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But frauds and small frauds. And there's something that a fraud constantly does: it constantly 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 huge hack. And that woke something up for me.
Therefore I can't ignore that. I have actually got to go dig deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I began to talking with people that were smarter than me in this area. And what I recognized is that Blockchain innovation and the execution of Blockchain technology 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 independently validated, it's cryptographically verified. That concept 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 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 factor that this isn't getting as much mass adoption is that a great deal of folks may not even completely understand validation process . We were just discussing 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 individuals getting informed about it, like the IRS and things like that. Do you believe that the average folks don't perhaps understand about these processes, so they do not maybe see what you're stating as this advancement, they do not see it in their everyday life? Or what do you think of that? I think 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 have actually got to submit your identity files, then you've got to wait to get confirmed, and then lastly, you can go purchase some Bitcoin.
So, a lot of individuals discover that too inconvenient, which's why the individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in maybe the 20 minutes needed to go through a process which just takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, setting up a crypto account is so difficult." 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 whole cryptocurrency market will be 10x bigger. So you're actually really getting paid a massive amount of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you imagine what will occur to this entire market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and something I desire to bring to light too that you didn't discuss, however I know a great deal of folks who fight 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 challenging as possible, right, like Coinbase. It 'd take me permanently prior to I could start buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, 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 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 remain in the early days of that innovation, however similar to throughout that amount of time, for the folks that had the vision to see where the future was going, and then bought 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, since I'm constantly curious to talk to people who are, especially someone like yourself, who's committed the last, you understand, the lion's share of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a great concern.
They're two completely various things, but 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. Therefore what gives it value is that it is, there's only going to be a limited 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 look at that Bitcoin network, individuals continuously try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore 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 fiat money, you can print a limitless amount of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either devaluation, or there's a high need for, in Argentina for example, high need 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 currently don't think in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a hard time getting their head around. They resemble, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this whole blossoming global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are essentially used, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer that you can write computer system programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, since you're basically purchasing programming power. So I wouldn't really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people a concept, like a really basic one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this exact same kind of network result that you have with Bitcoin, where it's like unstoppable example, because it's on numerous various locations and. And you type of pointed out having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the utility coin area.
There's all of these ICOs that were happening, 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 develop energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equivalent.
So you have the advantage of dedicating your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can inspect the code, etc. However for a typical person, there's now what, over 1,000 different types of coins available, nearly 1,200 I think. 'Cause typically it'll crash 80% approximately - Does the team have experience of executing in an effective manner in another location of their life? And it doesn't even need to be directly associated to cryptocurrency, it does not have 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 4 people in a space that are simply out of college, unless they have actually got some truly good advisors behind them, I'm probably not going to provide them any cash.
Yeah. I think that in marketing in basic, my world of service, we constantly try to find issues and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain normally? Or would you say it's 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 essentially looking for options that, so I'll offer you an example.
And the reason that we purchased it is since they found a method to make documents tamper-proof, and it's 99% more affordable than current technology, 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 creating computer programs that entire states run their whole operations on, right? So you have actually got okay, the smart person has developed huge computer programs, fantastic team, resolving a massive problem that is going to cut substantial costs.
I suggest, it does not get any simpler than that in terms of deciding who to put money behind. And a great deal of this is typical sense, and a great deal of folks will try to make things more complicated than it is. And I have a really simple rule, Ryan. If I do not understand something, I set up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).