teeka tiwari editor, palm beach confidential
smart crypto course teeka tiwari
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However frauds and small scams. And there's one thing that a scams 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 problem came out. The enormous hack. Which woke something up for me.
Therefore I can't disregard that. I've got to go dig much deeper." And so I began traveling all around the world. I started 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 innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have data that we do not require to have it independently confirmed, it's cryptographically validated. That principle can ripple out throughout the entire greater economy. And when that cent dropped, I understood I had to commit all my expert resources into ending up being a professional in this area.
And do you believe, I indicate you pointed out something there about not having to get a third-party, or intermediary to validate 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 may not even fully comprehend validation process . undefined.
We were simply speaking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't maybe know about these processes, so they do not perhaps see what you're stating as this development, they do not see it in their everyday life? Or what do you consider that? I believe that's true.
It's not as simple as firing up a web internet 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 verified, and then finally, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, which's why the individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in maybe the 20 minutes needed 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 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 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 pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software. And can you imagine what will occur to this whole market 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 process that people go through, and one thing I desire to bring to light too that you didn't mention, but I understand a lot of folks who fight with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever before I could start 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 Web, when we were getting on the Web, 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 technology, however simply like during that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm always curious to talk with individuals who are, especially someone like yourself, who's devoted the last, you know, the better part of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like an average person? That's an excellent concern.
They're two totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's only going to be a restricted 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 look at that Bitcoin network, individuals constantly attempt to hack it. However since of the nature of the network, today it's been unhackable. And really, with existing innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't trust paper currency, 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, right , proceed.
Yeah. Or people that remained in Cypress, or simply individuals who have suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, 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 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 difficult time getting their head around. They're like, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. Therefore there's this entire growing worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically utilized, let's say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically an international computer that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, since you're essentially buying programs power. So I wouldn't really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people a concept, like a really easy one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this same type of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on so numerous different areas and. And you kind of discussed having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance depends on the energy coin area.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are created equal.
So you have the advantage of devoting your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can inspect the code, etc. But for an average individual, there's now what, over 1,000 different kinds of coins available, practically 1,200 I think. 'Cause normally it'll crash 80% approximately - undefined. Which's when we actually start taking a look at the idea in more detail. So here are some fast and dirty things that you should look at, right? So, one is, are they solving an issue that requires to be solved? One of the big drawbacks with extremely smart, technical individuals, is that they like to resolve problems that no one appreciates resolving.
Does the team have experience of carrying out in a successful way in another area of their life? And it doesn't even need to be directly associated to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I desire to see a performance history of success in something, right? If it's 4 guys in a room that are simply out of college, unless they have actually got some really good advisors behind them, I'm probably not going to give them any money.
Yeah. I believe that in marketing in basic, my world of business, we continuously look for problems and how we can fix them. Now, are the issues things that people are trying to solve a part of the Blockchain usually? Or would you say it's better if they're fixing 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 looking 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% more affordable 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 performance history of developing computer programs that whole states run their entire operations on, right? So you've got alright, the clever person has developed big computer system programs, fantastic group, solving a massive issue that is going to cut substantial costs.
I indicate, it does not get any easier than that in terms of choosing who to put money behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have a really basic rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).