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However scams and little frauds. And there's something that a fraud constantly does: it constantly goes to zero. 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 massive hack. Which woke something up for me.
And so I can't disregard that. I have actually got to go dig deeper." Therefore I started taking a trip all around the world. I started going to Bitcoin events; I began to talking to individuals that were smarter than me in this space. And what I recognized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of having the ability to have data that we do not need to have it independently verified, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I understood I had to devote all my professional resources into becoming an expert in this area.
And do you think, I indicate you discussed something there about not having to get a third-party, or intermediary to validate 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 completely understand recognition procedure . We were simply discussing how I'm delegating go to China, to China. And heaven prohibited 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 learn about these processes, so they don't maybe see what you're stating as this development, 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 pushing a buy button and buying it, right? You've got to go to an exchange, you have actually got to publish your identity files, then you've got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a lot of individuals find that too troublesome, and that's why the individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are ready to put in possibly the 20 minutes needed to go through a procedure which simply takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so tough." 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly getting paid an enormous quantity of cash to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you envision what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that individuals go through, and something I wish to bring to light too that you didn't point out, but 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 buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently before I could start purchasing 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 Internet, when we were getting on the Web, we were doing it with 56k modems, right? I mean 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 indicate, we remain in the early days of that technology, however similar to during that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to speak to individuals who are, particularly someone like yourself, who's devoted the last, you understand, the much better part of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a terrific 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 alternative to cash. So Bitcoin would be a cryptocurrency. And so what gives it worth is that it is, there's just going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. However because of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so huge 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 literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't rely on paper currency, you can print an endless amount of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either devaluation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, because they already don't 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 investors have a difficult time getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. Therefore there's this whole burgeoning worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally utilized, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a worldwide computer that you can write computer programs for and run computer system programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, since you're basically purchasing programs power. So I wouldn't really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals a concept, like an extremely easy one that I would imagine 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 exact same kind of network impact that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of various areas and. And you type of pointed out 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 suggest and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity depends on the utility coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals require to understand that not all energy coins are produced equal.
So you have the advantage of devoting your profession to this, so you can go out there and do the reconnaissance, you can meet the founders, you can check the code, etc. But for an average individual, there's now what, over 1,000 different types of coins offered, practically 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the team have experience of carrying out in an effective way in another location of their life? And it doesn't even have to be straight associated to cryptocurrency, it does not have to be even straight related to software application, right? So, but I desire to see a track record of success in something, right? If it's 4 men in a space that are simply out of college, unless they have actually got some really excellent advisors behind them, I'm most likely not going to give them any money.
Yeah. I think that in marketing in general, my world of organization, we constantly search for issues and how we can solve them. Now, are the issues things that people are attempting to fix a part of the Blockchain usually? Or would you state it's better if they're solving 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 searching for options that, so I'll offer you an example.
And the factor that we purchased it is because they discovered a method to make files tamper-proof, and it's 99% less expensive than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a track record of developing computer programs that whole states run their entire operations on, right? So you've got fine, the smart guy has constructed big computer programs, terrific group, fixing an enormous issue that is going to cut big expenses.
I indicate, it does not get any simpler than that in regards to deciding who to put money behind. And a great deal of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have a truly basic rule, Ryan. If I do not understand something, I set up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).