So, a lot of individuals discover that too inconvenient, and that's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in maybe the 20 minutes required to go through a process which simply takes 5 minutes if you desire to set up a brokerage account.
" Oh Teeka, we like your concepts, but gosh, establishing a crypto account is so tough." 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 actually truly earning money an enormous amount of money to go through perhaps, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software. And can you imagine what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as firing 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 know a lot of folks who have problem with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me forever prior to I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 load a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I imply, we're in the early days of that technology, however similar to 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm always curious to speak with individuals who are, especially someone like yourself, who's committed the last, you understand, the better part of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic question.
They're 2 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 only going to be a restricted amount. 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, individuals continuously attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, with existing technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually 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 saying, "We don't trust paper currency, you can print a limitless amount of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, because 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 great deal of American or Western financiers have a difficult time getting their head around. They're like, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin. However there are billions of individuals worldwide that don't have steady currencies.
Yeah. Therefore there's this whole growing worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is essentially an international computer system that you can write 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 purchasing programming power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like a really simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's sort of this very same kind of network result that you have with Bitcoin, where it's like unstoppable example, since it's on a lot of different locations and. I do not know the ins and outs of it, however as an example for someone who might simply be very standard in their understanding of this, there are numerous different kinds of energies that are readily available.
And you type of pointed out having this boots on the ground experience. Now, since we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the energy coin space.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a couple of things that was going on, but individuals are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And people need to comprehend that not all energy coins are developed equivalent.
So you have the advantage of committing your profession to this, so you can go out there and do the reconnaissance, you can meet the creators, you can examine the code, etc. But for a typical person, there's now what, over 1,000 different kinds of coins offered, almost 1,200 I think.
How do they do that? That's a terrific concern. I will state that 95% of ICOs are either deceptive or just bad concepts. Okay. Right? There's nothing even worse than somebody that's young, earnest, with a horrible concept, that someone provides $40 million to. Right? Yeah, absolutely. So yeah, so I don't really take part in numerous ICOs, and I advise you probably side action that market, unless you've got a special relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause usually it'll crash 80% or two. Which's when we actually start taking a look at the concept in more detail. So here are some quick and dirty things that you should take a look at, right? So, one is, are they solving a problem that requires to be resolved? Among the huge drawbacks with very wise, technical people, is that they like to solve issues that nobody cares about fixing.
Does the team have experience of performing in an effective manner in another location of their life? And it does not even have to be straight associated to cryptocurrency, it does not have to be even straight related to software, right? So, but I wish to see a performance history of success in something, right? If it's 4 men in a room that are just out of college, unless they've got some really excellent advisors behind them, I'm most likely not going to offer them any money.
Yeah. I believe that in marketing in general, my world of service, we constantly try to find issues and how we can fix them. Now, are the issues things that people are trying to fix a part of the Blockchain typically? Or would you state it's much better if they're solving 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 basically looking for options that, so I'll provide you an example.
And the reason that we purchased it is since they discovered a way to make files tamper-proof, and it's 99% less expensive than current 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 producing computer system programs that whole states run their whole operations on, right? So you've got fine, the wise guy has built huge computer system programs, great team, fixing an enormous issue that is going to cut substantial costs.
I suggest, it doesn't get any simpler than that in terms of deciding who to put money behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually basic rule, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).
And after that if the person that you're speaking to can't dumb it down enough where you understand it, then it's most likely not an excellent idea. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience evaluating companies and taking a look at much, much bigger business.
Ryan: So you've taken a look at business that are huge business, you have actually assessed much larger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you pointed out, it is almost just typical sense. You simply have to type of take a look at it and think reasonably about what's going on, and pull the feeling out? You need to pull the feeling out, and there are no standard metrics that you can take a look at.
Okay. What I can use that I gained from dealing with Wall Street across three years, is how to check out people. I've met tens of countless individuals throughout my career. I've met experts; I have actually satisfied fund supervisors, I have actually satisfied stock promoters, I've satisfied all these various kinds of characters along the method.
So I believe that's most likely among my very powers, if you will. And if you've got a good BS detector, you must listen to it. Okay. You ought to absolutely listen to it. If I'm taking a seat and I'm talking with someone, and they've got all the bonifides, however you know, there's simply; it's not agreeing with me, there's something about them that's not agreeing with me.
There are many other offers out there to look at. Yeah, there's too much chance. Yeah. And speaking of chance, you know, you kind of mentioned at the start, Bitcoin and Ethereum, a lot of individuals have actually become aware of these two, particularly Bitcoin, due to the fact that it seems like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading practically upwards of $6,000 just recently; it's turned up from say $3,000 not too long earlier, it's quite unstable. Do they sort of await a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in ten years." You understand? Yeah that's an excellent question.
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