So, a great deal of people discover that too troublesome, which's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes needed to go through a procedure which just takes 5 minutes if you desire to set up a brokerage account.
" Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so difficult." What I tell 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 bigger. So you're actually really getting paid a massive quantity of money to go through possibly, you understand, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply 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 whole marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and one thing I wish to bring to light too that you didn't mention, however I know a great deal of folks who have problem with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As challenging 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 mean, it's if you remember the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 indicate, we're in the early days of that technology, but much like during that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm always curious to speak to individuals who are, particularly someone like yourself, who's devoted the last, you understand, the bulk of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's an excellent concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it value is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the transactions on the Bitcoin network. And so 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 existing innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when people 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 stating, "We don't trust fiat money, you can print a limitless amount of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that were in Cypress, or just individuals who have 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 possibly be a driver for more adoption, since they currently don't believe in their own currency? Yeah, and I believe we have actually already 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 resemble, "Well I do not require Bitcoin, I have money." 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 steady currencies.
Yeah. Therefore there's this entire blossoming worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are essentially utilized, let's say Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, because you're basically purchasing programming power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely easy one that I would picture you 'd called an energy token, resembles 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 impact that you have with Bitcoin, where it's like unstoppable example, because it's on many different locations and. I don't understand the ins and outs of it, but as an example for someone who might simply be extremely standard in their understanding of this, there are many different kinds of utilities that are offered.
And you kind of pointed out 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, but I think the real chance depends on the utility coin area.
There's all of these ICOs that were happening, those decreased a little bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are developed equal.
So you have the benefit of committing your occupation to this, so you can go out there and do the recon, you can fulfill the creators, you can check the code, and so on. But for a typical individual, there's now what, over 1,000 different types of coins available, almost 1,200 I think.
How do they do that? That's a terrific question. I will say that 95% of ICOs are either fraudulent or just bad ideas. Okay. Right? There's nothing worse than somebody that's young, earnest, with a terrible concept, that somebody provides $40 million to. Right? Yeah, absolutely. So yeah, so I do not actually take part in lots of ICOs, and I recommend you most likely side action that market, unless you've got an unique relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause typically it'll crash 80% approximately. And that's when we actually begin looking at the concept in more detail. So here are some fast and filthy things that you should look at, right? So, one is, are they fixing a problem that requires to be resolved? Among the big disadvantages with extremely smart, technical people, is that they like to solve problems that no one appreciates fixing.
Does the group have experience of performing in an effective manner in another area of their life? And it doesn't even have to be directly associated to cryptocurrency, it doesn't have 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 guys in a space that are just out of college, unless they've got some truly great consultants behind them, I'm probably not going to give them any money.
Yeah. I think that in marketing in basic, my world of service, we continuously look for problems and how we can resolve them. Now, are the issues things that individuals are trying to solve a part of the Blockchain typically? Or would you state it's better if they're fixing 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 searching for services that, so I'll give you an example.
And the reason that we purchased it is since they found a way to make documents tamper-proof, and it's 99% cheaper than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a performance history of creating computer programs that entire states run their whole operations on, right? So you have actually got alright, the smart man has actually developed huge computer system programs, fantastic team, fixing a massive problem that is going to cut huge expenses.
I mean, it doesn't get any easier than that in regards to choosing who to put money behind. And a great deal of this is typical sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly easy guideline, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).
And after that if the person that you're talking with can't dumb it down enough where you comprehend it, then it's probably not a good concept. Right, right. It's going to be basic to comprehend. And do you feel that you have years of experience evaluating companies and looking at much, much larger companies.
Ryan: So you have actually taken a look at companies that are huge companies, you've evaluated much larger marketcap type circumstances. Do you feel that that experience has helped you? Or are we in such, type of the infancy, that as you mentioned, it is almost simply good sense. You just need to type of take a look 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 traditional metrics that you can take a look at.
Okay. What I can utilize that I gained from working on Wall Street throughout 3 years, is how to read individuals. I've satisfied tens of countless individuals throughout my career. I have actually fulfilled experts; I've fulfilled fund managers, I have actually fulfilled stock promoters, I have actually fulfilled all these various kinds of characters along the way.
So I think that's most likely among my super powers, if you will. And if you have actually got a great BS detector, you should listen to it. Okay. You must absolutely listen to it. If I'm taking a seat and I'm talking with somebody, and they have actually got all the bonifides, but you understand, there's just; it's not agreeing with me, there's something about them that's not sitting well with me.
There are a lot of other offers out there to take a look at. Yeah, there's too much chance. Yeah. And speaking of opportunity, you know, you kind of pointed out at the start, Bitcoin and Ethereum, many people have actually heard of these two, especially Bitcoin, because it seems like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading almost upwards of $6,000 recently; it's come up from say $3,000 not too long ago, it's quite unstable. Do they sort of wait for a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You know? Yeah that's a great concern.
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