So, a great deal of individuals discover that too inconvenient, which's why the 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 needed to go through a process which simply takes five minutes if you want to set up a brokerage account.
" Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so tough." What I tell 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 larger. So you're in fact truly earning money an enormous amount of money to go through maybe, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software. And can you imagine what will take place 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 discussed the procedure that individuals go through, and something I desire to bring to light too that you didn't discuss, however I know a great deal of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only buy $500 a week.
As challenging 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 purchase $500 a week, Teeka. I imply, it's if you remember the early days of the Internet, when we were getting on the Web, 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 innovation, but much 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 some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm constantly curious to talk with individuals who are, particularly somebody like yourself, who's devoted the last, you understand, the lion's share of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? That's a great concern.
They're two totally various 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. Therefore what gives it value is that it is, there's just going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously try to hack it. But because of the nature of the network, today it's been unhackable. And truly, with existing technology, 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 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 cash, you can print an endless quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that were in Cypress, or just people who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they already don't believe in their own currency? Yeah, and I believe we have actually already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a hard time getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin. But there are billions of people worldwide that don't have stable currencies.
Yeah. Therefore there's this whole growing global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are essentially used, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer that you can compose computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an energy token, because you're essentially purchasing programming power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a very simple one that I would imagine you 'd called an energy token, resembles 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 kind of thing, due to the fact that it's on a lot of different areas and. I don't understand the ins and outs of it, but as an example for somebody who may just be very standard in their understanding of this, there are a lot of different kinds of utilities that are offered.
And you type of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine chance depends on the energy coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people need to understand that not all energy coins are created equal.
So you have the advantage of committing your profession to this, so you can head out there and do the recon, you can satisfy the founders, you can check the code, etc. However for a typical person, there's now what, over 1,000 different types of coins available, nearly 1,200 I believe.
How do they do that? That's a great question. I will state that 95% of ICOs are either deceitful or just bad concepts. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with an awful idea, that somebody provides $40 million to. Right? Yeah, absolutely. So yeah, so I don't truly participate in numerous ICOs, and I suggest you probably side action that market, unless you have actually got a special relationship, and you can get in on the pre-ICO, and then blow it out when it trades.
'Cause normally it'll crash 80% or two. Which's when we actually begin taking a look at the concept in more detail. So here are some quick and filthy things that you should look at, right? So, one is, are they fixing an issue that needs to be fixed? Among the big downsides with extremely clever, technical people, is that they like to fix problems that no one cares about fixing.
Does the group have experience of carrying out in an effective way in another location of their life? And it does not even have to be straight related to cryptocurrency, it does not need to be even directly related to software, 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 simply out of college, unless they've got some really great advisors behind them, I'm most likely not going to offer them any money.
Yeah. I think that in marketing in basic, my world of organization, we continuously try to find issues and how we can fix them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain normally? Or would you state it's better if they're solving kind 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 trying to find services that, so I'll provide you an example.
And the reason that we purchased it is because they discovered a method to make files tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a track record of creating computer system programs that whole states run their entire operations on, right? So you have actually got all right, the clever man has developed huge computer programs, terrific team, fixing an enormous problem that is going to cut huge expenses.
I mean, it does not get any easier than that in regards to 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 truly basic rule, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).
And after that if the person that you're speaking with can't dumb it down enough where you comprehend it, then it's probably not a good concept. Right, right. It's going to be easy to comprehend. And do you feel that you have years of experience examining business and taking a look at much, much bigger companies.
Ryan: So you have actually taken a look at business that are huge companies, you have actually 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 pointed out, it is nearly simply sound judgment. You simply need to sort of appearance 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 conventional metrics that you can look at.
Okay. What I can utilize that I discovered from working on Wall Street across 3 years, is how to read people. I have actually met tens of thousands of people throughout my career. I've fulfilled experts; I have actually satisfied fund managers, I have actually met stock promoters, I've fulfilled all these various kinds of characters along the method.
So I think that's most likely among my super powers, if you will. And if you've got an excellent BS detector, you ought to listen to it. Okay. You must absolutely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, however you understand, there's simply; it's not agreeing with me, there's something about them that's not sitting well with me.
There are many other offers out there to take a look at. Yeah, there's excessive chance. Yeah. And speaking of chance, you understand, you type of discussed at the beginning, Bitcoin and Ethereum, the majority of people have actually become aware of these two, especially 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 almost upwards of $6,000 just recently; it's turned up from say $3,000 not too long back, it's rather unstable. Do they kind of wait on a pullback, or do they just 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 great question.
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