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But frauds and little frauds. And there's something that a scams constantly does: it always goes to zero. But 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. Which woke something up for me.
Therefore I can't overlook that. I have actually got to go dig deeper." And so I started taking a trip all around the world. I began going to Bitcoin occasions; I began to speaking with people that were smarter than me in this area. And what I realized is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have data that we don't require to have it separately verified, it's cryptographically verified. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I understood I had to commit all my professional resources into ending up being a specialist in this area.
And do you believe, I mean you discussed 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 totally comprehend recognition process . undefined.
We were simply talking about 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 alerted about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not perhaps learn about these procedures, so they don't maybe see what you're saying as this development, they do not see it in their daily life? Or what do you think of that? I believe 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 upload your identity documents, then you've got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a great deal of people discover that too bothersome, which's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are willing to put in possibly 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 love your ideas, however gosh, setting up a crypto account is so challenging." What I inform them is I state, "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 larger. So you're actually really earning money a massive quantity 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 simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you envision what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that individuals go through, and one thing I wish to expose too that you didn't discuss, but I know a lot of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, right, like Coinbase. It 'd take me forever prior to I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you keep in mind 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 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 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm constantly curious to talk to individuals who are, especially someone like yourself, who's committed the last, you understand, the bulk of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic question.
They're 2 completely different things, however 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 worth is that it is, there's just 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. And so if you 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 really, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when people 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 fiat money, you can print a limitless quantity of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or people that remained in Cypress, or just individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, due to the fact that they already do not believe in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time 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 do not require Bitcoin - undefined. But there are billions of people in the world that don't have steady currencies.
Yeah. And so there's this entire burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are basically utilized, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a worldwide computer system that you can write computer system programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an utility token, since you're basically purchasing programming power. So I would not truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely basic one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this same type of network impact that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many different areas and. undefined. I don't know the ins and outs of it, but as an example for somebody who might just be really fundamental in their understanding of this, there are many various types of energies that are offered.
And you sort of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the energy coin area.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a few 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 energy coins are created equivalent.
So you have the advantage of dedicating your profession to this, so you can go out there and do the reconnaissance, you can meet the founders, you can inspect the code, and so on. But for a typical person, there's now what, over 1,000 different kinds of coins offered, almost 1,200 I believe. 'Cause typically it'll crash 80% or two - undefined. And that's when we actually start looking at the idea in more detail. So here are some fast and unclean things that you should take a look at, right? So, one is, are they resolving a problem that requires to be fixed? One of the big drawbacks with extremely smart, technical people, is that they like to resolve problems that no one cares about solving.
Does the team have experience of performing in an effective manner in another area of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software application, right? So, but I wish to see a performance history of success in something, right? If it's 4 guys in a room that are simply out of college, unless they've got some actually excellent 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 company, we constantly try to find issues and how we can resolve them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain normally? Or would you say it's much better if they're resolving 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 basically searching for solutions that, so I'll offer you an example.
And the factor that we bought it is because they discovered a way to make files tamper-proof, and it's 99% more affordable than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a track record of developing computer system programs that whole states run their entire operations on, right? So you've got alright, the clever person has constructed huge computer system programs, great group, solving a massive problem that is going to cut big costs.
I suggest, it does not get any simpler than that in terms of choosing who to put money behind. And a lot of this is typical sense, and a lot of folks will attempt to make things more complex than it is. And I have a truly simple guideline, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).