So, a lot of people find that too bothersome, and that's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are prepared to put in maybe the 20 minutes needed to go through a process which just takes 5 minutes if you wish to establish a brokerage account.
" Oh Teeka, we love your concepts, however gosh, establishing a crypto account is so tough." 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 whole cryptocurrency market will be 10x larger. So you're in fact really earning money a massive amount of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you imagine what will happen to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that individuals go through, and one thing I want to expose too that you didn't point out, however I understand a lot of folks who deal with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently prior to I might begin purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 innovation, but much like during that time period, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm constantly curious to speak with individuals who are, especially someone like yourself, who's committed the last, you understand, the bulk of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a fantastic question.
They're 2 completely different things, but 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. And so what offers it worth 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, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly try to hack it. However since of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't rely on paper cash, you can print an endless quantity of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that were in Cypress, or simply individuals who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, since they currently do not believe in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a lot of American or Western investors have a bumpy ride getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin. But there are billions of people worldwide that don't have steady currencies.
Yeah. And so there's this whole growing global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially used, let's state Ethereum, which a lot of people know about Ethereum. Ethereum is basically a global computer system that you can write computer programs for and run computer programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, since you're basically buying programs power. So I would not truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals a concept, like an extremely easy one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's kind of this exact same kind of network result that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on so lots of various locations and. I do not understand the ins and outs of it, but as an example for someone who might just be very basic in their understanding of this, there are many various kinds of utilities that are offered.
And you type of mentioned having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely utility 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 think the real chance 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 couple of things that was going on, however people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And people need to understand that not all energy coins are created equal.
So you have the benefit of committing your profession to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can examine the code, etc. However for an average person, there's now what, over 1,000 various types of coins available, practically 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 ideas. Okay. Right? There's nothing worse than someone that's young, earnest, with a dreadful concept, that someone offers $40 million to. Right? Yeah, completely. So yeah, so I don't truly take part in many ICOs, and I suggest you probably side step that market, unless you have actually got a special relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause normally it'll crash 80% or so. And that's when we truly begin looking at the idea in more detail. So here are some fast and dirty things that you should look at, right? So, one is, are they resolving an issue that requires to be resolved? Among the huge disadvantages with very wise, technical people, is that they like to resolve problems that nobody appreciates fixing.
Does the group have experience of executing in a successful manner in another area of their life? And it doesn't even need to be directly associated to cryptocurrency, it does not have to be even straight related to software, right? So, however I desire to see a track record of success in something, right? If it's 4 guys in a room that are just out of college, unless they've got some truly good advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of company, we constantly try to find problems and how we can resolve them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain generally? Or would you state it's better if they're solving 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 basically looking for options that, so I'll provide you an example.
And the factor that we bought it is because they found a method to make files tamper-proof, and it's 99% more affordable than existing technology, 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 producing computer programs that entire states run their entire operations on, right? So you have actually got fine, the smart person has actually developed substantial computer programs, terrific group, solving an enormous problem that is going to cut substantial costs.
I imply, it does not get any simpler than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have an actually easy rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).
And then if the person that you're talking with can't dumb it down enough where you understand it, then it's probably not an excellent concept. Right, right. It's going to be basic to understand. And do you feel that you have years of experience assessing companies and taking a look at much, much larger business.
Ryan: So you've looked at business that are huge business, you have actually evaluated 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 just sound judgment. You just need to sort of take a look at it and think rationally about what's going on, and pull the feeling out? You have to pull the emotion out, and there are no traditional metrics that you can look at.
Okay. What I can use that I gained from working on Wall Street throughout 3 decades, is how to read people. I have actually met 10s of countless individuals throughout my career. I have actually fulfilled insiders; I've met fund supervisors, I have actually satisfied stock promoters, I have actually fulfilled all these various types of characters along the way.
So I think that's probably one of my super powers, if you will. And if you have actually got an excellent BS detector, you ought to listen to it. Okay. You must absolutely listen to it. If I'm taking a seat and I'm talking with somebody, 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 sitting well with me.
There are so lots of other deals out there to take a look at. Yeah, there's too much chance. Yeah. And speaking of opportunity, you know, you sort of pointed out at the start, Bitcoin and Ethereum, the majority of people have heard of these two, especially Bitcoin, because it looks like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading nearly upwards of $6,000 just recently; it's turned up from say $3,000 not too long ago, it's quite unpredictable. Do they sort of wait on a pullback, or do they simply state, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in ten years." You know? Yeah that's a great concern.
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