So, a lot of individuals find that too troublesome, which's why individuals that are actually making the most amount of cash 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 5 minutes if you desire to set up a brokerage account.
" Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so challenging." 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 in fact truly earning money a huge amount of cash to go through maybe, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software application. And can you imagine what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and one thing I wish to expose too that you didn't mention, but I know a lot of folks who deal 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 difficult as possible, best, like Coinbase. It 'd take me forever prior to I might begin buying 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 Internet, when we were getting on the Internet, 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 imply, we're in the early days of that innovation, but much 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm constantly curious to talk to individuals who are, particularly somebody like yourself, who's devoted the last, you understand, the bulk of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like a typical person? That's an excellent question.
They're two absolutely different things, but 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 offers it worth is that it is, there's just going to be a restricted quantity. There'll never 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 try to hack it. However because of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper currency, you can print an unlimited quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or just 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 driver for more adoption, since they already don't believe 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 investors have a bumpy ride getting their head around. They're like, "Well I do not require 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 people in the world that do not have steady currencies.
Yeah. Therefore there's this entire burgeoning global 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 say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically a worldwide computer system that you can write computer programs for and run computer programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, since you're essentially buying programs 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 offer people a concept, like a really simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this exact same type of network result that you have with Bitcoin, where it resembles unstoppable example, since it's on many different areas and. I don't know the ins and outs of it, but as an example for somebody who might simply be very basic in their understanding of this, there are numerous different types of energies that are offered.
And you sort of pointed out having this boots on the ground experience. Now, because we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real chance depends on the energy coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people need to understand that not all energy coins are created equivalent.
So you have the advantage of devoting your occupation to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can examine the code, etc. But for a typical individual, there's now what, over 1,000 different types of coins offered, practically 1,200 I think.
How do they do that? That's an excellent question. I will say that 95% of ICOs are either deceptive or simply bad concepts. Okay. Right? There's nothing worse than somebody that's young, earnest, with a dreadful idea, that somebody provides $40 million to. Right? Yeah, totally. So yeah, so I don't truly take part in many ICOs, and I recommend you most likely side action that market, unless you've got an unique relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause normally it'll crash 80% or so. Which's when we really start taking a look at the concept in more detail. So here are some fast and unclean things that you should take a look at, right? So, one is, are they solving an issue that needs to be fixed? Among the big drawbacks with really clever, technical individuals, is that they like to solve problems that nobody cares about fixing.
Does the team have experience of executing in an effective way in another area of their life? And it does not even need to be straight associated to cryptocurrency, it doesn't need to be even directly related to software, right? So, but I wish to see a performance history of success in something, right? If it's four guys in a room that are just out of college, unless they've got some actually good consultants 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 continuously try to find problems and how we can resolve them. Now, are the issues things that people are attempting to resolve a part of the Blockchain generally? 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 essentially searching for solutions that, so I'll provide you an example.
And the factor that we purchased it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% more affordable than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a performance history of creating computer programs that entire states run their entire operations on, right? So you have actually got alright, the clever man has actually constructed substantial computer system programs, excellent group, solving an enormous problem that is going to cut substantial expenses.
I indicate, it doesn't get any easier than that in terms of choosing who to put money behind. And a lot of this is typical sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually easy rule, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).
And after that if the person that you're speaking with can't dumb it down enough where you understand it, then it's most likely not an excellent idea. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience examining companies and looking at much, much larger companies.
Ryan: So you have actually taken a look at companies that are big business, you have actually evaluated 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 pointed out, it is nearly simply good sense. You just need to sort of look at it and believe reasonably about what's going on, and pull the feeling out? You have 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 learned from working on Wall Street across three decades, is how to read individuals. I've met 10s of countless people throughout my profession. I have actually satisfied experts; I've fulfilled fund managers, I've met stock promoters, I've met all these various kinds of characters along the way.
So I believe that's most likely one of my super powers, if you will. And if you have actually got an excellent BS detector, you should listen to it. Okay. You ought to definitely listen to it. If I'm sitting down and I'm talking with somebody, and they have actually got all the bonifides, however 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 take a look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you understand, you kind of pointed out at the beginning, Bitcoin and Ethereum, many people have actually become aware 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 just recently; it's turned up from say $3,000 not too long earlier, it's rather volatile. Do they kind of await a pullback, or do they just say, "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 an excellent question.
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