daily show with jon stewart teeka tiwari
alexandre raguet teeka tiwari
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However frauds and small frauds. And there's something that a scams always 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 problem came out. The huge 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 traveling all around the world. I started going to Bitcoin events; I began to talking 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 huge that is! The ramifications of that, of being able to have data that we don't need to have it separately confirmed, it's cryptographically confirmed. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I knew I had to dedicate all my professional resources into ending up being a professional in this area.
And do you think, I suggest you pointed out something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks may not even totally understand validation procedure . We were simply speaking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then all of an unexpected there's other people getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't perhaps understand about these processes, so they do not perhaps see what you're saying as this development, they do not see it in their everyday life? Or what do you think of that? I believe that holds 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've got to go to an exchange, you have actually got to submit your identity files, then you have actually got to wait to get verified, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too bothersome, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes needed to go through a process which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so hard." 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 entire cryptocurrency market will be 10x bigger. So you're actually truly earning money a massive amount of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you picture what will happen to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and one thing I wish to expose too that you didn't point out, however I know a lot of folks who battle with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me forever prior to I could begin purchasing 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 Web, we were doing it with 56k modems, right? I suggest 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're in the early days of that technology, however much like 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm always curious to talk with individuals who are, especially somebody like yourself, who's devoted the last, you understand, the much better part of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a fantastic concern.
They're two completely various 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. Therefore what offers it value is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with present 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 people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on paper currency, you can print an unrestricted amount of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or just individuals who have suffered through either hyperinflation, or there's a high need 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 currently don't think in their own currency? Yeah, and I think 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 resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - undefined. But there are billions of people in the world that don't have stable currencies.
Yeah. And so there's this entire blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are generally utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a global computer that you can compose computer system programs for and run computer programs on a globally decentralized computer program.
So we think about something like Ether an utility token, since you're essentially purchasing programming power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely basic one that I would envision 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 very same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on many various areas and. And you kind of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I believe the real chance lies in the energy coin area.
There's all of these ICOs that were taking place, those decreased a bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people need to understand that not all utility coins are created equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the recon, you can satisfy the founders, you can inspect the code, and so on. However for an average 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 - Does the team have experience of performing in a successful manner in another area of their life? And it doesn't even have to be straight associated to cryptocurrency, it does not have to be even directly related to software, right? So, but 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 have actually got some really excellent advisors behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in general, my world of company, we constantly look for problems and how we can fix them. Now, are the problems things that people are attempting to resolve a part of the Blockchain typically? Or would you say it's much better if they're fixing 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 searching for services that, so I'll provide you an example.
And the reason that we purchased it is due to the fact that they found a method to make documents tamper-proof, and it's 99% more affordable than present innovation, 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 track record of developing computer system programs that whole states run their entire operations on, right? So you've got okay, the wise guy has actually constructed huge computer programs, excellent team, solving a huge problem that is going to cut huge expenses.
I imply, it does not get any simpler than that in terms of choosing who to put cash behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have an actually basic guideline, Ryan. If I don't comprehend something, I put up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).