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However frauds and little scams. And there's something that a fraud always does: it constantly goes to zero. 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 massive hack. And that woke something up for me.
And so I can't overlook that. I've got to go dig much deeper." Therefore I started traveling all around the world. I started going to Bitcoin occasions; I began to talking with individuals that were smarter than me in this space. And what I realized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of having the ability to have information that we do not require to have it independently verified, it's cryptographically validated. That idea can ripple out throughout the whole higher economy. And when that penny dropped, I knew I needed to dedicate all my expert resources into ending up being a professional in this area.
And do you think, I mean you pointed out something there about not having to get a third-party, or intermediary to verify something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks may not even fully comprehend validation process . We were simply speaking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and after that all of an unexpected there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not possibly learn about these processes, so they don't maybe see what you're saying as this advancement, they don't see it in their everyday life? Or what do you think of that? I believe that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you've got to publish your identity documents, then you've got to wait to get confirmed, and after that lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, and that's why the individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a procedure which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so tough." 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 truly earning money a massive amount of cash to go through perhaps, 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, prior to you'll be able 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.
Today you pointed out the procedure that people go through, and one thing I wish to bring to light too that you didn't mention, but I know a great deal of folks who deal with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently before I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I suggest 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 suggest, we remain in the early days of that innovation, however similar to throughout that time period, for the folks that had the vision to see where the future was going, and then bought 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, since I'm constantly curious to speak with people who are, especially someone like yourself, who's devoted the last, you understand, 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 two totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously try to hack it. But because 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 people 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 do not rely on fiat money, you can print an unlimited quantity of it. It's truly not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand 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 already don't think 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 investors have a bumpy ride 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 stable currency, right? You don't need Bitcoin - undefined. But there are billions of individuals on the planet that don't have stable currencies.
Yeah. And so there's this entire growing worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically utilized, let's state Ethereum, which a great deal of people know about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer programs for and run computer programs on a globally decentralized computer system program.
So we consider something like Ether an utility token, since you're basically buying programs power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a very easy one that I would picture 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 kind of this exact same kind of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on many different areas and. And you sort of mentioned having this boots on the ground experience. Now, because we're looking at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the energy coin area.
There's all of these ICOs that were happening, those slowed down a little bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And people need to understand that not all energy coins are created equivalent.
So you have the advantage of committing your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can inspect the code, etc. However for a typical individual, there's now what, over 1,000 different types of coins available, nearly 1,200 I believe. 'Cause generally it'll crash 80% approximately - Does the team have experience of performing in an effective manner in another area of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't have to be even directly related to software, right? So, however I wish 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 good advisors behind them, I'm probably not going to offer them any cash.
Yeah. I believe that in marketing in basic, my world of company, we continuously search for issues and how we can solve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain generally? Or would you say it's 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 basically trying to find solutions that, so I'll offer you an example.
And the factor that we purchased it is because they found a method to make files tamper-proof, and it's 99% less expensive than existing technology, 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 developing computer system programs that entire states run their whole operations on, right? So you have actually got all right, the clever man has developed substantial computer programs, fantastic team, resolving a massive problem that is going to cut big expenses.
I mean, it does not get any easier than that in regards to deciding who to put cash behind. And a lot of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have a truly simple guideline, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).