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However scams and small scams. And there's one thing that a scams 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. Which woke something up for me.
Therefore I can't disregard that. I have actually got to go dig much deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I started to talking with people 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 overstate how massive that is! The ramifications of that, of being able to have data that we don't require to have it independently verified, it's cryptographically confirmed. That principle can ripple out throughout the entire greater economy. And when that cent dropped, I understood I needed to dedicate all my professional resources into ending up being a specialist in this area.
And do you think, I suggest you pointed out something there about not having 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 lot of folks might not even totally understand recognition procedure . We were just discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't possibly learn about these processes, so they don't maybe see what you're stating as this advancement, they don't see it in their everyday life? Or what do you think about that? I think that holds true.
It's not as simple as shooting up a web internet 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 have actually got to publish your identity files, then you have actually got to wait to get confirmed, and after that lastly, you can go purchase some Bitcoin.
So, a lot of individuals find that too troublesome, and that's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people 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 ideas, but gosh, setting up a crypto account is so hard." 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 actually really getting paid a massive quantity of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern 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 entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today 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 know a great deal of folks who deal with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They resemble, well, we'll let you buy $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 indicate 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 remain in the early days of that technology, but just like throughout that duration 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 absolute 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 somebody like yourself, who's committed the last, you understand, the bulk of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great question.
They're two totally 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 provides it worth is that it is, there's only going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously attempt to hack it. But since of the nature of the network, today it's been unhackable. And really, with present innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not rely on fiat money, you can print a limitless amount of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or people that were in Cypress, or simply people who have 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 countries that could potentially be a driver for more adoption, due to the fact that they currently don't think in their own currency? Yeah, and I think we've 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 do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - undefined. However there are billions of individuals on the planet that do not have steady currencies.
Yeah. And so there's this entire blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically used, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, due to the fact that you're basically 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 give individuals a concept, like a very simple one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this very 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 sort of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I think the real chance depends on the energy coin area.
There's all of these ICOs that were happening, those slowed down a little bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And people need to understand that not all utility coins are developed equivalent.
So you have the advantage of devoting your occupation to this, so you can go out there and do the reconnaissance, you can satisfy the creators, you can examine the code, and so on. However for a typical individual, there's now what, over 1,000 different kinds of coins readily available, almost 1,200 I think. 'Cause typically it'll crash 80% approximately - Does the team have experience of performing in a successful way in another location of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't have to be even directly related to software application, right? So, but I desire to see a performance history of success in something, right? If it's 4 guys in a room that are simply out of college, unless they've got some actually excellent advisors behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of company, we constantly try to find problems and how we can resolve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain typically? Or would you state it's much better if they're resolving 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 looking for solutions that, so I'll offer you an example.
And the reason that we purchased it is since they discovered a way to make files 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 person that began it has a track record of creating computer programs that entire states run their entire operations on, right? So you've got alright, the clever person has actually built big computer system programs, excellent team, fixing a massive issue that is going to cut substantial expenses.
I imply, it doesn't get any easier than that in terms of choosing who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have a truly basic guideline, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).