So, a lot of people find that too bothersome, and that'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 perhaps the 20 minutes required to go through a process which simply takes 5 minutes if you want to establish a brokerage account.
" Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so hard." What I inform them is I state, "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 in fact really making money a huge amount of cash to go through maybe, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you envision what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that people go through, and something I desire to expose too that you didn't mention, but 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 difficult as possible, best, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, 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 load 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, however much like throughout that time period, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm always curious to talk to individuals who are, particularly someone like yourself, who's committed the last, you know, the bulk of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic question.
They're two totally different things, however 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 gives it worth 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 computer systems, confirming the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously try to hack it. But because of the nature of the network, today it's been unhackable. And really, with current innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper currency, you can print an endless quantity of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, due to the fact that they currently do not think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors 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 don't require Bitcoin. However there are billions of people in the world that don't have stable currencies.
Yeah. And so there's this whole blossoming international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially an international computer that you can compose computer programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, since you're essentially purchasing programs power. So I wouldn't really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals a concept, like a really basic one that I would imagine you 'd called an energy 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 type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on so many various areas and. I do not understand the ins and outs of it, however as an example for someone who may just be extremely standard in their understanding of this, there are a lot of various types of energies that are readily available.
And you kind of pointed out 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). Most of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I believe the genuine chance lies in the energy coin area.
There's all of these ICOs that were taking place, those slowed down a 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 produce energy coins- Correct, yeah. And individuals need to comprehend that not all energy coins are developed equal.
So you have the advantage of devoting your occupation to this, so you can head out there and do the recon, you can meet the creators, you can inspect the code, etc. But for a typical person, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I think.
How do they do that? That's an excellent question. I will state that 95% of ICOs are either deceitful or just bad concepts. Okay. Right? There's absolutely nothing even worse than somebody that's young, earnest, with a horrible idea, that somebody offers $40 million to. Right? Yeah, totally. So yeah, so I do not really get involved in numerous ICOs, and I advise you most likely side action that market, unless you've 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 two. Which's when we actually 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 solving an issue that requires to be solved? One of the huge disadvantages with extremely smart, technical individuals, is that they like to fix problems that nobody appreciates fixing.
Does the group have experience of executing in a successful way in another area of their life? And it doesn't even need to be directly related to cryptocurrency, it doesn't have to be even directly associated to software, right? So, but I wish to see a track record of success in something, right? If it's 4 men in a room that are just out of college, unless they've got some truly great advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in basic, my world of company, we continuously look for problems and how we can resolve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain generally? Or would you say it's much better if they're fixing kind 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 trying to find options that, so I'll provide you an example.
And the reason that we purchased it is due to the fact that they discovered a way to make files tamper-proof, and it's 99% more affordable than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a performance history of producing computer programs that entire states run their entire operations on, right? So you have actually got alright, the wise person has developed substantial computer system programs, excellent group, resolving a massive problem that is going to cut substantial expenses.
I mean, it does not get any simpler than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have a really basic rule, Ryan. If I do not comprehend something, I installed my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).
And after that if the person that you're speaking with can't dumb it down enough where you understand it, then it's most likely not an excellent concept. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience assessing companies and taking a look at much, much larger companies.
Ryan: So you have actually looked at companies that are big companies, you've assessed much larger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you pointed out, it is nearly simply good sense. You simply have to type of take a look at it and think logically about what's going on, and pull the emotion out? You have to pull the emotion out, and there are no traditional metrics that you can look at.
Okay. What I can use that I discovered from dealing with Wall Street across 3 decades, is how to check out people. I have actually fulfilled 10s of countless people throughout my career. I have actually met insiders; I've fulfilled fund managers, I have actually satisfied stock promoters, I have actually satisfied all these different types of characters along the method.
So I think that's probably among my very powers, if you will. And if you have actually got a great BS detector, you should listen to it. Okay. You should absolutely listen to it. If I'm sitting down and I'm talking with someone, and they've got all the bonifides, but you understand, 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 numerous other deals out there to take a look at. Yeah, there's too much opportunity. Yeah. And speaking of opportunity, you understand, you sort of pointed out at the beginning, Bitcoin and Ethereum, many people have heard of these two, especially Bitcoin, because 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 just recently; it's turned up from say $3,000 not too long back, it's rather volatile. Do they type of wait for a pullback, or do they simply say, "Okay, I'm going to buy some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You know? Yeah that's an excellent concern.
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