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But scams and small frauds. And there's one thing that a scams always does: it always goes to no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The enormous hack. Which woke something up for me.
And so I can't ignore that. I've got to go dig much deeper." And so I started traveling all around the world. I started going to Bitcoin events; I started to talking to individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of having the ability to have data that we do not need to have it independently confirmed, it's cryptographically verified. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I understood I needed to devote all my professional resources into ending up being an expert in this space.
And do you believe, I indicate you mentioned 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 great deal of folks may not even totally comprehend validation process . undefined.
We were just talking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then all of a sudden there's other people getting alerted about it, like the IRS and things like that. Do you believe that the average folks do not perhaps understand about these processes, so they don't perhaps see what you're stating as this development, they don't see it in their daily life? Or what do you believe about that? I believe that holds true.
It's not as simple 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 have actually got to upload your identity documents, then you've got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, which's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, setting up a crypto account is so tough." 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 whole cryptocurrency market will be 10x bigger. So you're actually truly making money a massive quantity of money to go through maybe, you understand, 20 minutes of a discomfort in the neck.
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 buy cryptocurrencies directly through your trading software. And can you envision 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.
Today you discussed the process that individuals go through, and something I desire 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 buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, right, like Coinbase. It 'd take me forever prior to I might start buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, 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 pack 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 remain in the early days of that innovation, but similar to during that duration of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm always curious to talk to individuals who are, particularly somebody like yourself, who's dedicated the last, you understand, the bulk of the last few years to truly 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 different 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 provides it worth is that it is, there's only going to be a restricted amount. 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. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals 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 fiat money, you can print a limitless quantity of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since 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 lot of American or Western investors have a bumpy ride getting their head around. They're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. And so there's this entire burgeoning worldwide need for cryptocurrencies. So anyway, 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 individuals understand about Ethereum. Ethereum is basically a worldwide computer system that you can write computer system programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're essentially purchasing programs power. So I wouldn't really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like a really basic one that I would imagine you 'd called an utility 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 type of network result that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on a lot of different locations and. And you kind of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I believe the genuine chance depends on the utility coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require 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 recon, you can fulfill the founders, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins readily available, nearly 1,200 I think. 'Cause normally it'll crash 80% or two - Does the group have experience of performing in a successful way in another area of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't have to be even directly associated to software application, right? So, but I want to see a track record of success in something, right? If it's 4 men in a space that are just out of college, unless they've got some truly great consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in general, my world of company, we continuously search for problems and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain typically? Or would you say it's better if they're solving type 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 essentially looking for solutions that, so I'll provide you an example.
And the factor that we purchased it is due to the fact that they found a method to make files tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a performance history of producing computer programs that whole states run their whole operations on, right? So you've got okay, the clever guy has constructed substantial computer system programs, excellent team, resolving a massive issue that is going to cut big costs.
I imply, it doesn't get any simpler than that in terms of choosing who to put cash behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually basic rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).