So, a lot of people find that too inconvenient, which's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are willing to put in possibly 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 like your concepts, but gosh, establishing a crypto account is so difficult." What I tell them is I say, "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 bigger. So you're actually truly making money a massive amount of cash to go through possibly, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software. And can you envision what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and one thing I wish to expose too that you didn't mention, but I know a lot of folks who struggle with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Web, when we were getting on the Internet, 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 mean, we remain in the early days of that technology, but just like during that time period, for the folks that had the vision to see where the future was going, and then 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 2nd, due to the fact that I'm always curious to speak to people who are, particularly someone like yourself, who's committed the last, you understand, the lion's share of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a great question.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's just going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously attempt to hack it. However because 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 individuals put, you've 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 saying, "We don't trust paper currency, you can print an unlimited quantity of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that were in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high need 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, because they currently do not believe in their own currency? Yeah, and I believe we have actually already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin. However there are billions of people worldwide that don't have stable currencies.
Yeah. And so there's this entire burgeoning global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility 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 write computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an utility token, because you're essentially 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 provide individuals a concept, like a really simple one that I would envision you 'd called an energy token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this same type of network effect that you have with Bitcoin, where it resembles unstoppable example, since it's on so many different areas 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 so many different kinds of energies that are readily available.
And you type of discussed having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). Many of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity depends on the energy coin area.
There's all of these ICOs that were occurring, 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 produce energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are created equivalent.
So you have the advantage of dedicating your profession to this, so you can go out there and do the reconnaissance, you can satisfy the founders, you can inspect the code, and so on. However for an average person, there's now what, over 1,000 various kinds of coins readily available, nearly 1,200 I believe.
How do they do that? That's a great concern. I will state that 95% of ICOs are either deceitful or simply bad concepts. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with a dreadful idea, that someone provides $40 million to. Right? Yeah, totally. So yeah, so I do not actually take part in many ICOs, and I suggest you most likely side step 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 generally it'll crash 80% or two. Which's when we really begin looking at the idea in more information. So here are some fast and unclean things that you should take a look at, right? So, one is, are they resolving an issue that needs to be solved? One of the big downsides with really clever, technical individuals, is that they like to fix issues that no one appreciates fixing.
Does the team have experience of executing in a successful manner in another location of their life? And it does not even have to be directly related to cryptocurrency, it doesn't have to be even straight related to software, right? So, but I wish to see a track record of success in something, right? If it's 4 people in a room that are simply out of college, unless they have actually got some actually excellent advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in general, my world of company, we continuously try to find issues and how we can resolve them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain normally? Or would you say it's much better if they're resolving kind 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 looking for options that, so I'll give you an example.
And the factor that we bought it is because they discovered a method to make files tamper-proof, and it's 99% less expensive than current 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 creating computer system programs that entire states run their whole operations on, right? So you've got fine, the clever person has actually built huge computer programs, excellent group, solving a huge problem that is going to cut substantial costs.
I suggest, it does not get any easier than that in regards to choosing who to put money behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly easy guideline, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
And then if the person that you're talking with can't dumb it down enough where you understand it, then it's probably not a great concept. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience assessing business and looking at much, much larger companies.
Ryan: So you've looked at business that are big companies, you have actually assessed much bigger marketcap type situations. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you discussed, it is almost simply good sense. You just need to kind of take a look at it and think rationally 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 take a look at.
Okay. What I can use that I discovered from dealing with Wall Street throughout 3 decades, is how to read individuals. I have actually fulfilled 10s of countless individuals throughout my career. I have actually met insiders; I have actually satisfied fund supervisors, I have actually satisfied stock promoters, I've fulfilled all these different types of characters along the way.
So I think that's most likely one of my incredibly powers, if you will. And if you've got a good BS detector, you ought to listen to it. Okay. You must definitely listen to it. If I'm taking a seat and I'm talking with someone, and they've got all the bonifides, but you understand, there's simply; it's not agreeing with me, there's something about them that's not sitting well with me.
There are so many other offers out there to look at. Yeah, there's excessive chance. Yeah. And speaking of chance, you know, you kind of discussed at the start, Bitcoin and Ethereum, the majority of people have actually heard of these 2, particularly Bitcoin, because it appears like it's 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 recently; it's shown up from state $3,000 not too long back, it's rather unpredictable. Do they sort of wait on a pullback, or do they just state, "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 terrific question.
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