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teeka tiwari may 2017
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However frauds and small scams. And there's something that a scams constantly 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 enormous hack. And that woke something up for me.
And so I can't ignore that. I have actually got to go dig deeper." And so I began taking a trip all around the world. I started going to Bitcoin events; I started to speaking with individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The implications of that, of having the ability to have information that we do not require to have it independently validated, it's cryptographically validated. That principle can ripple out throughout the entire higher economy. And when that penny dropped, I understood I had to devote 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 needing to get a third-party, or intermediary to validate 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 fully understand validation process . We were just talking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and then 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 typical folks don't perhaps learn about these procedures, so they do not perhaps see what you're stating as this development, they don't see it in their everyday life? Or what do you consider 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 purchasing it, right? You have actually got to go to an exchange, you have actually got to publish your identity files, then you've got to wait to get validated, and after that finally, you can go buy some Bitcoin.
So, a lot of individuals discover that too inconvenient, which's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes required to go through a process which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, establishing a crypto account is so challenging." What I inform them is I state, "Look, when it's simple 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 in fact really making money a huge quantity of money to go through maybe, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you envision what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and something I want to expose too that you didn't mention, however I understand a lot of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me permanently before I could begin purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I suggest, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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're in the early days of that innovation, but similar to throughout that time period, 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 an action back for a second, since I'm always curious to speak with people who are, specifically someone like yourself, who's devoted the last, you understand, the much better part of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option 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 limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, with present technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't rely on paper currency, you can print an unrestricted quantity of it. It's truly not protect, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that were 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 catalyst for more adoption, since they already 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 great deal of American or Western financiers have a bumpy ride getting their head around. They resemble, "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 - Yeah. Therefore there's this whole growing worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a worldwide computer that you can write computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, since you're essentially buying programming power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people a concept, like an extremely simple one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this same type of network effect that you have with Bitcoin, where it's like unstoppable example, because it's on many different areas and. And you kind of discussed having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity lies in the energy coin space.
There's all of these ICOs that were happening, those decreased a bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people need to understand that not all energy coins are created equal.
So you have the advantage of devoting your occupation to this, so you can head out there and do the recon, you can satisfy the creators, you can check the code, etc. However for an average individual, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I think. 'Cause normally it'll crash 80% approximately - 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 straight related to cryptocurrency, it doesn't have to be even straight related 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 room that are just out of college, unless they have actually got some really excellent consultants behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in general, my world of organization, we constantly try to find problems and how we can fix them. Now, are the issues things that people are attempting to fix a part of the Blockchain typically? Or would you state it's much better if they're solving kind 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 looking for solutions that, so I'll give you an example.
And the reason that we purchased it is because they found a way to make documents tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a track record of creating computer programs that entire states run their entire operations on, right? So you have actually got alright, the clever man has constructed huge computer programs, terrific team, resolving an enormous problem that is going to cut big costs.
I suggest, it doesn't get any easier than that in regards to choosing who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a really basic rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).