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However scams and small frauds. And there's one thing that a fraud constantly 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 enormous hack. And that woke something up for me.
And so I can't disregard 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 started to speaking with individuals that were smarter than me in this space. 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 ramifications of that, of being able to have data that we do not need to have it independently validated, it's cryptographically verified. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to dedicate all my expert resources into ending up being an expert in this area.
And do you believe, I mean 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 lot of folks may not even totally understand recognition 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 after that all of an unexpected there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the typical folks do not maybe learn about these procedures, so they do not possibly see what you're stating as this breakthrough, 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 easy as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you've got to publish your identity files, then you've got to wait to get verified, and after that lastly, you can go buy some Bitcoin.
So, a great deal of people find that too bothersome, which's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that are prepared to put in perhaps the 20 minutes needed to go through a procedure which just takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, setting up 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 larger. So you're actually really getting paid a massive amount of money to go through maybe, you understand, 20 minutes of a nuisance.
So you can't buy 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 straight 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.
Today you pointed out the procedure that individuals go through, and something I desire to bring to light too that you didn't discuss, but I know a great deal of folks who battle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just buy $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me forever prior to I might begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, 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 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 mean, we're in the early days of that innovation, but 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 a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm always curious to talk to people who are, especially someone like yourself, who's committed the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a fantastic question.
They're 2 completely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it worth is that it is, there's only going to be a restricted amount. There'll never 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, people continuously try to hack it. But since of the nature of the network, today it's been unhackable. And really, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you've 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 trust paper cash, you can print a limitless amount of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that were in Cypress, or just people who have suffered through either hyperinflation, or there's a high demand 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 think we have actually already 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 don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. Therefore there's this whole growing worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of people know about Ethereum. Ethereum is essentially an international computer that you can compose computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're essentially buying shows power. So I would not truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide people an idea, like a very easy one that I would picture you 'd called an utility token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this very same kind of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on a lot of different locations and. And you kind of pointed out having this boots on the ground experience. Now, given that we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine chance lies in the energy coin area.
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 people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals 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 reconnaissance, you can meet the creators, you can examine the code, etc. However for an average individual, there's now what, over 1,000 various types of coins offered, nearly 1,200 I believe. 'Cause usually it'll crash 80% or so - 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 related to cryptocurrency, it does not need to be even directly related to software application, right? So, but I desire to see a track record of success in something, right? If it's 4 people in a space that are just out of college, unless they've got some truly great consultants behind them, I'm most likely not going to give them any money.
Yeah. I think that in marketing in basic, my world of company, we constantly look for problems and how we can resolve them. Now, are the problems things that people are attempting to solve a part of the Blockchain normally? 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 trying to find options that, so I'll offer you an example.
And the factor that we purchased it is since they found a method to make documents tamper-proof, and it's 99% cheaper than present technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a performance history of producing computer system programs that entire states run their whole operations on, right? So you have actually got fine, the clever person has actually built substantial computer system programs, great group, solving a massive issue that is going to cut substantial costs.
I mean, it does not get any simpler than that in terms of choosing who to put money behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complex than it is. And I have a really basic rule, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).