So, a great deal of individuals discover that too troublesome, which's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a procedure which just takes five minutes if you want to establish a brokerage account.
" Oh Teeka, we love your concepts, but gosh, establishing a crypto account is so tough." What I tell them is I say, "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 making money an enormous amount of cash to go through perhaps, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you imagine what will happen to this whole market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the process that individuals go through, and one thing I want to bring to light too that you didn't discuss, however I know a lot of folks who battle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever prior to I could start buying in size on Coinbase. They resemble, 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 suggest 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 imply, we remain in the early days of that technology, but much like throughout that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk with people who are, particularly somebody like yourself, who's devoted the last, you understand, the bulk of the last few years to really go both feet in on this. How do you describe cryptocurrency to like an average individual? That's an excellent concern.
They're 2 absolutely different 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 gives it value is that it is, there's only going to be a limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. But because of the nature of the network, today it's been unhackable. And actually, with existing technology, the Bitcoin network is so big right now, 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 don't trust fiat money, you can print a limitless amount of it. It's really not protect, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or simply individuals who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, since they already do not think 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 investors have a hard time getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin. But there are billions of people worldwide that do not have stable currencies.
Yeah. And so there's this entire blossoming international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are basically used, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is essentially a worldwide computer that you can write computer system programs for and run computer system programs on a globally decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're essentially purchasing programming power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like a very easy one that I would imagine 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 kind of network result that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on many different locations and. I don't know the ins and outs of it, however as an example for someone who may just be very standard in their understanding of this, there are many various kinds of energies that are offered.
And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are probably energy based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, but I believe the genuine opportunity depends on the energy coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And people need to comprehend that not all energy coins are created equivalent.
So you have the benefit of committing your profession to this, so you can go out there and do the recon, you can satisfy the founders, you can inspect the code, etc. However for an average individual, there's now what, over 1,000 different types of coins available, practically 1,200 I believe.
How do they do that? That's an excellent concern. I will say that 95% of ICOs are either fraudulent or just bad concepts. Okay. Right? There's absolutely nothing worse than someone that's young, earnest, with a dreadful concept, that somebody offers $40 million to. Right? Yeah, totally. So yeah, so I do not truly participate in lots of ICOs, and I suggest you probably side action 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 generally it'll crash 80% approximately. Which's when we really start looking at the concept in more detail. So here are some quick and dirty things that you should take a look at, right? So, one is, are they resolving a problem that needs to be solved? Among the big disadvantages with very wise, technical individuals, is that they like to fix issues that no one cares about fixing.
Does the team have experience of executing in an effective manner in another area of their life? And it doesn't even need to be directly associated to cryptocurrency, it does not have to be even straight associated 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 actually good consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in general, my world of company, we constantly look for issues and how we can resolve them. Now, are the issues things that people are trying to resolve a part of the Blockchain typically? Or would you say it's 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 generally searching for solutions that, so I'll give 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% cheaper than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a performance history of developing computer system programs that entire states run their whole operations on, right? So you've got alright, the smart man has developed huge computer programs, terrific team, solving a huge issue that is going to cut big expenses.
I mean, 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 attempt to make things more complicated than it is. And I have a truly easy guideline, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).
And then if the person that you're talking with can't dumb it down enough where you comprehend it, then it's most likely not an excellent idea. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience examining business and taking a look at much, much bigger business.
Ryan: So you've taken a look at companies that are huge companies, you have actually evaluated much larger marketcap type situations. Do you feel that that experience has helped you? Or are we in such, type of the infancy, that as you discussed, it is practically just common sense. You just need to type of take a look at it and believe reasonably about what's going on, and pull the feeling out? You need to pull the emotion out, and there are no conventional metrics that you can take a look at.
Okay. What I can utilize that I learned from working on Wall Street throughout three decades, is how to read people. I've satisfied tens of countless people throughout my profession. I've met experts; I've met fund managers, I have actually met stock promoters, I've satisfied all these various kinds of characters along the way.
So I think that's most likely among my incredibly powers, if you will. And if you've got a great BS detector, you must listen to it. Okay. You ought to absolutely 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 sitting well with me, there's something about them that's not agreeing with me.
There are numerous other offers out there to take a look at. Yeah, there's too much chance. Yeah. And speaking of chance, you know, you kind of pointed out at the beginning, Bitcoin and Ethereum, the majority of people have actually become aware of these two, especially Bitcoin, due to the fact that 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 almost upwards of $6,000 just recently; it's turned up from say $3,000 not too long earlier, it's rather volatile. Do they type of wait on a pullback, or do they just state, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in 10 years." You understand? Yeah that's a fantastic concern.
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