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However scams and little scams. And there's something that a fraud always 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 disregard that. I've got to go dig deeper." And so I started taking a trip all around the world. I started going to Bitcoin occasions; I began to talking with individuals 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 overstate how huge that is! The ramifications of that, of being able to have information that we don't require to have it independently confirmed, it's cryptographically verified. That principle can ripple out throughout the whole higher economy. And when that cent dropped, I understood I needed to dedicate all my expert resources into ending up being a professional in this area.
And do you believe, I mean you mentioned 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 lot of folks might not even totally comprehend recognition process . We were simply discussing how I'm delegating go to China, to China. And heaven forbid 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 don't possibly learn about these processes, so they don't possibly see what you're stating as this development, they don't see it in their daily life? Or what do you believe about that? I believe that's true.
It's not as easy as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you have actually got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a lot of people find that too inconvenient, which's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a process which just takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so difficult." 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 making money an enormous quantity of cash to go through maybe, you understand, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you picture what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and something I wish to bring to light too that you didn't discuss, but I know a lot of folks who struggle with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently before I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Internet, 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 indicate, we remain in the early days of that technology, however simply like 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 companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm always curious to speak with individuals who are, particularly someone like yourself, who's dedicated the last, you know, the better part of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic concern.
They're two totally 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. And so 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, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly try to hack it. But because of the nature of the network, today it's been unhackable. And really, with present technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not rely on paper currency, you can print an unrestricted quantity of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that were in Cypress, or simply individuals who have 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 countries that could potentially be a catalyst for more adoption, due to the fact that 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 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 steady currency, right? You do not require Bitcoin - Yeah. And so there's this entire blossoming global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially utilized, let's say 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 worldwide decentralized computer system program.
So we think about something like Ether an energy token, because you're essentially purchasing programs power. So I would not truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people a concept, like an extremely simple one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's sort of this same kind of network impact that you have with Bitcoin, where it's like unstoppable example, because it's on numerous different locations and. undefined. I do not know the ins and outs of it, but as an example for someone who might just be really basic in their understanding of this, there are numerous various types of utilities that are available.
And you sort of discussed having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine chance depends on the energy coin space.
There's all of these ICOs that were taking place, those decreased a bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And people require to comprehend that not all utility coins are produced equal.
So you have the advantage of committing your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I believe. 'Cause normally it'll crash 80% or two - Does the group have experience of performing in an effective way in another location of their life? And it does not even need to be directly related to cryptocurrency, it does not need to be even directly related to software, right? So, but I desire to see a track record of success in something, right? If it's four guys in a room that are simply out of college, unless they have actually got some really excellent consultants behind them, I'm probably not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of company, we continuously search for problems and how we can fix them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain generally? Or would you state it's better if they're fixing sort of a mass problem? 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 offer you an example.
And the factor that we purchased 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 guy that began it has a track record of producing computer system programs that entire states run their entire operations on, right? So you've got all right, the clever person has actually constructed big computer programs, excellent team, resolving a huge problem that is going to cut huge expenses.
I indicate, it doesn't get any easier than that in terms of choosing who to put cash behind. And a lot of this is typical sense, and a lot of folks will try to make things more complicated than it is. And I have an actually easy rule, Ryan. If I don't understand something, I installed my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).