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However frauds and little frauds. And there's one thing that a fraud always does: it constantly goes to no. But 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. And that woke something up for me.
And so I can't disregard 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 people that were smarter than me in this area. And what I understood is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have information that we do not need to have it separately verified, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I knew I needed to commit all my expert resources into ending up being a specialist in this area.
And do you believe, I imply you discussed something there about not having to get a third-party, or intermediary to validate 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 process . We were simply discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that all of an abrupt there's other people getting notified about it, like the IRS and things like that. Do you believe that the typical folks don't perhaps understand about these processes, so they don't possibly see what you're saying as this development, they don't 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 pressing a buy button and purchasing 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 then finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too inconvenient, which's why the people that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are ready to put in maybe the 20 minutes required to go through a process which just takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your ideas, but gosh, establishing a crypto account is so challenging." What I tell them is I say, "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 larger. So you're in fact really getting paid an enormous quantity of cash to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you envision what will happen to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and something I wish to expose too that you didn't discuss, but I know a lot of folks who have problem with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, 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 mean 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're in the early days of that technology, however just like throughout that time period, for the folks that had the vision to see where the future was going, and then bought in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm constantly curious to talk with individuals who are, particularly somebody like yourself, who's dedicated the last, you understand, the lion's share of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's an excellent question.
They're 2 completely various things, but 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 gives it worth is that it is, there's only going to be a limited quantity. There'll never 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 take a look at that Bitcoin network, people constantly try to hack it. But because of the nature of the network, today it's been unhackable. And actually, with existing innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore 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 don't rely on fiat money, you can print an unrestricted quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either hyperinflation, 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 potentially be a driver for more adoption, because they currently don't believe in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole growing worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a global computer that you can compose computer system programs for and run computer programs on a worldwide decentralized computer system program.
So we think about something like Ether an energy token, because you're basically purchasing programming 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 people a concept, like a really simple one that I would picture 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 very same type of network result that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many different areas and. And you type of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the utility coin area.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And individuals need to understand that not all utility coins are developed equal.
So you have the advantage of devoting your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can inspect the code, etc. But for an average person, there's now what, over 1,000 various types of coins available, nearly 1,200 I think. 'Cause usually it'll crash 80% or two - Does the team have experience of executing in an effective way in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it does not have to be even straight associated to software, right? So, however I want to see a track record of success in something, right? If it's 4 men in a room that are simply out of college, unless they've got some really excellent advisors behind them, I'm most likely not going to provide them any cash.
Yeah. I think that in marketing in basic, my world of company, we continuously look for issues and how we can fix them. Now, are the problems things that people are trying to solve a part of the Blockchain generally? Or would you state it's better if they're resolving 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 generally trying to find solutions that, so I'll provide you an example.
And the factor that we bought it is because they found a method to make files tamper-proof, and it's 99% cheaper than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a track record of developing computer system programs that whole states run their whole operations on, right? So you've got all right, the smart person has constructed huge computer system programs, fantastic team, fixing an enormous issue that is going to cut huge expenses.
I indicate, it does not get any easier than that in regards to choosing who to put money behind. And a lot of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really simple rule, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).