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But frauds and little frauds. And there's something that a fraud always does: it always goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The enormous hack. Which woke something up for me.
And so I can't overlook that. I've got to go dig much deeper." And so I started traveling all around the world. I started going to Bitcoin events; I began to speaking to people that were smarter than me in this space. And what I recognized is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have information that we don't need to have it separately validated, it's cryptographically verified. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I knew I needed to dedicate all my expert resources into ending up being an expert in this area.
And do you believe, I indicate 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 great deal of folks might not even fully comprehend validation process . We were simply speaking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other people getting informed about it, like the IRS and things like that. Do you believe that the typical folks don't maybe understand about these processes, so they do not maybe see what you're saying as this development, they don't see it in their daily life? Or what do you think about that? I believe that holds true.
It's not as easy as firing up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you've got to submit your identity documents, then you've got to wait to get validated, and after that lastly, you can go purchase some Bitcoin.
So, a lot of people discover that too troublesome, which's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes required to go through a procedure which just takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we like your concepts, but gosh, setting up a crypto account is so hard." What I inform them is I say, "Look, when it's simple 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 in fact really making money a massive quantity of money to go through perhaps, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will take place to this whole market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that people go through, and something I wish to bring to light too that you didn't discuss, but I know a great deal of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently prior to I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, 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 imply it would take 20 minutes to fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I mean, we're in the early days of that innovation, however much like throughout that time period, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm constantly curious to talk to people who are, specifically somebody like yourself, who's committed the last, you know, the lion's share of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a terrific concern.
They're two totally different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what offers 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, 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 actually, with existing technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't trust fiat money, you can print an endless amount of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that were in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high need 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 already do not think in their own currency? Yeah, and I believe we've already 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 money." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. Therefore there's this whole burgeoning international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally used, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is basically an international computer that you can compose computer programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're essentially purchasing programs 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 give individuals an idea, like an extremely easy one that I would picture you 'd called an energy token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this exact same type of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on numerous different locations and. And you sort of pointed out having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity lies in the utility coin area.
There's all of these ICOs that were taking place, those decreased a little 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 create utility coins- Correct, yeah. And people need to understand that not all utility coins are produced equivalent.
So you have the benefit of devoting your occupation to this, so you can go out there and do the recon, you can satisfy the creators, you can inspect the code, and so on. But for an average individual, there's now what, over 1,000 different types of coins offered, practically 1,200 I believe. 'Cause typically it'll crash 80% approximately - Does the team have experience of carrying out in a successful manner in another location of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, but I want to see a performance history of success in something, right? If it's four men in a room that are just out of college, unless they've got some truly good consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in basic, my world of service, we constantly search for problems and how we can solve them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain generally? 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 generally trying to find services that, so I'll offer you an example.
And the factor that we purchased it is since they found a method to make documents tamper-proof, and it's 99% more affordable than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that began it has a performance history of creating computer programs that whole states run their whole operations on, right? So you have actually got all right, the smart man has constructed substantial computer programs, fantastic team, solving a massive problem that is going to cut huge costs.
I mean, it doesn't get any simpler than that in regards to deciding who to put money behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly simple rule, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).