teeka tiwari glenn beck cryptocurrency
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But scams and small frauds. And there's one thing that a scams always does: it always goes to absolutely no. 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 massive hack. And that woke something up for me.
And so I can't overlook that. I have actually got to go dig deeper." Therefore I started traveling all around the world. I started going to Bitcoin events; I began to speaking to people that were smarter than me in this area. And what I understood is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
And that, 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 require to have it separately verified, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to devote all my professional resources into becoming a professional in this space.
And do you think, I suggest you discussed something there about not having to get a third-party, or intermediary to validate 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 process . We were just discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of an unexpected there's other individuals getting informed about it, like the IRS and things like that. Do you believe that the average folks do not maybe know about these processes, so they do not perhaps see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you consider that? I think that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to upload your identity files, then you've got to wait to get validated, and then finally, you can go purchase some Bitcoin.
So, a lot of people discover that too inconvenient, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in maybe the 20 minutes needed to go through a process which simply takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so difficult." What I tell them is I state, "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 in fact really earning money a massive quantity of money to go through maybe, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software application. And can you picture what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and one thing I desire to expose too that you didn't point out, but I know a great deal of folks who fight with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only buy $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I suggest, it's if you remember the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I suggest 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 innovation, however simply like throughout that duration of time, for the folks that had the vision to see where the future was going, and then bought in on some of these young companies, 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 always curious to talk with individuals who are, especially somebody like yourself, who's committed the last, you understand, the bulk of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic concern.
They're 2 absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what gives it value is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. Therefore if you take a 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 actually, 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 individuals put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't trust paper currency, you can print a limitless amount of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, due to the fact that they already do not 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 financiers have a difficult time getting their head around. They're like, "Well I don't require Bitcoin, I have cash." 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 demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are generally utilized, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially an international computer that you can write computer programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, since you're essentially buying programs power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people a concept, like an extremely simple one that I would picture 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 kind of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable example, because it's on numerous various locations and. And you type of mentioned having this boots on the ground experience. Now, considering that 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 few cryptocurrencies, however I believe the real chance depends on the energy coin area.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And people require to comprehend that not all energy coins are created equal.
So you have the advantage of devoting your profession 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 a typical person, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I think. 'Cause generally it'll crash 80% or two - Does the group have experience of performing in an effective way in another area of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I wish to see a track record of success in something, right? If it's four men in a space that are just out of college, unless they've got some actually great advisors behind them, I'm most likely not going to give them any cash.
Yeah. I believe that in marketing in basic, my world of service, we continuously try to find problems and how we can fix them. Now, are the problems things that people are attempting to resolve a part of the Blockchain usually? 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 generally trying to find services that, so I'll offer you an example.
And the factor that we bought it is because they discovered a method to make files tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a track record of developing computer system programs that entire states run their whole operations on, right? So you've got fine, the smart person has constructed big computer programs, great team, resolving an enormous problem that is going to cut substantial costs.
I mean, it doesn't get any easier than that in regards to choosing who to put cash behind. And a lot of this is common sense, and a great deal of folks will try to make things more complex than it is. And I have a really basic rule, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).