So, a great deal of individuals discover that too inconvenient, and that's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes required to go through a process which simply takes 5 minutes if you wish to establish a brokerage account.
" Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so difficult." What I inform them is I state, "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 in fact truly earning money a massive amount of money to go through possibly, you understand, 20 minutes of a discomfort in the neck.
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 straight through your trading software application. And can you envision what will happen to this whole 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 individuals go through, and one thing I wish to bring to light too that you didn't point out, but I know a lot of folks who battle with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, right, like Coinbase. It 'd take me forever prior to I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, 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 imply 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 imply, we remain in the early days of that technology, however much like throughout that period 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 companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm always curious to talk with people who are, specifically someone like yourself, who's devoted the last, you understand, the better part of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's an excellent question.
They're two completely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. 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, confirming the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. But since of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not rely on fiat money, you can print an unlimited amount of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that were in Cypress, or just individuals who have actually suffered through either hyperinflation, 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 possibly be a catalyst for more adoption, due to the fact that 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 lot of American or Western financiers have a hard time getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin. However there are billions of people in the world that do not have stable currencies.
Yeah. And so there's this whole blossoming global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are basically used, let's say Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is basically a worldwide computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, since you're basically buying shows 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 provide people a concept, like a very easy one that I would picture you 'd called an utility token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this very same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on a lot of various areas and. I don't understand the ins and outs of it, however as an example for somebody who might simply be extremely standard in their understanding of this, there are many different kinds of utilities that are available.
And you sort of mentioned having this boots on the ground experience. Now, because we're looking at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were occurring, those slowed down 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 create utility coins- Correct, yeah. And people need to understand that not all utility coins are produced equal.
So you have the advantage of committing your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can inspect the code, and so on. But for an average person, there's now what, over 1,000 different types of coins available, almost 1,200 I believe.
How do they do that? That's a fantastic concern. I will say that 95% of ICOs are either deceptive or just bad ideas. Okay. Right? There's absolutely nothing worse than somebody that's young, earnest, with an awful concept, that somebody gives $40 million to. Right? Yeah, totally. So yeah, so I do not actually participate in lots of ICOs, and I suggest you most likely side action that market, unless you've got a special relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% or two. Which's when we actually start looking at the idea in more information. So here are some fast and unclean things that you should take a look at, right? So, one is, are they fixing an issue that needs to be resolved? One of the big drawbacks with very wise, technical people, is that they like to fix problems that no one cares about solving.
Does the team have experience of performing in a successful way in another location of their life? And it does not even need to be directly related to cryptocurrency, it does not need to be even directly related to software application, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a room that are simply out of college, unless they have actually got some really great consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in general, my world of business, we continuously look for issues and how we can solve them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain generally? Or would you state it's much better if they're solving 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 services that, so I'll give you an example.
And the factor that we bought it is due to the fact that they found a way to make files tamper-proof, and it's 99% cheaper than current 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 developing computer system programs that whole states run their whole operations on, right? So you have actually got fine, the clever person has constructed big computer programs, terrific group, solving a massive problem that is going to cut big expenses.
I imply, it doesn't get any easier than that in terms of choosing who to put money behind. And a lot 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 easy guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).
And then if the individual that you're talking to can't dumb it down enough where you understand it, then it's most likely not an excellent concept. Right, right. It's going to be simple to understand. And do you feel that you have years of experience examining companies and looking at much, much larger companies.
Ryan: So you have actually taken a look at companies that are big business, you've assessed much bigger marketcap type scenarios. Do you feel that that experience has helped you? Or are we in such, sort of the infancy, that as you discussed, it is almost just good sense. You just need to type of look at it and believe reasonably about what's going on, and pull the feeling out? You have to pull the feeling out, and there are no conventional metrics that you can take a look at.
Okay. What I can use that I discovered from dealing with Wall Street throughout 3 decades, is how to check out individuals. I've met 10s of countless individuals throughout my career. I have actually met insiders; I've satisfied fund supervisors, I've fulfilled stock promoters, I've met all these various kinds of characters along the way.
So I believe that's probably one of my extremely powers, if you will. And if you have actually got a good BS detector, you must listen to it. Okay. You should definitely 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 just; it's not sitting well with me, there's something about them that's not sitting well with me.
There are many other offers out there to look at. Yeah, there's too much chance. Yeah. And speaking of opportunity, you understand, you type of mentioned at the beginning, Bitcoin and Ethereum, a lot of individuals have actually heard of these 2, particularly Bitcoin, since it appears like it's 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 just recently; it's come up from say $3,000 not too long earlier, it's quite volatile. Do they type of wait for a pullback, or do they simply say, "Okay, I'm going to purchase some Ethereum, I'm going to purchase some Bitcoin, see you in 10 years." You know? Yeah that's a terrific question.
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