teeka tiwari / glenn beck
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But frauds and small frauds. And there's one thing that a fraud always does: it constantly 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.
Therefore I can't overlook that. I've got to go dig much deeper." And so I began taking a trip all around the world. I started going to Bitcoin events; I began to talking with individuals that were smarter than me in this area. And what I understood is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of having the ability to have data that we don't need to have it individually validated, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to commit all my professional resources into becoming a professional in this space.
And do you think, I mean 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 lot of folks may not even totally comprehend recognition process . We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not perhaps know about these processes, so they do not perhaps see what you're stating as this breakthrough, 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 simple as firing up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to submit your identity documents, then you've got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a lot of individuals find that too inconvenient, and that's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that are prepared to put in possibly the 20 minutes required to go through a procedure which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so difficult." 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 whole cryptocurrency market will be 10x bigger. So you're actually really earning money a huge quantity of cash to go through maybe, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will take place to this entire marketplace when buying 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 people go through, and something I desire to bring to light too that you didn't point out, but I understand a lot of folks who have problem with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They resemble, 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 suggest 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 indicate, we remain in the early days of that technology, however similar to throughout that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm constantly curious to speak to individuals who are, particularly someone like yourself, who's committed the last, you understand, 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 an excellent question.
They're 2 totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what gives it worth is that it is, there's just going to be a restricted quantity. 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. And so if you look at that Bitcoin network, people constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not trust paper money, you can print an endless quantity of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that remained in Cypress, or simply individuals who have actually suffered through either run-away inflation, 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 potentially be a catalyst for more adoption, due to the fact that they already don't believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. Therefore there's this whole growing global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically used, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is basically a worldwide computer that you can write computer programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, because you're essentially buying programs power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like an extremely basic one that I would picture 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 very same kind of network result that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of different areas and. undefined. I do not understand 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 many various types of energies that are available.
And you type of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I think the real chance lies in the energy coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equal.
So you have the benefit of devoting your occupation to this, so you can go out there and do the recon, you can satisfy the founders, you can inspect the code, and so on. But for an average person, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I believe. 'Cause usually it'll crash 80% or so - Does the team have experience of executing in an effective way in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't have to be even straight related to software, right? So, but I want to see a track record of success in something, right? If it's 4 men in a room that are just out of college, unless they've got some actually great advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of company, we continuously search for issues and how we can solve them. Now, are the issues things that people are attempting to fix a part of the Blockchain usually? Or would you say it's much better if they're fixing type 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 basically searching for services that, so I'll give you an example.
And the reason that we bought it is since they found a method to make files tamper-proof, and it's 99% cheaper than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of developing computer programs that entire states run their entire operations on, right? So you've got alright, the wise man has built substantial computer system programs, fantastic group, resolving an enormous problem that is going to cut substantial costs.
I imply, it does not get any easier than that in regards to deciding who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly basic rule, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).