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However frauds and little scams. And there's something that a scams 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 problem came out. The huge hack. And that woke something up for me.
Therefore I can't neglect that. I've got to go dig deeper." Therefore I started traveling all around the world. I started going to Bitcoin events; I started 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 innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have data that we don't need to have it individually verified, it's cryptographically validated. That concept can ripple out throughout the entire greater economy. And when that penny dropped, I understood I needed to dedicate all my expert resources into becoming 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 might not even completely comprehend recognition procedure . We were just discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that all of a sudden there's other people getting notified about it, like the IRS and things like that. Do you believe that the typical folks do not possibly know about these procedures, so they don't perhaps see what you're stating as this advancement, they do not see it in their everyday life? Or what do you think of that? I think that's real.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to publish your identity documents, then you have actually got to wait to get validated, and after that finally, you can go buy some Bitcoin.
So, a lot of people discover that too troublesome, which's why the people that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes needed to go through a process which simply takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we love your concepts, however gosh, establishing a crypto account is so tough." What I inform them is I say, "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 really earning money an enormous amount of money to go through possibly, you know, 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, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you picture what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that individuals go through, and something I want to bring to light too that you didn't mention, but I know a lot of folks who have problem with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently prior to I could start buying 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 imply 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 suggest, we're in the early days of that innovation, however much 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm always curious to talk with people who are, especially somebody like yourself, who's dedicated the last, you know, the bulk of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a terrific concern.
They're two totally various things, but 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. And so what provides it worth is that it is, there's just 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 transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so huge 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 since they're saying, "We don't rely on paper money, you can print an unlimited quantity of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that were in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they currently don't think in their own currency? Yeah, and I think we have actually already 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 resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. And so there's this entire burgeoning international 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 utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially 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, since you're essentially purchasing shows power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people an idea, like a really easy one that I would picture 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 very same type of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on so lots of different locations and. And you type of pointed out having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity depends on the energy coin area.
There's all of these ICOs that were taking place, those decreased a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people need to understand that not all utility coins are produced equal.
So you have the advantage of dedicating your profession to this, so you can go out there and do the reconnaissance, you can fulfill the founders, you can check the code, and so on. However for an average individual, there's now what, over 1,000 different types of coins offered, practically 1,200 I believe. 'Cause typically it'll crash 80% or so - undefined. Which's when we truly start looking at the concept in more detail. So here are some quick and filthy things that you should take a look at, right? So, one is, are they solving a problem that needs to be resolved? Among the huge drawbacks with really clever, technical individuals, is that they like to resolve problems that no one appreciates solving.
Does the team have experience of executing in an effective manner in another location of their life? And it does not even have to be directly related to cryptocurrency, it does not need to be even straight associated to software application, 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 actually excellent advisors behind them, I'm probably not going to provide them any cash.
Yeah. I believe that in marketing in general, my world of company, we continuously search for issues and how we can fix them. Now, are the problems things that people are trying to fix a part of the Blockchain usually? Or would you say it's much better if they're solving sort 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 generally looking for services that, so I'll give you an example.
And the reason that we bought it is due to the fact that they found a method to make documents tamper-proof, and it's 99% more affordable than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that began it has a performance history of developing computer system programs that entire states run their entire operations on, right? So you've got all right, the clever guy has developed substantial computer programs, terrific team, fixing an enormous problem that is going to cut substantial expenses.
I indicate, 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 complicated than it is. And I have an actually basic rule, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).