So, a great deal of people discover that too troublesome, which's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that are prepared to put in possibly the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
" Oh Teeka, we enjoy 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 really making money a huge amount of money to go through maybe, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you picture what will happen to this whole 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 process that people go through, and something I wish to expose too that you didn't mention, however I know a lot of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently before I could begin purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, 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 indicate, we're in the early days of that innovation, however simply like throughout that amount of time, 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, due to the fact that I'm always curious to talk to people who are, especially someone like yourself, who's devoted the last, you know, the better part of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's an excellent question.
They're two totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't rely on paper cash, you can print an unlimited amount of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that were in Cypress, or just people who have suffered through either hyperinflation, 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, because they already do not believe in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a tough 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 stable currency, right? You don't require Bitcoin. However there are billions of individuals on the planet that do not have stable currencies.
Yeah. And so there's this whole burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally utilized, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a global computer that you can compose computer programs for and run computer programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, since you're essentially buying programs power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals an idea, like an extremely easy 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 same type of network result that you have with Bitcoin, where it's like unstoppable example, because it's on many various areas and. I don't understand the ins and outs of it, but as an example for somebody who may just be very basic in their understanding of this, there are a lot of various kinds of energies that are available.
And you kind of discussed 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). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the utility 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 begin to develop energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can check the code, and so on. But for a typical individual, there's now what, over 1,000 various kinds of coins readily available, practically 1,200 I believe.
How do they do that? That's an excellent concern. I will say that 95% of ICOs are either deceptive or just bad ideas. Okay. Right? There's nothing worse than someone that's young, earnest, with a terrible concept, that someone gives $40 million to. Right? Yeah, completely. So yeah, so I don't truly take part in lots of ICOs, and I suggest you probably side step 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 usually it'll crash 80% approximately. And that's when we truly begin taking a look at the concept in more detail. So here are some fast and filthy things that you should take a look at, right? So, one is, are they fixing a problem that needs to be resolved? Among the huge disadvantages with really wise, technical individuals, is that they like to resolve problems that nobody cares about fixing.
Does the team have experience of performing in an effective way in another area of their life? And it does not even need to be straight associated to cryptocurrency, it doesn't need to be even directly related to software application, right? So, however I wish to see a track record of success in something, right? If it's four guys in a room that are just out of college, unless they have actually got some really good consultants behind them, I'm probably not going to give them any money.
Yeah. I believe that in marketing in basic, my world of service, we continuously search for issues and how we can resolve them. Now, are the problems things that people are attempting to solve a part of the Blockchain typically? Or would you say it's better if they're resolving sort 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 essentially searching for options that, so I'll provide you an example.
And the factor that we bought it is since they found a method to make documents tamper-proof, and it's 99% cheaper than current 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 producing computer system programs that entire states run their entire operations on, right? So you have actually got alright, the clever man has actually developed huge computer system programs, fantastic group, resolving a huge issue that is going to cut substantial costs.
I suggest, it doesn't get any simpler than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a lot of folks will try 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 individual that you're speaking to can't dumb it down enough where you understand it, then it's most likely not a good idea. Right, right. It's going to be simple 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 companies, you've examined much bigger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, type of the infancy, that as you mentioned, it is practically just good sense. You just have to type of 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 standard metrics that you can look at.
Okay. What I can use that I found out from dealing with Wall Street across 3 decades, is how to check out individuals. I have actually fulfilled 10s of countless people throughout my profession. I have actually satisfied insiders; I have actually met fund managers, I've satisfied stock promoters, I have actually satisfied all these different kinds 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 good BS detector, you need to listen to it. Okay. You should absolutely 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 sitting well with me, there's something about them that's not agreeing 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 know, you type of discussed at the beginning, Bitcoin and Ethereum, many people have actually become aware of these 2, especially Bitcoin, due to the fact that it seems 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 just recently; it's shown up from say $3,000 not too long earlier, it's rather unpredictable. Do they type of wait for a pullback, or do they just say, "Okay, I'm going to buy some Ethereum, I'm going to purchase some Bitcoin, see you in 10 years." You know? Yeah that's a terrific question.
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