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However scams and little frauds. And there's something that a scams constantly 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 problem came out. The massive hack. Which woke something up for me.
And so I can't neglect that. I've got to go dig much deeper." And so I began taking a trip all around the world. I began going to Bitcoin events; I began to speaking with individuals that were smarter than me in this area. And what I understood is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, 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 verified, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to commit all my professional resources into becoming an expert in this space.
And do you believe, I imply you pointed out something there about not having 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 completely comprehend validation procedure . We were just talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that suddenly there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks don't perhaps learn about these procedures, so they do not possibly see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you believe about that? I think that's 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've got to submit your identity documents, then you have actually got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a great deal of individuals find that too bothersome, and that's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in maybe 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, establishing a crypto account is so hard." 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 entire cryptocurrency market will be 10x bigger. So you're actually really earning money an enormous quantity of money to go through perhaps, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software. And can you envision what will occur to this whole market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that individuals go through, and one thing I wish to expose too that you didn't discuss, but I know a great deal of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever prior to I could start buying 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 Web, 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 imply, we're in the early days of that technology, however just like throughout that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm always curious to talk to individuals who are, particularly someone like yourself, who's devoted the last, you know, the much better part of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great concern.
They're two absolutely 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. Therefore what provides it worth is that it is, there's only 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 transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And actually, with existing innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when people 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 saying, "We do not trust fiat money, you can print an unlimited amount of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that were in Cypress, or just people 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, because they currently do not think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a hard time getting their head around. They resemble, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire blossoming international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are essentially utilized, let's state Ethereum, which a lot of people know 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 system program.
So we consider something like Ether an utility token, due to the fact that you're basically purchasing programming power. So I would not really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals a concept, like a very simple 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 kind of this very same type of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on many various locations and. undefined. I do not understand the ins and outs of it, but as an example for somebody who may simply be very basic in their understanding of this, there are a lot of different kinds of energies that are available.
And you type of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, however I think the real opportunity depends on the utility coin area.
There's all of these ICOs that were occurring, those decreased a little bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people require to understand that not all utility coins are produced equal.
So you have the benefit of devoting your occupation to this, so you can go out there and do the reconnaissance, you can satisfy the founders, you can inspect the code, etc. However for a typical individual, there's now what, over 1,000 various types of coins offered, nearly 1,200 I believe. 'Cause generally it'll crash 80% or so - Does the team have experience of carrying out in a successful way in another location of their life? And it does not even need to be directly associated to cryptocurrency, it does not have to be even directly associated to software, right? So, but I wish 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 actually good consultants behind them, I'm most likely 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 issues things that individuals are trying to resolve a part of the Blockchain normally? Or would you state it's much better if they're fixing kind 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 options that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they discovered a way to make files tamper-proof, and it's 99% more affordable than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of producing computer system programs that entire states run their entire operations on, right? So you've got alright, the clever guy has built substantial computer system programs, great team, resolving a massive problem that is going to cut substantial costs.
I indicate, it doesn't get any easier than that in regards to choosing who to put money behind. And a great deal of this is typical sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually simple guideline, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).