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But frauds and small frauds. And there's something that a fraud always does: it constantly goes to zero. But 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. Which woke something up for me.
And so I can't neglect that. I've got to go dig 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 space. And what I recognized is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of having the ability to have data that we do not need to have it separately validated, it's cryptographically confirmed. That concept can ripple out throughout the entire greater economy. And when that penny dropped, I knew I needed to commit all my expert resources into becoming a professional in this space.
And do you think, I mean you mentioned something there about not having 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 completely comprehend recognition process . We were simply discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that all of an abrupt there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the typical folks don't possibly understand about these procedures, so they do not perhaps see what you're saying as this advancement, they do not see it in their daily life? Or what do you consider that? I think that's real.
It's not as simple as firing up a web internet 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've got to publish 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 people find that too inconvenient, which's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a process which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, but gosh, establishing a crypto account is so challenging." 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 bigger. So you're in fact truly getting paid an enormous amount of money to go through maybe, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software. And can you envision 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 expose too that you didn't discuss, however I know a lot 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 buy $500 a week.
As hard as possible, right, like Coinbase. It 'd take me permanently prior to I could start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I mean 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 innovation, however much like throughout that time period, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm constantly curious to speak to people who are, especially someone like yourself, who's devoted the last, you understand, the better part of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly attempt to hack it. However because of the nature of the network, today it's been unhackable. And truly, with current 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 people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not trust fiat money, you can print a limitless amount of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either devaluation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, since they currently don't believe 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 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 don't need Bitcoin - undefined. But there are billions of individuals in the world that don't have stable currencies.
Yeah. Therefore there's this whole blossoming global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically a worldwide computer that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we consider something like Ether an energy token, because you're essentially purchasing programs power. So I would not truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like an extremely basic one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept 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 kind of thing, due to the fact that it's on many various areas and. And you kind of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I think the real opportunity lies in the utility coin area.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and start to create energy coins- Correct, yeah. And individuals need to comprehend that not all energy coins are developed equivalent.
So you have the benefit of committing your profession 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. However for a typical individual, there's now what, over 1,000 various types of coins readily available, practically 1,200 I believe. 'Cause generally it'll crash 80% or so - Does the group have experience of performing in an effective manner in another location of their life? And it doesn't even have to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software, right? So, however I wish to see a track record of success in something, right? If it's 4 men in a space that are just out of college, unless they have actually got some actually great advisors behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of business, we continuously look for issues and how we can resolve them. Now, are the problems things that people are trying to resolve a part of the Blockchain normally? Or would you state it's much better if they're solving type 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 looking for options that, so I'll offer 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% cheaper than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a track record of producing computer system programs that entire states run their whole operations on, right? So you've got okay, the clever person has constructed substantial computer system programs, terrific group, fixing a massive problem that is going to cut big costs.
I suggest, it doesn't get any easier than that in regards to deciding who to put cash behind. And a great deal of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually simple guideline, Ryan. If I don't understand something, I set up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).