So, a lot of people find that too bothersome, which's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are willing to put in perhaps the 20 minutes required to go through a process which just takes five minutes if you wish to set up a brokerage account.
" Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so difficult." What I inform 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 larger. So you're in fact really earning money a huge amount of money to go through possibly, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you picture what will happen to this entire market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and something I wish to bring to light too that you didn't point out, however I understand a lot of folks who deal with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I indicate it would take 20 minutes to load 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 remain in the early days of that technology, but similar to throughout that period 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 an action back for a 2nd, because I'm constantly curious to talk with individuals who are, specifically someone like yourself, who's devoted the last, you know, the lion's share of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a great concern.
They're 2 totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what offers it value is that it is, there's only going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you look at that Bitcoin network, people 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 huge today, you can't co-opt it, you can't take it over.
Therefore when people put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on fiat money, you can print an unrestricted amount of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that remained in Cypress, or simply individuals who have actually suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a difficult time getting their head around. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin. But there are billions of individuals in the world that do not have steady currencies.
Yeah. Therefore there's this whole burgeoning international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, because you're basically purchasing shows power. So I wouldn't really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people an idea, like an extremely basic one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's kind of this very same type of network impact that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of different areas and. I don't know the ins and outs of it, but as an example for someone who may just be very basic in their understanding of this, there are many different kinds of energies that are available.
And you kind of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some modifications 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 people need to comprehend that not all energy coins are produced equivalent.
So you have the advantage of committing your profession to this, so you can head out there and do the reconnaissance, you can meet the founders, you can check the code, etc. But for a typical person, there's now what, over 1,000 different types of coins offered, almost 1,200 I think.
How do they do that? That's a terrific concern. I will say that 95% of ICOs are either deceptive or just bad ideas. Okay. Right? There's absolutely nothing worse than someone that's young, earnest, with a dreadful concept, that someone offers $40 million to. Right? Yeah, totally. So yeah, so I do not really take part in lots of ICOs, and I recommend you most likely side action that market, unless you've got a special relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause normally it'll crash 80% or two. Which's when we truly start taking a look at the concept in more information. 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 resolved? One of the big drawbacks with very smart, technical individuals, is that they like to resolve issues that no one cares about solving.
Does the group have experience of carrying out in an effective way in another location of their life? And it does not even need to be straight related to cryptocurrency, it does not have to be even straight associated to software application, right? So, but I wish to see a track record of success in something, right? If it's 4 men in a space that are just out of college, unless they have actually got some really great consultants behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in basic, my world of organization, we constantly look for problems and how we can resolve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain usually? Or would you state it's much better if they're resolving type 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 generally looking for services that, so I'll provide you an example.
And the reason that we purchased it is since they discovered a way to make documents 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 guy that started it has a performance history of creating computer system programs that entire states run their entire operations on, right? So you have actually got alright, the smart person has developed substantial computer programs, fantastic team, resolving an enormous problem that is going to cut big expenses.
I suggest, it does not get any simpler than that in regards to choosing who to put cash behind. And a lot of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have a truly simple rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
And then if the individual that you're talking to can't dumb it down enough where you understand it, then it's most likely not a great idea. Right, right. It's going to be basic to understand. And do you feel that you have years of experience examining business and taking a look at much, much larger companies.
Ryan: So you've taken a look at companies that are big companies, you have actually assessed much larger marketcap type situations. 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 sound judgment. You just need to kind of take a look at it and believe logically about what's going on, and pull the feeling out? You need to pull the feeling out, and there are no traditional metrics that you can look at.
Okay. What I can use that I found out from dealing with Wall Street throughout 3 years, is how to read people. I have actually satisfied tens of thousands of people throughout my career. I've satisfied insiders; I have actually fulfilled fund managers, I've fulfilled stock promoters, I've met all these different kinds of characters along the way.
So I think that's most likely one of my incredibly powers, if you will. And if you have actually got a great BS detector, you must listen to it. Okay. You should absolutely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, however 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 numerous other deals out there to look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you know, you sort of pointed out at the start, Bitcoin and Ethereum, many people have heard of these 2, particularly Bitcoin, since 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 practically upwards of $6,000 just recently; it's turned up from say $3,000 not too long back, it's rather unpredictable. Do they type of await a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in 10 years." You understand? Yeah that's a fantastic question.
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