So, a great deal of individuals find that too bothersome, which's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that are prepared to put in maybe the 20 minutes required to go through a process which simply takes five minutes if you wish to establish a brokerage account.
" Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so tough." 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 really getting paid a huge amount of money to go through perhaps, you know, 20 minutes of a pain 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 purchase cryptocurrencies directly through your trading software. And can you envision what will take place 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 pointed out the process that people go through, and something I want to bring to light too that you didn't discuss, however I know a great deal of folks who fight with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently before I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, 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 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, however similar to during that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm always curious to talk to individuals who are, specifically somebody like yourself, who's committed the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a fantastic concern.
They're 2 totally 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. Therefore what gives it value is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals 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 stating, "We don't rely on paper currency, you can print an unrestricted quantity of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained 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, because they already don't believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a lot 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 do not need Bitcoin. But there are billions of individuals on the planet that do not have stable currencies.
Yeah. Therefore there's this whole blossoming international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically utilized, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially an international computer system that you can compose computer programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, since you're basically buying shows power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people a concept, like a really easy one that I would envision you 'd called an energy token, is like FileCoin.
Where the concept is that generally 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 kind of thing, due to the fact that it's on numerous different locations and. I do not understand the ins and outs of it, however 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 kind of pointed out having this boots on the ground experience. Now, considering that 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 suggest and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine opportunity depends on the utility coin area.
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, but people are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And individuals need to comprehend that not all utility coins are developed equal.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can fulfill the creators, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I think.
How do they do that? That's a great question. I will say that 95% of ICOs are either deceptive or just bad ideas. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with a dreadful idea, that someone provides $40 million to. Right? Yeah, totally. So yeah, so I do not really take part in lots of ICOs, and I suggest you most likely side step that market, unless you have actually got an unique relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% or so. And that's when we actually start taking a look at the idea in more information. So here are some quick and unclean things that you should look at, right? So, one is, are they resolving an issue that requires to be resolved? One of the huge drawbacks with very smart, technical individuals, is that they like to fix problems that nobody appreciates resolving.
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 associated to cryptocurrency, it doesn't need to be even directly 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 have actually got some really great advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of business, we continuously search for issues and how we can solve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain normally? Or would you state it's much better if they're solving 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 essentially looking for options that, so I'll provide you an example.
And the factor that we purchased it is since they found a way to make documents tamper-proof, and it's 99% cheaper than existing technology, 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 track record of producing computer system programs that entire states run their entire operations on, right? So you've got alright, the clever guy has developed huge computer programs, terrific group, resolving a huge problem that is going to cut substantial costs.
I indicate, it does not 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 try to make things more complex than it is. And I have a truly simple rule, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
And then if the individual that you're talking to can't dumb it down enough where you comprehend it, then it's most likely not a great concept. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience examining business and taking a look at much, much larger business.
Ryan: So you have actually taken a look at business that are big business, you have actually evaluated much larger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, type of the infancy, that as you mentioned, it is nearly just sound judgment. 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 conventional metrics that you can take a look at.
Okay. What I can use that I gained from dealing with Wall Street throughout three years, is how to check out individuals. I've fulfilled tens of countless people throughout my career. I've fulfilled insiders; I've fulfilled fund managers, I have actually met stock promoters, I have actually met all these different types of characters along the method.
So I think that's probably one of my extremely powers, if you will. And if you've got an excellent BS detector, you ought to listen to it. Okay. You ought to definitely listen to it. If I'm taking a seat and I'm talking with somebody, and they've got all the bonifides, but you know, there's just; it's not agreeing with me, there's something about them that's not agreeing with me.
There are numerous other offers out there to look at. Yeah, there's excessive chance. Yeah. And speaking of chance, you understand, you kind of discussed at the beginning, Bitcoin and Ethereum, the majority of people have actually become aware of these two, particularly Bitcoin, since it appears like it's in the news all the time, something or the other.
Have they missed out on 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 rather unstable. Do they type of wait on a pullback, or do they just say, "Okay, I'm going to buy some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You understand? Yeah that's a fantastic concern.
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