teeka tiwari cyrpto
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But frauds and small frauds. And there's something that a scams 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 started taking a trip all around the world. I began going to Bitcoin events; I started to talking with people that were smarter than me in this space. And what I realized is that Blockchain innovation and the execution of Blockchain innovation 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 data that we don't need to have it individually validated, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I understood I had to devote all my professional resources into becoming a specialist in this space.
And do you believe, 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 might not even totally understand recognition process . We were just talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that all of an unexpected there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't perhaps learn about these procedures, so they don't maybe see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you think of 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 pressing a buy button and buying it, right? You've got to go to an exchange, you've got to publish your identity documents, then you have actually got to wait to get confirmed, and then lastly, you can go buy some Bitcoin.
So, a great deal of people discover that too bothersome, and that's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes needed to go through a process which simply takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your concepts, but gosh, setting up a crypto account is so hard." What I tell them is I say, "Look, when it's simple 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 truly earning money a huge amount of money to go through perhaps, you know, 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 have the ability to purchase cryptocurrencies directly through your trading software. And can you imagine what will happen 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 individuals go through, and one thing I wish to expose too that you didn't mention, but I understand a lot of folks who deal 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 tough as possible, best, like Coinbase. It 'd take me forever before 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 Web, we were doing it with 56k modems, right? I imply it would take 20 minutes to fill 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 innovation, but similar to during that period of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm always curious to speak to individuals who are, especially someone like yourself, who's committed the last, you know, the bulk of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a great concern.
They're 2 totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what offers it value is that it is, there's just going to be a limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And actually, with present 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 people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not rely on paper cash, you can print an endless quantity of it. It's truly not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals 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 potentially be a catalyst for more adoption, since they already do not believe in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They're like, "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 blossoming global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a global computer that you can compose computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, because you're basically buying programming power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people an idea, like a really easy one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this same type of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on a lot of various locations and. And you kind of discussed having this boots on the ground experience. Now, considering that 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 depends on the utility coin area.
There's all of these ICOs that were taking place, 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 start to create energy coins- Correct, yeah. And people need to comprehend that not all utility coins are developed equivalent.
So you have the benefit of dedicating your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can inspect the code, and so on. However for an average individual, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I believe. 'Cause typically it'll crash 80% approximately - undefined. Which's when we really begin looking at the idea in more detail. So here are some quick and filthy things that you should take a look at, right? So, one is, are they solving an issue that needs to be solved? One of the huge disadvantages with really wise, technical people, is that they like to fix issues that no one appreciates fixing.
Does the team have experience of executing in a successful way in another location of their life? And it does not even need to be straight related to cryptocurrency, it does not have to be even straight related to software, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a space that are just out of college, unless they have actually got some truly good advisors behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of organization, we continuously look for problems and how we can resolve them. Now, are the problems things that individuals are trying to solve a part of the Blockchain generally? Or would you say it's better if they're fixing type 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 services that, so I'll offer you an example.
And the reason that we purchased it is because they found a way to make documents tamper-proof, and it's 99% more affordable than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of developing computer system programs that entire states run their entire operations on, right? So you have actually got alright, the smart man has developed substantial computer programs, fantastic team, resolving a huge problem that is going to cut substantial expenses.
I suggest, it doesn't get any simpler than that in terms of deciding who to put money 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 simple guideline, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).