teeka tiwari o
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However scams and small frauds. And there's one thing that a scams constantly does: it always goes to no. 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 huge hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig much deeper." And so I began traveling all around the world. I began going to Bitcoin occasions; I began to talking with people that were smarter than me in this area. 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 overemphasize how massive that is! The ramifications of that, of being able to have data that we don't need to have it individually confirmed, it's cryptographically validated. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to dedicate all my expert resources into ending up being 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 confirm 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 comprehend recognition procedure . We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then 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 do not maybe understand about these procedures, so they do not maybe see what you're stating as this development, they do not see it in their daily life? Or what do you consider that? I think that holds true.
It's not as easy as firing up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to submit your identity files, then you have actually got to wait to get verified, and after that lastly, you can go buy some Bitcoin.
So, a lot of people find that too inconvenient, and that's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes required to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, 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 making money an enormous quantity of cash to go through maybe, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you imagine what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and something I desire to bring to light too that you didn't discuss, but I know a lot of folks who have problem with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever prior to I could start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I imply, 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 indicate 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 remain in the early days of that technology, but much like during that period of time, 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 always curious to talk to people who are, specifically somebody like yourself, who's committed the last, you know, the lion's share of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a terrific question.
They're two absolutely different 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. Therefore what provides it value is that it is, there's just going to be a limited amount. There'll never 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 look at that Bitcoin network, people continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And really, with existing innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't rely on fiat money, you can print an endless quantity of it. It's really not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that remained in Cypress, or just people who have actually suffered through either devaluation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, since they already don't believe in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a difficult time getting their head around. They resemble, "Well I don't need 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 growing international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are basically used, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a worldwide computer that you can write computer programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an utility token, since you're basically purchasing programs power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals an idea, like a really easy one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this exact same kind of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many different locations and. And you sort of mentioned having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely energy based, fix? 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 believe the genuine chance 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 individuals are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals need to understand that not all utility coins are created equal.
So you have the benefit of dedicating your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can examine the code, etc. But for a typical person, there's now what, over 1,000 various types of coins available, nearly 1,200 I believe. 'Cause generally it'll crash 80% or so - undefined. Which's when we actually begin looking at the idea in more information. So here are some fast and filthy things that you should look at, right? So, one is, are they fixing an issue that requires to be fixed? One of the big downsides with extremely smart, technical individuals, is that they like to resolve issues that nobody appreciates resolving.
Does the group have experience of executing in a successful way in another location of their life? And it doesn't even have to be directly related to cryptocurrency, it doesn't have to be even directly related to software application, right? So, however I wish to see a performance history of success in something, right? If it's four men in a room that are just out of college, unless they've got some actually great advisors behind them, I'm probably not going to provide them any cash.
Yeah. I believe that in marketing in basic, my world of organization, we constantly try to find problems and how we can solve them. Now, are the issues things that individuals are attempting to fix a part of the Blockchain usually? 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 services that, so I'll give you an example.
And the reason that we purchased it is because they discovered a way to make documents tamper-proof, and it's 99% less expensive than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a performance history of producing computer programs that entire states run their entire operations on, right? So you've got okay, the clever man has constructed substantial computer system programs, terrific team, resolving a huge problem that is going to cut huge costs.
I mean, it doesn't get any simpler than that in terms of deciding who to put money behind. And a lot of this is typical 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 understand something, I set up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).