jefflenney.com teeka tiwari
teeka tiwari is a scammer
|
But frauds and small scams. And there's one thing 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 problem came out. The massive hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin events; I started to speaking with individuals that were smarter than me in this area. And what I realized is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of being able to have data that we do not require to have it independently confirmed, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to dedicate all my expert resources into ending up being a specialist in this area.
And do you think, I suggest you pointed out 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 lot of folks might not even completely understand validation process . We were simply talking about 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 do not maybe understand about these procedures, so they do not possibly see what you're saying as this development, they do not see it in their everyday life? Or what do you believe about that? I think that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you have actually got to upload your identity files, then you've got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a great deal of people discover that too inconvenient, which's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes needed to go through a procedure which just takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your ideas, but gosh, setting up a crypto account is so difficult." 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 whole cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a massive quantity of money to go through maybe, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you envision what will occur to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that people go through, and one thing I wish to bring to light too that you didn't discuss, but I understand a great deal of folks who deal with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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 indicate, we're in the early days of that technology, however just like throughout that period of time, 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to speak with individuals who are, especially someone like yourself, who's devoted the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a great question.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what gives it value is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly try to hack it. However because of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually 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 stating, "We don't trust paper cash, 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 , go on.
Yeah. Or people that were in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, since they already do not believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this whole burgeoning worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is basically an international computer system that you can write computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're basically purchasing shows power. So I would not truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people an idea, like a very basic one that I would imagine 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 same type of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on many various areas and. And you type of discussed 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). Many of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the real opportunity lies in the energy coin area.
There's all of these ICOs that were occurring, those slowed down 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 begin to produce energy coins- Correct, yeah. And individuals need to comprehend that not all energy coins are created equal.
So you have the benefit of dedicating your profession to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can inspect the code, and so on. But for an average individual, there's now what, over 1,000 various kinds of coins readily available, almost 1,200 I believe. 'Cause typically it'll crash 80% approximately - Does the team have experience of performing in a successful manner in another location of their life? And it does not even have to be straight related to cryptocurrency, it doesn't have to be even straight associated to software application, right? So, however I wish to see a track record of success in something, right? If it's four men in a space that are just out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to give them any cash.
Yeah. I think that in marketing in basic, my world of service, we constantly search for issues and how we can resolve them. Now, are the problems things that people are attempting to resolve a part of the Blockchain typically? Or would you state it's better if they're fixing kind 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 solutions that, so I'll offer you an example.
And the reason that we bought it is due to the fact that they found a method to make files tamper-proof, and it's 99% more affordable than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a track record of creating computer programs that entire states run their whole operations on, right? So you have actually got alright, the smart man has actually constructed substantial computer system programs, terrific group, resolving an enormous issue that is going to cut huge expenses.
I mean, it doesn't get any easier than that in regards to deciding who to put cash behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a really basic guideline, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).