So, a lot of people find that too inconvenient, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a process which just takes five minutes if you wish to establish 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 easy 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 actually really making money an enormous amount of money to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software. And can you picture what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and something I wish to expose too that you didn't point out, however I understand a great deal of folks who fight with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just buy $500 a week.
As tough as possible, right, like Coinbase. It 'd take me permanently prior to I might 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 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 imply, we're in the early days of that innovation, but simply like throughout that duration of time, for the folks that had the vision to see where the future was going, and after that bought 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 2nd, since I'm always curious to talk to people who are, specifically somebody like yourself, who's devoted the last, you know, the better part 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 an excellent 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 alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's just going to be a restricted 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 look at that Bitcoin network, individuals continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And actually, with present technology, 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 individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't rely on paper currency, you can print a limitless quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they already don't believe in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin. However there are billions of individuals worldwide that don't have stable currencies.
Yeah. Therefore there's this entire growing worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially utilized, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is basically a global computer system that you can compose computer programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially purchasing shows power. So I wouldn't really consider 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 really basic one that I would picture you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on a lot of different areas and. I do not know the ins and outs of it, however as an example for someone who may just be really standard in their understanding of this, there are numerous different kinds of utilities that are available.
And you kind of pointed out having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the energy coin area.
There's all of these ICOs that were taking place, those decreased a bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equal.
So you have the benefit of dedicating your profession to this, so you can head out there and do the recon, you can satisfy the creators, you can examine the code, etc. But for an average individual, there's now what, over 1,000 various kinds of coins available, almost 1,200 I believe.
How do they do that? That's a terrific question. I will state that 95% of ICOs are either fraudulent or simply bad ideas. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with an awful concept, that somebody offers $40 million to. Right? Yeah, absolutely. So yeah, so I do not really take part in numerous ICOs, and I suggest you most likely side step that market, unless you've got a special relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause typically it'll crash 80% or two. Which's when we actually start looking at the idea in more detail. So here are some quick and dirty things that you should take a look at, right? So, one is, are they fixing a problem that requires to be fixed? One of the big drawbacks with very smart, technical people, is that they like to resolve problems that no one cares about fixing.
Does the team have experience of executing in a successful way in another location of their life? And it doesn't even have to be directly related to cryptocurrency, it doesn't need to be even straight related to software, right? So, however I want to see a performance history of success in something, right? If it's four guys in a room that are just out of college, unless they've got some really excellent consultants behind them, I'm probably not going to give them any cash.
Yeah. I think that in marketing in general, my world of service, we constantly try to find issues and how we can fix them. Now, are the problems things that people are attempting to solve a part of the Blockchain usually? Or would you state 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 basically looking for solutions that, so I'll offer 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 existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that began it has a track record of developing computer system programs that whole states run their entire operations on, right? So you've got fine, the clever man has constructed big computer system programs, great team, fixing a massive issue that is going to cut big costs.
I imply, it doesn't get any easier than that in regards to choosing who to put money behind. And a great deal of this is common sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly simple rule, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).
And then if the individual that you're speaking to can't dumb it down enough where you comprehend it, then it's most likely not a good concept. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience examining companies and taking a look at much, much larger companies.
Ryan: So you've looked at business that are big business, you've assessed much bigger 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 simply common sense. You simply have to type of look at it and think reasonably about what's going on, and pull the feeling out? You have to pull the emotion out, and there are no conventional metrics that you can look at.
Okay. What I can utilize that I gained from dealing with Wall Street throughout 3 decades, is how to check out individuals. I've met tens of countless people throughout my profession. I have actually met insiders; I have actually fulfilled fund managers, I've fulfilled stock promoters, I have actually met all these different types of characters along the method.
So I think that's most likely one of my extremely powers, if you will. And if you've got a good BS detector, you should listen to it. Okay. You need to definitely listen to it. If I'm sitting down and I'm talking with someone, and they have actually 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 a lot of other offers out there to take a look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you know, you type of pointed out at the start, Bitcoin and Ethereum, most people have actually become aware of these 2, particularly Bitcoin, because it seems like it remains in the news all the time, something or the other.
Have they missed out on the boat on Bitcoin? Bitcoin is trading nearly upwards of $6,000 recently; it's turned up from say $3,000 not too long ago, it's rather unpredictable. Do they type of wait on a pullback, or do they simply state, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You know? Yeah that's a fantastic question.
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