So, a great deal of people discover that too bothersome, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes required to go through a procedure which simply takes five minutes if you want to establish a brokerage account.
" Oh Teeka, we enjoy your ideas, however gosh, setting up 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly earning money a huge quantity of cash to go through perhaps, you understand, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will happen to this whole market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and one thing I desire to expose too that you didn't point out, but I understand a great deal of folks who deal with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever before I might begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, it's if you remember the early days of the Internet, when we were getting on the Web, 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 indicate, we remain in the early days of that innovation, but similar to during that amount of time, 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, because I'm constantly curious to speak to individuals who are, especially somebody like yourself, who's devoted the last, you understand, the lion's share of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. And so what gives it value is that it is, there's only going to be a limited amount. 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 look at that Bitcoin network, people continuously attempt to hack it. But since of the nature of the network, today it's been unhackable. And actually, with existing technology, the Bitcoin network is so huge 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 because they're saying, "We do not rely on paper cash, you can print an unlimited quantity of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or just 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 possibly be a catalyst for more adoption, because they currently 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 lot of American or Western investors have a hard time getting their head around. They resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. However there are billions of individuals on the planet that don't have steady currencies.
Yeah. Therefore there's this whole growing worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally utilized, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're basically buying programming power. So I would not truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide people an idea, like a very simple one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that basically 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 resembles unstoppable example, due to the fact that it's on a lot of various areas and. I do not understand the ins and outs of it, but as an example for somebody who may just be very basic in their understanding of this, there are so lots of various types of energies that are offered.
And you kind of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I think the genuine opportunity depends on the energy coin area.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals need to comprehend 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 fulfill the creators, you can inspect the code, and so on. But for an average person, there's now what, over 1,000 various types of coins offered, nearly 1,200 I believe.
How do they do that? That's a great question. I will say that 95% of ICOs are either fraudulent or simply bad ideas. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with a dreadful idea, that somebody provides $40 million to. Right? Yeah, totally. So yeah, so I do not really take part in many ICOs, and I recommend you most likely side step 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 usually it'll crash 80% approximately. Which's when we really begin looking at the concept in more detail. So here are some fast and filthy things that you should take a look at, right? So, one is, are they fixing an issue that needs to be resolved? One of the huge disadvantages with extremely clever, technical people, is that they like to solve problems that nobody cares about solving.
Does the group have experience of executing in a successful manner in another location of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't need to be even directly related to software, right? So, however I wish to see a track record of success in something, right? If it's four guys in a room that are simply out of college, unless they've got some really excellent consultants behind them, I'm most likely not going to provide them any cash.
Yeah. I believe that in marketing in general, my world of service, we constantly search for problems and how we can fix them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain typically? Or would you state it's much better if they're resolving 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 solutions that, so I'll provide you an example.
And the reason that we bought it is due to the fact that they found a method to make files tamper-proof, and it's 99% less expensive than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a performance history of producing computer programs that entire states run their entire operations on, right? So you've got all right, the wise man has actually constructed huge computer system programs, terrific group, resolving a huge problem that is going to cut huge costs.
I mean, it doesn't get any easier than that in terms of deciding who to put money behind. And a lot of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually basic rule, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).
And after that if the person that you're talking with can't dumb it down enough where you understand it, then it's most likely not an excellent concept. Right, right. It's going to be simple to understand. And do you feel that you have years of experience evaluating companies and looking at much, much bigger business.
Ryan: So you've taken a look at companies that are huge companies, you have actually assessed much bigger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you mentioned, it is almost simply sound judgment. You simply need to sort of take a 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 traditional metrics that you can take a look at.
Okay. What I can use that I discovered from dealing with Wall Street across three years, is how to check out individuals. I've satisfied 10s of thousands of people throughout my profession. I've met experts; I've met fund supervisors, I've satisfied stock promoters, I've met all these different kinds of characters along the way.
So I believe that's most likely among my extremely powers, if you will. And if you have actually got a good BS detector, you must listen to it. Okay. You ought to definitely listen to it. If I'm sitting down and I'm talking with someone, and they have actually got all the bonifides, however you understand, there's just; it's not sitting well with me, there's something about them that's not agreeing with me.
There are a lot of other offers out there to look at. Yeah, there's too much opportunity. Yeah. And speaking of opportunity, you know, you type of mentioned at the start, Bitcoin and Ethereum, the majority of people have become aware of these 2, particularly Bitcoin, due to the fact that it appears like it remains in the news all the time, something or the other.
Have they missed the boat on Bitcoin? Bitcoin is trading nearly upwards of $6,000 recently; it's turned up from say $3,000 not too long earlier, it's quite volatile. Do they sort of wait on a pullback, or do they simply say, "Okay, I'm going to purchase 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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