So, a lot of people discover that too troublesome, and that's why the individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that are willing to put in perhaps the 20 minutes required to go through a process which just takes five minutes if you wish to set up a brokerage account.
" Oh Teeka, we enjoy your concepts, however gosh, setting up 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 bigger. So you're in fact truly making money a massive quantity of money to go through perhaps, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you imagine what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and something I wish to bring to light too that you didn't point out, but 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 purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently prior to I might begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 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 innovation, however much like during that time period, 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 2nd, since I'm always curious to speak to people who are, especially someone like yourself, who's devoted the last, you understand, the lion's share of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic question.
They're 2 completely various things, but 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 offers 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, confirming the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't rely on paper currency, you can print an unrestricted amount of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that were in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for instance, high need 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 think in their own currency? Yeah, and I believe we have actually 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 don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin. But there are billions of individuals worldwide that don't have steady currencies.
Yeah. Therefore there's this entire burgeoning international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are generally used, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is essentially a worldwide computer that you can write computer programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, due to the fact that you're essentially purchasing programs power. So I wouldn't really think about 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 simple one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this very same kind of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on many different areas and. I do not know the ins and outs of it, but as an example for somebody who might simply be extremely fundamental in their understanding of this, there are so many various types of utilities that are available.
And you kind of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I believe the genuine chance depends on the energy coin area.
There's all of these ICOs that were taking place, those slowed down a little bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And people require to comprehend that not all energy coins are created equal.
So you have the advantage of devoting your profession to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can inspect the code, etc. But for an average person, there's now what, over 1,000 various kinds of coins readily available, nearly 1,200 I think.
How do they do that? That's a great 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 concept, that somebody gives $40 million to. Right? Yeah, completely. So yeah, so I do not really participate in lots of ICOs, and I advise you probably side action that market, unless you've got an unique relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause normally it'll crash 80% approximately. And that's when we actually start taking a look at the concept in more detail. So here are some fast and dirty things that you should look at, right? So, one is, are they resolving an issue that needs to be resolved? One of the huge drawbacks with extremely clever, technical individuals, is that they like to solve issues that no one appreciates resolving.
Does the team have experience of performing in a successful manner in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't have to be even straight related to software application, right? So, however I wish to see a performance history of success in something, right? If it's four men in a space that are just out of college, unless they've got some really excellent consultants behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in basic, my world of service, we continuously try to find problems and how we can solve them. Now, are the issues things that people are trying to fix a part of the Blockchain generally? 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 basically trying to find solutions that, so I'll provide you an example.
And the factor that we purchased it is because they found a way to make documents tamper-proof, and it's 99% more affordable than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a performance history of creating computer programs that entire states run their entire operations on, right? So you've got alright, the smart man has developed huge computer system programs, terrific team, resolving an enormous issue that is going to cut big expenses.
I suggest, it doesn't get any simpler than that in regards to choosing who to put money behind. And a lot of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have a really easy guideline, Ryan. If I do not understand something, I put up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
And then if the person that you're speaking to can't dumb it down enough where you comprehend it, then it's most likely not a good idea. Right, right. It's going to be basic to understand. And do you feel that you have years of experience evaluating business and taking a look at much, much larger business.
Ryan: So you have actually taken a look at business that are huge business, you have actually assessed much bigger marketcap type scenarios. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you mentioned, it is almost simply sound judgment. You simply need to sort of look at it and believe logically about what's going on, and pull the feeling out? You need to pull the emotion out, and there are no traditional metrics that you can take a look at.
Okay. What I can use that I learned from dealing with Wall Street across three decades, is how to read individuals. I've fulfilled 10s of countless individuals throughout my career. I've fulfilled experts; I've fulfilled fund managers, I have actually satisfied stock promoters, I've met all these different kinds of characters along the way.
So I believe that's most likely among my very powers, if you will. And if you've got an excellent BS detector, you should listen to it. Okay. You ought to definitely listen to it. If I'm taking a seat and I'm talking with someone, and they've got all the bonifides, but you understand, there's just; it's not agreeing with me, there's something about them that's not agreeing with me.
There are so lots of other deals out there to take a look at. Yeah, there's excessive opportunity. Yeah. And speaking of chance, you know, you kind of discussed at the beginning, Bitcoin and Ethereum, a lot of people have become aware of these 2, particularly Bitcoin, because it looks like it remains in the news all the time, something or the other.
Have they missed the boat on Bitcoin? Bitcoin is trading nearly upwards of $6,000 just recently; it's come up from state $3,000 not too long ago, it's rather volatile. Do they sort of wait on a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in ten years." You know? Yeah that's an excellent concern.
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