So, a lot of people discover that too inconvenient, and that's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a process which simply takes 5 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 hard." 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 entire cryptocurrency market will be 10x bigger. So you're actually truly earning money a massive amount of money to go through maybe, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software application. And can you envision what will occur to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and one thing I desire to bring to light too that you didn't mention, however I know a great deal of folks who have a hard time with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They resemble, well, we'll let you purchase $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 Internet, we were doing it with 56k modems, right? I imply 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 suggest, we remain in the early days of that technology, but similar to throughout that duration of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm always curious to speak to individuals who are, especially somebody like yourself, who's dedicated the last, you understand, 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 an average individual? That's a great question.
They're two totally different things, however 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. Therefore what gives it value is that it is, there's just going to be a limited quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. But because of the nature of the network, today it's been unhackable. And actually, with existing innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when people 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 saying, "We don't rely on paper money, you can print an unlimited amount of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, due to the fact that they currently do not believe in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They're like, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin. However there are billions of individuals worldwide that don't have steady currencies.
Yeah. Therefore there's this whole blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are basically utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is basically an international computer that you can write computer programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an energy token, due to the fact that you're essentially purchasing shows power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely easy one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's type of this very same type of network impact that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of various locations and. I do not know the ins and outs of it, but as an example for somebody who may just be really standard in their understanding of this, there are many various kinds of utilities that are available.
And you kind of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people require to understand that not all energy coins are produced equivalent.
So you have the advantage 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, etc. However for an average person, there's now what, over 1,000 different kinds of coins available, practically 1,200 I think.
How do they do that? That's an excellent concern. I will state that 95% of ICOs are either deceitful or simply bad concepts. Okay. Right? There's nothing even worse than someone that's young, earnest, with a horrible concept, that someone offers $40 million to. Right? Yeah, totally. So yeah, so I do not really take part in lots of ICOs, and I recommend you most likely side action 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% approximately. Which's when we actually start looking at the idea in more information. So here are some fast and filthy things that you should look at, right? So, one is, are they fixing a problem that requires to be fixed? Among the big downsides with really clever, technical people, is that they like to resolve issues that no one cares about fixing.
Does the team have experience of performing in an effective way in another area of their life? And it does not even have to be directly related to cryptocurrency, it doesn't need to be even straight related to software application, right? So, however I wish to see a track record of success in something, right? If it's 4 men in a space that are just out of college, unless they have actually got some truly great advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in basic, my world of organization, we constantly try to find problems and how we can fix them. Now, are the problems things that people are attempting to resolve a part of the Blockchain normally? Or would you say it's better if they're fixing 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 generally looking for solutions that, so I'll offer you an example.
And the factor that we purchased it is due to the fact that they found a method to make documents tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of creating computer system programs that whole states run their entire operations on, right? So you've got all right, the wise person has built big computer system programs, terrific group, solving a massive issue that is going to cut substantial costs.
I indicate, it does not get any simpler than that in regards to deciding 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 an actually simple rule, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).
And then if the person that you're speaking with 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 easy to understand. And do you feel that you have years of experience examining companies and looking at much, much bigger business.
Ryan: So you have actually looked at business that are huge companies, you've evaluated much bigger marketcap type circumstances. Do you feel that that experience has helped you? Or are we in such, kind of the infancy, that as you pointed out, it is practically simply common sense. You just need to kind of appearance at it and believe reasonably about what's going on, and pull the feeling out? You have to pull the emotion out, and there are no traditional metrics that you can look at.
Okay. What I can utilize that I gained from dealing with Wall Street across 3 years, is how to check out people. I've fulfilled tens of thousands of individuals throughout my profession. I've fulfilled experts; I've satisfied fund supervisors, I've met stock promoters, I've fulfilled all these various kinds of characters along the method.
So I believe that's probably among my incredibly powers, if you will. And if you have actually got an excellent BS detector, you ought to listen to it. Okay. You must 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 sitting well with me, there's something about them that's not sitting well with me.
There are many other offers out there to take a look at. Yeah, there's excessive opportunity. Yeah. And speaking of opportunity, you understand, you kind of mentioned at the beginning, Bitcoin and Ethereum, the majority of people have actually become aware of these 2, especially Bitcoin, because it seems 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 volatile. Do they sort of wait on 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 10 years." You know? Yeah that's an excellent question.
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