So, a great deal of individuals discover that too inconvenient, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that are willing to put in maybe the 20 minutes required to go through a process which just takes 5 minutes if you wish to establish a brokerage account.
" Oh Teeka, we love your ideas, but gosh, setting up a crypto account is so challenging." What I tell them is I state, "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 in fact really earning money a huge amount of cash to go through perhaps, you understand, 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 straight through your trading software application. And can you imagine what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that people go through, and one thing I wish to expose too that you didn't mention, however I understand a lot of folks who have a hard time with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever prior to I might begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 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 remain in the early days of that technology, however just like during that duration of time, 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 a step back for a 2nd, due to the fact that I'm constantly curious to speak with people who are, especially somebody like yourself, who's dedicated the last, you understand, the lion's share of the last few years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent question.
They're 2 totally various 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. And so what gives it worth is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally 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 unrestricted quantity of it. It's really not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high demand 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 already do not think in their own currency? Yeah, and I believe we've 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 steady currency, right? You don't need Bitcoin. However there are billions of people on the planet that do not 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 utility coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is essentially a global computer system that you can write computer programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, due to the fact that you're basically buying programs power. So I would not truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like a very basic one that I would picture you 'd called an energy token, resembles FileCoin.
Where the idea is that basically 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 resembles unstoppable example, since it's on a lot of different areas and. I do not understand the ins and outs of it, however as an example for somebody who might just be extremely fundamental in their understanding of this, there are so lots of various kinds of energies that are readily available.
And you kind of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). Many of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real chance lies in the energy coin area.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals need to understand that not all utility coins are produced equal.
So you have the benefit of devoting 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. But for an average individual, there's now what, over 1,000 different types of coins offered, practically 1,200 I believe.
How do they do that? That's a terrific concern. I will say that 95% of ICOs are either fraudulent or just bad concepts. Okay. Right? There's absolutely nothing worse than somebody that's young, earnest, with an awful idea, that someone provides $40 million to. Right? Yeah, absolutely. So yeah, so I do not actually take part in many ICOs, and I advise you probably side action that market, unless you've 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. And that's when we truly begin taking a look at the idea in more detail. So here are some quick and unclean things that you should look at, right? So, one is, are they resolving a problem that requires to be fixed? One of the huge disadvantages with extremely wise, technical people, is that they like to fix issues that nobody appreciates fixing.
Does the team have experience of executing 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 directly associated to software, right? So, however I want to see a track record of success in something, right? If it's 4 guys in a space that are just out of college, unless they have actually got some actually excellent consultants behind them, I'm most likely not going to offer them any money.
Yeah. I think that in marketing in basic, my world of company, we continuously search for problems and how we can solve them. Now, are the issues things that people are attempting to solve a part of the Blockchain generally? Or would you state it's much 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 essentially looking for solutions that, so I'll provide you an example.
And the reason that we bought it is due to the fact that they found a way to make files tamper-proof, and it's 99% more affordable than current 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 system programs that entire states run their entire operations on, right? So you have actually got alright, the smart guy has built huge computer system programs, excellent team, solving an enormous issue that is going to cut substantial expenses.
I suggest, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly easy rule, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).
And after that 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 simple to understand. And do you feel that you have years of experience examining companies and taking a look at much, much bigger business.
Ryan: So you've looked at business that are big business, you have actually assessed much bigger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you discussed, it is nearly simply sound judgment. You just need to type of look at it and think rationally about what's going on, and pull the feeling out? You need to pull the feeling 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 decades, is how to read people. I've satisfied tens of thousands of people throughout my profession. I've satisfied insiders; I have actually fulfilled fund managers, I've met stock promoters, I have actually met all these various kinds of characters along the way.
So I believe that's most likely one of my extremely powers, if you will. And if you've got a good BS detector, you should listen to it. Okay. You must absolutely listen to it. If I'm taking a seat and I'm talking with someone, and they have actually got all the bonifides, however you understand, there's just; it's not agreeing with me, there's something about them that's not sitting well with me.
There are a lot of other deals out there to take a look at. Yeah, there's excessive opportunity. Yeah. And speaking of opportunity, you understand, you type of discussed at the beginning, Bitcoin and Ethereum, many people have actually become aware of these two, especially Bitcoin, due to the fact that it appears like it's in the news all the time, something or the other.
Have they missed out on the boat on Bitcoin? Bitcoin is trading practically upwards of $6,000 just recently; it's turned up from say $3,000 not too long earlier, it's rather unpredictable. Do they kind of await a pullback, or do they simply state, "Okay, I'm going to buy 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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