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However frauds and small frauds. And there's something 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 problem came out. The massive hack. And that woke something up for me.
And so I can't neglect that. I have actually got to go dig much deeper." Therefore I started taking a trip all around the world. I started going to Bitcoin events; I began to speaking with people that were smarter than me in this area. And what I realized is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The implications of that, of having the ability to have information that we do not need to have it independently validated, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to commit all my expert resources into ending up being a specialist in this space.
And do you believe, I mean you discussed 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 lot of folks might not even completely understand validation process . undefined.
We were just talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other individuals getting alerted about it, like the IRS and things like that. Do you think that the typical folks don't perhaps understand about these processes, so they do not perhaps see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you consider that? I believe that's real.
It's not as simple as firing up a web internet browser and going to e-trade. com and pressing 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've got to wait to get verified, and after that finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too inconvenient, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a procedure which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so tough." What I inform them is I state, "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 larger. So you're actually really earning money a huge amount of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you envision what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and one thing I desire to expose too that you didn't point out, however I know a great deal of folks who deal with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, ideal, 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 purchase $500 a week, Teeka. I suggest, it's if you remember 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 fill 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 during that amount of time, 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm always curious to speak with individuals who are, specifically somebody like yourself, who's devoted the last, you understand, the much better part of the last few 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 two completely different things, but 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 offers it value is that it is, there's just going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when people put, you've got people 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 endless amount of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either devaluation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, due to the fact that they currently 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 investors have a tough time getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. And so there's this whole blossoming international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically used, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially an international computer system that you can write computer programs for and run computer system programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, because 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 a concept, like a very basic one that I would picture you 'd called an energy token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's type of this same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on a lot of various locations and. And you kind of discussed having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably energy based, fix? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the utility coin area.
There's all of these ICOs that were taking place, those decreased 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 need to comprehend that not all utility coins are developed equivalent.
So you have the benefit of devoting your occupation to this, so you can go out there and do the reconnaissance, you can meet the creators, you can check the code, etc. But for a typical person, there's now what, over 1,000 various kinds of coins available, almost 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the team have experience of executing in an effective manner in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it does not need to be even straight related to software application, right? So, however I wish to see a track record of success in something, right? If it's four men in a space that are just out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to provide them any cash.
Yeah. I think that in marketing in general, my world of business, we continuously try to find issues and how we can resolve them. Now, are the problems things that people are attempting to solve a part of the Blockchain typically? Or would you say it's much better if they're resolving sort 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 basically trying to find options that, so I'll provide you an example.
And the factor that we bought it is since they found 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 person that started it has a performance history of producing computer system programs that whole states run their entire operations on, right? So you've got alright, the clever man has developed huge computer system programs, excellent team, fixing a massive problem that is going to cut substantial costs.
I imply, it does not get any simpler than that in terms of deciding who to put cash behind. And a lot 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 simple guideline, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).