So, a great deal of individuals find that too inconvenient, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes required to go through a process which just takes five minutes if you want to establish a brokerage account.
" Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so tough." 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 bigger. So you're actually really making money a huge quantity of cash to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you picture what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and one thing I wish to expose too that you didn't mention, but I know a lot of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently prior to I might start buying in size on Coinbase. They're like, 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 suggest 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, however much 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 a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to talk to individuals who are, especially somebody like yourself, who's devoted the last, you know, the lion's share of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a great concern.
They're two totally 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 provides it value is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. And so if you look at that Bitcoin network, people constantly try to hack it. But because of the nature of the network, today it's been unhackable. And truly, with existing technology, 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 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 paper money, you can print an unrestricted amount of it. It's really not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that were 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 demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they already do not think in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a tough time getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin. However there are billions of individuals on the planet that do not have steady currencies.
Yeah. Therefore there's this whole burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a global computer that you can write computer programs for and run computer system programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, because you're essentially purchasing shows power. So I would not actually think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like a really simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this very same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on so many different areas and. I do not know the ins and outs of it, however as an example for somebody who might just be very basic in their understanding of this, there are many various kinds of energies that are offered.
And you sort of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I think the genuine chance lies in the utility coin area.
There's all of these ICOs that were taking place, 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 people require to understand that not all energy coins are developed equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the recon, you can satisfy the creators, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 different types of coins readily available, almost 1,200 I think.
How do they do that? That's a great question. I will say that 95% of ICOs are either deceitful or simply bad ideas. Okay. Right? There's absolutely nothing even worse than somebody that's young, earnest, with a horrible idea, that someone offers $40 million to. Right? Yeah, completely. So yeah, so I don't actually take part in numerous ICOs, and I suggest you most likely 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 normally it'll crash 80% or two. Which's when we actually 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 resolving a problem that requires to be fixed? One of the big downsides with really wise, technical individuals, is that they like to resolve issues that no one appreciates resolving.
Does the team have experience of carrying out in an effective manner in another location of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't need 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 actually good consultants behind them, I'm most likely not going to offer them any money.
Yeah. I think that in marketing in general, my world of service, we constantly search for issues and how we can resolve them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain normally? Or would you state it's much better if they're solving sort 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 trying to find options that, so I'll provide you an example.
And the factor that we purchased it is because they discovered a method to make files tamper-proof, and it's 99% more affordable than present 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 producing computer programs that entire states run their whole operations on, right? So you have actually got okay, the clever person has built substantial computer programs, excellent team, resolving a massive problem that is going to cut huge costs.
I mean, it doesn't get any simpler than that in terms of choosing who to put cash behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have a truly basic rule, Ryan. If I don't understand something, I put 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 comprehend it, then it's probably not an excellent concept. Right, right. It's going to be simple to understand. And do you feel that you have years of experience examining companies and taking a look at much, much bigger business.
Ryan: So you have actually taken a look at companies that are huge business, you have actually examined much larger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you pointed out, it is almost just good sense. You simply need to kind of take a look at it and believe logically about what's going on, and pull the emotion out? You have 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 3 years, is how to read individuals. I've met tens of countless individuals throughout my profession. I have actually fulfilled experts; I have actually fulfilled fund supervisors, I've met stock promoters, I've fulfilled all these different types of characters along the way.
So I think that's most likely one of my incredibly powers, if you will. And if you've got a great BS detector, you need to listen to it. Okay. You ought to absolutely listen to it. If I'm taking a seat and I'm talking with someone, 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 agreeing with me.
There are so many other deals out there to take a look at. Yeah, there's excessive chance. Yeah. And speaking of opportunity, you know, you kind of discussed at the start, Bitcoin and Ethereum, many people have actually heard of these 2, especially Bitcoin, since it looks 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 recently; it's shown up from say $3,000 not too long earlier, it's quite unpredictable. 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 purchase some Bitcoin, see you in 10 years." You understand? Yeah that's a terrific concern.
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