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However scams and small scams. And there's something 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 problem came out. The huge hack. Which woke something up for me.
Therefore I can't ignore that. I've got to go dig much deeper." Therefore I started traveling all around the world. I started going to Bitcoin occasions; I started to talking to people that were smarter than me in this space. And what I realized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have data that we do not require to have it individually confirmed, it's cryptographically confirmed. That idea can ripple out throughout the whole higher economy. And when that cent dropped, I understood I had to commit all my expert resources into ending up being an expert in this space.
And do you believe, I suggest you discussed something there about not having 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 may not even completely comprehend validation process . We were just discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of an abrupt there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly learn about these procedures, so they don't possibly see what you're stating as this advancement, they don't see it in their daily 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 purchasing it, right? You have actually got to go to an exchange, you've got to upload your identity files, then you have actually got to wait to get validated, and after that lastly, you can go purchase some Bitcoin.
So, a lot of individuals find that too bothersome, which's why the individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that are prepared to put in maybe the 20 minutes needed to go through a procedure which simply takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, establishing a crypto account is so hard." What I tell 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 larger. So you're in fact really getting paid a massive quantity of cash to go through maybe, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll have the ability to buy cryptocurrencies straight 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.
Right now you mentioned the procedure that individuals go through, and one thing I desire to expose too that you didn't mention, but I understand a lot of folks who deal 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 hard as possible, ideal, like Coinbase. It 'd take me forever prior to I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 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 just like throughout that duration of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm constantly curious to speak to people who are, particularly someone like yourself, who's dedicated the last, you know, the lion's share of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? 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 money. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's just going to be a minimal amount. There'll never 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 continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust fiat money, you can print a limitless amount of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals 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 instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, since they already do not believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a tough time getting their head around. They're like, "Well I do not need Bitcoin, I have cash." 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 worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are basically utilized, let's state Ethereum, which a lot of individuals know about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer programs for and run computer programs on a worldwide decentralized computer system program.
So we think about something like Ether an energy token, because you're essentially buying shows power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals a concept, like an extremely simple one that I would imagine you 'd called an energy token, is like 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 impact that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on a lot of different areas and. undefined. I don't know the ins and outs of it, however as an example for someone who might simply be very basic in their understanding of this, there are a lot of various types of energies that are readily available.
And you kind of mentioned having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity 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, however people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are produced equivalent.
So you have the advantage of committing your profession to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can inspect the code, etc. But for a typical person, there's now what, over 1,000 different kinds of coins readily available, practically 1,200 I think. 'Cause typically it'll crash 80% or two - undefined. Which's when we truly begin taking a look at the concept in more detail. So here are some quick and filthy things that you should look at, right? So, one is, are they fixing an issue that requires to be solved? Among the big disadvantages with really smart, technical individuals, is that they like to fix problems that no one appreciates resolving.
Does the team have experience of carrying out in an effective way in another area of their life? And it does not even have to be directly associated to cryptocurrency, it does not need to be even directly associated to software application, right? So, however I want to see a track record of success in something, right? If it's 4 men in a space that are simply out of college, unless they've got some really good consultants behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in basic, my world of business, we constantly search for issues and how we can resolve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain usually? Or would you say it's much better if they're solving type 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 basically searching for solutions that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they discovered a way to make documents tamper-proof, and it's 99% less expensive than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you have actually got alright, the clever guy has developed big computer system programs, great team, 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 cash behind. And a great deal of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have a truly simple rule, Ryan. If I do not understand something, I put up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).