So, a great deal of people find that too inconvenient, which's why the individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that are willing to put in maybe the 20 minutes required to go through a process which simply takes 5 minutes if you wish to establish a brokerage account.
" Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so challenging." 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 making money a huge amount of cash to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software. And can you imagine what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and one thing I wish to expose too that you didn't mention, however I know a great deal of folks who deal with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I imply 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 indicate, we're in the early days of that technology, however similar to during that period of time, for the folks that had the vision to see where the future was going, and then purchased 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 individuals who are, particularly somebody like yourself, who's dedicated the last, you understand, 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 a typical individual? That's a terrific concern.
They're 2 absolutely different 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 provides it value is that it is, there's just going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously try to hack it. But because of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on fiat money, you can print an unlimited quantity of it. It's actually 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 devaluation, 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 catalyst for more adoption, because 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 lot of American or Western financiers have a difficult time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. However there are billions of individuals on the planet that don't have steady currencies.
Yeah. And so there's this entire burgeoning international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially utilized, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a global computer system that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an energy token, because you're basically buying programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people an idea, like an extremely easy one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this same type of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on so numerous different areas and. I do not know the ins and outs of it, however as an example for somebody who may simply be very standard in their understanding of this, there are many various types of energies that are available.
And you sort of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, but I believe the real chance lies in the utility coin area.
There's all of these ICOs that were taking place, those decreased 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 begin to develop utility coins- Correct, yeah. And individuals need to comprehend that not all energy coins are produced equivalent.
So you have the benefit of devoting your profession to this, so you can head out there and do the recon, you can satisfy the founders, you can check the code, and so on. However for a typical person, there's now what, over 1,000 different types of coins available, nearly 1,200 I believe.
How do they do that? That's a fantastic concern. I will state that 95% of ICOs are either deceptive or simply bad concepts. Okay. Right? There's nothing even worse than someone that's young, earnest, with an awful idea, that somebody gives $40 million to. Right? Yeah, absolutely. So yeah, so I don't actually participate in numerous ICOs, and I suggest you most likely side step that market, unless you have actually got a special relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% or two. Which's when we truly start taking a look at the idea in more detail. So here are some fast and unclean things that you should look at, right? So, one is, are they solving an issue that requires to be resolved? Among the huge downsides with very clever, technical individuals, is that they like to resolve problems that nobody appreciates resolving.
Does the team have experience of executing in a successful manner in another location of their life? And it doesn't even have to be directly related to cryptocurrency, it does not 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 4 guys in a space that are simply out of college, unless they've got some truly good consultants behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of service, we continuously search for issues and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain typically? Or would you say it's much better if they're resolving type of a mass problem? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm basically trying to find options that, so I'll give you an example.
And the factor that we purchased it is because they found a way to make files tamper-proof, and it's 99% more affordable than present innovation, 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 system programs that whole states run their whole operations on, right? So you have actually got all right, the wise guy has actually built huge computer programs, terrific team, fixing a huge issue that is going to cut huge costs.
I suggest, it does not get any simpler than that in terms of choosing who to put cash behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have a truly basic guideline, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).
And then if the individual that you're speaking to can't dumb it down enough where you comprehend it, then it's most likely not an excellent idea. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience evaluating companies and taking a look at much, much larger companies.
Ryan: So you've taken a look at business that are big business, you've evaluated much bigger marketcap type circumstances. Do you feel that that experience has helped you? Or are we in such, kind of the infancy, that as you discussed, it is almost just common sense. You simply need to kind of appearance at it and believe logically about what's going on, and pull the feeling out? You need to pull the emotion out, and there are no conventional metrics that you can look at.
Okay. What I can use that I gained from dealing with Wall Street throughout three years, is how to check out people. I've fulfilled tens of thousands of individuals throughout my career. I have actually satisfied experts; I've met fund managers, I have actually met stock promoters, I've satisfied all these various types of characters along the method.
So I think that's most likely among my very powers, if you will. And if you have actually got a good BS detector, you ought to listen to it. Okay. You should definitely listen to it. If I'm sitting down and I'm talking with someone, and they have actually got all the bonifides, however you understand, there's simply; it's not agreeing with me, there's something about them that's not agreeing with me.
There are numerous other deals out there to look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you know, you sort of mentioned at the beginning, Bitcoin and Ethereum, many people have heard of these 2, especially Bitcoin, due to the fact that 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 almost upwards of $6,000 recently; it's shown up from say $3,000 not too long earlier, it's quite unstable. Do they type of await a pullback, or do they simply state, "Okay, I'm going to buy some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You know? Yeah that's a terrific question.
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