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But scams and small scams. And there's something that a fraud constantly 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 enormous hack. Which woke something up for me.
And so I can't ignore that. I have actually got to go dig deeper." Therefore I started taking a trip all around the world. I started going to Bitcoin occasions; I began to talking to people that were smarter than me in this area. And what I realized is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of being able to have information that we don't require to have it independently confirmed, it's cryptographically verified. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I knew I needed to devote all my expert resources into ending up being an expert in this area.
And do you believe, I suggest you discussed something there about not needing to get a third-party, or intermediary to confirm something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks might not even completely comprehend recognition procedure . We were simply discussing how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then all of an abrupt there's other people getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't perhaps learn about these processes, so they do not perhaps see what you're saying as this advancement, they don't see it in their daily life? Or what do you believe about that? I think that's true.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you've got to upload your identity documents, then you've got to wait to get validated, and after that finally, you can go buy some Bitcoin.
So, a great deal of people discover that too inconvenient, and that's why the individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a procedure which simply takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we love your ideas, but gosh, setting up a crypto account is so tough." 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 in fact truly making money a massive quantity of cash to go through maybe, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you picture what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and one thing I want to expose too that you didn't point out, but I understand a lot of folks who fight 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 challenging as possible, right, like Coinbase. It 'd take me permanently before I could start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, 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 imply, we're in the early days of that technology, but just like throughout that period of time, 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 outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm constantly curious to talk with people who are, particularly someone like yourself, who's committed the last, you know, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's a fantastic concern.
They're two totally various things, however 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 gives it value is that it is, there's only going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, with present innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals 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 stating, "We don't trust paper cash, you can print a limitless quantity of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either hyperinflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they currently don't think in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a hard time getting their head around. They resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. Therefore there's this entire growing global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a worldwide computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially purchasing programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people an idea, like an extremely basic one that I would imagine you 'd called an energy token, is like 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 effect that you have with Bitcoin, where it resembles unstoppable example, since it's on so numerous various areas and. And you kind of pointed out having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I think the genuine opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those decreased a bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people require to comprehend that not all utility coins are created equal.
So you have the benefit of devoting your profession 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 an average person, there's now what, over 1,000 various kinds of coins available, almost 1,200 I think. 'Cause generally it'll crash 80% approximately - Does the team have experience of carrying out in a successful manner in another location of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't need to be even straight related to software application, right? So, however I wish to see a track record of success in something, right? If it's four people in a space that are just out of college, unless they have actually got some truly great advisors behind them, I'm probably not going to offer them any cash.
Yeah. I believe that in marketing in general, my world of business, we constantly search for problems and how we can resolve them. Now, are the issues things that people are attempting to resolve a part of the Blockchain usually? Or would you state it's much better if they're solving type 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 searching for options 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% cheaper than present technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a performance history of creating computer system programs that whole states run their entire operations on, right? So you've got all right, the wise person has actually built huge computer system programs, great team, fixing a massive issue that is going to cut big costs.
I indicate, it doesn't get any simpler than that in terms of deciding who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have a really basic guideline, Ryan. If I don't understand something, I set up my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).