is teeka tiwari a scam
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But scams and little frauds. And there's one thing that a scams constantly does: it constantly goes to no. But 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 overlook that. I have actually got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin events; I started to speaking with individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The implications of that, of being able to have information that we do not require to have it separately validated, it's cryptographically verified. That principle can ripple out throughout the whole higher economy. And when that penny dropped, I knew I had to commit all my professional resources into becoming a professional in this space.
And do you think, I imply you pointed out something there about not having 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 validation process . We were simply talking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't possibly understand about these processes, so they don't possibly see what you're saying as this development, they don't see it in their daily life? Or what do you think of that? I think that's true.
It's not as easy 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've got to upload your identity files, then you've got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too troublesome, and that's why the people that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes required to go through a process which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so hard." What I tell them is I state, "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 larger. So you're actually really getting paid a massive quantity of money to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you imagine what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and one thing I wish to expose too that you didn't point out, but I know a great deal of folks who struggle with this too, is oh, and by the method, you can only purchase $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 buying in size on Coinbase. They resemble, 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 mean 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 imply, we're in the early days of that innovation, but simply like during that duration of time, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm constantly curious to talk to people who are, especially somebody like yourself, who's committed the last, you know, the lion's share of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a great question.
They're 2 totally different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's only going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not trust fiat money, you can print an endless quantity of it. It's truly not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that were in Cypress, or simply individuals who have suffered through either devaluation, or there's a high demand 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 already don't believe 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 resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. And so there's this entire growing global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically utilized, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically an international computer that you can write computer system programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, since you're basically purchasing programming power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people a concept, like an extremely easy one that I would imagine 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 kind of this exact same kind of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on numerous various areas and. And you kind of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). Most of the coins that I advise and take a 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 occurring, those decreased a little bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And people require to comprehend that not all utility coins are created equivalent.
So you have the advantage of committing your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the founders, you can check the code, and so on. But for a typical person, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I believe. 'Cause generally it'll crash 80% or so - Does the group have experience of executing in a successful manner in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not need to be even directly associated to software application, right? So, however I wish to see a track record of success in something, right? If it's four guys in a space that are just out of college, unless they have actually got some truly good consultants behind them, I'm most likely not going to offer them any money.
Yeah. I believe that in marketing in basic, my world of organization, we constantly search for problems and how we can fix them. Now, are the issues things that individuals are attempting to fix a part of the Blockchain typically? Or would you state it's better if they're resolving kind 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 basically trying to find solutions that, so I'll provide you an example.
And the reason that we purchased it is due to the fact that they found a way to make files tamper-proof, and it's 99% cheaper than present 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 performance history of producing computer system programs that whole states run their entire operations on, right? So you've got fine, the wise man has developed substantial computer programs, fantastic team, resolving a huge problem that is going to cut huge costs.
I mean, it doesn't get any easier than that in terms of deciding who to put cash behind. And a great deal of this is typical sense, and a lot of folks will try to make things more complex than it is. And I have an actually simple guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).