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But frauds and small frauds. 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 bad news came out. The enormous hack. Which woke something up for me.
And so I can't neglect that. I've got to go dig deeper." And so I started traveling all around the world. I began going to Bitcoin occasions; I started to talking with people that were smarter than me in this space. And what I realized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The ramifications of that, of having the ability to have data that we don't need to have it independently validated, it's cryptographically validated. That concept can ripple out throughout the whole higher economy. And when that cent dropped, I knew I had to dedicate all my expert resources into becoming a professional in this space.
And do you believe, I indicate you discussed something there about not needing to get a third-party, or intermediary to validate 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 may not even fully understand recognition procedure . undefined.
We were simply discussing how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then suddenly there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't perhaps learn about these processes, so they don't possibly see what you're saying as this breakthrough, they don't see it in their everyday life? Or what do you consider that? I believe that holds true.
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've got to go to an exchange, you've got to upload your identity documents, then you have actually got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals find that too bothersome, and that's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a procedure which simply takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so hard." 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 whole cryptocurrency market will be 10x bigger. So you're in fact really making money a huge amount of money to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you envision what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and something I want to expose too that you didn't mention, but I understand a great deal of folks who deal with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I indicate it would take 20 minutes to pack 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 remain in the early days of that innovation, however just like during that time period, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm always curious to speak with people who are, especially somebody like yourself, who's dedicated the last, you know, the lion's share of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic question.
They're 2 completely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's only going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper cash, you can print an unlimited amount of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they already don't believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a difficult time getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. And so there's this entire burgeoning global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically utilized, let's state Ethereum, which a great deal of people know about Ethereum. Ethereum is essentially an international computer system that you can compose computer programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're essentially buying programming power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like an extremely easy one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on a lot of different locations and. And you type of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably energy based, fix? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I think the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were happening, those decreased a bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And individuals need to comprehend that not all energy coins are produced equivalent.
So you have the benefit of committing your occupation to this, so you can head out there and do the recon, you can meet the creators, you can inspect the code, etc. However for a typical individual, there's now what, over 1,000 different kinds of coins offered, almost 1,200 I think. 'Cause normally it'll crash 80% or two - Does the team have experience of carrying out in a successful manner in another area of their life? And it doesn't even need to be straight related to cryptocurrency, it does not have to be even directly related to software, right? So, but I wish to see a performance history of success in something, right? If it's 4 guys in a space that are simply out of college, unless they've got some truly great advisors behind them, I'm most likely not going to offer them any money.
Yeah. I believe that in marketing in general, my world of organization, we constantly try to find issues and how we can fix them. Now, are the problems things that people are attempting to fix a part of the Blockchain usually? Or would you state it's much better if they're resolving sort 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 basically looking for solutions that, so I'll give you an example.
And the reason that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a performance history of creating computer system programs that entire states run their entire operations on, right? So you've got all right, the wise person has constructed huge computer programs, fantastic group, solving a massive problem that is going to cut huge 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 lot of folks will attempt to make things more complicated than it is. And I have a really easy rule, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).