So, a great deal of individuals discover that too bothersome, which's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are prepared to put in maybe the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to set up a brokerage account.
" Oh Teeka, we love your concepts, but gosh, establishing a crypto account is so difficult." 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 truly earning money a massive amount of cash to go through maybe, you understand, 20 minutes of a nuisance.
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 buy cryptocurrencies straight through your trading software. And can you envision what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and something I wish to expose too that you didn't discuss, however I understand a great deal of folks who have problem with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me forever before I could start buying in size on Coinbase. They resemble, well, we'll let you buy $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 Web, we were doing it with 56k modems, right? I suggest 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 suggest, we remain in the early days of that innovation, but just like throughout that time period, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm always curious to speak 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 explain cryptocurrency to like an average individual? That's a terrific concern.
They're 2 totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what gives it worth is that it is, there's just going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And really, 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've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not trust paper currency, you can print a limitless amount of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, due to the fact that they currently 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 cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin. But there are billions of people on the planet that don't have stable currencies.
Yeah. Therefore there's this whole burgeoning global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically utilized, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially an international computer system that you can compose computer system programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an utility token, because you're basically buying programs power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people an idea, like a very basic one that I would imagine 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 kind of this very same type of network effect that you have with Bitcoin, where it resembles unstoppable example, since it's on many various locations and. I do not know the ins and outs of it, however as an example for someone who may just be really basic in their understanding of this, there are so numerous various types of utilities that are offered.
And you sort of discussed having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real chance lies in the energy coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals require to comprehend that not all energy coins are developed equal.
So you have the benefit of committing your occupation to this, so you can go out there and do the reconnaissance, you can meet the founders, you can examine the code, etc. However for an average individual, there's now what, over 1,000 various kinds of coins readily available, nearly 1,200 I believe.
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 absolutely nothing worse than someone that's young, earnest, with a dreadful concept, that someone gives $40 million to. Right? Yeah, absolutely. So yeah, so I do not really take part in many ICOs, and I suggest you probably side step 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 usually it'll crash 80% or two. And that's when we actually begin taking a look at the concept in more information. So here are some quick and dirty things that you should take a look at, right? So, one is, are they resolving an issue that needs to be resolved? Among the big downsides with really clever, technical individuals, is that they like to solve issues that nobody appreciates resolving.
Does the team have experience of carrying out in an effective way in another area of their life? And it doesn't even need to be directly related to cryptocurrency, it does not need to be even directly related to software application, right? So, but I want to see a performance history of success in something, right? If it's four people in a space that are simply out of college, unless they've got some really great advisors behind them, I'm most likely not going to give them any money.
Yeah. I think that in marketing in general, my world of organization, we continuously look for issues and how we can solve them. Now, are the issues things that people are attempting to fix a part of the Blockchain generally? Or would you state it's much 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 basically searching for options that, so I'll give you an example.
And the reason that we purchased it is because they found a way to make documents tamper-proof, and it's 99% more affordable than present technology, 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 system programs that whole states run their entire operations on, right? So you have actually got alright, the smart man has constructed big computer system programs, fantastic group, fixing an enormous problem that is going to cut big expenses.
I suggest, it doesn't get any simpler than that in terms of deciding who to put money behind. And a lot 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 really easy guideline, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't understand what you simply stated." 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 probably 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 taking a look at much, much bigger business.
Ryan: So you have actually taken a look at business that are huge business, you've evaluated much larger marketcap type situations. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you mentioned, it is almost simply sound judgment. You simply have to type of appearance at it and think reasonably about what's going on, and pull the feeling 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 utilize that I gained from dealing with Wall Street throughout three years, is how to check out individuals. I've fulfilled 10s of thousands of people throughout my profession. I've met experts; I've fulfilled fund managers, I have actually met stock promoters, I have actually satisfied all these various types of characters along the method.
So I believe that's probably one of my incredibly powers, if you will. And if you have actually got an excellent BS detector, you need to listen to it. Okay. You should definitely listen to it. If I'm taking a seat and I'm talking with someone, 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 sitting well with me.
There are numerous other deals out there to look at. Yeah, there's too much chance. Yeah. And speaking of opportunity, you know, you kind of pointed out at the start, Bitcoin and Ethereum, most individuals have heard of these two, especially Bitcoin, due to the fact that it appears like it remains 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 turned up from state $3,000 not too long ago, it's rather volatile. Do they kind of wait on a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You understand? Yeah that's a great concern.
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