So, a great deal of individuals 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 maybe the 20 minutes needed to go through a process which just takes five minutes if you want to set up a brokerage account.
" Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so tough." What I inform them is I say, "Look, when it's easy 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 truly getting paid a massive quantity of money to go through maybe, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you imagine what will occur to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and one thing I desire to bring to light too that you didn't discuss, however I know a great deal of folks who fight with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently prior to I might begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I indicate 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 suggest, we're in the early days of that innovation, however much like throughout that period of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm always curious to speak with people who are, specifically someone like yourself, who's committed the last, you know, the lion's share of the last couple of years to really 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, however 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 gives it worth is that it is, there's just 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 deals 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 truly, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust fiat money, you can print an endless quantity of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or just individuals who have suffered through either devaluation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, due to the fact that they currently do not think in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a hard time getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin. However there are billions of individuals on the planet that don't have stable currencies.
Yeah. And so there's this whole blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are essentially used, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is basically an international computer that you can write computer programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, since you're essentially buying shows power. So I would not really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals an idea, like an extremely simple one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so numerous various locations and. I do not know the ins and outs of it, however as an example for somebody who may simply be very fundamental in their understanding of this, there are a lot of various types of energies that are available.
And you sort of mentioned 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, however I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those decreased a 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 create energy coins- Correct, yeah. And individuals require to understand that not all utility coins are produced equivalent.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can fulfill the creators, you can check the code, etc. But for an average person, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I think.
How do they do that? That's a fantastic question. I will state that 95% of ICOs are either deceptive or just bad ideas. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with a dreadful concept, that someone gives $40 million to. Right? Yeah, completely. So yeah, so I do not really take part in lots of ICOs, and I recommend you probably side action that market, unless you've got an unique relationship, and you can get in on the pre-ICO, and then blow it out when it trades.
'Cause usually it'll crash 80% or two. And that's when we actually start taking a look at the concept in more information. So here are some fast and filthy things that you should look at, right? So, one is, are they fixing a problem that needs to be solved? Among the huge disadvantages with really smart, technical people, is that they like to resolve issues that no one cares about solving.
Does the group have experience of executing in a successful manner in another location of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not have to be even straight related to software application, right? So, however I want to see a performance history of success in something, right? If it's four guys in a space that are just out of college, unless they've got some really good consultants behind them, I'm probably not going to give them any money.
Yeah. I think that in marketing in basic, my world of business, we constantly try to find problems and how we can resolve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain normally? Or would you say it's much better if they're resolving sort 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 options that, so I'll give you an example.
And the reason that we purchased it is because they discovered a way to make documents tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a performance history of creating computer programs that whole states run their whole operations on, right? So you have actually got all right, the clever guy has actually developed substantial computer system programs, excellent group, resolving a huge issue that is going to cut substantial expenses.
I indicate, it does not get any easier than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have a truly basic guideline, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).
And then if the person that you're talking with can't dumb it down enough where you comprehend it, then it's probably not a great concept. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience examining companies and looking at much, much bigger business.
Ryan: So you've looked at business that are huge companies, you have actually examined 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 practically simply sound judgment. 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 look at.
Okay. What I can use that I discovered from dealing with Wall Street throughout three years, is how to read individuals. I have actually met tens of countless individuals throughout my profession. I have actually satisfied insiders; I have actually satisfied fund managers, I've satisfied stock promoters, I've satisfied all these various types of characters along the method.
So I believe that's probably among my super powers, if you will. And if you've got an excellent BS detector, you must listen to it. Okay. You must definitely listen to it. If I'm sitting down and I'm talking with someone, and they have actually got all the bonifides, but you understand, there's simply; it's not sitting well with me, there's something about them that's not agreeing with me.
There are numerous other offers out there to take a look at. Yeah, there's too much opportunity. Yeah. And speaking of opportunity, you know, you kind of pointed out at the start, Bitcoin and Ethereum, many people have become aware of these two, particularly Bitcoin, since it looks like it's 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 just recently; it's turned up from state $3,000 not too long back, it's quite volatile. Do they sort of wait on a pullback, or do they simply say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You understand? Yeah that's a fantastic question.
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