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However scams and small frauds. And there's something that a fraud constantly 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 massive hack. And that woke something up for me.
Therefore I can't neglect that. I have actually 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 individuals that were smarter than me in this area. And what I realized is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have data that we do not need to have it individually verified, it's cryptographically validated. That principle can ripple out throughout the entire higher economy. And when that penny dropped, I understood I had to dedicate all my professional resources into ending up being a professional in this area.
And do you believe, I suggest you mentioned 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 completely comprehend validation process . We were just speaking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not possibly understand about these procedures, so they don't possibly see what you're stating as this development, they don't see it in their everyday life? Or what do you think about that? I think that's true.
It's not as simple as shooting up a web internet 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've got to submit your identity documents, then you have actually got to wait to get validated, and after that finally, you can go buy some Bitcoin.
So, a lot of people discover that too bothersome, and that's why the people that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are ready to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so hard." What I tell 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 making money a massive amount of cash to go through possibly, 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, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you picture what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and something I wish to bring to light too that you didn't mention, but I know a lot of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, best, like Coinbase. It 'd take me forever prior to I might begin purchasing 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 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 indicate, we remain in the early days of that technology, however similar to throughout that period 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to speak with individuals who are, particularly somebody like yourself, who's dedicated the last, you know, the much better part 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 terrific question.
They're two totally 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 offers it worth is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. And so if you look at that Bitcoin network, people continuously try to hack it. But since of the nature of the network, today it's been unhackable. And actually, with present 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 have actually 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 stating, "We do not trust fiat money, you can print an unrestricted amount of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually 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 possibly be a catalyst for more adoption, because they already don't believe in their own currency? Yeah, and I believe we have actually 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 resemble, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - undefined. However there are billions of individuals in the world that don't have stable currencies.
Yeah. Therefore there's this entire blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are basically utilized, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a worldwide computer system 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, since you're basically purchasing shows power. So I wouldn't really 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 very simple one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's sort of this very same kind of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on a lot of different areas and. And you type of discussed having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, but I think the real opportunity lies in the energy 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 start to produce energy coins- Correct, yeah. And people require to understand that not all utility coins are developed equivalent.
So you have the advantage of committing your occupation to this, so you can head out there and do the reconnaissance, you can meet the founders, you can examine the code, and so on. However for a typical person, there's now what, over 1,000 different types of coins available, almost 1,200 I believe. 'Cause normally it'll crash 80% or so - undefined. And that's when we truly start looking at the concept in more information. So here are some fast and dirty things that you should take a look at, right? So, one is, are they solving an issue that needs to be solved? Among the big downsides with extremely smart, technical individuals, is that they like to fix issues that no one cares about fixing.
Does the team have experience of executing in a successful manner in another location of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't have to be even directly related to software, right? So, however I wish to see a track record of success in something, right? If it's four guys 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 cash.
Yeah. I believe that in marketing in general, my world of organization, we constantly try to find problems and how we can resolve them. Now, are the problems things that people are attempting to resolve a part of the Blockchain typically? Or would you say 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 essentially searching for solutions that, so I'll offer you an example.
And the factor that we bought it is since they found a method to make files tamper-proof, and it's 99% less expensive than present innovation, 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 producing computer system programs that whole states run their whole operations on, right? So you have actually got alright, the clever person has actually built substantial computer programs, fantastic team, fixing a massive issue that is going to cut huge expenses.
I mean, it does not get any simpler than that in terms of choosing who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have a really simple guideline, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).