So, a great deal of people discover that too bothersome, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in maybe the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to set up a brokerage account.
" Oh Teeka, we enjoy your ideas, however gosh, establishing a crypto account is so hard." What I inform them is I state, "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 actually really earning money an enormous quantity of money to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software application. And can you envision what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that individuals go through, and one thing I wish to bring to light too that you didn't mention, however I understand a lot of folks who struggle 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 difficult as possible, ideal, like Coinbase. It 'd take me forever prior to I might start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I imply, 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 mean 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 indicate, we remain in the early days of that technology, however similar to throughout that time period, 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 business, 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 with people who are, especially someone like yourself, who's dedicated the last, you understand, the much better part of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a great question.
They're 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly try to hack it. However because of the nature of the network, today it's been unhackable. And actually, with present technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't rely on paper currency, you can print an unrestricted quantity of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually 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 countries that could potentially be a driver for more adoption, since they currently do not believe in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a tough time getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. But there are billions of individuals worldwide that do not have steady currencies.
Yeah. Therefore there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically used, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically a worldwide computer system that you can write computer programs for and run computer programs on a globally decentralized computer program.
So we think about something like Ether an utility token, since you're basically purchasing programming power. So I wouldn't actually 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 an extremely basic one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially 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's like unstoppable example, since it's on so many various locations and. I don't know the ins and outs of it, however as an example for somebody who may just be extremely basic in their understanding of this, there are numerous different kinds of utilities that are available.
And you sort of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, fix? 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, however I believe the real chance lies in the energy coin space.
There's all of these ICOs that were taking place, those decreased a little bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And people require to comprehend that not all utility coins are developed equivalent.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can meet the founders, you can examine the code, etc. But for an average person, there's now what, over 1,000 various types of coins available, practically 1,200 I think.
How do they do that? That's a terrific question. I will say that 95% of ICOs are either deceitful or just bad concepts. Okay. Right? There's absolutely nothing worse than somebody that's young, earnest, with a terrible idea, that somebody provides $40 million to. Right? Yeah, totally. So yeah, so I do not really take part in lots of ICOs, and I suggest you most likely side step that market, unless you have actually got an unique 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. And that's when we really begin taking a look at the idea in more information. So here are some quick and dirty things that you should look at, right? So, one is, are they resolving a problem that requires to be fixed? Among the big disadvantages with very clever, technical individuals, is that they like to solve issues that no one cares about resolving.
Does the team have experience of performing in a successful manner in another location of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't need to be even directly related to software, right? So, however I want to see a performance history of success in something, right? If it's four people in a room that are simply out of college, unless they have actually got some actually excellent 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 continuously search for issues and how we can resolve them. Now, are the issues things that people are trying to solve a part of the Blockchain usually? Or would you say it's much better if they're solving 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 essentially searching for solutions that, so I'll give you an example.
And the factor that we purchased it is due to the fact that they found a way to make files tamper-proof, and it's 99% cheaper than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a track record of producing computer programs that entire states run their whole operations on, right? So you have actually got fine, the wise person has constructed big computer programs, terrific group, solving an enormous problem that is going to cut huge costs.
I mean, it does not get any easier than that in regards to choosing who to put cash behind. And a great deal of this is typical sense, and a lot of folks will try to make things more complex than it is. And I have an actually simple guideline, Ryan. If I don't understand something, I installed my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).
And after that if the individual that you're talking with 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 easy to comprehend. And do you feel that you have years of experience evaluating companies and taking a look at much, much larger business.
Ryan: So you've looked at business that are huge companies, you have actually assessed much bigger marketcap type scenarios. 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 just have to kind of take a look at it and think logically about what's going on, and pull the feeling out? You need to pull the feeling out, and there are no traditional metrics that you can look at.
Okay. What I can use that I gained from working on Wall Street throughout 3 years, is how to check out people. I have actually fulfilled 10s of thousands of people throughout my career. I have actually fulfilled insiders; I've met fund managers, I have actually fulfilled stock promoters, I have actually fulfilled 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 ought to listen to it. Okay. You ought to absolutely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, however you know, there's just; it's not sitting well with me, there's something about them that's not sitting well with me.
There are many other deals out there to look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you know, you kind of discussed at the start, Bitcoin and Ethereum, the majority of individuals have actually heard of these two, particularly Bitcoin, due to the fact that it looks like it's in the news all the time, something or the other.
Have they missed the boat 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 quite unpredictable. Do they type of wait on a pullback, or do they simply say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You understand? Yeah that's a terrific concern.
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