So, a lot of people find that too inconvenient, which's why the people that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a procedure which just takes five minutes if you desire to establish a brokerage account.
" Oh Teeka, we enjoy your ideas, but gosh, setting up a crypto account is so hard." What I tell them is I say, "Look, when it's simple 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 actually really getting paid an enormous amount of cash to go through perhaps, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you picture what will occur to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and something I want to bring to light too that you didn't mention, however I know a lot of folks who fight with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As tough as possible, right, like Coinbase. It 'd take me forever before I might start buying in size on Coinbase. They're like, 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 Web, we were doing it with 56k modems, right? I suggest 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 mean, we remain in the early days of that innovation, but much like throughout that time period, for the folks that had the vision to see where the future was going, and then bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm always curious to speak to individuals who are, especially someone like yourself, who's committed the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic concern.
They're two totally different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what gives it value is that it is, there's only going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. And so if you look at that Bitcoin network, people continuously try to hack it. However because of the nature of the network, today it's been unhackable. And truly, with existing innovation, 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 people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't trust paper currency, you can print an endless quantity of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, due to the fact that they currently don't think 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 difficult time getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. But there are billions of individuals in the world that don't have steady currencies.
Yeah. And so there's this whole burgeoning international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are basically utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is basically a worldwide computer that you can write computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're essentially purchasing shows 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 give individuals a concept, like a very basic one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that generally 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 example, since it's on so lots of various areas and. I don't know the ins and outs of it, but as an example for someone who may simply be extremely fundamental in their understanding of this, there are a lot of various kinds of utilities that are offered.
And you type of discussed having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity lies in the utility coin area.
There's all of these ICOs that were happening, those decreased a 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 produce utility coins- Correct, yeah. And people need to understand that not all utility coins are produced equivalent.
So you have the advantage of devoting your profession to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can check the code, and so on. But for an average individual, there's now what, over 1,000 various kinds of coins readily available, almost 1,200 I think.
How do they do that? That's an excellent concern. I will state that 95% of ICOs are either deceitful or simply bad ideas. Okay. Right? There's nothing worse than someone that's young, earnest, with a dreadful concept, that somebody provides $40 million to. Right? Yeah, completely. So yeah, so I don't truly take part in many ICOs, and I advise you most likely side step that market, unless you have actually 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 so. Which's when we truly start taking a look at the idea in more information. So here are some fast and unclean things that you should take a look at, right? So, one is, are they resolving an issue that needs to be resolved? One of the big drawbacks with really wise, technical people, is that they like to resolve problems that no one appreciates solving.
Does the group have experience of carrying out in an effective way in another area of their life? And it does not even need to be directly related to cryptocurrency, it does not have to be even straight associated to software, right? So, but I wish to see a performance history of success in something, right? If it's 4 guys in a space that are simply out of college, unless they've got some really good advisors behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in general, my world of company, we continuously try to find issues and how we can fix them. Now, are the problems things that individuals are trying to fix a part of the Blockchain normally? Or would you say it's much better if they're fixing kind 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 searching for options that, so I'll provide you an example.
And the factor that we purchased it is since they found 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 guy that began it has a track record of producing computer system programs that entire states run their entire operations on, right? So you've got fine, the clever man has constructed substantial computer system programs, fantastic team, fixing an enormous problem that is going to cut huge expenses.
I mean, it does not get any easier than that in regards to deciding who to put money behind. And a great deal of this is common sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really simple rule, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).
And then if the person that you're talking to can't dumb it down enough where you understand 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 assessing business and taking a look at much, much larger business.
Ryan: So you've taken a look at business that are huge companies, you have actually examined much bigger 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 just good sense. You just have to kind of take a look at it and believe reasonably about what's going on, and pull the feeling out? You need to pull the emotion out, and there are no traditional metrics that you can look at.
Okay. What I can utilize that I gained from dealing with Wall Street across three years, is how to check out individuals. I've fulfilled tens of thousands of people throughout my career. I have actually fulfilled insiders; I have actually satisfied fund managers, I've met stock promoters, I have actually met all these different types of characters along the method.
So I think that's probably among my super powers, if you will. And if you have actually got a great BS detector, you must listen to it. Okay. You need to definitely listen to it. If I'm sitting down and I'm talking with somebody, and they have actually 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 agreeing with me.
There are a lot of other offers out there to look at. Yeah, there's excessive opportunity. Yeah. And speaking of opportunity, you know, you type of pointed out at the start, Bitcoin and Ethereum, many people have actually become aware of these 2, particularly Bitcoin, since it looks like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading practically upwards of $6,000 just recently; it's shown up from state $3,000 not too long earlier, it's rather 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 understand? Yeah that's a great question.
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