So, a lot of people discover that too inconvenient, and that's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are ready to put in maybe the 20 minutes required to go through a procedure which just takes 5 minutes if you want to establish a brokerage account.
" Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so difficult." What I inform them is I say, "Look, when it's simple 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 in fact really making money a massive quantity of cash to go through maybe, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you envision 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.
Right now you mentioned the procedure that people go through, and something I want to expose too that you didn't discuss, however I know a great deal of folks who struggle 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 forever before I might 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 Web, when we were getting on the Web, 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 suggest, we're in the early days of that technology, however just like 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 some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm always curious to talk to individuals who are, particularly someone like yourself, who's committed the last, you know, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great concern.
They're 2 totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it value 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, confirming the deals on the Bitcoin network. And so if you look at that Bitcoin network, people constantly try to hack it. However since of the nature of the network, today it's been unhackable. And actually, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not trust fiat money, you can print an endless quantity of it. It's really not protect, and the government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, due to the fact that they already don't 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 financiers have a bumpy ride getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin. However there are billions of individuals in the world that do not have steady currencies.
Yeah. And so there's this whole burgeoning global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are basically used, let's say Ethereum, which a lot of people know about Ethereum. Ethereum is essentially a worldwide computer that you can write computer system programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, since you're essentially buying programs power. So I would not truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a really simple one that I would picture 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 same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on many different areas and. I don't know the ins and outs of it, but as an example for someone who might simply be extremely basic in their understanding of this, there are many different types of utilities that are readily available.
And you type of discussed having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I believe the real chance lies in the energy coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are produced equivalent.
So you have the advantage of committing your profession to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can inspect the code, etc. But for an average person, there's now what, over 1,000 different types of coins offered, almost 1,200 I believe.
How do they do that? That's a terrific concern. I will say that 95% of ICOs are either deceitful or simply bad ideas. Okay. Right? There's absolutely nothing worse than somebody that's young, earnest, with a terrible concept, that someone offers $40 million to. Right? Yeah, completely. So yeah, so I don't truly take part in many ICOs, and I suggest you probably side step that market, unless you've got a special relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% or so. And that's when we really begin taking a look at the idea in more detail. So here are some fast and unclean things that you should take a look at, right? So, one is, are they resolving a problem that requires to be solved? Among the huge downsides with very smart, technical people, is that they like to solve issues that no one cares about solving.
Does the group have experience of performing in a successful manner in another area of their life? And it does not even need to be straight related to cryptocurrency, it doesn't need to be even directly associated to software, right? So, however I want to see a performance history of success in something, right? If it's four people in a room that are simply out of college, unless they have actually got some really good consultants behind them, I'm probably not going to provide them any money.
Yeah. I believe that in marketing in general, my world of organization, we continuously look for problems and how we can resolve them. Now, are the problems things that people are attempting to fix a part of the Blockchain generally? Or would you state it's better if they're resolving 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 basically searching for solutions that, so I'll offer you an example.
And the factor that we purchased it is since they found a way to make documents tamper-proof, and it's 99% cheaper than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of producing computer system programs that whole states run their entire operations on, right? So you've got all right, the wise person has actually developed big computer system programs, excellent group, resolving an enormous problem that is going to cut substantial costs.
I suggest, it doesn't get any simpler than that in regards to deciding who to put money behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complex than it is. And I have a truly basic rule, Ryan. If I do not understand something, I set up 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 comprehend it, then it's probably not a great concept. Right, right. It's going to be easy to understand. And do you feel that you have years of experience examining companies and taking a look at much, much larger companies.
Ryan: So you have actually taken a look at business that are huge business, you have actually examined 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 common sense. You just have to kind of take a look at it and believe rationally about what's going on, and pull the feeling out? You have to pull the emotion out, and there are no standard metrics that you can look at.
Okay. What I can utilize that I gained from working on Wall Street throughout 3 years, is how to read people. I've met tens of countless individuals throughout my profession. I've met insiders; I have actually satisfied fund supervisors, I've met stock promoters, I have actually satisfied all these different kinds of characters along the way.
So I think that's probably among my super powers, if you will. And if you have actually got a great BS detector, you need to listen to it. Okay. You should absolutely listen to it. If I'm taking a seat and I'm talking with somebody, and they've got all the bonifides, but you understand, there's just; it's not sitting well 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 excessive chance. Yeah. And speaking of chance, you know, you sort of discussed at the beginning, Bitcoin and Ethereum, many people have become aware of these 2, especially Bitcoin, because it looks like it remains 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 recently; it's come up from say $3,000 not too long earlier, it's rather volatile. Do they kind of wait for a pullback, or do they simply say, "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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