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However frauds and small frauds. And there's something that a fraud constantly 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 enormous hack. Which woke something up for me.
And so I can't overlook that. I've got to go dig much deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I began to speaking with individuals that were smarter than me in this area. And what I recognized is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of having the ability to have information that we do not need to have it separately confirmed, it's cryptographically validated. That concept can ripple out throughout the entire higher economy. And when that penny dropped, I understood I needed to commit all my expert resources into becoming an expert in this area.
And do you believe, I imply you pointed out something there about not having 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 might not even completely understand validation process . We were just talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not maybe learn about these procedures, so they do not perhaps see what you're stating as this advancement, they do not 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 pushing 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 verified, and after that finally, you can go buy some Bitcoin.
So, a great deal of individuals find that too inconvenient, which's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a procedure which just takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, setting up a crypto account is so challenging." What I inform them is I say, "Look, when it's easy 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 a huge amount of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you picture what will take place to this entire 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 procedure that people go through, and one thing I wish to expose too that you didn't point out, however I know a lot of folks who struggle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever prior to I might start buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, 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 imply 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 suggest, we remain in the early days of that technology, but similar to throughout that time period, 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm always curious to talk with individuals who are, specifically someone like yourself, who's dedicated the last, you understand, the much better part 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 two totally different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so 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 computers, verifying the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals 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 money, you can print an unlimited amount of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or just individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, since they already do not think in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - undefined. But there are billions of individuals in the world that don't have stable currencies.
Yeah. And so there's this entire blossoming worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically a global computer that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, because you're basically purchasing shows power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people an idea, like an extremely simple one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's sort of this same kind of network result that you have with Bitcoin, where it's like unstoppable example, because it's on many various areas and. And you kind of discussed having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I think the genuine chance lies in the utility coin area.
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 individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can examine the code, etc. However for an average individual, there's now what, over 1,000 different kinds of coins available, almost 1,200 I believe. 'Cause typically it'll crash 80% or so - Does the team have experience of executing in a successful manner in another location of their life? And it doesn't even have to be directly related to cryptocurrency, it doesn't have to be even directly related to software, right? So, however I desire to see a performance history of success in something, right? If it's four men in a room that are just out of college, unless they've got some truly great advisors behind them, I'm most likely not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of service, we constantly try to find issues and how we can resolve them. Now, are the issues things that people are trying to solve a part of the Blockchain typically? Or would you say it's much better if they're solving sort of a mass problem? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm essentially trying to find solutions that, so I'll offer you an example.
And the reason that we bought it is since they found a way to make documents 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 track record of developing computer system programs that entire states run their entire operations on, right? So you've got all right, the wise guy has actually developed big computer programs, fantastic group, fixing an enormous problem that is going to cut big expenses.
I indicate, it does not get any easier than that in regards to deciding who to put money behind. And a great deal of this is common sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually simple guideline, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).