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But frauds and small frauds. And there's something that a scams constantly does: it always 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 huge hack. Which woke something up for me.
And so I can't overlook that. I have actually got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I started to talking to individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of being able to have information that we don't need to have it separately verified, it's cryptographically confirmed. That principle 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 area.
And do you believe, I mean you mentioned something there about not needing to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks might not even totally comprehend validation process . We were simply speaking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the IRS and things like that. Do you believe that the average folks don't perhaps understand about these processes, so they don't perhaps see what you're saying as this breakthrough, they don't see it in their everyday life? Or what do you consider that? I believe that's real.
It's not as easy as firing 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 upload your identity files, then you've got to wait to get validated, and then lastly, you can go purchase some Bitcoin.
So, a lot of people discover that too inconvenient, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are prepared to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you desire to set up a brokerage account.
"Oh Teeka, we like your ideas, however gosh, establishing a crypto account is so tough." What I inform them is I say, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're actually truly getting paid an enormous quantity of cash to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that individuals go through, and one thing I desire to bring to light too that you didn't mention, but I know a lot of folks who fight with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever prior to I could begin purchasing in size on Coinbase. They resemble, 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 imply 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're in the early days of that innovation, however simply like throughout that amount 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 business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm constantly curious to talk to individuals who are, particularly somebody like yourself, who's dedicated the last, you know, the lion's share of the last few years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're 2 totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you look at that Bitcoin network, people continuously try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals 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 stating, "We don't rely on paper currency, you can print an endless amount of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals 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 possibly be a driver for more adoption, since they currently do not think in their own currency? Yeah, and I believe we have actually currently 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're like, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. And so there's this whole burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are basically used, let's say Ethereum, which a lot of people learn about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer system programs for and run computer programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, due to the fact that you're essentially buying shows 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 provide individuals a concept, like an extremely easy one that I would imagine 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 type of this same type of network result that you have with Bitcoin, where it's like unstoppable example, since it's on so many various areas and. And you type of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). Most 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 energy coin space.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people require to comprehend that not all utility coins are created equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can examine the code, and so on. But for a typical person, there's now what, over 1,000 various kinds of coins available, almost 1,200 I believe. 'Cause generally it'll crash 80% or so - undefined. And that's when we actually start taking a look at the idea in more detail. So here are some fast and dirty things that you should look at, right? So, one is, are they fixing an issue that needs to be resolved? Among the big disadvantages with extremely wise, technical people, is that they like to fix issues that nobody appreciates fixing.
Does the group have experience of performing in a successful manner in another location of their life? And it does not even need to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software, right? So, but I desire to see a track record 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 good advisors behind them, I'm most likely not going to offer them any cash.
Yeah. I think that in marketing in general, my world of service, we constantly look for issues and how we can resolve them. Now, are the issues things that people are trying to fix a part of the Blockchain typically? Or would you say it's much 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 generally looking for options that, so I'll give you an example.
And the reason that we purchased it is since they discovered a way to make files tamper-proof, and it's 99% cheaper than existing innovation, 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 creating computer programs that entire states run their whole operations on, right? So you've got okay, the smart guy has actually constructed substantial computer system programs, great team, fixing a massive problem that is going to cut huge expenses.
I indicate, it doesn't get any easier than that in regards to deciding who to put money behind. And a lot of this is typical sense, and a great deal of folks will try to make things more complex than it is. And I have a truly easy rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).