teeka tiwari is a fraud
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However frauds and little frauds. And there's something that a fraud always does: it always 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 massive hack. And that woke something up for me.
Therefore I can't disregard that. I have actually got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I began to speaking to people that were smarter than me in this area. And what I realized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of having the ability to have data that we don't need to have it separately confirmed, it's cryptographically validated. That principle can ripple out throughout the whole higher economy. And when that penny dropped, I knew I needed to commit all my expert resources into becoming a specialist in this space.
And do you think, 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 may not even fully comprehend recognition procedure . We were just discussing how I'm delegating 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 average folks don't perhaps understand about these procedures, so they don't perhaps see what you're stating as this breakthrough, they don't see it in their everyday life? Or what do you think of that? I think that holds true.
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 publish your identity documents, then you have actually got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals find that too inconvenient, which's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in maybe 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 like your ideas, but gosh, establishing a crypto account is so hard." What I tell them is I state, "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 earning money an enormous amount of money to go through maybe, you understand, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software application. And can you imagine what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and something I want to bring to light too that you didn't discuss, however I know a great deal 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 purchase $500 a week.
As difficult as possible, right, 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 indicate, 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 indicate 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 mean, we remain in the early days of that innovation, but just like during 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to speak with people who are, specifically someone like yourself, who's devoted the last, you know, the lion's share of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic question.
They're 2 absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it worth is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And actually, with present innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when people 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 rely on paper money, you can print an unlimited quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that were in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they already 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 great deal of American or Western financiers have a bumpy ride getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. And so there's this entire blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a worldwide computer system that you can write computer programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an energy token, because you're basically buying programs power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals an idea, like an extremely basic one that I would envision you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this very same type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on numerous different areas and. And you sort of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real chance lies in the energy 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, but people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to comprehend that not all utility coins are developed equivalent.
So you have the benefit of devoting your profession to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can examine the code, and so on. However for an average person, there's now what, over 1,000 different types of coins available, nearly 1,200 I think. 'Cause generally it'll crash 80% or two - Does the group have experience of carrying out in an effective manner in another location of their life? And it does not even have to be straight related to cryptocurrency, it does not need to be even directly associated to software, right? So, however I wish to see a track record of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some truly great consultants behind them, I'm probably not going to give them any money.
Yeah. I believe that in marketing in basic, my world of company, we constantly search for issues and how we can resolve them. Now, are the problems things that people are attempting to fix a part of the Blockchain generally? Or would you state it's much 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 generally looking for options that, so I'll give you an example.
And the reason that we purchased it is since they discovered a method to make documents tamper-proof, and it's 99% more affordable than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a track record of developing computer system programs that entire states run their whole operations on, right? So you have actually got fine, the smart guy has actually built big computer programs, terrific team, fixing an enormous problem that is going to cut big 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 prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have a truly simple rule, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).