So, a great deal of people discover that too bothersome, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are ready to put in maybe the 20 minutes needed to go through a process which simply takes five minutes if you desire to establish a brokerage account.
" Oh Teeka, we enjoy your concepts, but gosh, setting up a crypto account is so tough." What I tell them is I say, "Look, when it's easy 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 an enormous quantity of cash to go through possibly, you know, 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, before you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you envision what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and one thing I wish to bring to light too that you didn't discuss, but I know a great deal of folks who fight with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, right, like Coinbase. It 'd take me permanently prior to I could begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I suggest, it's if you remember the early days of the Web, when we were getting on the Web, 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're in the early days of that technology, however just like throughout that amount 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm always curious to speak to individuals who are, especially somebody like yourself, who's devoted the last, you know, the lion's share of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent concern.
They're two completely various 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. Therefore what gives 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 computer systems, validating the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals 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 do not rely on paper currency, you can print an unlimited amount of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that remained in Cypress, or simply individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, 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 currently don't believe in their own currency? Yeah, and I believe we have actually already 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 resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin. But there are billions of people in the world that do not have steady currencies.
Yeah. Therefore there's this whole growing global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically used, let's say Ethereum, which a lot of people learn about Ethereum. Ethereum is basically a global computer system that you can write computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, because you're basically buying programming power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like a very basic one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this very same type of network effect that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of various areas and. I don't understand the ins and outs of it, but as an example for someone who may simply be really standard in their understanding of this, there are numerous various kinds of utilities that are offered.
And you sort of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). Many of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine chance lies in the energy coin area.
There's all of these ICOs that were taking place, those decreased a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people require to understand that not all utility coins are produced equal.
So you have the benefit of dedicating your occupation to this, so you can go out there and do the recon, you can fulfill the creators, you can examine the code, etc. However for an average individual, there's now what, over 1,000 various kinds of coins offered, nearly 1,200 I believe.
How do they do that? That's a terrific question. I will say that 95% of ICOs are either deceitful or simply bad concepts. Okay. Right? There's nothing worse than someone that's young, earnest, with a terrible idea, that somebody gives $40 million to. Right? Yeah, completely. So yeah, so I do not actually participate in many ICOs, and I recommend you most likely 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 typically it'll crash 80% or two. Which's when we really begin looking at the idea in more information. So here are some quick and filthy things that you should look at, right? So, one is, are they fixing a problem that requires to be resolved? Among the huge downsides with extremely clever, technical individuals, is that they like to fix problems that nobody appreciates fixing.
Does the team have experience of executing in an effective way in another location of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not need to be even straight related to software application, right? So, but I wish to see a performance history of success in something, right? If it's four people in a space that are simply out of college, unless they've got some really great consultants behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in general, my world of company, we continuously search for issues and how we can solve them. Now, are the problems things that people are trying to solve a part of the Blockchain normally? Or would you say it's much better if they're resolving 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 generally looking for solutions that, so I'll give you an example.
And the factor that we purchased it is since they discovered a way to make documents tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of creating computer system programs that entire states run their entire operations on, right? So you have actually got alright, the clever man has built big computer system programs, excellent group, fixing a massive issue that is going to cut huge costs.
I imply, it does not get any simpler than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have an actually basic guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).
And then if the individual that you're speaking to can't dumb it down enough where you comprehend 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 examining companies and taking a look at much, much larger business.
Ryan: So you have actually taken a look at companies that are huge business, you've examined much larger marketcap type scenarios. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you discussed, it is nearly simply typical sense. You simply have to type of take a look at it and think 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 found out from dealing with Wall Street across three years, is how to read individuals. I have actually met tens of countless individuals throughout my career. I have actually satisfied experts; I've met fund supervisors, I have actually met stock promoters, I've met all these different kinds of characters along the way.
So I think that's most likely one of my very powers, if you will. And if you have actually got a good BS detector, you need to listen to it. Okay. You should absolutely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, however you know, there's just; it's not sitting well with me, there's something about them that's not sitting well with me.
There are so lots of other offers out there to take a look at. Yeah, there's too much opportunity. Yeah. And speaking of opportunity, you understand, you kind of mentioned at the start, Bitcoin and Ethereum, the majority of people have become aware of these 2, especially Bitcoin, since it appears like it's in the news all the time, something or the other.
Have they missed the boat on Bitcoin? Bitcoin is trading nearly upwards of $6,000 just recently; it's turned up from state $3,000 not too long back, it's quite volatile. Do they kind of wait on a pullback, or do they simply say, "Okay, I'm going to buy some Ethereum, I'm going to purchase some Bitcoin, see you in ten years." You know? Yeah that's a fantastic concern.
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