So, a lot of people discover that too troublesome, and that's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes required to go through a procedure which just takes five minutes if you desire to set up a brokerage account.
" Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so tough." 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 whole cryptocurrency market will be 10x bigger. So you're actually truly making money a huge amount of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software application. And can you envision what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that people go through, and one thing 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 just buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently prior to I might start 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, but similar to during that time period, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to speak to people who are, particularly somebody like yourself, who's dedicated the last, you know, the bulk of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic concern.
They're two absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it value is that it is, there's only going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals constantly try to hack it. However because of the nature of the network, today it's been unhackable. And really, with present 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 since they're stating, "We don't trust fiat money, you can print an endless amount of it. It's truly not secure, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that were in Cypress, or simply individuals who have suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, because they currently do not believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin. But there are billions of people worldwide that don't have steady currencies.
Yeah. And so there's this whole growing international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially used, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a global computer system that you can compose computer system programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an energy token, due to the fact that you're basically buying programming power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people a concept, like an extremely basic one that I would picture you 'd called an utility token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on numerous various areas and. I don't know the ins and outs of it, but as an example for somebody who might just be very fundamental in their understanding of this, there are numerous different kinds of energies that are offered.
And you sort of pointed out having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely utility 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 think the real opportunity lies in the utility coin space.
There's all of these ICOs that were taking place, those decreased a bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to understand that not all utility coins are produced equal.
So you have the advantage of devoting your occupation to this, so you can go out there and do the recon, you can meet the creators, you can inspect the code, and so on. But for a typical person, there's now what, over 1,000 different kinds of coins readily available, nearly 1,200 I believe.
How do they do that? That's an excellent concern. I will state that 95% of ICOs are either fraudulent or simply bad ideas. Okay. Right? There's nothing even worse than someone that's young, earnest, with a horrible idea, that somebody provides $40 million to. Right? Yeah, completely. So yeah, so I don't truly take part in numerous ICOs, and I advise 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% approximately. And that's when we really begin taking a look at the idea in more detail. So here are some fast and unclean things that you should take a look at, right? So, one is, are they resolving a problem that requires to be solved? One of the huge downsides with really wise, technical people, is that they like to solve issues that nobody appreciates fixing.
Does the group have experience of executing in a successful way in another location of their life? And it doesn't even need to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software application, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a space that are just out of college, unless they've got some actually great 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 constantly look for problems and how we can resolve them. Now, are the problems things that people are trying to solve a part of the Blockchain normally? Or would you state it's much better if they're resolving 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 basically trying to find solutions that, so I'll provide you an example.
And the reason that we purchased it is because they discovered a method to make files tamper-proof, and it's 99% less expensive than present technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that began it has a track record of producing computer system programs that whole states run their entire operations on, right? So you've got alright, the clever person has actually constructed substantial computer programs, fantastic team, fixing a huge problem that is going to cut huge expenses.
I indicate, it does not get any easier than that in regards to choosing who to put money behind. And a lot of this is typical sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a really simple guideline, Ryan. If I do not comprehend something, I installed my hand, and I say, "I didn't comprehend what you simply said." 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 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 examining business and looking at much, much bigger companies.
Ryan: So you have actually taken a look at companies that are huge companies, you have actually examined much bigger marketcap type scenarios. Do you feel that that experience has helped you? Or are we in such, sort of the infancy, that as you discussed, it is practically just good sense. You simply need to kind of look at it and believe rationally about what's going on, and pull the emotion out? You have to pull the feeling out, and there are no standard metrics that you can look at.
Okay. What I can utilize that I found out from working on Wall Street throughout 3 decades, is how to read individuals. I have actually fulfilled tens of thousands of individuals throughout my profession. I've fulfilled experts; I have actually satisfied fund managers, I have actually fulfilled stock promoters, I have actually fulfilled all these different types of characters along the method.
So I believe that's most likely among my super powers, if you will. And if you've got a good BS detector, you need to listen to it. Okay. You should definitely 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 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 chance, you know, you sort of mentioned at the start, Bitcoin and Ethereum, many people have become aware of these 2, especially Bitcoin, since it appears like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading almost upwards of $6,000 recently; it's come up from state $3,000 not too long earlier, it's rather volatile. Do they type of await a pullback, or do they just say, "Okay, I'm going to buy some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You know? Yeah that's a fantastic question.
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