So, a great deal of people find that too troublesome, and that's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are prepared to put in maybe the 20 minutes needed to go through a process which simply takes 5 minutes if you desire to set up a brokerage account.
" Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so challenging." 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 larger. So you're actually really making money a massive amount of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software application. And can you picture what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and something I wish to expose too that you didn't point out, but I know a lot of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently prior to I could begin buying in size on Coinbase. They're like, 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 fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I suggest, we remain in the early days of that innovation, but just like during that duration of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm constantly curious to speak to individuals who are, particularly somebody like yourself, who's dedicated the last, you know, the much better part of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's an excellent question.
They're two absolutely 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. And so what provides it worth is that it is, there's only going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, with existing innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people 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 unrestricted amount of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they currently do not believe in their own currency? Yeah, and I think we have actually already 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 resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin. But there are billions of individuals on the planet that do not have steady currencies.
Yeah. And so there's this whole growing global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally used, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially an international computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially buying programming power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals a concept, like a very basic one that I would imagine you 'd called an utility token, is like FileCoin.
Where the idea is that essentially 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 understand 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 many various kinds of utilities that are readily available.
And you type of mentioned 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). The majority of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I think the genuine 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 few things that was going on, however individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals require to understand that not all utility coins are created equal.
So you have the benefit of devoting your profession to this, so you can go out there and do the reconnaissance, you can satisfy the founders, you can examine the code, etc. But for an average individual, there's now what, over 1,000 various types of coins readily available, nearly 1,200 I think.
How do they do that? That's a fantastic question. I will say that 95% of ICOs are either deceptive or just bad ideas. Okay. Right? There's nothing even worse than someone that's young, earnest, with a horrible idea, that someone offers $40 million to. Right? Yeah, totally. So yeah, so I do not actually take part in lots of ICOs, and I recommend you probably side action that market, unless you have actually got an unique relationship, and you can participate the pre-ICO, and then blow it out when it trades.
'Cause usually it'll crash 80% approximately. Which's when we truly begin taking a look at the idea in more detail. So here are some quick and dirty things that you should take a look at, right? So, one is, are they solving a problem that requires to be resolved? One of the huge downsides with really wise, technical people, is that they like to fix problems that no one cares about fixing.
Does the team have experience of carrying out in an effective manner 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, right? So, but I want to see a performance history of success in something, right? If it's four guys in a room that are simply out of college, unless they have actually got some truly excellent advisors behind them, I'm probably not going to give them any money.
Yeah. I think that in marketing in general, my world of service, we continuously look for problems and how we can solve them. Now, are the issues things that people are trying to solve a part of the Blockchain typically? Or would you say it's better if they're solving type 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 options that, so I'll provide you an example.
And the reason that we bought it is because they found a method to make documents tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a track record of developing computer programs that whole states run their entire operations on, right? So you've got okay, the smart guy has built big computer system programs, great group, solving a huge problem that is going to cut big expenses.
I suggest, it does not get any easier than that in regards to choosing who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually easy rule, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
And after that if the person that you're speaking with can't dumb it down enough where you understand it, then it's most likely not a good idea. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience assessing business and looking at much, much larger business.
Ryan: So you have actually looked at companies that are big business, you have actually examined much larger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you discussed, it is almost simply common sense. You simply have to kind of appearance at it and believe reasonably 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 take a look at.
Okay. What I can utilize that I gained from working on Wall Street across three decades, is how to check out individuals. I've met tens of thousands of people throughout my career. I've met experts; I have actually met fund supervisors, I've met stock promoters, I have actually met all these different types of characters along the method.
So I believe that's most likely among my very powers, if you will. And if you've got an excellent BS detector, you must listen to it. Okay. You ought to definitely listen to it. If I'm sitting down and I'm talking with someone, 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 agreeing with me.
There are many other offers out there to look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you know, you sort of pointed out at the beginning, Bitcoin and Ethereum, the majority of people have actually heard of these two, particularly Bitcoin, since 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 practically upwards of $6,000 just recently; it's shown up from state $3,000 not too long back, it's quite unpredictable. Do they type of wait on a pullback, or do they just state, "Okay, I'm going to buy some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You understand? Yeah that's a great question.
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