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But scams and little scams. And there's one thing that a scams constantly does: it always goes to no. 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. And that woke something up for me.
Therefore I can't overlook that. I have actually got to go dig much deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I started to talking with individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of having the ability to have information that we do not require to have it separately confirmed, it's cryptographically verified. That concept can ripple out throughout the whole greater economy. And when that penny dropped, I understood I needed to devote all my professional resources into ending up being a specialist in this space.
And do you think, I mean you pointed out something there about not needing 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 recognition procedure . We were just discussing how I'm leaving to go to China, to China. And paradise forbid 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 believe that the typical folks do not maybe understand about these procedures, so they don't perhaps see what you're saying as this development, they don't see it in their daily life? Or what do you believe about that? I think that holds true.
It's not as easy as firing up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to upload your identity documents, then you've got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a lot of people find that too inconvenient, which's why the 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 procedure which simply takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so challenging." 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 truly making money a huge amount of cash to go through possibly, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you envision what will occur to this whole market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and something I wish to expose too that you didn't mention, however I know a lot of folks who have a hard time 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 challenging as possible, ideal, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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 suggest, we're in the early days of that innovation, however much like during 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 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 talk to individuals who are, especially someone like yourself, who's devoted the last, you understand, the lion's share of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously attempt to hack it. However because of the nature of the network, today it's been unhackable. And actually, with present 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 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 currency, you can print an unlimited quantity of it. It's really not protect, and the government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that were in Cypress, or just people who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they already do not 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 difficult time getting their head around. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. And so there's this entire burgeoning international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically utilized, let's say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically an international computer system that you can write computer programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, because you're essentially purchasing programs power. So I would not truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like a really simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on a lot of various areas and. And you type of pointed out having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, however I think the real opportunity lies in the energy coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And individuals need to understand that not all utility coins are produced equal.
So you have the benefit of dedicating your profession to this, so you can go out there and do the reconnaissance, you can meet the founders, you can inspect the code, etc. However for a typical person, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I think. 'Cause typically it'll crash 80% or two - Does the group have experience of executing in a successful manner in another area of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't have to be even directly related to software application, right? So, however I desire to see a track record of success in something, right? If it's 4 people in a room that are simply out of college, unless they have actually got some really good consultants behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in basic, my world of company, we constantly look for issues and how we can resolve them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain normally? Or would you state it's much better if they're fixing kind 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 give you an example.
And the reason that we bought it is due to the fact that they found a way 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 then on top of that, the man that began it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you've got okay, the clever guy has actually constructed huge computer programs, fantastic team, solving an enormous problem that is going to cut huge costs.
I mean, it doesn't get any easier than that in regards to deciding who to put money behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly easy guideline, Ryan. If I do not understand something, I put up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).