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you have actually got to submit your identity files, then you've got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a great deal of individuals discover that too troublesome, which's why the individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that are willing to put in maybe the 20 minutes required to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, establishing a crypto account is so challenging." What I inform 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 bigger. So you're actually truly making money a huge amount of cash to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you picture what will happen to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that individuals go through, and something I wish to expose too that you didn't mention, however I know a great deal of folks who battle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, right, like Coinbase. It 'd take me forever before I might 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 imply, we're in the early days of that innovation, but just like throughout that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk with individuals who are, particularly someone like yourself, who's committed the last, you know, the much better part of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a terrific concern.
They're 2 totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. And so what gives it worth is that it is, there's just going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't rely on paper money, you can print an endless amount of it. It's truly not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, due to the fact that they currently don't believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. And so there's this whole blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally utilized, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially a global computer that you can write computer system programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, due to the fact that you're essentially purchasing shows power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals a concept, like a very easy one that I would envision you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this same type of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on numerous different areas and. And you sort of mentioned having this boots on the ground experience. Now, since we're taking a look 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 genuine chance lies in the energy coin space.
There's all of these ICOs that were happening, those decreased a little bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people require to understand that not all energy coins are developed equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can examine the code, and so on. However for a typical individual, there's now what, over 1,000 different kinds of coins offered, nearly 1,200 I believe. 'Cause usually it'll crash 80% or so - Does the team have experience of performing in a successful way in another area of their life? And it does not even have to be straight associated to cryptocurrency, it does not have to be even straight associated to software application, right? So, but I desire to see a track record of success in something, right? If it's four guys in a room that are simply out of college, unless they've got some really good consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of business, we constantly try to find issues and how we can resolve them. Now, are the problems things that people are trying to resolve a part of the Blockchain typically? Or would you state it's much better if they're solving sort 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 essentially searching for services that, so I'll provide you an example.
And the factor that we bought it is because they discovered a way 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 guy that started it has a track record of producing computer system programs that whole states run their entire operations on, right? So you have actually got fine, the smart man has built big computer programs, terrific group, fixing a huge issue that is going to cut big expenses.
I mean, it does not get any easier than that in regards to deciding who to put cash behind. And a great deal of this is typical sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually easy rule, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).