So, a great deal of individuals find that too inconvenient, and that's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in maybe 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 ideas, but gosh, setting up a crypto account is so tough." 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 entire cryptocurrency market will be 10x bigger. So you're actually really making money an enormous quantity of money to go through perhaps, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you imagine what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that individuals go through, and something I wish to expose too that you didn't point out, but I know a great deal of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They resemble, 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 Internet, we were doing it with 56k modems, right? I suggest 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 indicate, we're in the early days of that innovation, but much like throughout that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to speak with individuals who are, specifically somebody like yourself, who's committed the last, you understand, the much better part of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a great question.
They're 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's just going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people constantly try to hack it. However 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.
And so when individuals put, you've got individuals 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 don't trust paper currency, you can print an unlimited amount of it. It's truly not secure, and the federal government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that were in Cypress, or simply people who have suffered through either devaluation, or there's a high need for, in Argentina for example, high demand 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 don't believe in their own currency? Yeah, and I think we have actually 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're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. But there are billions of people in the world that do not have steady currencies.
Yeah. Therefore there's this entire burgeoning international need 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 great deal of individuals understand about Ethereum. Ethereum is basically an international computer that you can compose computer programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, since you're basically buying programs power. So I would not actually 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 a very basic one that I would picture you 'd called an energy token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's type of this very same kind of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on so numerous different areas and. I do not know the ins and outs of it, but as an example for someone who might simply be very basic in their understanding of this, there are many different types of energies that are available.
And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity lies in the energy coin space.
There's all of these ICOs that were happening, those slowed down a little bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to create energy coins- Correct, yeah. And people require to understand that not all energy coins are created equal.
So you have the benefit of devoting your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can check the code, and so on. However for an average individual, there's now what, over 1,000 different kinds of coins offered, nearly 1,200 I believe.
How do they do that? That's an excellent concern. I will say that 95% of ICOs are either fraudulent or just bad concepts. Okay. Right? There's nothing worse than somebody that's young, earnest, with an awful concept, that somebody offers $40 million to. Right? Yeah, absolutely. So yeah, so I don't actually take part in many ICOs, and I advise you probably side step 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 normally it'll crash 80% or two. Which's when we truly start taking a look at the idea in more information. So here are some fast and filthy things that you should take a look at, right? So, one is, are they solving an issue that needs to be resolved? Among the huge drawbacks with very smart, technical people, is that they like to resolve problems that no one cares about resolving.
Does the group have experience of performing in an effective way in another area of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't have to be even straight associated to software, right? So, but I desire to see a track record of success in something, right? If it's four people in a space that are simply out of college, unless they have actually got some truly good advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in basic, my world of service, we constantly try to find issues and how we can resolve them. Now, are the issues things that people are attempting to solve a part of the Blockchain usually? Or would you say it's better if they're solving type 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 solutions that, so I'll provide you an example.
And the reason that we purchased it is because they discovered a way to make documents tamper-proof, and it's 99% less expensive than present 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 whole states run their entire operations on, right? So you have actually got fine, the smart man has developed huge computer system programs, fantastic team, resolving a huge problem that is going to cut substantial costs.
I imply, it doesn't get any easier than that in terms of choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a really simple guideline, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).
And after that if the person that you're speaking 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 comprehend. And do you feel that you have years of experience examining companies and taking a look at much, much larger business.
Ryan: So you have actually looked at business that are big business, you've examined much bigger marketcap type situations. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you mentioned, it is nearly just sound judgment. You just need to sort of take a look at it and believe reasonably about what's going on, and pull the emotion out? You have to pull the feeling out, and there are no traditional metrics that you can take a look at.
Okay. What I can use that I discovered from dealing with Wall Street throughout three decades, is how to read individuals. I've fulfilled 10s of countless individuals throughout my career. I have actually met experts; I have actually met fund supervisors, I've satisfied stock promoters, I've fulfilled all these various kinds of characters along the method.
So I believe that's probably among my very powers, if you will. And if you've got an excellent BS detector, you ought to listen to it. Okay. You ought to definitely 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 just; it's not agreeing 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 too much chance. Yeah. And speaking of opportunity, you understand, you sort of discussed at the beginning, Bitcoin and Ethereum, many people have actually heard of these two, particularly Bitcoin, due to the fact that it seems like it remains in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading nearly upwards of $6,000 just recently; it's come up from state $3,000 not too long back, it's rather volatile. Do they type of wait for a pullback, or do they just state, "Okay, I'm going to buy some Ethereum, I'm going to purchase some Bitcoin, see you in ten years." You understand? Yeah that's a great concern.
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