So, a lot of individuals find that too troublesome, and that's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes required to go through a procedure which just takes five minutes if you want to set up a brokerage account.
" Oh Teeka, we love your concepts, however gosh, setting up 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 in fact truly getting paid an enormous amount of money to go through possibly, you understand, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software application. And can you imagine what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and something I desire to bring to light too that you didn't mention, but I understand a great deal of folks who have problem 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 could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, 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 mean 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 imply, we remain in the early days of that technology, but just like throughout that duration of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm constantly curious to speak with people who are, especially someone like yourself, who's committed the last, you know, the bulk 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 a terrific question.
They're two absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's just going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people 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 saying, "We do not rely on paper money, you can print an unrestricted amount of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either run-away inflation, 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 possibly be a driver for more adoption, because they currently do not believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors 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 don't need Bitcoin. But there are billions of individuals worldwide that don't have stable currencies.
Yeah. And so there's this entire burgeoning international 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 great deal of individuals understand about Ethereum. Ethereum is essentially an international computer system that you can write computer programs for and run computer system programs on a globally decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're basically buying shows power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people a concept, like an extremely simple one that I would picture you 'd called an energy 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 very same type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on so many various areas and. I do not know the ins and outs of it, but as an example for someone who may simply be very standard in their understanding of this, there are numerous various kinds of energies that are offered.
And you kind of mentioned having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are probably energy 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, however I believe the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people require to understand that not all energy coins are created equivalent.
So you have the advantage of devoting your occupation to this, so you can head out there and do the recon, you can meet the creators, you can check the code, and so on. But for an average person, there's now what, over 1,000 different kinds of coins available, practically 1,200 I think.
How do they do that? That's an excellent concern. I will state that 95% of ICOs are either fraudulent or simply bad ideas. Okay. Right? There's absolutely nothing even worse than somebody that's young, earnest, with a dreadful concept, that someone offers $40 million to. Right? Yeah, completely. So yeah, so I don't really take part in many ICOs, and I recommend 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 normally it'll crash 80% approximately. And that's when we really begin taking a look at the idea in more information. So here are some fast and filthy things that you should look at, right? So, one is, are they fixing a problem that requires to be solved? One of the big downsides with really smart, technical people, is that they like to resolve problems that nobody cares about solving.
Does the team have experience of carrying out in a successful way in another area of their life? And it doesn't even have to be directly related to cryptocurrency, it does not have to be even straight associated to software, right? So, but I wish to see a track record of success in something, right? If it's four men in a space that are simply 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 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 normally? Or would you say it's better if they're fixing kind 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 essentially looking for services that, so I'll give you an example.
And the reason that we purchased it is since they discovered a way to make documents tamper-proof, and it's 99% more affordable than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a track record of developing computer programs that whole states run their whole operations on, right? So you have actually got fine, the clever guy has built substantial computer system programs, terrific group, resolving an enormous problem that is going to cut huge costs.
I imply, it does not get any simpler than that in terms of choosing who to put cash behind. And a great deal of this is typical sense, and a lot of folks will try to make things more complex than it is. And I have a really easy rule, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).
And after that 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 easy to comprehend. And do you feel that you have years of experience examining business and looking at much, much bigger business.
Ryan: So you've looked at business that are big business, you've assessed much larger marketcap type scenarios. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you discussed, it is practically just good sense. You just need to kind of take a look at it and think rationally about what's going on, and pull the emotion out? You need to pull the emotion out, and there are no conventional metrics that you can take a look at.
Okay. What I can use that I discovered from working on Wall Street across 3 years, is how to check out individuals. I've fulfilled 10s of countless people throughout my profession. I have actually fulfilled insiders; I've met fund supervisors, I've satisfied stock promoters, I've met all these various types of characters along the method.
So I think that's most likely among my incredibly powers, if you will. And if you have actually got a great BS detector, you need to listen to it. Okay. You need to absolutely 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 sitting well with me.
There are a lot of other deals out there to look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you know, you type of mentioned at the beginning, Bitcoin and Ethereum, many people have actually become aware of these 2, particularly Bitcoin, because it appears like it's in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading practically upwards of $6,000 recently; it's turned up from state $3,000 not too long back, it's rather unstable. Do they kind of wait for a pullback, or do they just state, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You understand? Yeah that's a fantastic concern.
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