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But frauds and little scams. And there's one thing that a fraud constantly does: it constantly goes to zero. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The enormous hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin occasions; I started to talking with people that were smarter than me in this space. And what I understood is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have information that we don't require to have it individually confirmed, it's cryptographically validated. That principle can ripple out throughout the entire greater economy. And when that cent dropped, I knew I had to commit all my professional resources into ending up being a professional in this space.
And do you believe, I mean you discussed something there about not having 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 great deal of folks might not even fully comprehend recognition process . We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not perhaps learn about these processes, so they do not possibly see what you're stating as this breakthrough, they don't see it in their everyday life? Or what do you believe about that? I believe that's real.
It's not as simple as shooting up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to publish your identity documents, then you have actually got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, and that's why the individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, setting up a crypto account is so hard." What I inform them is I say, "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 bigger. So you're actually really getting paid a massive quantity of cash to go through possibly, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you envision what will happen to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and something I wish to expose too that you didn't mention, but I understand 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 difficult as possible, best, like Coinbase. It 'd take me forever prior to I might begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I indicate, 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 imply, we remain in the early days of that innovation, however just like throughout 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm constantly curious to speak to individuals who are, particularly somebody like yourself, who's committed the last, you know, the lion's share of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's an excellent 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 alternative to money. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And actually, with existing innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust paper currency, you can print an unrestricted quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that remained in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, because they already don't think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - undefined. However there are billions of people on the planet that do not have steady currencies.
Yeah. And so there's this entire growing global need 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 great deal of individuals know about Ethereum. Ethereum is essentially an international computer that you can write computer system programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, since you're essentially purchasing programming 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 provide people a concept, like a very simple one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, because it's on so lots of various areas and. undefined. I don't understand the ins and outs of it, however as an example for somebody who may just be very basic in their understanding of this, there are many various kinds of energies that are offered.
And you kind of discussed having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Many of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I believe the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a few things that was going on, but people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And people need to understand that not all energy coins are created equivalent.
So you have the benefit of dedicating your profession to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can check the code, etc. But for a typical individual, there's now what, over 1,000 various types of coins offered, nearly 1,200 I believe. 'Cause typically it'll crash 80% approximately - Does the team have experience of executing in a successful manner in another area of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, but I wish to see a track record of success in something, right? If it's 4 guys in a space that are simply out of college, unless they have actually got some actually great advisors behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in general, my world of business, we continuously search for issues and how we can resolve them. Now, are the issues things that people are attempting to fix a part of the Blockchain normally? Or would you state it's much 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 essentially trying to find services that, so I'll offer you an example.
And the reason that we bought it is since they discovered a method to make files tamper-proof, and it's 99% cheaper than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a track record of creating computer programs that entire states run their entire operations on, right? So you've got fine, the smart man has developed substantial computer system programs, excellent team, resolving a huge problem that is going to cut big costs.
I mean, it doesn't get any simpler than that in regards to choosing who to put money behind. And a lot of this is common sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually simple guideline, Ryan. If I do not understand something, I set up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).