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However frauds and small frauds. 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 enormous hack. And that woke something up for me.
Therefore I can't ignore that. I have actually got to go dig deeper." And so I started taking a trip all around the world. I started going to Bitcoin events; I began to talking with individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The implications of that, of being able to have information that we don't require to have it individually verified, it's cryptographically verified. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I understood I needed to dedicate all my professional resources into becoming an expert in this area.
And do you believe, I imply 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 might not even fully understand validation process . We were just talking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other people getting notified about it, like the IRS and things like that. Do you believe that the average folks do not perhaps understand about these procedures, so they don't maybe see what you're stating as this advancement, they don't see it in their everyday life? Or what do you believe about that? I think that's real.
It's not as simple as shooting up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to publish your identity documents, then you've got to wait to get validated, and after that finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too inconvenient, which's why the individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes needed to go through a process which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so difficult." What I tell them is I say, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x larger. So you're actually truly making money an enormous quantity of cash to go through possibly, 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, before you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you envision what will take place to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that people go through, and something I wish to expose too that you didn't mention, but I know a great deal of folks who battle with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently before I might start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, 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 suggest, we remain in the early days of that technology, however much like throughout that time period, 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm always curious to talk with individuals who are, especially somebody like yourself, who's devoted the last, you understand, the lion's share of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic question.
They're two absolutely various things, but 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 value is that it is, there's only going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you look at that Bitcoin network, people continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And actually, with present 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've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't rely on paper cash, you can print a limitless quantity of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they currently do not think in their own currency? Yeah, and I believe we have actually already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. And so there's this entire growing global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer system that you can write computer programs for and run computer system programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, since you're basically buying programming 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 provide individuals a concept, like a really basic one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's kind of this same kind of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on numerous various areas and. undefined. I do not understand the ins and outs of it, however as an example for someone who might just be very fundamental in their understanding of this, there are a lot of different types of energies that are offered.
And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are probably utility 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 think the real chance lies in the utility coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And people need to comprehend that not all energy coins are created equal.
So you have the advantage of dedicating your profession to this, so you can head out there and do the reconnaissance, you can meet the creators, you can examine the code, etc. However for a typical individual, there's now what, over 1,000 different kinds of coins readily available, almost 1,200 I believe. 'Cause generally it'll crash 80% or so - Does the team have experience of executing in a successful manner in another location of their life? And it does not even need to be directly related to cryptocurrency, it doesn't need to be even directly associated to software, right? So, but I want to see a performance history of success in something, right? If it's 4 men in a space that are just out of college, unless they've got some actually excellent advisors behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of service, we continuously look for problems and how we can solve them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain generally? 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 essentially trying to find services that, so I'll give you an example.
And the reason that we bought it is due to the fact that they discovered a method 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 started it has a performance history of developing computer programs that whole states run their whole operations on, right? So you have actually got fine, the wise man has developed big computer system programs, fantastic group, fixing a massive problem that is going to cut huge costs.
I indicate, it doesn't get any simpler than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have a really easy guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).