So, a great deal of individuals 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 maybe the 20 minutes required 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, however gosh, establishing a crypto account is so difficult." What I tell them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x larger. So you're actually really earning money a massive amount of cash to go through perhaps, you understand, 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, prior to you'll have the ability to buy cryptocurrencies straight through your trading software. And can you imagine what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that individuals go through, and one thing I want to bring to light too that you didn't mention, however I understand a lot of folks who battle with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me permanently prior to I could start buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, 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 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 indicate, we remain in the early days of that technology, however just 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 some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to talk to people who are, especially somebody like yourself, who's dedicated 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 describe cryptocurrency to like an average individual? That's a terrific concern.
They're two completely different 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. Therefore what gives it worth is that it is, there's just going to be a restricted amount. 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 take a look at that Bitcoin network, individuals continuously try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with existing technology, 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 actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't rely on fiat money, you can print an unlimited quantity of it. It's really not protect, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that were in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they currently 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 require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin. However there are billions of individuals on the planet that do not have stable currencies.
Yeah. Therefore there's this entire growing international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a global computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, because you're basically buying shows power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals an idea, like a really easy one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's kind of this very same type of network result that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on numerous different locations and. I do not understand the ins and outs of it, but as an example for someone who might just be extremely fundamental in their understanding of this, there are many various kinds of energies that are available.
And you sort of pointed out having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy based, remedy? 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 think the genuine chance depends on the energy coin space.
There's all of these ICOs that were occurring, those slowed down a little bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And individuals require to understand that not all utility coins are developed equivalent.
So you have the advantage of devoting your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can check the code, etc. However for an average person, there's now what, over 1,000 various types of coins readily available, nearly 1,200 I believe.
How do they do that? That's an excellent question. I will state that 95% of ICOs are either deceptive or just bad concepts. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with an awful concept, that someone provides $40 million to. Right? Yeah, completely. So yeah, so I don't really take part in many ICOs, and I recommend you probably side step that market, unless you've got a special relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% or two. And that's when we really begin taking a look at the idea in more information. So here are some quick and unclean things that you should take a look at, right? So, one is, are they fixing a problem that requires to be solved? One of the huge downsides with very wise, technical individuals, is that they like to solve issues that nobody cares about resolving.
Does the group have experience of carrying out in a successful way in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not need to be even directly related to software application, right? So, however I want to see a track record of success in something, right? If it's four guys in a space that are simply out of college, unless they've got some actually great advisors behind them, I'm probably not going to offer them any cash.
Yeah. I believe that in marketing in basic, my world of business, we constantly search for problems and how we can resolve them. Now, are the issues things that people are attempting to solve a part of the Blockchain generally? Or would you say it's much better if they're fixing 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 basically looking for services that, so I'll provide you an example.
And the factor that we bought it is because they found a way to make documents 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 guy that started it has a track record of producing computer programs that whole states run their entire operations on, right? So you've got okay, the wise person has actually built substantial computer system programs, terrific group, solving a huge problem that is going to cut big expenses.
I mean, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a great deal 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 comprehend something, I installed my hand, and I say, "I didn't comprehend what you simply stated." 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 a good concept. Right, right. It's going to be simple to understand. And do you feel that you have years of experience evaluating business and taking a look at much, much larger companies.
Ryan: So you have actually taken a look at business 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, sort of the infancy, that as you mentioned, it is nearly simply sound judgment. You just have to type of appearance at it and think reasonably about what's going on, and pull the feeling out? You have to pull the emotion out, and there are no standard metrics that you can look at.
Okay. What I can utilize that I discovered from dealing with Wall Street throughout 3 years, is how to check out people. I've met 10s of thousands of people throughout my profession. I've fulfilled insiders; I have actually satisfied fund managers, I've fulfilled stock promoters, I've satisfied all these various types of characters along the way.
So I think that's probably one of my super powers, if you will. And if you've got a good BS detector, you ought to listen to it. Okay. You should definitely listen to it. If I'm sitting down and I'm talking with somebody, 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 a lot of other deals out there to take a look at. Yeah, there's too much chance. Yeah. And speaking of opportunity, you understand, you type of pointed out at the beginning, Bitcoin and Ethereum, the majority of individuals have actually heard of these two, especially Bitcoin, since 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 quite unstable. Do they sort of await a pullback, or do they simply state, "Okay, I'm going to buy some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You know? Yeah that's a great concern.
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