So, a great deal of individuals find that too bothersome, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are willing to put in possibly 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 enjoy your ideas, however gosh, establishing a crypto account is so challenging." What I tell them is I say, "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 bigger. So you're in fact really making money a massive quantity of money to go through perhaps, you know, 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 straight through your trading software. And can you envision 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.
Today you discussed the procedure that individuals go through, and something I wish to bring to light too that you didn't discuss, but I know a lot of folks who battle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As tough 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 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 indicate, we remain in the early days of that technology, but just like during that duration 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 business, they made an outright 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 somebody like yourself, who's dedicated the last, you know, the lion's share of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a great question.
They're 2 completely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's just going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously try to hack it. But since of the nature of the network, today it's been unhackable. And really, with current technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when people put, you've 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 stating, "We don't rely on fiat money, you can print an unlimited amount of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or simply individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, because they currently don't 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 investors have a difficult time getting their head around. They resemble, "Well I do not need 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 on the planet that do not have stable currencies.
Yeah. And so there's this entire blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a global computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, since you're basically buying programs 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 offer individuals a concept, like a very basic one that I would envision 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 kind of this 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 numerous various locations and. I don't understand the ins and outs of it, however as an example for somebody who might just be very standard in their understanding of this, there are numerous various kinds of utilities that are offered.
And you type of mentioned 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, fix? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity lies in the utility coin space.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a few things that was going on, but people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to understand that not all energy coins are produced equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the reconnaissance, you can meet 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, almost 1,200 I believe.
How do they do that? That's a terrific concern. I will state that 95% of ICOs are either deceitful or just bad concepts. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with a horrible concept, that someone offers $40 million to. Right? Yeah, totally. So yeah, so I don't really take part in many ICOs, and I suggest you most likely side action that market, unless you've got an unique relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% or two. And that's when we truly start taking a look at the concept in more detail. So here are some fast and unclean things that you should look at, right? So, one is, are they fixing a problem that requires to be fixed? One of the big drawbacks with extremely clever, technical individuals, is that they like to solve issues that nobody cares about fixing.
Does the team have experience of carrying out in an effective manner in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't need to be even straight associated to software, right? So, however I wish to see a track record of success in something, right? If it's four men in a room that are simply out of college, unless they've got some really great consultants behind them, I'm most likely not going to give them any money.
Yeah. I believe that in marketing in general, my world of business, we continuously search for issues and how we can resolve them. Now, are the problems things that people are trying to resolve a part of the Blockchain usually? 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 essentially trying to find services that, so I'll offer you an example.
And the factor that we bought it is since they discovered a way to make documents 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 person that started it has a track record of producing computer system programs that entire states run their entire operations on, right? So you have actually got okay, the wise guy has actually built huge computer programs, excellent group, fixing a massive issue that is going to cut substantial expenses.
I suggest, it doesn't get any easier than that in regards to 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 a really simple rule, Ryan. If I don't understand something, I installed 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 talking to can't dumb it down enough where you understand it, then it's most likely not a great concept. Right, right. It's going to be simple to understand. And do you feel that you have years of experience evaluating business and taking a look at much, much larger companies.
Ryan: So you have actually looked at companies that are big companies, you have actually assessed much bigger marketcap type situations. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you mentioned, it is almost simply good sense. You just have to sort of appearance at it and believe reasonably about what's going on, and pull the feeling out? You have to pull the feeling out, and there are no standard metrics that you can look at.
Okay. What I can utilize that I discovered from dealing with Wall Street across 3 decades, is how to read individuals. I have actually fulfilled 10s of countless individuals throughout my career. I have actually satisfied insiders; I've fulfilled fund managers, I have actually fulfilled stock promoters, I've met all these different kinds of characters along the method.
So I think that's most likely among my super powers, if you will. And if you have actually got a good BS detector, you need to listen to it. Okay. You should definitely listen to it. If I'm taking a seat and I'm talking with someone, and they've got all the bonifides, but you understand, there's just; it's not sitting well with me, there's something about them that's not sitting well with me.
There are numerous other deals out there to take a look at. Yeah, there's excessive opportunity. Yeah. And speaking of opportunity, you know, you sort of mentioned at the start, Bitcoin and Ethereum, the majority of people have actually heard of these 2, especially Bitcoin, since it appears like it remains in the news all the time, something or the other.
Have they missed the boat on Bitcoin? Bitcoin is trading nearly upwards of $6,000 recently; it's come up from say $3,000 not too long earlier, it's rather unpredictable. Do they kind of await a pullback, or do they just state, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in 10 years." You know? Yeah that's a great concern.
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