So, a great deal of individuals find that too bothersome, which's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes required to go through a process which simply takes 5 minutes if you want to establish a brokerage account.
" Oh Teeka, we enjoy your concepts, however gosh, setting up a crypto account is so challenging." 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 bigger. So you're actually truly getting paid a massive quantity of money to go through maybe, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you picture what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and one thing I want 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 way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever before I might begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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, but much like throughout that time period, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm constantly curious to speak with people who are, specifically someone like yourself, who's committed the last, you know, the bulk of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a great question.
They're 2 absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what gives it value 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 computer systems, validating the transactions 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 actually, with existing innovation, 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've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust fiat money, you can print an unlimited amount of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either hyperinflation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, due to the fact that they currently don't think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin. However there are billions of individuals worldwide that do not have stable currencies.
Yeah. Therefore there's this whole growing worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are basically utilized, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically a global computer system that you can write computer system programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially buying shows power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this same type of network result that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on so numerous various areas and. I do not know the ins and outs of it, however as an example for somebody who may simply be very fundamental in their understanding of this, there are so 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 probably energy based, fix? Mm-hmm (affirmative). Most of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those decreased a 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 produce energy coins- Correct, yeah. And people require to comprehend that not all utility coins are produced equivalent.
So you have the advantage of dedicating your occupation to this, so you can go out there and do the reconnaissance, you can satisfy the creators, you can examine the code, etc. But for an average individual, there's now what, over 1,000 various kinds of coins readily available, almost 1,200 I think.
How do they do that? That's a fantastic question. I will state that 95% of ICOs are either deceptive or simply bad ideas. Okay. Right? There's nothing worse than someone that's young, earnest, with a horrible concept, that someone provides $40 million to. Right? Yeah, totally. So yeah, so I don't truly participate in many ICOs, and I recommend you most likely side action that market, unless you have actually got a special relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause usually it'll crash 80% or two. Which's when we actually begin looking at the idea in more information. So here are some quick and filthy things that you should take a look at, right? So, one is, are they fixing an issue that requires to be fixed? Among the huge downsides with very clever, technical individuals, is that they like to resolve issues that no one appreciates fixing.
Does the group have experience of performing in an effective way in another area of their life? And it does not even need to be directly associated to cryptocurrency, it doesn't have to be even directly related to software, right? So, however I desire to see a performance history of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in basic, my world of organization, we continuously try to find problems and how we can solve them. Now, are the issues things that people are attempting to fix a part of the Blockchain typically? Or would you state it's much better if they're solving sort 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 looking for options that, so I'll provide 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% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that began it has a track record of developing computer system programs that whole states run their whole operations on, right? So you've got fine, the clever guy has built big computer programs, excellent group, solving a huge issue that is going to cut substantial expenses.
I indicate, it does not get any simpler than that in regards to choosing who to put cash behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have a really easy rule, Ryan. If I don't comprehend something, I put up my hand, and I say, "I didn't understand what you just said." 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 great idea. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience examining business and taking a look at much, much bigger business.
Ryan: So you've taken a look at business that are big business, you've examined much larger 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 almost just good sense. You simply need to sort of look at it and think logically about what's going on, and pull the feeling out? You have to pull the feeling out, and there are no traditional metrics that you can take a look at.
Okay. What I can utilize that I found out from working on Wall Street throughout three years, is how to read people. I've fulfilled tens of thousands of people throughout my career. I have actually fulfilled insiders; I've fulfilled fund managers, I have actually met stock promoters, I have actually satisfied all these various kinds of characters along the way.
So I think that's probably one of my extremely powers, if you will. And if you have actually got an excellent BS detector, you need to listen to it. Okay. You ought to absolutely listen to it. If I'm taking a seat and I'm talking with somebody, and they have actually got all the bonifides, but 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 look at. Yeah, there's excessive chance. Yeah. And speaking of chance, you know, you type of pointed out at the beginning, Bitcoin and Ethereum, the majority of people have actually heard of these 2, particularly Bitcoin, because it seems like it remains in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading practically upwards of $6,000 just recently; it's shown up from state $3,000 not too long back, it's rather unstable. Do they sort of wait for a pullback, or do they simply state, "Okay, I'm going to buy 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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