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However scams and little scams. And there's something that a scams always 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 bad news came out. The huge hack. And that woke something up for me.
And so I can't ignore that. I've got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin events; I began to talking to individuals that were smarter than me in this area. And what I realized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The ramifications of that, of having the ability to have data that we do not require to have it independently validated, it's cryptographically confirmed. That concept can ripple out throughout the whole higher economy. And when that cent dropped, I understood I had to commit all my expert resources into becoming a professional in this space.
And do you believe, I indicate you mentioned 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 lot of folks might not even fully understand validation process . undefined.
We were simply talking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the IRS and things like that. Do you think that the average folks don't possibly understand about these procedures, so they don't perhaps see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think of that? I think that's real.
It's not as easy as shooting up a web internet 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've got to wait to get confirmed, and after that lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, and that's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." What I tell 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 bigger. So you're actually truly making money a huge amount of cash to go through possibly, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you envision what will occur to this entire market 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 people go through, and something I desire to expose too that you didn't point out, but I know a lot of folks who have a hard time with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, best, 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 imply, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 imply, we remain in the early days of that innovation, however similar to throughout that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to speak to people who are, specifically somebody like yourself, who's devoted the last, you understand, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting 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 restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with existing technology, 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 actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't rely on paper money, you can print a limitless amount of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, due to the fact that they currently 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 lot 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 stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire growing international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a worldwide computer system that you can write computer programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're basically purchasing programming power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely basic one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that basically 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 resembles unstoppable kind of thing, since it's on numerous different locations and. And you kind of pointed out having this boots on the ground experience. Now, given 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 suggest and look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And individuals require to understand that not all utility coins are produced equivalent.
So you have the benefit of devoting your occupation to this, so you can go out there and do the reconnaissance, you can meet the creators, you can examine the code, and so on. However for an average person, there's now what, over 1,000 various types of coins readily available, practically 1,200 I think. '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 quick and filthy things that you should look at, right? So, one is, are they fixing a problem that needs to be fixed? One of the huge disadvantages with very smart, technical individuals, is that they like to solve problems that nobody cares about solving.
Does the group have experience of performing in a successful way in another location of their life? And it doesn't even have to be directly related to cryptocurrency, it does not need to be even straight related to software application, right? So, however I want to see a performance history of success in something, right? If it's 4 guys in a space that are just out of college, unless they've got some actually good advisors behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of service, we continuously look for problems and how we can resolve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain usually? Or would you state it's better if they're fixing kind 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 generally searching for solutions that, so I'll give you an example.
And the factor that we bought it is since they discovered a method to make documents tamper-proof, and it's 99% more affordable than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a performance history of creating computer system programs that entire states run their entire operations on, right? So you have actually got okay, the wise person has built substantial computer programs, fantastic group, solving a huge issue that is going to cut substantial expenses.
I imply, it does not get any simpler 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 try to make things more complex than it is. And I have a really simple guideline, Ryan. If I don't understand something, I set up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).