So, a lot of individuals discover that too bothersome, which's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a process which just takes 5 minutes if you desire to establish a brokerage account.
" Oh Teeka, we like your concepts, however gosh, establishing 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 entire cryptocurrency market will be 10x larger. So you're in fact really getting paid an enormous quantity of cash to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you envision what will happen to this whole marketplace when buying 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 one thing I wish to bring to light too that you didn't point out, but I understand a great deal of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, ideal, 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 imply, 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 imply, we remain in the early days of that innovation, but simply like throughout that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm always curious to speak with individuals who are, particularly somebody like yourself, who's dedicated 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 a typical person? That's a terrific question.
They're two absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just 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 deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got individuals who have literally 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 a limitless quantity of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high need 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 don't 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 bumpy ride getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. However there are billions of people worldwide that do not have steady currencies.
Yeah. Therefore there's this whole blossoming global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are essentially used, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, due to the fact that you're basically purchasing shows 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 easy one that I would envision you 'd called an utility token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's type of this exact same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on so many different locations and. I don't understand the ins and outs of it, but as an example for somebody who might simply be extremely fundamental in their understanding of this, there are a lot of various kinds of utilities that are offered.
And you type of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely utility based, fix? 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 genuine chance lies in the energy coin space.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals need to understand that not all utility coins are produced equal.
So you have the advantage of dedicating your profession 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 individual, there's now what, over 1,000 different types of coins available, almost 1,200 I think.
How do they do that? That's a fantastic concern. I will state that 95% of ICOs are either deceitful or just bad ideas. Okay. Right? There's nothing worse than somebody that's young, earnest, with a terrible idea, that somebody provides $40 million to. Right? Yeah, absolutely. So yeah, so I do not really take part in many ICOs, and I suggest you probably side action that market, unless you've got an unique relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause usually it'll crash 80% or two. And that's when we actually begin taking a look at the concept in more information. So here are some quick and unclean things that you should take a look at, right? So, one is, are they resolving an issue that needs to be fixed? Among the huge disadvantages with extremely clever, technical people, is that they like to resolve problems that nobody cares about solving.
Does the team have experience of executing in a successful way in another area of their life? And it does not even need to be directly associated to cryptocurrency, it does not need to be even directly associated to software application, right? So, but I want to see a track record of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some actually excellent consultants behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of service, we constantly search for issues and how we can resolve them. Now, are the issues things that people are attempting to fix a part of the Blockchain usually? Or would you say it's better if they're solving 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 give you an example.
And the reason that we bought it is since they discovered a way to make files tamper-proof, and it's 99% cheaper than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a track record of developing computer programs that whole states run their entire operations on, right? So you have actually got fine, the smart person has developed huge computer system programs, fantastic team, fixing an enormous problem that is going to cut big expenses.
I indicate, it doesn't get any simpler than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly simple rule, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).
And after that if the person that you're talking with 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 easy to understand. And do you feel that you have years of experience evaluating business and taking a look at much, much larger business.
Ryan: So you have actually taken a look at business that are big business, you've assessed much bigger marketcap type circumstances. 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 simply typical sense. You just need to type of take a look at it and believe rationally about what's going on, and pull the feeling out? You need to pull the feeling out, and there are no standard metrics that you can take a look at.
Okay. What I can utilize that I gained from dealing with Wall Street throughout three decades, is how to read people. I've fulfilled 10s of countless individuals throughout my career. I have actually met insiders; I've fulfilled fund managers, I have actually satisfied stock promoters, I have actually fulfilled all these different kinds of characters along the way.
So I believe that's probably one of my incredibly powers, if you will. And if you've 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 know, there's just; it's not agreeing 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 excessive chance. Yeah. And speaking of chance, you know, you kind of discussed at the beginning, Bitcoin and Ethereum, the majority of people have become aware of these two, particularly Bitcoin, since it looks like it remains in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading practically upwards of $6,000 recently; it's turned up from state $3,000 not too long ago, it's quite unstable. Do they kind of wait for 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 10 years." You know? Yeah that's a great question.
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