mike dillard and teeka tiwari
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However frauds and little scams. And there's something that a fraud always does: it always goes to zero. 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.
And so I can't ignore that. I have actually got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin events; I began to speaking with people that were smarter than me in this area. And what I recognized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have information that we don't require to have it independently validated, it's cryptographically validated. That concept can ripple out throughout the entire higher economy. And when that penny dropped, I knew I had to commit all my expert resources into ending up being a professional in this area.
And do you believe, I imply you discussed something there about not needing to get a third-party, or intermediary to validate 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 may not even totally understand recognition process . undefined.
We were simply speaking about how I'm leaving to go to China, to China. And paradise 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 average folks don't maybe know about these procedures, so they do not perhaps see what you're stating as this breakthrough, they do not see it in their everyday life? Or what do you consider that? I think that's true.
It's not as easy as shooting up a web 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 documents, then you've got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, which's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a procedure which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your ideas, but gosh, establishing a crypto account is so difficult." 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 making money a massive amount of cash to go through possibly, you understand, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you imagine what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and one thing I desire to bring to light too that you didn't discuss, however I know a great deal of folks who struggle with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever prior to I might begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Internet, 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 suggest, we remain in the early days of that innovation, however much like throughout that time period, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to speak with individuals who are, specifically someone like yourself, who's committed the last, you understand, the lion's share of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic question.
They're 2 absolutely different things, however 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. Therefore what provides it worth is that it is, there's only going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly try to hack it. However since 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 people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't rely on paper cash, you can print an unrestricted amount of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that were in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, due to the fact that they currently don't think 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 financiers have a difficult time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire growing international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally used, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a global computer that you can compose computer programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, because you're basically purchasing shows 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 a concept, like a very basic one that I would picture you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this exact same type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on so lots of different areas and. And you kind of discussed having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, however I think the real opportunity depends on the energy coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And people require to understand that not all energy coins are created equivalent.
So you have the advantage of dedicating your profession to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 different types of coins offered, nearly 1,200 I believe. 'Cause generally it'll crash 80% or two - Does the group have experience of performing in a successful way in another area of their life? And it doesn't even have to be directly associated to cryptocurrency, it does not have to be even directly associated to software application, right? So, but I want to see a performance history 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 great advisors behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in general, my world of organization, we constantly search for issues and how we can fix them. Now, are the issues things that individuals are trying to solve a part of the Blockchain generally? Or would you state it's much better if they're fixing 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 essentially looking for options that, so I'll offer you an example.
And the factor that we bought it is because they discovered 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 man that began it has a performance history of producing computer programs that whole states run their whole operations on, right? So you have actually got fine, the smart person has constructed big computer programs, excellent team, resolving a huge issue that is going to cut big expenses.
I indicate, it doesn't get any easier than that in terms of choosing 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 basic guideline, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).