teeka tiwari can you trust him
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However frauds and small scams. And there's one thing that a fraud always 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 problem came out. The huge 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 started 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 innovation and the application 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 being able to have information that we don't require to have it separately validated, it's cryptographically verified. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I understood I needed to devote all my professional resources into ending up being an expert in this area.
And do you believe, I mean you mentioned something there about not having to get a third-party, or intermediary to confirm 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 might not even fully comprehend validation procedure . We were simply talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that all of an unexpected there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the average folks do not maybe learn about these processes, so they do not possibly see what you're saying as this advancement, they don't see it in their daily life? Or what do you think about that? I think that holds 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've got to go to an exchange, you've got to upload your identity files, then you have actually got to wait to get verified, and after that finally, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes required to go through a process which simply takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so challenging." What I inform them is I say, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x bigger. So you're actually truly earning money a huge amount of money to go through perhaps, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you envision what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that individuals go through, and one thing I wish to bring to light too that you didn't mention, however I understand a great deal of folks who have a hard time with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I suggest, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I mean 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 imply, we're in the early days of that technology, but similar to throughout that time period, for the folks that had the vision to see where the future was going, and then bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm always curious to talk to individuals who are, specifically somebody like yourself, who's devoted the last, you understand, the bulk of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a great question.
They're two totally various 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 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 take a look at that Bitcoin network, people continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't rely on fiat money, you can print a limitless quantity of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either devaluation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, since they already do not think in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. And so there's this entire growing international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally used, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an energy token, because you're basically buying programming power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals an idea, like an extremely basic 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 sort of this same type of network effect that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of various locations and. And you kind of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I think the real opportunity lies in the energy coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a couple of 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 comprehend that not all energy coins are created equivalent.
So you have the advantage of committing your occupation to this, so you can head out there and do the recon, you can fulfill the founders, you can inspect the code, and so on. But for a typical person, there's now what, over 1,000 various kinds of coins available, almost 1,200 I think. 'Cause generally it'll crash 80% approximately - Does the group have experience of carrying out in an effective way in another location of their life? And it does not even have to be straight associated to cryptocurrency, it does not need to be even directly related to software application, right? So, but I want 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've got some really great advisors behind them, I'm most likely not going to give them any money.
Yeah. I believe that in marketing in general, my world of organization, we continuously look for issues and how we can solve them. Now, are the issues things that people are attempting to fix a part of the Blockchain generally? Or would you state it's much better if they're fixing kind 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 trying to find solutions that, so I'll provide you an example.
And the factor that we bought it is because they found a method to make documents tamper-proof, and it's 99% less expensive 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 began it has a track record of producing computer programs that whole states run their whole operations on, right? So you've got fine, the clever guy has actually constructed substantial computer system programs, fantastic team, solving a massive issue that is going to cut big costs.
I mean, it doesn't get any easier than that in regards to deciding 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 truly easy guideline, Ryan. If I do not understand something, I put up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).