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However scams and little frauds. And there's something that a scams always does: it constantly goes to absolutely 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 massive hack. And that woke something up for me.
And so I can't overlook that. I've got to go dig deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I began to speaking to individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have data that we do not need to have it separately validated, it's cryptographically verified. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to dedicate all my expert resources into ending up being a professional in this area.
And do you think, I mean you pointed out 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 may not even totally comprehend validation process . We were just speaking about how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and after that suddenly there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the typical folks don't perhaps understand about these processes, so they do not possibly see what you're stating as this development, they don't see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you've got to submit your identity files, then you've got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a lot of people discover that too troublesome, which's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are prepared to put in perhaps the 20 minutes needed to go through a process which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, establishing 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 in fact really earning money a massive quantity of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you envision what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and something I wish to expose too that you didn't discuss, but I understand a lot of folks who fight with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, right, like Coinbase. It 'd take me permanently prior to I might begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, 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 mean it would take 20 minutes to load 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 remain in the early days of that innovation, however much like during that period of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, 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 people who are, specifically somebody like yourself, who's committed the last, you understand, the bulk of the last few years to really go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a great concern.
They're 2 totally different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. And so what offers it value 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 computers, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, people constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust paper money, you can print an unrestricted quantity of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or individuals that were in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they already 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 great deal of American or Western investors 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 stable currency, right? You don't require Bitcoin - Yeah. And so there's this entire blossoming global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are basically utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, since you're essentially buying programming power. So I would not truly think about 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 very easy one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this same kind of network impact that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many various locations and. And you sort of mentioned having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). Many of the coins that I suggest and 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 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 create utility coins- Correct, yeah. And individuals require to comprehend that not all utility coins are produced equivalent.
So you have the benefit of dedicating your profession to this, so you can head out there and do the reconnaissance, you can meet the creators, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 various types of coins offered, almost 1,200 I think. 'Cause generally it'll crash 80% or so - Does the team have experience of performing in a successful way in another location of their life? And it does not even have to be directly related to cryptocurrency, it doesn't have to be even straight associated to software, right? So, but I wish to see a track record of success in something, right? If it's four guys in a room that are simply out of college, unless they have actually got some really excellent consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in general, my world of organization, we continuously look for problems and how we can resolve them. Now, are the problems things that people are attempting to solve a part of the Blockchain generally? Or would you say it's much better if they're resolving kind 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 searching for options that, so I'll give you an example.
And the reason that we purchased it is because they discovered a way to make documents tamper-proof, and it's 99% less expensive than present 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 track record of developing computer system programs that entire states run their entire operations on, right? So you've got okay, the wise man has actually developed big computer programs, terrific team, solving a massive issue that is going to cut huge costs.
I imply, it does not get any simpler than that in terms of deciding who to put money behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have a really easy guideline, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).