teeka tiwari picks
teeka tiwari'
doug casey & teeka tiwari bitcoin presentation 4-20-17
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But frauds and little scams. And there's something that a fraud always does: it always goes to absolutely no. 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 enormous hack. Which woke something up for me.
Therefore I can't overlook that. I've got to go dig much deeper." And so I began traveling all around the world. I began going to Bitcoin events; I started to speaking to people that were smarter than me in this area. And what I realized is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of being able to have data that we do not require to have it independently verified, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I understood I had to devote all my expert resources into becoming a professional in this space.
And do you believe, I mean you pointed out something there about not needing 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 comprehend recognition process . undefined.
We were just speaking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and then all of a sudden there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks don't maybe understand about these procedures, so they do not perhaps see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think about 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 pushing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you have actually got to wait to get confirmed, and after that lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, which's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes required to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." 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 actually really earning money an enormous quantity of money to go through possibly, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will take place to this whole market when buying Bitcoin or any cryptocurrency is as simple 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 expose too that you didn't discuss, but I understand a great deal of folks who battle with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me permanently prior to I could start buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I suggest, 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 imply 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 suggest, we remain in the early days of that technology, but simply like throughout that amount of time, for the folks that had the vision to see where the future was going, and then 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, due to the fact that I'm always curious to talk with people who are, specifically somebody like yourself, who's committed the last, you know, 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 person? That's a great concern.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it value is that it is, there's just going to be a limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not rely on paper currency, you can print a limitless quantity of it. It's really not protect, 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 suffered through either run-away inflation, or there's a high need 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, due to the fact that they currently don't believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western financiers 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 steady currency, right? You don't require Bitcoin - Yeah. And so there's this whole growing international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically used, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially an international computer system that you can write computer programs for and run computer system programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, because you're essentially purchasing shows power. So I would not actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like a very basic one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of different locations and. And you sort 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). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were happening, those slowed down a little bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are created equal.
So you have the benefit of devoting your profession to this, so you can head out there and do the reconnaissance, you can meet the founders, you can examine the code, and so on. But for an average person, there's now what, over 1,000 different types of coins offered, almost 1,200 I believe. 'Cause typically it'll crash 80% or two - Does the group have experience of performing in an effective manner in another area of their life? And it does not even have to be straight related to cryptocurrency, it doesn't have to be even directly 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 room that are just out of college, unless they've got some really good advisors behind them, I'm probably not going to provide them any cash.
Yeah. I think that in marketing in basic, my world of business, we constantly look for problems and how we can solve them. Now, are the issues things that individuals are trying to solve a part of the Blockchain typically? Or would you state it's better if they're fixing sort 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 trying to find options that, so I'll give you an example.
And the reason that we purchased it is due to the fact that they discovered a way to make documents tamper-proof, and it's 99% less expensive than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of producing computer programs that entire states run their entire operations on, right? So you have actually got alright, the smart guy has built huge computer system programs, great group, fixing a massive issue that is going to cut big expenses.
I suggest, it does not get any simpler than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really simple guideline, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).