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However frauds and small scams. And there's one thing 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 massive hack. Which woke something up for me.
Therefore I can't ignore that. I've got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin events; I began to speaking to people that were smarter than me in this area. And what I recognized is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The implications of that, of having the ability to have information that we do not need to have it separately validated, it's cryptographically verified. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to dedicate all my expert resources into ending up being a specialist in this space.
And do you believe, I mean you discussed something there about not needing to get a third-party, or intermediary to confirm 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 might not even totally understand recognition procedure . undefined.
We were simply talking about how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then all of an abrupt there's other individuals getting alerted about it, like the IRS and things like that. Do you believe that the typical folks don't possibly learn about these processes, so they don't possibly see what you're saying as this development, they don't see it in their everyday life? Or what do you think about 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 have actually got to go to an exchange, you have actually got to submit your identity files, then you have actually got to wait to get confirmed, and then lastly, you can go buy some Bitcoin.
So, a great deal of individuals find that too bothersome, and that's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes required to go through a process which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your concepts, but gosh, setting up a crypto account is so difficult." 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 entire cryptocurrency market will be 10x larger. So you're in fact truly getting paid a huge quantity of money to go through possibly, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software. And can you envision what will happen to this whole market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and one thing I wish to bring to light too that you didn't point out, but I understand a lot of folks who deal with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently prior to I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, it's if you remember the early days of the Web, when we were getting on the Internet, 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 indicate, we're in the early days of that technology, but just like 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 some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm always curious to talk with individuals who are, particularly someone like yourself, who's devoted the last, you know, 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 individual? That's a fantastic question.
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 cash. So Bitcoin would be a cryptocurrency. Therefore what gives it worth 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, validating the deals on the Bitcoin network. Therefore if you take a 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 actually, with current innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when individuals 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 saying, "We don't trust paper currency, you can print an unrestricted amount of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that were in Cypress, or just individuals who have 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 countries that could possibly be a catalyst for more adoption, since they currently do not believe in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. And so there's this entire growing global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially used, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is basically an international computer system that you can write computer programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, because you're essentially purchasing shows power. So I wouldn't really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like a very simple one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's kind of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on numerous various areas and. And you type of discussed having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance depends on the energy coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people need to comprehend that not all utility coins are created equivalent.
So you have the advantage of devoting your occupation to this, so you can head out there and do the reconnaissance, you can meet the founders, you can check the code, and so on. However for a typical person, there's now what, over 1,000 various types of coins available, almost 1,200 I believe. 'Cause typically it'll crash 80% or two - Does the group have experience of executing in an effective way in another area of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't have to be even straight related to software, right? So, however I wish to see a performance history of success in something, right? If it's four guys in a room that are simply out of college, unless they've got some truly great consultants behind them, I'm probably not going to offer them any money.
Yeah. I believe that in marketing in general, my world of organization, we constantly look for problems and how we can resolve them. Now, are the problems things that people are trying to resolve a part of the Blockchain generally? Or would you state it's better if they're solving sort 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 provide you an example.
And the reason that we bought it is due to the fact that they found a way to make files tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a track record of producing computer programs that entire states run their whole operations on, right? So you've got alright, the clever guy has built huge computer system programs, fantastic team, fixing a huge issue that is going to cut huge costs.
I mean, it does not get any easier than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have a really easy guideline, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).