So, a great deal of people find that too inconvenient, and that's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to establish a brokerage account.
" Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." What I inform them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x larger. So you're actually truly getting paid an enormous quantity of money to go through perhaps, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you picture what will take place to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and something I want to expose too that you didn't point out, but I understand a great deal of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, it's if you remember 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 pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I imply, we're in the early days of that technology, but simply 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm constantly curious to speak to individuals who are, specifically someone like yourself, who's dedicated the last, you understand, the bulk 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 great concern.
They're 2 absolutely different things, but 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 offers it worth is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current innovation, 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 have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not rely on paper currency, you can print a limitless quantity of it. It's really not protect, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that remained 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 countries that could potentially be a driver for more adoption, due to the fact that they currently don't believe in their own currency? Yeah, and I think 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're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin. However there are billions of individuals in the world that do not have steady currencies.
Yeah. Therefore there's this entire blossoming global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially used, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer system 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 buying shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people an idea, like a really easy one that I would imagine 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 same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on many various locations and. I don't understand the ins and outs of it, but as an example for somebody who might simply be really fundamental in their understanding of this, there are a lot of different types of utilities that are readily available.
And you type of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, however I believe the real chance lies in the energy coin space.
There's all of these ICOs that were taking place, those slowed down a bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people need to comprehend that not all energy coins are produced equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the recon, you can satisfy the founders, you can check the code, etc. However for an average individual, there's now what, over 1,000 various kinds of coins offered, almost 1,200 I believe.
How do they do that? That's a great concern. I will state that 95% of ICOs are either deceptive or simply bad concepts. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with a dreadful concept, that somebody gives $40 million to. Right? Yeah, absolutely. So yeah, so I don't actually participate in numerous ICOs, and I recommend you most likely 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% approximately. Which's when we really begin taking a look at the concept in more detail. So here are some quick and filthy things that you should take a look at, right? So, one is, are they resolving a problem that requires to be fixed? One of the big downsides with really wise, technical individuals, is that they like to fix problems that no one cares about fixing.
Does the group have experience of carrying out in a successful way in another location 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 application, right? So, but I desire to see a track record of success in something, right? If it's four guys in a space that are simply out of college, unless they've got some really great consultants behind them, I'm most likely not going to provide any cash.
Yeah. I believe 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 people are trying to resolve a part of the Blockchain usually? Or would you state it's much 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 basically searching for services that, so I'll give you an example.
And the reason that we bought it is due to the fact that they discovered a way to make documents 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 guy that started it has a track record of producing computer system programs that entire states run their entire operations on, right? So you have actually got fine, the smart person has actually developed big computer programs, fantastic team, resolving a huge issue that is going to cut huge costs.
I suggest, it doesn't get any easier than that in regards to choosing who to put cash behind. And a lot of this is common sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually easy rule, Ryan. If I do not comprehend 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 understand it, then it's most likely not an excellent idea. Right, right. It's going to be easy to understand. And do you feel that you have years of experience examining companies and taking a look at much, much larger companies.
Ryan: So you've taken a look at business that are big companies, you have actually evaluated much larger marketcap type scenarios. Do you feel that that experience has helped you? Or are we in such, sort of the infancy, that as you pointed out, it is almost just good sense. You just have to type of look at it and believe rationally about what's going on, and pull the emotion out? You need to pull the emotion out, and there are no standard metrics that you can take a look at.
Okay. What I can use that I found out from working on Wall Street across three years, is how to read people. I've fulfilled 10s of thousands of people throughout my career. I have actually fulfilled insiders; I've met fund supervisors, I have actually fulfilled stock promoters, I have actually met all these various kinds of characters along the way.
So I think that's probably among my super powers, if you will. And if you have actually got a good BS detector, you need to listen to it. Okay. You should absolutely listen to it. If I'm sitting down and I'm talking with somebody, and they have actually got all the bonifides, but you know, there's simply; it's not sitting well with me, there's something about them that's not agreeing with me.
There are so numerous other offers out there to look at. Yeah, there's too much chance. Yeah. And speaking of chance, you know, you sort of mentioned at the start, Bitcoin and Ethereum, most people have actually become aware of these 2, particularly Bitcoin, since it looks like it remains 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 recently; it's turned up from state $3,000 not too long earlier, it's quite unstable. Do they kind 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 ten years." You know? Yeah that's a great question.
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