dashcoin teeka tiwari
teeka tiwari charlie shrem
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But frauds and small frauds. And there's one thing that a fraud always does: it always goes to zero. 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 massive hack. Which woke something up for me.
And so I can't disregard that. I have actually got to go dig deeper." Therefore I began traveling all around the world. I began going to Bitcoin occasions; I started to talking with people that were smarter than me in this area. And what I realized is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have data that we do not require to have it independently confirmed, it's cryptographically verified. That concept can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to dedicate all my professional resources into becoming a specialist in this space.
And do you believe, I indicate you mentioned something there about not having to get a third-party, or intermediary to confirm 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 might not even totally understand validation process . We were simply speaking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then all of a sudden there's other individuals getting notified about it, like the IRS and things like that. Do you think that the average folks don't perhaps understand about these procedures, so they don't possibly see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think of that? I believe that holds true.
It's not as simple as shooting up a web 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 submit your identity files, then you have actually got to wait to get verified, and then finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too troublesome, and that's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we like your concepts, but gosh, setting up a crypto account is so challenging." What I tell 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 larger. So you're actually truly earning money an enormous quantity of money to go through maybe, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software. And can you imagine what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and one thing I desire to expose too that you didn't point out, however I know a lot of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever before I might 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 Internet, when we were getting on the Web, we were doing it with 56k modems, right? I imply 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 innovation, but much like throughout that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm constantly curious to speak to people who are, specifically someone like yourself, who's dedicated the last, you know, the bulk of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a terrific concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it value is that it is, there's just going to be a limited amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming 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 truly, with existing innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you've 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 stating, "We do not rely on paper currency, you can print an unlimited amount 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 were in Cypress, or simply people who have actually suffered through either hyperinflation, 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 driver for more adoption, due to the fact that they currently don't think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a hard time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. And so 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 generally used, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a global computer system that you can compose computer 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 shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals a concept, like a really simple one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this exact same kind of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on many different areas and. And you sort of pointed out having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equal.
So you have the advantage of devoting your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can check the code, and so on. However for an average person, there's now what, over 1,000 various types of coins available, almost 1,200 I think. 'Cause normally it'll crash 80% approximately - Does the group have experience of performing in an effective manner in another area of their life? And it does not even have to be directly related to cryptocurrency, it does not have to be even directly associated to software, right? So, however I want to see a performance history of success in something, right? If it's four men in a space that are simply out of college, unless they've got some actually good consultants behind them, I'm probably not going to give them any cash.
Yeah. I think that in marketing in basic, my world of company, we constantly look for problems and how we can solve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain normally? Or would you say it's much better if they're solving 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 looking for options that, so I'll provide you an example.
And the reason that we purchased it is because they found a method to make files tamper-proof, and it's 99% more affordable than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a performance history of developing computer system programs that entire states run their entire operations on, right? So you have actually got fine, the smart person has actually constructed substantial computer programs, terrific team, resolving a massive issue that is going to cut huge expenses.
I suggest, it doesn't get any simpler than that in regards to deciding who to put cash behind. And a great deal of this is common 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 state, "I didn't understand what you just said." Mm-hmm (affirmative).