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However frauds and little scams. And there's something that a fraud constantly does: it constantly goes to zero. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The massive hack. Which woke something up for me.
And so I can't neglect that. I've got to go dig much deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin events; I began to speaking to people that were smarter than me in this area. And what I realized is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of having the ability to have data that we do not need to have it independently verified, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I understood I had to devote all my professional resources into ending up being a professional in this area.
And do you think, I imply you discussed something there about not needing to get a third-party, or intermediary to verify 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 completely comprehend recognition process . We were simply talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that all of a sudden there's other individuals getting alerted about it, like the IRS and things like that. Do you believe that the typical folks don't possibly understand about these procedures, so they don't maybe see what you're saying as this development, they do not see it in their everyday life? Or what do you consider that? I believe that holds 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 publish 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 find that too troublesome, and that's why the people that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are ready to put in perhaps the 20 minutes needed to go through a process which simply takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so tough." 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 truly getting paid a massive amount of money to go through perhaps, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll have the ability to buy 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 easy as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and something I desire to expose too that you didn't point out, but I know a lot of folks who fight with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently before I might begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I mean, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 indicate, we remain in the early days of that technology, but just like during that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm always curious to talk with individuals who are, particularly someone like yourself, who's committed the last, you know, the lion's share of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's an excellent question.
They're two totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's only going to be a limited amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, 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 people put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper currency, you can print an unlimited amount of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that were in Cypress, or simply people who have actually 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 nations that could potentially be a driver for more adoption, due to the fact that they currently 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 difficult time getting their head around. They resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. Therefore there's this whole blossoming global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally utilized, let's state Ethereum, which a great deal of people know about Ethereum. Ethereum is essentially an international computer system that you can write computer system programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an utility token, due to the fact that you're essentially purchasing programming power. So I wouldn't really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people a concept, like an extremely easy one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's kind of this same type of network effect that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of various locations and. And you type of pointed out having this boots on the ground experience. Now, considering 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 few cryptocurrencies, however I believe the real chance lies in the energy coin area.
There's all of these ICOs that were taking place, those slowed down a bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people need to comprehend that not all energy coins are produced equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the recon, you can satisfy the creators, you can check the code, and so on. But for a typical individual, there's now what, over 1,000 various kinds of coins readily available, almost 1,200 I think. 'Cause typically it'll crash 80% or so - Does the team have experience of performing in an effective manner in another area of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software, right? So, however I wish to see a performance history of success in something, right? If it's 4 guys in a room that are simply out of college, unless they have actually got some actually excellent consultants behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in general, my world of business, we continuously try to find problems and how we can resolve them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain generally? Or would you state it's 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 generally trying to find solutions that, so I'll offer 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% more affordable than existing 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 system programs that whole states run their whole operations on, right? So you've got fine, the smart person has actually constructed substantial computer system programs, great team, resolving a huge issue that is going to cut substantial costs.
I suggest, it does not get any simpler than that in regards to deciding who to put cash behind. And a great deal of this is common sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly easy rule, Ryan. If I do not understand something, I installed my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).