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However frauds and little frauds. And there's something that a scams always does: it constantly 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 huge hack. And that woke something up for me.
And so I can't neglect that. I have actually got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I started to talking with individuals that were smarter than me in this space. And what I realized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The implications of that, of being able to have information that we don't need to have it independently verified, it's cryptographically validated. That concept can ripple out throughout the whole higher economy. And when that penny dropped, I understood I had to dedicate all my expert resources into becoming a professional in this area.
And do you think, I mean you discussed something there about not needing to get a third-party, or intermediary to confirm something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks may not even fully understand recognition procedure . We were just talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not maybe learn about these processes, so they do not maybe see what you're stating as this development, they do not see it in their daily life? Or what do you consider that? I think that's real.
It's not as simple as firing 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 submit your identity documents, then you have actually got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a lot of people find that too bothersome, which's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes needed to go through a procedure 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 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 entire cryptocurrency market will be 10x larger. So you're actually really getting paid an enormous amount of cash to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you picture what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and one thing I want to bring to light too that you didn't point out, however I understand a lot of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently before 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 Web, when we were getting on the Internet, 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 imply, we're in the early days of that technology, but similar to throughout that time period, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to speak with people who are, especially somebody like yourself, who's committed the last, you understand, the much better part of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a great concern.
They're 2 completely different 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. Therefore what offers it worth is that it is, there's only going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you look at that Bitcoin network, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And actually, with current 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've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust paper currency, you can print a limitless quantity of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that were in Cypress, or simply individuals who have suffered through either hyperinflation, 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 currently 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 great deal of American or Western financiers have a difficult time getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - undefined. But there are billions of people worldwide that do not have stable currencies.
Yeah. Therefore there's this entire blossoming international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are generally utilized, let's say Ethereum, which a lot of people learn about Ethereum. Ethereum is basically a global computer that you can write computer programs for and run computer programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, since you're basically purchasing 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 individuals an idea, like a really easy one that I would picture 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 very same type of network result that you have with Bitcoin, where it's like unstoppable example, since it's on a lot of different locations and. And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the energy coin area.
There's all of these ICOs that were occurring, those slowed down 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 create energy coins- Correct, yeah. And people require to comprehend that not all energy coins are produced equivalent.
So you have the benefit of devoting your occupation to this, so you can head out there and do the recon, you can fulfill the founders, you can examine the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins readily available, almost 1,200 I believe. 'Cause generally it'll crash 80% approximately - Does the team have experience of executing in an effective manner in another location of their life? And it does not even have to be directly associated to cryptocurrency, it does not need to be even straight related to software application, right? So, but I wish to see a track record of success in something, right? If it's four people in a space that are simply out of college, unless they've got some really great advisors behind them, I'm probably not going to offer them any money.
Yeah. I think that in marketing in basic, my world of business, we continuously search for problems and how we can solve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain normally? Or would you say it's better if they're fixing 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 essentially trying to find solutions that, so I'll give you an example.
And the factor that we purchased it is due to the fact that they found a way to make documents tamper-proof, and it's 99% less expensive than present technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that began it has a performance history of producing computer programs that whole states run their whole operations on, right? So you've got okay, the wise guy has constructed substantial computer system programs, fantastic team, fixing a massive issue that is going to cut big costs.
I suggest, it does not get any easier than that in terms of deciding who to put money 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 a truly simple rule, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).