teeka tiwari lehman
what did teeka tiwari suggest
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However frauds and little frauds. And there's something that a scams constantly does: it always goes to absolutely no. But 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've got to go dig much deeper." And so I began traveling all around the world. I started going to Bitcoin occasions; I began to speaking with people that were smarter than me in this space. And what I recognized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have information that we do not 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 knew I needed to devote all my expert resources into ending up being a professional in this area.
And do you believe, I suggest you pointed out 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 comprehend validation procedure . We were just 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 people getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly understand about these processes, so they don't possibly see what you're saying as this advancement, they do not see it in their daily life? Or what do you think of 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 purchasing it, right? You've got to go to an exchange, you have actually got to upload your identity files, then you have actually got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a great deal of people discover that too troublesome, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes needed to go through a process which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, establishing 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 bigger. So you're actually really making money a massive amount of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software. And can you picture what will occur to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that people go through, and one thing I wish to bring to light too that you didn't discuss, however I know a lot of folks who battle with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, right, like Coinbase. It 'd take me forever before I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I imply, 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 pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I suggest, we're in the early days of that innovation, but similar to during that time period, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm always curious to talk with individuals who are, particularly somebody like yourself, who's committed the last, you know, the bulk of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a great question.
They're two absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it value is that it is, there's only going to be a limited quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, with existing technology, 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 people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not rely on paper currency, you can print a limitless amount of it. It's really not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that were in Cypress, or just people who have actually 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 nations that could possibly be a driver for more adoption, since 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 investors have a difficult time getting their head around. They resemble, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole burgeoning worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are generally utilized, let's say Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer programs on a globally decentralized computer system program.
So we think about something like Ether an energy token, due to the fact that you're essentially purchasing programming power. So I would not really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like a very simple one that I would imagine you 'd called an energy token, is like FileCoin.
Where the concept is that essentially 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 example, due to the fact that it's on numerous various locations and. And you kind of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, but 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 few things that was going on, but people are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And individuals need to understand that not all utility coins are produced equal.
So you have the advantage of committing your occupation to this, so you can go out there and do the reconnaissance, you can meet the founders, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins available, practically 1,200 I believe. 'Cause normally it'll crash 80% approximately - undefined. Which's when we really start looking at the idea in more detail. So here are some fast and unclean things that you should look at, right? So, one is, are they solving an issue that requires to be solved? Among the huge disadvantages with extremely smart, technical people, is that they like to solve problems that nobody cares about fixing.
Does the group have experience of executing in a successful way in another location of their life? And it does not even need to be straight associated to cryptocurrency, it does not have to be even straight related to software, right? So, however I wish to see a track record of success in something, right? If it's four people in a space that are just out of college, unless they've got some actually great advisors behind them, I'm most likely not going to offer them any cash.
Yeah. I think that in marketing in general, my world of organization, we constantly look for issues and how we can resolve them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain typically? Or would you state it's better if they're fixing 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 generally trying to find options that, so I'll offer you an example.
And the reason that we bought it is because they discovered a way 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 guy that began it has a performance history of creating computer programs that whole states run their whole operations on, right? So you have actually got alright, the clever guy has built substantial computer programs, fantastic team, fixing an enormous 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 cash 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 truly simple rule, Ryan. If I do not comprehend something, I installed my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).