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teeka tiwari on why the smart money is missing out on crypto
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However scams and little scams. And there's something that a fraud always does: it constantly goes to absolutely no. 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 huge hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking with people that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of having the ability to have information that we don't need to have it separately verified, it's cryptographically validated. That concept can ripple out throughout the entire higher economy. And when that cent dropped, I knew I needed to commit all my expert resources into becoming an expert 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 confirm 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 might not even completely comprehend recognition procedure . We were simply speaking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that suddenly there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you think that the average folks don't maybe understand about these procedures, so they don't possibly see what you're stating as this development, they don't 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 pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to publish your identity files, then you have actually got to wait to get verified, and then lastly, you can go buy some Bitcoin.
So, a great deal of people find that too inconvenient, and that's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes needed to go through a process which simply takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so difficult." What I tell them is I say, "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 larger. So you're in fact really making money a massive amount of money to go through perhaps, you understand, 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 have the ability to purchase cryptocurrencies directly through your trading software. And can you envision what will occur to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that people go through, and something I want to bring to light too that you didn't discuss, but I understand a lot of folks who have problem with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever prior to I might begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I suggest, we remain in the early days of that innovation, however 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 a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm constantly curious to talk with people who are, especially someone like yourself, who's dedicated 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 a typical individual? That's an excellent concern.
They're 2 totally different things, but 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. And so what offers it value is that it is, there's only going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. However because of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust fiat money, you can print an unrestricted quantity of it. It's really not protect, and the government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that remained in Cypress, or just people who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they currently don't think in their own currency? Yeah, and I believe we have actually 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 cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - undefined. However there are billions of people in the world that don't have stable currencies.
Yeah. And so there's this entire burgeoning global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are basically used, let's say Ethereum, which a great deal of people know about Ethereum. Ethereum is basically an international computer that you can write computer programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're basically purchasing programs 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 give individuals a concept, like a really simple one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's type of this exact 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 type of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those slowed down a bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people require to comprehend that not all energy coins are created equal.
So you have the benefit of devoting your profession to this, so you can go out there and do the recon, you can satisfy the founders, you can check the code, and so on. However for a typical person, there's now what, over 1,000 different types of coins available, practically 1,200 I think. 'Cause typically it'll crash 80% or so - Does the team have experience of carrying out in an effective manner in another location of their life? And it doesn't even have to be directly associated to cryptocurrency, it does not have to be even straight associated to software, right? So, but I want to see a performance history of success in something, right? If it's four guys in a space that are simply out of college, unless they have actually got some really excellent advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in general, my world of company, we continuously try to find problems and how we can fix them. Now, are the issues things that individuals are trying to fix a part of the Blockchain typically? Or would you say it's better if they're solving 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 trying to find services that, so I'll provide you an example.
And the factor that we purchased it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you've got fine, the clever guy has actually developed big computer programs, terrific group, solving an enormous problem that is going to cut huge expenses.
I suggest, it does not get any simpler than that in regards to choosing who to put cash behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complex than it is. And I have a really easy rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).