what are the 5 coins teeka tiwari talks about?
teeka tiwari vitalik pdf
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However scams and small scams. And there's one thing that a scams always 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 ignore that. I have actually got to go dig much deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have data that we do not need to have it separately confirmed, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to devote all my expert resources into becoming a specialist in this space.
And do you think, I imply you discussed something there about not having to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks might not even fully comprehend validation process . We were simply talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of an abrupt there's other people getting alerted about it, like the IRS and things like that. Do you believe that the average folks do not maybe understand about these processes, so they do not possibly see what you're saying as this breakthrough, they do not see it in their daily life? Or what do you think about that? I think that holds true.
It's not as simple as shooting up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to publish your identity documents, then you've got to wait to get verified, and after that lastly, you can go purchase some Bitcoin.
So, a lot of people discover that too troublesome, and that's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes required to go through a process which simply takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, establishing a crypto account is so difficult." 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 whole cryptocurrency market will be 10x bigger. So you're in fact really making money a massive quantity of cash to go through possibly, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you imagine what will happen to this entire market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and one thing I wish to bring to light too that you didn't point out, however I understand a great deal of folks who have problem 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 hard as possible, right, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $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 suggest 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're in the early days of that innovation, however simply like during that time period, 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 absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm always curious to talk to individuals who are, especially somebody like yourself, who's devoted the last, you know, the much better part of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a great concern.
They're two totally 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 offers it worth is that it is, there's just going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And actually, with present innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not rely on paper cash, you can print a limitless quantity of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or simply people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, because they already do not believe in their own currency? Yeah, and I believe we've 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 resemble, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - undefined. But there are billions of people worldwide that don't have stable currencies.
Yeah. Therefore there's this whole growing worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, because you're essentially buying programs 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 give people an idea, like a really simple one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on numerous different areas and. And you kind of mentioned 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). Most of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, but I think the real chance lies in the utility coin area.
There's all of these ICOs that were happening, those decreased a little bit with some changes 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 need to comprehend that not all utility coins are created equivalent.
So you have the benefit of committing your occupation to this, so you can go out there and do the reconnaissance, you can satisfy the creators, you can examine the code, etc. But for a typical individual, there's now what, over 1,000 various kinds of coins readily available, practically 1,200 I think. 'Cause normally it'll crash 80% or two - Does the team have experience of performing in a successful way in another area of their life? And it does not even have to be directly related to cryptocurrency, it does not need to be even straight related to software, right? So, however I desire to see a performance history of success in something, right? If it's four guys in a space that are just out of college, unless they've got some actually good advisors behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in general, my world of company, we constantly try to find problems and how we can resolve them. Now, are the problems things that people are attempting to fix a part of the Blockchain typically? Or would you say it's much better if they're fixing sort 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 searching for options that, so I'll provide you an example.
And the reason that we purchased it is due to the fact that they discovered a way to make documents tamper-proof, and it's 99% less expensive than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you've got okay, the wise guy has actually constructed huge computer programs, excellent team, resolving a massive problem that is going to cut substantial costs.
I suggest, it doesn't get any easier than that in regards to choosing who to put money behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually basic guideline, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).