teeka tiwari was the youngest vp of lehman brothers
top coins recommended by teeka tiwari
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However frauds and small frauds. And there's something that a scams constantly does: it always goes to zero. However 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. Which woke something up for me.
Therefore I can't disregard that. I've got to go dig deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this space. And what I realized is that Blockchain technology 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 implications of that, of being able to have data that we do not need to have it independently confirmed, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I knew I had to commit all my expert resources into becoming a professional in this area.
And do you believe, I indicate you pointed out something there about not having to get a third-party, or intermediary to confirm something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks may not even fully understand validation procedure . We were simply discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that all of a sudden there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not possibly learn about these processes, so they don't possibly see what you're stating as this development, they do not see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as simple as firing up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to upload your identity documents, then you've got to wait to get verified, and after that lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, and that's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your concepts, however gosh, establishing a crypto account is so difficult." 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 amount of cash to go through possibly, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you picture what will take place to this whole market when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and something I wish to expose too that you didn't point out, but I understand a lot of folks who fight with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, 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 suggest it would take 20 minutes to pack 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're in the early days of that innovation, but simply like during that time period, for the folks that had the vision to see where the future was going, and after that purchased 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 to people who are, particularly someone like yourself, who's committed the last, you know, the much better part of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a great concern.
They're 2 completely different things, however 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. And so what provides it worth is that it is, there's only going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, with present innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got individuals 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 trust fiat money, you can print an unlimited quantity of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that remained in Cypress, or just people who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need 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 do not 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 don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. And so there's this entire growing worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are essentially utilized, let's say Ethereum, which a lot of people know about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer system programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially purchasing shows power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a very easy one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's sort of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on a lot of various locations and. And you type of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the real opportunity lies in the utility coin area.
There's all of these ICOs that were occurring, those decreased a bit with some modifications 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 people require to understand that not all energy coins are produced equal.
So you have the benefit of devoting your profession to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 various kinds of coins available, almost 1,200 I believe. 'Cause generally it'll crash 80% or so - Does the team have experience of carrying out in a successful manner in another area of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't need to be even straight associated to software, right? So, however I desire to see a performance history of success in something, right? If it's 4 guys 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 any cash.
Yeah. I believe that in marketing in basic, my world of business, we continuously try to find issues and how we can fix them. Now, are the issues things that people are trying to resolve a part of the Blockchain normally? Or would you state it's better if they're resolving 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 trying to find services that, so I'll provide you an example.
And the factor that we bought it is since they found a method to make files 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 guy that started it has a track record of developing computer programs that entire states run their whole operations on, right? So you have actually got all right, the clever person has constructed substantial computer programs, fantastic group, fixing a massive problem that is going to cut substantial expenses.
I suggest, it doesn't get any simpler than that in terms of choosing who to put cash behind. And a lot of this is common sense, and a lot of folks will attempt to make things more complex than it is. And I have a truly basic guideline, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).