shearson lehman teeka tiwari
teeka tiwari blockchain
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However frauds and little scams. And there's one thing that a fraud always does: it always goes to no. However 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.
And so I can't disregard that. I've got to go dig deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I began to speaking to individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of being able to have information that we don't require to have it individually verified, it's cryptographically verified. That principle can ripple out throughout the entire greater economy. And when that penny dropped, I knew I had to dedicate all my professional resources into becoming a professional in this space.
And do you think, I suggest you mentioned something there about not having to get a third-party, or intermediary to confirm something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks might not even completely understand recognition process . We were just discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not perhaps understand about these procedures, so they don't maybe see what you're stating as this advancement, they do not see it in their everyday life? Or what do you consider that? I believe that's true.
It's not as simple as firing up a web internet 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 verified, and then lastly, you can go purchase some Bitcoin.
So, a lot of people find that too inconvenient, which's why the people that are literally making the most amount of cash 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 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a massive quantity of money to go through possibly, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you imagine what will take place 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 pointed out the process that individuals go through, and something I desire to expose too that you didn't point out, but I know a lot of folks who fight 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 difficult as possible, right, like Coinbase. It 'd take me permanently before I might begin purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I imply, 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 mean 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, but simply 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk to individuals who are, specifically somebody like yourself, who's devoted the last, you know, 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 an excellent question.
They're 2 absolutely different things, but 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 restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And actually, with present technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust paper cash, you can print an unrestricted quantity of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that were in Cypress, or simply people who have actually suffered through either run-away inflation, or there's a high need 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, due to the fact that they currently do not believe in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult 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 stable currency, right? You don't require Bitcoin - Yeah. And so there's this whole growing global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are basically utilized, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a global computer system that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially buying programs 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 an extremely simple one that I would envision 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 very same type of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so lots of various areas and. And you kind of mentioned having this boots on the ground experience. Now, given that we're looking 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 believe the genuine chance depends on the utility coin space.
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 begin to produce energy coins- Correct, yeah. And people need to understand that not all energy coins are created equal.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 various types of coins readily available, nearly 1,200 I think. 'Cause usually it'll crash 80% or so - 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 doesn't need to be even directly related to software, right? So, however I wish to see a performance history 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 really excellent consultants behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in general, my world of business, we constantly try to find issues and how we can solve them. Now, are the issues things that individuals are attempting to fix a part of the Blockchain generally? Or would you state it's better if they're solving 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 looking for options that, so I'll give you an example.
And the reason that we purchased it is because they found a way to make files tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of creating computer programs that entire states run their whole operations on, right? So you've got fine, the clever person has developed huge computer system programs, fantastic group, fixing an enormous problem that is going to cut huge expenses.
I imply, it doesn't get any easier than that in terms of deciding who to put cash behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly basic rule, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).