So, a great deal of people discover that too bothersome, which's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that are prepared to put in maybe the 20 minutes required to go through a process which just takes five minutes if you want to establish a brokerage account.
" Oh Teeka, we enjoy your concepts, but gosh, setting up a crypto account is so hard." 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 whole cryptocurrency market will be 10x larger. So you're in fact really making money a huge quantity of money to go through possibly, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software. And can you imagine what will occur 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 pointed out the procedure that individuals go through, and one thing I wish to expose too that you didn't mention, however I know a lot of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently prior to I could begin 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 Web, when we were getting on the Web, we were doing it with 56k modems, right? I suggest 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 mean, we're in the early days of that technology, however 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 companies, 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 always curious to speak to individuals who are, specifically someone like yourself, who's committed the last, you understand, the bulk of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's a fantastic question.
They're 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's just going to be a limited 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, people continuously attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, 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 actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not trust fiat money, you can print an endless quantity of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, because they already don't believe in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a hard time 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 do not require Bitcoin. But there are billions of individuals on the planet that don't have steady currencies.
Yeah. Therefore there's this entire blossoming worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically utilized, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer system programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, because you're basically buying programs power. So I would not actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people a concept, like a really basic one that I would imagine you 'd called an energy token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this same type of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on many different locations and. I do not know the ins and outs of it, but as an example for somebody who might just be really fundamental in their understanding of this, there are many various kinds of energies that are readily available.
And you sort of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). Many of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those decreased a little bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And people require to comprehend that not all utility coins are produced equivalent.
So you have the advantage of dedicating your occupation to this, so you can go out there and do the recon, you can fulfill the creators, you can examine the code, and so on. However for an average person, there's now what, over 1,000 different kinds of coins offered, practically 1,200 I think.
How do they do that? That's a terrific question. I will say that 95% of ICOs are either fraudulent or just bad concepts. Okay. Right? There's nothing even worse than someone that's young, earnest, with a horrible concept, that someone provides $40 million to. Right? Yeah, totally. So yeah, so I don't really take part in many ICOs, and I recommend you most likely side action that market, unless you have actually got a special relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause usually it'll crash 80% approximately. And that's when we truly begin looking at the idea in more information. So here are some quick and filthy 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 huge drawbacks with extremely smart, technical people, is that they like to fix issues that no one appreciates solving.
Does the group have experience of performing in a successful way in another area of their life? And it does not even have to be straight related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I wish to see a track record of success in something, right? If it's four guys in a room that are just out of college, unless they have actually got some actually good advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in general, my world of service, we continuously search for issues and how we can solve them. Now, are the issues things that individuals are trying to fix a part of the Blockchain usually? Or would you state it's much better if they're solving sort 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 generally looking for services that, so I'll offer you an example.
And the factor that we bought it is because they discovered a way to make files tamper-proof, and it's 99% cheaper 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 track record of creating computer programs that entire states run their whole operations on, right? So you've got okay, the wise guy has developed big computer programs, excellent group, solving a huge issue that is going to cut substantial expenses.
I mean, it doesn't get any simpler than that in terms of choosing who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually basic rule, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
And after that if the individual that you're speaking to can't dumb it down enough where you comprehend it, then it's probably not an excellent concept. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience evaluating business and taking a look at much, much bigger companies.
Ryan: So you've taken a look at companies that are big business, you've examined much bigger marketcap type circumstances. Do you feel that that experience has helped you? Or are we in such, kind of the infancy, that as you discussed, it is practically simply sound judgment. You simply need to type of take a look at it and think reasonably about what's going on, and pull the feeling out? You need to pull the emotion out, and there are no conventional metrics that you can take a look at.
Okay. What I can use that I gained from working on Wall Street across three decades, is how to check out individuals. I've fulfilled tens of thousands of individuals throughout my profession. I have actually fulfilled experts; I have actually fulfilled fund managers, I've fulfilled stock promoters, I've fulfilled all these different types of characters along the way.
So I believe that's probably one of my very powers, if you will. And if you have actually got a great BS detector, you ought to listen to it. Okay. You should 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 simply; it's not agreeing with me, there's something about them that's not agreeing with me.
There are numerous other offers out there to look at. Yeah, there's too much chance. Yeah. And speaking of chance, you understand, you kind of mentioned at the start, Bitcoin and Ethereum, many people have heard of these 2, especially Bitcoin, because it seems 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 say $3,000 not too long ago, it's quite volatile. Do they type of wait for a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You understand? Yeah that's a fantastic concern.
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