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However frauds and little frauds. And there's something that a fraud always 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 problem came out. The huge hack. Which woke something up for me.
Therefore I can't ignore that. I've got to go dig deeper." And so I started 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 application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of having the ability to have data that we don't require to have it independently verified, it's cryptographically confirmed. That idea can ripple out throughout the entire greater economy. And when that cent dropped, I understood I had to devote all my professional 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 reason that this isn't getting as much mass adoption is that a lot of folks may not even fully understand recognition process . We were simply speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that all of a sudden there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not perhaps learn about these processes, so they do not maybe see what you're stating as this breakthrough, they don't see it in their everyday life? Or what do you consider that? I think that's real.
It's not as easy as firing 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 verified, and after that lastly, you can go buy some Bitcoin.
So, a great deal of individuals find that too inconvenient, and that's why the people 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 just takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your concepts, but gosh, establishing a crypto account is so challenging." 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 a huge amount of money to go through perhaps, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you envision what will happen 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 pointed out the process that people go through, and one thing I wish to expose too that you didn't mention, however I understand a lot of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever before I might begin buying 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 Web, when we were getting on the Internet, we were doing it with 56k modems, right? I indicate 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 amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm constantly curious to speak to people who are, specifically someone like yourself, who's committed 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 explain cryptocurrency to like a typical individual? That's an excellent concern.
They're 2 totally different 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 offers it value is that it is, there's only going to be a limited quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously try to hack it. But since of the nature of the network, today it's been unhackable. And really, with existing innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust paper cash, you can print an unrestricted amount of it. It's really not protect, and the government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that remained in Cypress, or just individuals who have suffered through either devaluation, 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, 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 great deal of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't 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 generally utilized, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a worldwide computer that you can compose computer system programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an energy token, since you're essentially buying programs power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like a really simple one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's type of this same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on a lot of different areas and. And you type of mentioned having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, however I believe the real opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals require to comprehend that not all energy coins are created equal.
So you have the benefit of committing your profession to this, so you can go out there and do the recon, you can meet the founders, you can inspect the code, etc. But for a typical individual, there's now what, over 1,000 different types of coins offered, almost 1,200 I think. 'Cause normally it'll crash 80% approximately - undefined. And that's when we truly begin looking at the concept in more detail. So here are some fast and unclean things that you should look at, right? So, one is, are they fixing an issue that needs to be resolved? Among the big drawbacks with extremely clever, technical people, is that they like to fix issues that no one appreciates resolving.
Does the group have experience of performing in an effective way in another area of their life? And it does not even need to be straight associated to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, but I wish to see a performance history of success in something, right? If it's 4 guys in a space that are simply out of college, unless they have actually got some really excellent advisors behind them, I'm probably not going to provide them any money.
Yeah. I think that in marketing in basic, my world of company, we constantly try to find problems and how we can fix them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain usually? Or would you say it's better if they're resolving sort 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 searching for options that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they found a method to make files tamper-proof, and it's 99% cheaper than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you have actually got alright, the clever man has actually developed huge computer system programs, great team, resolving a massive problem that is going to cut huge expenses.
I mean, it does not get any simpler than that in terms of 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 simple rule, Ryan. If I do not comprehend something, I installed my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).