So, a lot of people find that too inconvenient, and that's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are willing to put in maybe the 20 minutes needed to go through a process which simply takes five minutes if you wish to establish a brokerage account.
" Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so difficult." What I tell 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 in fact truly making money an enormous quantity of money to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software application. And can you imagine what will take place to this entire market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and something I wish to bring to light too that you didn't discuss, but I understand a great deal of folks who have problem with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever before I could start buying 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 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 imply, we remain in the early days of that technology, however much like during that duration 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 a step back for a second, since I'm always curious to speak to people who are, specifically someone like yourself, who's dedicated the last, you know, the bulk of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a terrific question.
They're two absolutely different things, however 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 gives it worth 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, verifying the deals on the Bitcoin network. Therefore if you 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 truly, with current innovation, 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 due to the fact that they're stating, "We don't trust paper money, you can print an unlimited amount of it. It's really not protect, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that remained in Cypress, or simply individuals who have suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, because they already don't believe in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady 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 entire growing global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are essentially utilized, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a global computer system that you can write computer system programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, since you're basically purchasing programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people a concept, like a very simple one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's type of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on numerous various areas and. I do not understand the ins and outs of it, but as an example for someone who may simply be extremely standard in their understanding of this, there are numerous various kinds of utilities that are available.
And you sort of pointed out having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real chance depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a few things that was going on, but individuals 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 developed equivalent.
So you have the benefit of committing your profession to this, so you can go out there and do the reconnaissance, you can meet the creators, you can inspect the code, and so on. But for an average individual, there's now what, over 1,000 various kinds of coins offered, nearly 1,200 I believe.
How do they do that? That's a great question. I will say that 95% of ICOs are either deceptive or simply bad concepts. Okay. Right? There's absolutely nothing worse than someone that's young, earnest, with an awful concept, that somebody gives $40 million to. Right? Yeah, totally. So yeah, so I don't truly get involved in many 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 then blow it out when it trades.
'Cause normally it'll crash 80% or so. Which's when we really begin taking a look at the idea in more information. So here are some quick and unclean things that you should take a look at, right? So, one is, are they fixing an issue that needs to be solved? One of the big drawbacks with very clever, technical individuals, is that they like to fix issues that no one appreciates resolving.
Does the team have experience of executing in an effective way in another location of their life? And it does not even need to be straight related to cryptocurrency, it does not need to be even directly associated to software application, right? So, but I want to see a track record of success in something, right? If it's 4 guys in a room that are just out of college, unless they've got some truly great consultants behind them, I'm probably not going to offer them any money.
Yeah. I think that in marketing in general, my world of business, we constantly try to find issues and how we can solve them. Now, are the problems things that people are attempting to fix a part of the Blockchain normally? Or would you state 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 basically trying to find services that, so I'll offer you an example.
And the reason that we bought it is since they discovered a way to make documents tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you've got fine, the wise man has actually built huge computer programs, terrific group, solving a huge issue that is going to cut substantial costs.
I suggest, it does not get any simpler than that in regards to choosing who to put money behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually easy rule, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).
And then if the person that you're speaking with can't dumb it down enough where you understand it, then it's probably not a good idea. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience assessing business and looking at much, much bigger companies.
Ryan: So you've taken a look at companies that are big companies, you've assessed much bigger marketcap type scenarios. 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 simply good sense. You just have to kind of take a look at it and think logically about what's going on, and pull the emotion out? You need to pull the feeling out, and there are no standard metrics that you can look at.
Okay. What I can use that I gained from working on Wall Street across three years, is how to check out individuals. I have actually met tens of thousands of individuals throughout my career. I've satisfied experts; I have actually satisfied fund managers, I have actually satisfied stock promoters, I have actually met all these different kinds of characters along the way.
So I believe that's most likely among my incredibly powers, if you will. And if you've got a great BS detector, you ought to listen to it. Okay. You ought to absolutely listen to it. If I'm taking a seat and I'm talking with someone, and they have actually got all the bonifides, however 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 a lot of other deals out there to take a look at. Yeah, there's too much chance. Yeah. And speaking of chance, you know, you type of mentioned at the beginning, Bitcoin and Ethereum, the majority of people have actually heard of these 2, particularly Bitcoin, due to the fact that it appears like it remains 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 recently; it's shown up from say $3,000 not too long earlier, it's quite unstable. Do they sort of wait for 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 10 years." You know? Yeah that's a terrific concern.
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