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But frauds and little scams. And there's one thing that a scams constantly does: it always goes to zero. But 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.
Therefore I can't neglect that. I have actually got to go dig much deeper." Therefore I started taking a trip all around the world. I started going to Bitcoin events; I started to talking to 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.
And that, Ryan, is, I can't overstate how huge that is! The implications of that, of having the ability to have data that we don't require to have it independently validated, it's cryptographically validated. That concept can ripple out throughout the entire greater economy. And when that cent dropped, I understood I needed to commit all my expert resources into becoming a specialist in this area.
And do you believe, I imply you pointed out 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 great deal of folks might not even totally understand recognition procedure . We were simply talking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that all of a sudden there's other individuals getting notified 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 stating as this development, they do not see it in their daily life? Or what do you think about that? I think 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 buying 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 then lastly, you can go buy some Bitcoin.
So, a lot of individuals discover that too troublesome, which's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that want 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 love your ideas, but gosh, establishing a crypto account is so tough." What I inform them is I state, "Look, when it's simple 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 in fact truly getting paid a huge quantity of cash to go through possibly, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you picture what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and one thing I desire to expose too that you didn't discuss, however I understand a great deal of folks who deal with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever prior to I could start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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 mean, we remain in the early days of that innovation, however similar to throughout that time period, for the folks that had the vision to see where the future was going, and then purchased in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm always curious to speak with individuals who are, particularly somebody like yourself, who's devoted the last, you know, the bulk of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a great question.
They're 2 totally various things, however 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. Therefore what offers it value is that it is, there's just going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously try to hack it. However since of the nature of the network, today it's been unhackable. And really, with current technology, 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 endless amount of it. It's truly not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or just people who have suffered through either run-away inflation, 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, due to the fact that they already don't think in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. Therefore there's this entire growing 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 state Ethereum, which a lot of people learn about Ethereum. Ethereum is basically a global computer that you can write computer programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, because you're essentially buying programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like a really basic one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this very same kind of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on a lot of different areas and. undefined. I do not understand the ins and outs of it, however as an example for someone who might just be really basic in their understanding of this, there are many different kinds of utilities that are readily available.
And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). The majority of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance lies in the utility coin space.
There's all of these ICOs that were happening, those decreased a bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people require to understand that not all utility coins are created equal.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can examine the code, etc. But for a typical person, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I think. 'Cause generally it'll crash 80% or two - Does the group have experience of executing in an effective way in another location of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, however I desire to see a track record of success in something, right? If it's four guys in a space that are simply out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to give them any cash.
Yeah. I believe that in marketing in basic, my world of organization, we continuously look for issues and how we can solve them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain normally? Or would you say it's much better if they're solving type 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 searching for options that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they discovered a method to make documents tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of developing computer system programs that entire states run their whole operations on, right? So you've got okay, the smart guy has built substantial computer programs, excellent team, resolving an enormous problem that is going to cut huge costs.
I mean, it does not get any easier than that in regards to deciding 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 truly easy guideline, Ryan. If I don't understand something, I set up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).