teeka tiwari-scam
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However scams and small scams. And there's something 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 enormous hack. And that woke something up for me.
And so I can't ignore that. I've got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin occasions; I started to speaking with 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 do not need to have it independently verified, it's cryptographically validated. That concept can ripple out throughout the whole greater economy. And when that penny dropped, I understood I had to dedicate all my professional resources into becoming a professional in this space.
And do you think, I indicate you discussed something there about not having to get a third-party, or intermediary to confirm something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks might not even totally understand validation process . We were just speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that all of an unexpected there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the average folks don't perhaps understand about these procedures, so they do not possibly see what you're saying as this advancement, they don't see it in their everyday life? Or what do you consider that? I think that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to upload your identity files, then you've got to wait to get validated, and then finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too bothersome, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes needed to go through a procedure which simply 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 tough." 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 larger. So you're in fact really earning money a huge amount of cash to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you imagine what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that people 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 way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever before I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I imply it would take 20 minutes to load 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, however similar to throughout that duration 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to talk with individuals who are, specifically somebody like yourself, who's devoted the last, you understand, the much better part 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 great concern.
They're two absolutely various things, however 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 value is that it is, there's only going to be a limited 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. And so 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 truly, with present innovation, the Bitcoin network is so huge today, 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 since they're saying, "We don't rely on fiat money, you can print an endless amount of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that were in Cypress, or just people who have 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 countries that could potentially be a driver for more adoption, because they already do not think in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride 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 stable currency, right? You do not need Bitcoin - Yeah. And so there's this whole burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of people know about Ethereum. Ethereum is basically an international computer that you can write computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, since you're basically buying shows power. So I would not actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a very basic one that I would picture you 'd called an energy token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's sort of this exact same type of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so numerous various areas and. undefined. I do not understand the ins and outs of it, however as an example for someone who might just be really fundamental in their understanding of this, there are so lots of various types of energies that are offered.
And you kind of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity lies in the energy coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equivalent.
So you have the benefit of dedicating your profession to this, so you can head out there and do the recon, you can meet the founders, you can examine the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins available, almost 1,200 I think. 'Cause generally it'll crash 80% or two - Does the group have experience of performing in a successful way in another area of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't have to be even directly related to software application, 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 simply out of college, unless they've got some actually good advisors behind them, I'm most likely not going to give them any money.
Yeah. I believe that in marketing in basic, my world of service, we constantly try to find problems and how we can resolve them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain usually? Or would you say it's better if they're fixing 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 essentially trying to find options that, so I'll offer you an example.
And the reason that we purchased it is because they found a way to make files tamper-proof, and it's 99% cheaper than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a track record of developing computer system programs that whole states run their entire operations on, right? So you've got all right, the clever man has actually built substantial computer programs, terrific team, resolving an enormous issue that is going to cut substantial expenses.
I imply, it does not get any easier than that in terms of choosing who to put cash behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually easy rule, Ryan. If I don't comprehend something, I put up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).