So, a lot of individuals discover that too bothersome, and that's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are prepared to put in maybe the 20 minutes needed to go through a process which just takes five minutes if you wish to establish a brokerage account.
" Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so tough." 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 whole cryptocurrency market will be 10x larger. So you're in fact truly earning money a massive amount of cash to go through maybe, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you imagine what will take place to this entire marketplace 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 procedure that individuals go through, and one thing I want to expose too that you didn't discuss, but I understand a great deal of folks who deal 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, best, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, 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 imply, we remain in the early days of that innovation, but simply like during that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm constantly curious to speak to individuals who are, specifically someone like yourself, who's dedicated the last, you understand, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic question.
They're 2 completely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's just going to be a limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust paper cash, you can print an endless quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or people that were in Cypress, or just people who have suffered through either devaluation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, due to the fact that they already do not 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 financiers have a difficult time getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin. But there are billions of individuals in the world that don't have stable currencies.
Yeah. Therefore there's this entire growing worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are basically used, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a global computer that you can compose computer programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're essentially buying programs power. So I wouldn't really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals an idea, like an extremely basic one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's sort of this exact same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, because it's on a lot of different areas and. I do not know the ins and outs of it, but as an example for someone who might simply be very standard in their understanding of this, there are many various kinds of utilities that are readily available.
And you kind of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those slowed down a bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals need to understand that not all utility coins are developed equivalent.
So you have the advantage of committing your profession to this, so you can head out there and do the recon, you can meet the creators, you can examine the code, etc. But for a typical individual, there's now what, over 1,000 different types of coins readily available, almost 1,200 I think.
How do they do that? That's a terrific concern. I will state that 95% of ICOs are either fraudulent or simply bad ideas. Okay. Right? There's 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 actually participate in many ICOs, and I recommend you most likely side action that market, unless you have actually got a special relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause normally it'll crash 80% or so. Which's when we actually begin looking 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 resolving an issue that needs to be resolved? One of the big drawbacks with extremely clever, technical individuals, is that they like to resolve problems that nobody appreciates resolving.
Does the group have experience of carrying out in a successful way in another location of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not need to be even directly associated to software, right? So, but I want to see a performance history of success in something, right? If it's four people in a room that are just out of college, unless they've got some really great advisors behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in general, my world of business, we constantly search for issues and how we can fix them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain typically? Or would you state it's better if they're fixing 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 basically searching for solutions that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they found a way to make documents tamper-proof, and it's 99% less expensive than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a performance history of creating computer programs that whole states run their entire operations on, right? So you've got fine, the wise guy has actually built substantial computer programs, great team, resolving an enormous problem that is going to cut substantial costs.
I imply, it does not get any easier than that in regards to deciding who to put cash behind. And a lot of this is typical sense, and a great deal of folks will attempt to make things more complex than it is. And I have a truly easy rule, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't comprehend 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 a good concept. Right, right. It's going to be basic to comprehend. And do you feel that you have years of experience examining business and looking at much, much larger companies.
Ryan: So you have actually looked at companies that are big business, you have actually examined much larger marketcap type situations. Do you feel that that experience has assisted you? Or are we in such, type of the infancy, that as you pointed out, it is nearly simply common sense. You simply have to sort of appearance at it and think reasonably about what's going on, and pull the emotion 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 gained from dealing with Wall Street across three decades, is how to check out people. I have actually satisfied tens of thousands of people throughout my career. I've met insiders; I have actually satisfied fund managers, I have actually met stock promoters, I have actually satisfied all these various kinds of characters along the way.
So I think 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 should definitely listen to it. If I'm sitting down and I'm talking with someone, and they've got all the bonifides, but you know, there's simply; it's not agreeing with me, there's something about them that's not agreeing with me.
There are so lots of other deals out there to look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you understand, you type of pointed out at the beginning, Bitcoin and Ethereum, many people have become aware of these two, especially Bitcoin, since it appears like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading practically upwards of $6,000 recently; it's shown up from state $3,000 not too long ago, it's quite unstable. Do they sort of wait for a pullback, or do they simply state, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You know? Yeah that's an excellent concern.
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