So, a lot of people find that too bothersome, and that's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes needed 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, 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 entire cryptocurrency market will be 10x larger. So you're in fact really earning money a massive amount of money to go through possibly, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software. And can you picture what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the process that individuals go through, and one thing I want to bring to light too that you didn't mention, but I understand a great deal of folks who fight 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 tough as possible, right, like Coinbase. It 'd take me permanently before I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 indicate, we're in the early days of that technology, however simply like during 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 companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm constantly curious to talk to people who are, especially somebody like yourself, who's committed the last, you know, the lion's share of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a terrific concern.
They're two absolutely different things, however 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 worth is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And actually, with existing 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've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not rely on paper currency, you can print an unrestricted amount of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either devaluation, 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, since they already do not think in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a difficult time getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin. But there are billions of people worldwide that don't have steady currencies.
Yeah. And so there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally used, let's state Ethereum, which a lot of individuals know about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, due to the fact that you're basically purchasing shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like a really simple one that I would imagine 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 sort of this same type of network result that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on numerous various areas and. I don't know the ins and outs of it, however as an example for somebody who might simply be really fundamental in their understanding of this, there are numerous different kinds of energies that are offered.
And you sort of mentioned having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the utility coin area.
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, but individuals are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And people need to understand that not all energy coins are produced equal.
So you have the advantage of devoting your profession to this, so you can head out there and do the recon, you can satisfy the creators, you can examine the code, etc. However for a typical individual, there's now what, over 1,000 various types of coins readily available, practically 1,200 I believe.
How do they do that? That's a fantastic question. I will state that 95% of ICOs are either deceptive or simply bad concepts. Okay. Right? There's nothing even worse than someone that's young, earnest, with a dreadful concept, that somebody provides $40 million to. Right? Yeah, absolutely. So yeah, so I don't really take part in numerous ICOs, and I advise you probably side action that market, unless you've got a special relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause normally it'll crash 80% approximately. Which's when we truly begin taking a look at the idea in more detail. So here are some quick and unclean things that you should look at, right? So, one is, are they solving a problem that needs to be fixed? One of the huge drawbacks with very wise, technical individuals, is that they like to solve issues that no one cares about resolving.
Does the team have experience of carrying out in an effective manner in another location of their life? And it doesn't even have to be directly associated to cryptocurrency, it does not have to be even straight related to software, right? So, but I desire to see a track record of success in something, right? If it's four men in a room that are just out of college, unless they've got some truly good advisors behind them, I'm probably not going to provide them any money.
Yeah. I think that in marketing in general, my world of service, we constantly try to find issues and how we can fix them. Now, are the problems things that people are attempting to fix a part of the Blockchain usually? Or would you say it's much better if they're fixing 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 generally trying to find services that, so I'll provide you an example.
And the factor that we bought it is because they discovered a way to make documents tamper-proof, and it's 99% more affordable than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a track record of creating computer system programs that entire states run their whole operations on, right? So you've got all right, the clever man has built big computer programs, excellent team, resolving an enormous problem that is going to cut big expenses.
I mean, it does not get any easier than that in terms of choosing who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have an actually basic rule, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).
And after that if the individual that you're talking with can't dumb it down enough where you understand it, then it's most likely not a good concept. Right, right. It's going to be simple to understand. And do you feel that you have years of experience assessing companies and looking at much, much bigger companies.
Ryan: So you've looked at business that are big business, you've examined 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 pointed out, it is practically simply good sense. You simply need to kind of take a look at it and think reasonably about what's going on, and pull the emotion out? You have to pull the emotion out, and there are no traditional metrics that you can take a look at.
Okay. What I can use that I learned from working on Wall Street throughout three decades, is how to check out people. I have actually fulfilled tens of thousands of individuals throughout my profession. I have actually fulfilled experts; I've fulfilled fund managers, I've fulfilled stock promoters, I have actually fulfilled all these different types of characters along the way.
So I think that's probably one of my very powers, if you will. And if you've got an excellent BS detector, you should listen to it. Okay. You need to absolutely listen to it. If I'm sitting down and I'm talking with somebody, 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 many other offers out there to look at. Yeah, there's too much chance. Yeah. And speaking of chance, you know, you type of pointed out at the beginning, Bitcoin and Ethereum, the majority of individuals have actually become aware of these 2, especially Bitcoin, because it appears like it remains in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading almost upwards of $6,000 just recently; it's come up from state $3,000 not too long ago, it's quite unpredictable. Do they sort of await a pullback, or do they just state, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in 10 years." You know? Yeah that's a terrific concern.
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