So, a great deal of individuals find that too bothersome, and that's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a process which just takes 5 minutes if you wish to set up a brokerage account.
" Oh Teeka, we like your ideas, but gosh, establishing 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 actually truly making money an enormous amount of cash to go through possibly, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software. And can you picture what will take place to this whole market 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 something I want to bring to light too that you didn't point out, however I know a great deal of folks who have problem with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As difficult 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 buy $500 a week, Teeka. I suggest, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I imply it would take 20 minutes to pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I mean, we remain in the early days of that innovation, but similar to throughout that period of time, 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 2nd, since I'm constantly curious to talk with people who are, specifically someone like yourself, who's devoted the last, you know, the bulk of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic concern.
They're 2 completely different 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 gives it worth is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However 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 have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust 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, ideal , go on.
Yeah. Or people that were in Cypress, or simply individuals who have suffered through either devaluation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, because they already do not 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 difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. But there are billions of people on the planet that don't have steady currencies.
Yeah. And so there's this whole burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are essentially used, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially an international computer that you can compose computer programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially purchasing programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely easy one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this very same type of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on so lots of different areas and. I do not understand the ins and outs of it, however as an example for someone who might simply be very basic in their understanding of this, there are a lot of various kinds of utilities that are available.
And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity depends on the energy coin area.
There's all of these ICOs that were happening, those slowed down a bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And individuals need to comprehend that not all energy coins are developed equivalent.
So you have the benefit of devoting your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can check the code, and so on. But for an average individual, 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 question. I will state that 95% of ICOs are either deceitful or simply bad ideas. Okay. Right? There's absolutely nothing even worse than someone that's young, earnest, with a dreadful idea, that someone gives $40 million to. Right? Yeah, absolutely. So yeah, so I don't actually take part in lots of ICOs, and I advise you probably side step 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 usually it'll crash 80% or so. Which's when we truly start taking a look at the idea in more information. So here are some fast and dirty things that you should take a look at, right? So, one is, are they fixing a problem that needs to be resolved? One of the huge drawbacks with really clever, technical people, is that they like to resolve problems that no one appreciates 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 associated to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I wish to see a performance history of success in something, right? If it's 4 guys in a room that are just out of college, unless they have actually got some truly good consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of service, we constantly search for issues and how we can fix them. Now, are the issues things that individuals are trying to fix a part of the Blockchain generally? Or would you say it's better if they're fixing 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 generally looking for solutions that, so I'll give you an example.
And the reason that we bought it is since they found a way to make documents tamper-proof, and it's 99% less expensive than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a track record of creating computer system programs that entire states run their entire operations on, right? So you have actually got okay, the wise guy has actually constructed huge computer system programs, excellent group, resolving a huge issue that is going to cut substantial costs.
I imply, it doesn't get any simpler than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a really simple guideline, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).
And then if the person that you're speaking to 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 understand. And do you feel that you have years of experience evaluating companies and looking at much, much bigger business.
Ryan: So you have actually looked at business that are big companies, you have actually examined 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 mentioned, it is practically simply good sense. You simply need to sort of appearance at it and think logically about what's going on, and pull the emotion out? You have to pull the feeling out, and there are no traditional metrics that you can look at.
Okay. What I can use that I learned from working on Wall Street throughout 3 decades, is how to read individuals. I have actually met 10s of thousands of people throughout my profession. I have actually satisfied insiders; I've satisfied fund managers, I've satisfied stock promoters, I've fulfilled all these various kinds of characters along the method.
So I think that's most likely among my extremely powers, if you will. And if you've got a great BS detector, you must listen to it. Okay. You must definitely listen to it. If I'm taking a seat and I'm talking with somebody, and they've got all the bonifides, but you know, there's simply; it's not sitting well with me, there's something about them that's not agreeing with me.
There are numerous other offers out there to look at. Yeah, there's excessive chance. Yeah. And speaking of chance, you understand, you sort of mentioned at the start, Bitcoin and Ethereum, many people have heard of these two, especially Bitcoin, since it looks like it remains in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading nearly upwards of $6,000 recently; it's turned up from state $3,000 not too long back, it's quite unpredictable. Do they kind of wait on 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 ten years." You know? Yeah that's a great question.
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