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But frauds and small scams. And there's something that a scams always does: it constantly goes to no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The enormous hack. And that woke something up for me.
Therefore I can't overlook that. I have actually got to go dig deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I started to speaking with individuals that were smarter than me in this area. And what I understood is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The ramifications of that, of having the ability to have data that we do not require to have it separately confirmed, it's cryptographically verified. That concept can ripple out throughout the whole higher economy. And when that cent dropped, I understood I had to commit all my expert resources into ending up being an expert in this area.
And do you think, I mean you pointed out 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 lot of folks may not even totally understand recognition procedure . undefined.
We were just talking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that all of an abrupt there's other individuals getting informed about it, like the IRS and things like that. Do you think that the average folks do not perhaps learn about these processes, so they do not perhaps see what you're saying as this development, they do not see it in their daily life? Or what do you think of that? I think that holds true.
It's not as easy as firing up a web internet browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually got to go to an exchange, you've got to submit your identity documents, then you've got to wait to get verified, and then finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too bothersome, which's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are prepared to put in maybe the 20 minutes required to go through a process which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so hard." What I inform them is I say, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x bigger. So you're actually really earning money an enormous amount of cash to go through maybe, you understand, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll be able 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 easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that individuals go through, and something I wish to expose too that you didn't discuss, however I know a lot of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever prior to I could begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I suggest, it's if you remember the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I indicate 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 indicate, we remain in the early days of that innovation, but similar to throughout that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm constantly curious to talk with people who are, especially someone like yourself, who's devoted the last, you know, the better part of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's an excellent concern.
They're two completely various things, but 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 value 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, confirming the deals on the Bitcoin network. Therefore if you 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 actually, with current innovation, the Bitcoin network is so big today, 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 because they're saying, "We do not rely on paper money, you can print a limitless quantity of it. It's really not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that were in Cypress, or just people who have suffered through either run-away inflation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. And so there's this entire growing worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally used, 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 an internationally decentralized computer program.
So we think about something like Ether an energy token, because you're essentially purchasing shows power. So I would not really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide people an idea, like a very simple one that I would picture 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 sort of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable example, because it's on so many various locations and. And you sort of discussed having this boots on the ground experience. Now, because 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 couple of cryptocurrencies, but I think the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were happening, those slowed down a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And individuals require to understand that not all utility coins are created equal.
So you have the advantage of devoting your occupation to this, so you can go out there and do the reconnaissance, you can meet the creators, you can inspect the code, etc. However for a typical individual, there's now what, over 1,000 various kinds of coins offered, almost 1,200 I think. 'Cause generally it'll crash 80% approximately - Does the team have experience of executing in an effective way in another location of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't need to be even directly associated to software, right? So, however 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 good advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in basic, my world of company, we constantly look for problems and how we can fix them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain normally? Or would you say it's better if they're solving 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 solutions that, so I'll offer you an example.
And the factor that we purchased it is due to the fact that they discovered a way to make files tamper-proof, and it's 99% more affordable than existing 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 developing computer programs that entire states run their whole operations on, right? So you have actually got fine, the smart person has actually constructed huge computer programs, excellent team, resolving a huge issue that is going to cut huge expenses.
I suggest, it doesn't get any easier than that in terms of choosing who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have an actually easy guideline, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).