teeka tiwari picks
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But scams and little scams. And there's something that a fraud 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 started taking a trip all around the world. I began going to Bitcoin occasions; I started to talking with people that were smarter than me in this space. And what I recognized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have data that we don't need to have it separately 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 space.
And do you believe, I mean you discussed something there about not needing 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 may not even completely understand recognition procedure . undefined.
We were just discussing how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then all of an unexpected there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the typical folks don't perhaps know about these processes, so they do not perhaps see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think of that? I believe that holds true.
It's not as simple as firing up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you've got to submit your identity documents, then you've got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, which's why the people that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a procedure which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so hard." 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 entire cryptocurrency market will be 10x larger. So you're in fact truly making money a massive amount of money to go through maybe, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software application. And can you picture what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and something I wish 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 way, you can just buy $1,000 a week. Or you can just buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever before I could begin purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, 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 indicate 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 indicate, we remain in the early days of that technology, however simply like during that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to talk with individuals who are, particularly somebody like yourself, who's devoted the last, you understand, the lion's share of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a great question.
They're two completely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's just going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. And so if you look at that Bitcoin network, people constantly attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on fiat money, you can print an endless quantity of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, best , proceed.
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 instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they already do not believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time getting their head around. They resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - undefined. However there are billions of people on the planet that don't have steady currencies.
Yeah. And so there's this whole burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are essentially used, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically an international computer that you can write computer programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an energy token, since you're essentially buying shows 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 provide people an idea, like an extremely basic one that I would picture you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this same type of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on many different areas and. undefined. I do not know the ins and outs of it, but as an example for somebody who might simply be extremely standard in their understanding of this, there are a lot of various kinds of utilities that are available.
And you sort of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I think the genuine chance lies in the utility coin area.
There's all of these ICOs that were occurring, those slowed down a little 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 create utility coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equal.
So you have the advantage of committing your profession to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can examine the code, and so on. However for an average person, there's now what, over 1,000 various types of coins available, practically 1,200 I think. 'Cause usually it'll crash 80% or two - Does the group have experience of performing in a successful way in another area of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't have to be even directly associated to software application, right? So, but I want to see a performance history of success in something, right? If it's four people in a space that are simply out of college, unless they've got some really good consultants behind them, I'm most likely not going to give them any cash.
Yeah. I think that in marketing in basic, my world of company, we continuously look for issues and how we can resolve them. Now, are the issues things that people are attempting to resolve a part of the Blockchain normally? Or would you say it's 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 essentially trying to find services that, so I'll provide you an example.
And the factor that we purchased it is since they discovered a way to make documents tamper-proof, and it's 99% more affordable than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of creating computer system programs that whole states run their entire operations on, right? So you've got all right, the smart man has constructed huge computer system programs, excellent team, resolving a huge issue that is going to cut big costs.
I suggest, it does not get any simpler than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have a really easy rule, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).