So, a great deal of people find that too bothersome, which's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes needed to go through a procedure which just takes five minutes if you want to establish a brokerage account.
" Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so tough." What I inform them is I state, "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 bigger. So you're in fact truly making money an enormous quantity of money to go through perhaps, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting 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 great deal of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever before I could start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 suggest it would take 20 minutes to pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I suggest, we're in the early days of that technology, however simply like during that duration 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, due to the fact that I'm always curious to talk to individuals who are, especially somebody like yourself, who's devoted the last, you understand, the bulk of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a terrific concern.
They're 2 completely different 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 provides it value is that it is, there's only going to be a limited quantity. 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. Therefore if you take a look at that Bitcoin network, people constantly try to hack it. But due to the fact that 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.
Therefore 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 stating, "We do not rely on fiat money, you can print an endless quantity of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that were in Cypress, or simply 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 countries that could potentially be a driver for more adoption, since 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 bumpy ride getting their head around. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin. However there are billions of individuals worldwide that do not have stable currencies.
Yeah. Therefore there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically utilized, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a global 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 purchasing programs power. So I would not really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people a concept, like a really basic one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's type of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on a lot of various locations and. I do not know the ins and outs of it, however as an example for somebody who might simply be really standard in their understanding of this, there are so numerous different kinds of utilities that are available.
And you kind of discussed having this boots on the ground experience. Now, since 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 recommend and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance depends on the utility coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and start to create energy coins- Correct, yeah. And individuals need to understand that not all energy coins are produced equal.
So you have the advantage 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, etc. However for a typical person, there's now what, over 1,000 various types of coins available, practically 1,200 I believe.
How do they do that? That's a great concern. 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 horrible idea, that someone provides $40 million to. Right? Yeah, absolutely. So yeah, so I don't truly participate in many ICOs, and I suggest you most likely side action that market, unless you have actually got a special relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause normally it'll crash 80% or so. And that's when we actually begin taking a look at the idea in more detail. So here are some quick and filthy things that you should take a look at, right? So, one is, are they solving an issue that requires to be solved? One of the big drawbacks with really smart, technical people, is that they like to solve issues that nobody appreciates solving.
Does the team have experience of executing in an effective manner 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 associated to software, right? So, however I want 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 have actually got some actually excellent advisors behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of business, we constantly try to find issues and how we can resolve them. Now, are the issues things that people are trying to solve a part of the Blockchain generally? Or would you state it's better if they're resolving sort 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 trying to find options that, so I'll give you an example.
And the reason that we purchased it is since they found a way to make files tamper-proof, and it's 99% more affordable than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a performance history of producing computer programs that entire states run their entire operations on, right? So you have actually got fine, the clever guy has built substantial computer system programs, great team, resolving a massive issue that is going to cut huge expenses.
I imply, it does not get any easier than that in regards to deciding who to put money behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly basic guideline, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).
And then if the person that you're speaking with can't dumb it down enough where you comprehend it, then it's probably not a good idea. Right, right. It's going to be easy to understand. And do you feel that you have years of experience examining companies and looking at much, much larger business.
Ryan: So you have actually taken a look at companies that are big companies, you've examined much bigger marketcap type scenarios. Do you feel that that experience has helped you? Or are we in such, sort of the infancy, that as you discussed, it is almost just typical sense. You just need to sort of appearance at it and think logically about what's going on, and pull the feeling out? You have to pull the feeling out, and there are no standard metrics that you can look at.
Okay. What I can use that I found out from dealing with Wall Street across three years, is how to read individuals. I have actually fulfilled 10s of countless people throughout my profession. I have actually fulfilled insiders; I have actually satisfied fund supervisors, I've fulfilled stock promoters, I have actually met all these different kinds of characters along the way.
So I believe that's most likely one of my extremely powers, if you will. And if you've got a great BS detector, you ought to 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 know, there's simply; it's not sitting well with me, there's something about them that's not sitting well with me.
There are so many other deals out there to take a look at. Yeah, there's excessive chance. Yeah. And speaking of chance, you understand, you type of discussed at the start, Bitcoin and Ethereum, many people have actually become aware of these two, particularly Bitcoin, because it looks 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 state $3,000 not too long back, it's quite unpredictable. Do they kind of wait for a pullback, or do they simply state, "Okay, I'm going to buy some Ethereum, I'm going to purchase some Bitcoin, see you in ten years." You know? Yeah that's a terrific concern.
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