teeka tiwari wikipedia fraud
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However frauds and little scams. And there's something that a fraud always does: it always goes to absolutely no. However 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 ignore that. I've got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this space. And what I realized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The implications of that, of having the ability to have data that we don't need to have it individually verified, it's cryptographically verified. That principle can ripple out throughout the whole higher economy. And when that penny dropped, I understood I needed to devote all my expert resources into ending up being an expert in this space.
And do you believe, I imply 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 completely understand validation procedure . We were simply talking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then all of an unexpected there's other people getting alerted about it, like the IRS and things like that. Do you believe that the typical folks don't maybe learn about these procedures, so they don't possibly see what you're saying as this development, they do not see it in their daily life? Or what do you believe about that? I believe that's real.
It's not as simple as firing 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 documents, then you've got to wait to get confirmed, and then lastly, you can go purchase some Bitcoin.
So, a great deal of people 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 want to put in maybe the 20 minutes required to go through a procedure which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, establishing a crypto account is so challenging." What I tell them is I say, "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 bigger. So you're actually really earning money a massive amount of cash to go through possibly, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you imagine what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that individuals go through, and something I wish to expose too that you didn't discuss, however I know a lot of folks who fight with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever prior to I could start buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I mean, it's if you remember 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 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 remain in the early days of that technology, however similar to throughout that time period, for the folks that had the vision to see where the future was going, and after that 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 2nd, because I'm constantly curious to talk with individuals who are, particularly somebody like yourself, who's committed the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent question.
They're 2 completely 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 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, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. However 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 people put, you've got individuals 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 trust paper cash, you can print an unlimited amount of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that were in Cypress, or simply individuals who have 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 do not believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. They're like, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. Therefore there's this entire growing global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are essentially used, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a worldwide computer that you can write computer system programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, since you're basically purchasing programs power. So I would not really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like a really simple one that I would imagine you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this exact same type of network result that you have with Bitcoin, where it's like unstoppable example, since it's on many various areas and. And you kind of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably 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 real opportunity lies in the energy coin space.
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, however people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people require to understand that not all utility coins are produced equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the reconnaissance, you can meet the creators, you can check the code, and so on. But for a typical individual, there's now what, over 1,000 various types of coins available, almost 1,200 I believe. 'Cause typically it'll crash 80% or so - Does the team have experience of executing in a successful way in another location of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software, right? So, however I wish to see a track record of success in something, right? If it's four guys in a room that are just out of college, unless they have actually got some actually great advisors behind them, I'm probably not going to give them any cash.
Yeah. I think that in marketing in basic, my world of organization, we constantly search for problems and how we can solve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain typically? Or would you state it's much better if they're resolving 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 trying to find services that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they discovered a way to make files tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a performance history of creating computer system programs that whole states run their entire operations on, right? So you have actually got okay, the smart guy has constructed huge computer programs, fantastic team, fixing a huge issue that is going to cut big costs.
I mean, it doesn't get any simpler than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a truly basic rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).