teeka tiwari, top coin picks 2018
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However scams and small scams. And there's something that a fraud 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 bad news came out. The huge hack. Which woke something up for me.
And so I can't neglect that. I have actually got to go dig deeper." And so I began traveling all around the world. I started going to Bitcoin occasions; I began to speaking to individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how massive that is! The ramifications of that, of having the ability to have data that we don't require to have it individually validated, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I understood I had to devote all my professional resources into becoming a specialist in this area.
And do you think, I imply 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 lot of folks might not even totally comprehend recognition process . undefined.
We were simply talking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that suddenly there's other individuals 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 think about that? I think that holds true.
It's not as easy as shooting up a web internet 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've got to submit your identity files, then you've got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too inconvenient, which's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a procedure which simply takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so challenging." What I inform 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 making money an enormous amount of cash 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 just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and one thing I wish to expose too that you didn't mention, however I understand a lot of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just buy $500 a week.
As tough as possible, right, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, 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 mean, we're in the early days of that innovation, however similar to during 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, due to the fact that I'm constantly curious to speak with individuals who are, particularly someone 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 explain cryptocurrency to like an average individual? That's a fantastic concern.
They're two totally different 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. Therefore what provides it worth is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously try to hack it. However because of the nature of the network, today it's been unhackable. And actually, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not trust fiat money, you can print a limitless amount of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that were in Cypress, or simply individuals who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, due to the fact that they already don't think in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. And so there's this whole burgeoning global demand 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 say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is basically a global computer that you can compose computer system programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially buying programs power. So I wouldn't really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like an extremely basic one that I would picture you 'd called an energy token, is like FileCoin.
Where the concept 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 resembles unstoppable kind of thing, due to the fact that it's on a lot of various areas and. And you kind of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity depends on the utility coin area.
There's all of these ICOs that were taking place, those slowed down a bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And people require to understand that not all energy coins are developed equal.
So you have the benefit of dedicating your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can inspect the code, and so on. But for a typical person, there's now what, over 1,000 different kinds of coins available, practically 1,200 I think. 'Cause generally it'll crash 80% or two - Does the group have experience of executing in a successful manner in another area of their life? And it does not even need to be straight associated to cryptocurrency, it doesn't need to be even straight related to software, right? So, however I desire to see a performance history of success in something, right? If it's 4 people in a room that are just out of college, unless they have actually got some really excellent advisors behind them, I'm probably not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of business, we constantly look for issues and how we can resolve them. Now, are the issues things that individuals are trying to fix a part of the Blockchain normally? Or would you state it's better if they're fixing type 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 essentially trying to find services that, so I'll provide 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 technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a performance history of developing computer programs that whole states run their whole operations on, right? So you have actually got fine, the clever man has actually constructed huge computer system programs, great group, solving an enormous problem that is going to cut substantial expenses.
I indicate, it does not get any easier than that in regards to choosing who to put money behind. And a lot of this is typical sense, and a great deal of folks will try to make things more complex than it is. And I have a really easy guideline, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).