So, a lot of people find that too troublesome, which's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals 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 love your ideas, however gosh, establishing a crypto account is so hard." What I inform them is I say, "Look, when it's simple 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 getting paid a huge amount of cash to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software. And can you envision what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that individuals go through, and one thing I wish to expose too that you didn't point out, but I understand a great deal of folks who fight with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever prior to I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I imply it would take 20 minutes to fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I mean, we're in the early days of that innovation, but simply like throughout that time period, 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 an action back for a second, due to the fact that I'm constantly curious to talk to individuals who are, specifically somebody like yourself, who's devoted the last, you know, the bulk of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a terrific concern.
They're 2 absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's only going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And truly, with present 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 have actually got individuals who have literally 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 endless amount of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either run-away inflation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they currently don't believe in their own currency? Yeah, and I think we have actually 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 need Bitcoin. But there are billions of individuals in the world that don't have steady currencies.
Yeah. Therefore there's this whole burgeoning international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are basically used, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a global computer that you can compose computer programs for and run computer programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, since you're essentially buying shows power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely basic one that I would envision you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this same type of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on a lot of different areas and. I don't know the ins and outs of it, but as an example for someone who may just be really basic in their understanding of this, there are many different types of energies that are offered.
And you kind of pointed out having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the energy coin area.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And individuals require to understand that not all utility coins are produced equal.
So you have the benefit of devoting your occupation to this, so you can go out there and do the recon, you can meet the creators, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 various 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 just bad concepts. Okay. Right? There's absolutely nothing even worse than somebody that's young, earnest, with a terrible idea, that somebody gives $40 million to. Right? Yeah, absolutely. So yeah, so I don't really take part in lots of ICOs, and I advise you probably side action that market, unless you've got a special 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 really begin looking at the concept in more detail. So here are some quick and filthy things that you should take a look at, right? So, one is, are they resolving an issue that needs to be solved? Among the big drawbacks with really wise, technical people, is that they like to solve problems that nobody cares about solving.
Does the group have experience of carrying out in a successful way in another location of their life? And it does not even need to be straight associated to cryptocurrency, it does not 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 space that are simply out of college, unless they have actually got some actually excellent consultants behind them, I'm probably not going to offer them any money.
Yeah. I think that in marketing in general, my world of business, we continuously search for problems and how we can solve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain usually? Or would you state it's much better if they're solving 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 generally trying to find services that, so I'll offer you an example.
And the factor that we purchased it is because they found a way to make documents 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 person that started it has a performance history of developing computer programs that whole states run their whole operations on, right? So you have actually got okay, the smart guy has actually developed substantial computer system programs, fantastic team, fixing an enormous issue that is going to cut big expenses.
I mean, it does not get any simpler than that in regards to deciding who to put money behind. And a great deal of this is common 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 put up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).
And after that if the person that you're speaking to can't dumb it down enough where you comprehend it, then it's most likely not a great idea. Right, right. It's going to be easy to understand. And do you feel that you have years of experience assessing companies and taking a look at much, much larger companies.
Ryan: So you've looked at business that are big companies, you've examined much larger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you pointed out, it is almost just sound judgment. You just have to sort of take a look at it and believe logically about what's going on, and pull the emotion out? You need to pull the emotion out, and there are no traditional metrics that you can take a look at.
Okay. What I can use that I gained from dealing with Wall Street across 3 years, is how to check out people. I've met 10s of countless individuals throughout my profession. I've satisfied insiders; I have actually satisfied fund managers, I've fulfilled stock promoters, I've fulfilled all these various types of characters along the way.
So I believe that's probably among my very 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 sitting down and I'm talking with somebody, and they have actually got all the bonifides, however you know, there's simply; it's not sitting well with me, there's something about them that's not agreeing with me.
There are numerous other deals out there to take a look at. Yeah, there's excessive chance. Yeah. And speaking of opportunity, you know, you type of discussed at the beginning, Bitcoin and Ethereum, the majority of people have become aware of these two, particularly Bitcoin, because 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 almost upwards of $6,000 just recently; it's come up from state $3,000 not too long ago, it's rather unpredictable. Do they sort of wait for 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 10 years." You understand? Yeah that's an excellent concern.
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