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But frauds and little frauds. And there's one thing that a fraud constantly does: it constantly goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The massive hack. And that woke something up for me.
Therefore I can't neglect that. I have actually got to go dig deeper." And so I started taking a trip all around the world. I began going to Bitcoin events; I started to talking to individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology 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 information that we don't need to have it independently validated, it's cryptographically confirmed. That concept can ripple out throughout the whole higher economy. And when that cent dropped, I knew I needed to commit all my expert resources into becoming an expert in this space.
And do you think, 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 factor that this isn't getting as much mass adoption is that a great deal of folks may not even totally understand validation process . 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 alerted about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't possibly learn about these procedures, so they don't 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 believe that holds true.
It's not as easy as shooting 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 have actually got to upload your identity files, then you have actually got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, and that's why the people that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes needed to go through a procedure which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, establishing a crypto account is so tough." What I inform them is I state, "Look, when it's simple 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 in fact really getting paid an enormous quantity of cash to go through possibly, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you envision what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and something I wish to bring to light too that you didn't point out, however I understand a great deal of folks who fight with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, 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 suggest 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 remain in the early days of that innovation, however just like during that time period, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm constantly curious to speak with people who are, specifically somebody like yourself, who's dedicated the last, you understand, the lion's share of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a fantastic concern.
They're two absolutely 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 gives it value is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current technology, 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 have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on paper currency, you can print an unlimited quantity of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that remained in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they currently 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 great deal of American or Western investors have a hard 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 don't need Bitcoin - Yeah. Therefore there's this whole burgeoning worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically utilized, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, because you're basically purchasing shows power. So I would not truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely easy one that I would imagine you 'd called an utility token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this exact same type of network result that you have with Bitcoin, where it's like unstoppable example, since it's on so lots of various locations and. And you type 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, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, however I think the genuine chance lies in the energy coin area.
There's all of these ICOs that were happening, those decreased a 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 require to understand that not all utility coins are produced equivalent.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can fulfill the creators, you can check the code, etc. However for a typical person, there's now what, over 1,000 various types of coins available, nearly 1,200 I believe. 'Cause usually it'll crash 80% approximately - undefined. And that's when we really start taking a look at the concept in more detail. So here are some quick and dirty things that you should take a look at, right? So, one is, are they resolving a problem that requires to be fixed? One of the huge drawbacks with very smart, technical people, is that they like to solve problems that nobody cares about resolving.
Does the team have experience of carrying out in a successful way in another location of their life? And it does not even need to be straight associated to cryptocurrency, it does not need to be even straight related to software application, right? So, however I wish to see a track record 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 excellent consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in basic, my world of company, we continuously try to find problems and how we can fix them. Now, are the problems things that people are trying to resolve a part of the Blockchain typically? Or would you say it's better if they're fixing sort 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 basically looking for options that, so I'll offer you an example.
And the reason that we bought it is since they discovered a way to make documents tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a performance history of creating computer programs that whole states run their whole operations on, right? So you've got fine, the wise guy has constructed big computer programs, fantastic team, fixing an enormous issue that is going to cut substantial expenses.
I imply, 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 try to make things more complex than it is. And I have an actually basic guideline, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).