teeka tiwari bitcoin lecture..
"teeka tiwari"
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However frauds and little scams. And there's one thing that a fraud constantly does: it constantly goes to absolutely no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The huge hack. And that woke something up for me.
And so I can't ignore that. I have actually got to go dig much deeper." And so I began traveling all around the world. I started going to Bitcoin events; I started to speaking to individuals that were smarter than me in this area. And what I realized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of having the ability to have data that we do not need to have it individually confirmed, it's cryptographically validated. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I knew I needed to commit all my expert resources into becoming a professional in this area.
And do you think, I suggest you mentioned 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 lot of folks may not even completely comprehend recognition procedure . We were simply speaking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other people getting alerted about it, like the IRS and things like that. Do you believe that the typical folks do not possibly learn about these processes, so they do not maybe see what you're saying as this advancement, 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 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 publish your identity documents, then you have actually got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a lot of people discover that too inconvenient, which's why the individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are willing to put in maybe the 20 minutes required to go through a process which just takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, establishing a crypto account is so tough." 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 larger. So you're in fact really earning money a massive amount of cash to go through maybe, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software application. And can you imagine what will occur to this entire market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and something I desire to bring to light too that you didn't discuss, but I understand a lot of folks who have problem with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently prior to I could start buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, it's if you remember the early days of the Internet, when we were getting on the Internet, 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 mean, 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 then bought in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to talk with people 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 totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what offers it value is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, people continuously try to hack it. However since of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when people put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not trust fiat money, you can print an unlimited quantity of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, because they already don't think in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a tough time getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. And so there's this whole burgeoning global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially used, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a global 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, since you're basically buying programming 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 individuals an idea, like an extremely simple one that I would envision you 'd called an energy token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this exact 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 many various locations and. And you kind of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy 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, but I believe the real opportunity lies in the energy coin area.
There's all of these ICOs that were taking place, those slowed down a bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals need to comprehend that not all energy coins are created equivalent.
So you have the advantage of devoting your profession 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 an average individual, there's now what, over 1,000 various kinds of coins available, almost 1,200 I believe. 'Cause typically it'll crash 80% approximately - Does the group have experience of performing in a successful way in another area of their life? And it does not even have to be straight associated to cryptocurrency, it does not have to be even directly associated to software, right? So, but I desire to see a track record of success in something, right? If it's four people in a room that are simply out of college, unless they have actually got some really great advisors behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in general, my world of organization, we continuously search for issues and how we can resolve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain usually? Or would you say it's much better if they're fixing 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 generally trying to find services 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% more affordable than existing technology, 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 programs that whole states run their whole operations on, right? So you have actually got okay, the clever guy has actually constructed big computer system programs, excellent group, fixing a massive problem that is going to cut substantial costs.
I suggest, it doesn't get any easier than that in regards to choosing who to put money behind. And a lot of this is common sense, and a lot of folks will try to make things more complex than it is. And I have a truly easy rule, Ryan. If I do not understand something, I put up my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).