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teeka tiwari cryptocurrency picks 2017
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But scams and little scams. And there's something that a scams always does: it always goes to zero. But 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.
And so I can't ignore that. I've got to go dig deeper." Therefore I started traveling all around the world. I began going to Bitcoin occasions; I started to talking to people that were smarter than me in this area. And what I recognized is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of having the ability to have information that we don't require to have it separately validated, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that penny dropped, I knew I had to dedicate all my expert resources into ending up being a specialist in this area.
And do you believe, I imply you mentioned 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 might not even fully understand recognition procedure . We were simply talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the IRS and things like that. Do you believe that the typical folks do not maybe understand about these processes, so they do not perhaps see what you're stating as this advancement, they don't see it in their everyday life? Or what do you consider that? I believe that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you have actually got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a lot of individuals find that too troublesome, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your ideas, however gosh, establishing a crypto account is so tough." What I inform them is I state, "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 larger. So you're actually truly getting paid an enormous quantity of cash to go through maybe, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software. And can you imagine what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and one thing I desire to expose too that you didn't discuss, however I know a lot of folks who struggle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I indicate 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 innovation, but much like throughout 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm constantly curious to talk to individuals who are, particularly somebody like yourself, who's dedicated the last, you understand, the lion's share of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a terrific question.
They're two absolutely different things, however 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 provides it worth is that it is, there's just going to be a restricted amount. There'll never ever 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. However since 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 individuals put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust paper currency, you can print an unlimited amount of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that were in Cypress, or simply people who have suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, since they already do not believe in their own currency? Yeah, and I think we've currently 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 don't need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. Therefore there's this entire growing worldwide 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 say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a global computer system that you can write computer system programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially purchasing programs power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people an idea, like an extremely simple one that I would envision you 'd called an energy token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this exact same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so numerous various areas and. And you kind of pointed out having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I believe the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those slowed down a bit with some changes to a couple of 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 comprehend that not all utility coins are developed equivalent.
So you have the advantage of dedicating your profession to this, so you can go out there and do the reconnaissance, you can meet the founders, you can examine the code, and so on. However for a typical person, there's now what, over 1,000 different kinds of coins available, nearly 1,200 I think. 'Cause typically it'll crash 80% approximately - Does the group have experience of carrying out in a successful way in another area of their life? And it does not even need to be directly associated to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I desire to see a track record of success in something, right? If it's 4 guys in a space that are simply out of college, unless they've got some really great advisors behind them, I'm probably not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of organization, we constantly search for issues and how we can solve them. Now, are the problems things that people are trying to resolve a part of the Blockchain usually? Or would you say it's better if they're solving type 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 offer you an example.
And the reason that we bought it is because they found a way to make documents tamper-proof, and it's 99% less expensive than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person 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 man has actually constructed big computer programs, great team, solving a massive problem that is going to cut substantial costs.
I suggest, it doesn't get any easier than that in terms of choosing who to put cash behind. And a great deal of this is typical sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually easy guideline, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).