So, a lot of individuals find that too troublesome, and that's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that are prepared to put in possibly the 20 minutes required to go through a process which just takes 5 minutes if you want to establish a brokerage account.
" Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly making money a huge quantity of cash to go through perhaps, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software. And can you picture what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that individuals go through, and one thing I wish to expose too that you didn't mention, but I know a lot of folks who struggle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They're like, 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 Internet, we were doing it with 56k modems, right? I indicate 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 indicate, we remain in the early days of that technology, but much 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 outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to talk with individuals who are, specifically somebody like yourself, who's committed the last, you know, the much better part of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're two totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. And so what gives it worth is that it is, there's just going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. However since of the nature of the network, today it's been unhackable. And really, with current innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people 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 paper cash, you can print an unlimited quantity of it. It's actually not secure, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or simply people who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, because they already don't believe in their own currency? Yeah, and I believe we have actually 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 money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin. But there are billions of individuals worldwide that don't have stable currencies.
Yeah. Therefore there's this whole blossoming global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are essentially utilized, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially an international computer that you can write computer programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially buying shows power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like a really basic one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that basically 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's like unstoppable kind of thing, due to the fact that it's on a lot of various areas and. I do not know the ins and outs of it, however as an example for someone who might simply be really basic in their understanding of this, there are many different kinds of energies that are offered.
And you kind of discussed having this boots on the ground experience. Now, given that we're looking at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance lies in the energy coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And people need to understand that not all utility coins are produced equivalent.
So you have the benefit of dedicating your occupation to this, so you can go out there and do the recon, you can fulfill the creators, you can inspect the code, and so on. However for a typical individual, there's now what, over 1,000 different kinds of coins offered, practically 1,200 I think.
How do they do that? That's an excellent concern. I will state that 95% of ICOs are either deceptive or simply bad concepts. Okay. Right? There's nothing worse than someone that's young, earnest, with a terrible concept, that someone gives $40 million to. Right? Yeah, absolutely. So yeah, so I do not truly take part in numerous ICOs, and I suggest 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 generally it'll crash 80% or two. Which's when we really begin looking at the idea in more information. So here are some fast and filthy things that you should take a look at, right? So, one is, are they resolving an issue that requires to be resolved? One of the huge disadvantages with really wise, technical individuals, is that they like to solve problems that no one cares about resolving.
Does the group have experience of performing in an effective manner in another location of their life? And it does not even need to be directly associated to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I desire to see a track record of success in something, right? If it's 4 people in a room that are just out of college, unless they've got some really great advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in basic, my world of service, we constantly try to find issues and how we can solve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain generally? Or would you state it's much better if they're resolving 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 looking 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 files tamper-proof, and it's 99% cheaper than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a track record of creating computer system programs that entire states run their whole operations on, right? So you've got okay, the clever man has constructed huge computer programs, fantastic team, solving a massive issue that is going to cut substantial costs.
I imply, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have a truly simple rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).
And then if the individual that you're speaking 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 easy to understand. And do you feel that you have years of experience evaluating business and looking at much, much bigger business.
Ryan: So you have actually looked at companies that are big companies, you've evaluated much larger marketcap type circumstances. 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 just sound judgment. You just need to kind 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 standard metrics that you can look at.
Okay. What I can use that I learned from dealing with Wall Street throughout three years, is how to check out individuals. I've satisfied tens of countless people throughout my profession. I have actually fulfilled experts; I've satisfied fund managers, I've met stock promoters, I have actually met all these different kinds of characters along the method.
So I believe that's probably among my extremely powers, if you will. And if you've 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 have actually got all the bonifides, but you understand, there's simply; it's not agreeing with me, there's something about them that's not sitting well with me.
There are numerous other offers out there to take a look at. Yeah, there's too much chance. Yeah. And speaking of opportunity, you understand, you sort of pointed out at the start, Bitcoin and Ethereum, many people have actually heard of these two, especially 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 practically upwards of $6,000 just recently; it's shown up from state $3,000 not too long earlier, it's rather volatile. Do they sort 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 terrific concern.
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