is teeka tiwari a fraud
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However scams and small frauds. And there's one thing that a scams always does: it constantly goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The huge hack. Which woke something up for me.
Therefore I can't disregard that. I have actually got to go dig much deeper." Therefore I began traveling all around the world. I began going to Bitcoin events; I started to talking with people that were smarter than me in this area. And what I understood is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have information that we don't need to have it separately verified, it's cryptographically confirmed. That concept can ripple out throughout the entire higher economy. And when that cent dropped, I knew I needed to devote all my expert resources into becoming an expert in this area.
And do you think, I indicate you mentioned something there about not having to get a third-party, or intermediary to validate something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks may not even completely comprehend validation process . We were just discussing how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and then suddenly there's other individuals getting informed about it, like the IRS and things like that. Do you think that the typical folks don't perhaps understand about these processes, so they do not possibly see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you consider that? I believe that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you've got to submit your identity documents, then you have actually got to wait to get verified, and then lastly, you can go buy some Bitcoin.
So, a great deal of individuals find that too troublesome, and that's why the people that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so tough." 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 actually truly making money a huge quantity of money to go through possibly, 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 have the ability to buy cryptocurrencies straight through your trading software application. And can you picture what will happen to this entire market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that individuals go through, and one thing I desire to expose too that you didn't mention, however I know a lot of folks who deal with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I indicate, 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 imply 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 mean, we remain in the early days of that innovation, but similar to throughout that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm constantly curious to speak with people who are, specifically someone like yourself, who's devoted the last, you know, the bulk of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a terrific concern.
They're two totally different things, however 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 offers it value is that it is, there's only going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously try to hack it. However since 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 actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't rely on fiat money, you can print an unrestricted quantity of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either hyperinflation, or there's a high demand for, in Argentina for example, 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 think 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 do not require Bitcoin - undefined. But there are billions of individuals on the planet that do not have steady currencies.
Yeah. And so there's this entire burgeoning worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, because you're basically purchasing programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals an idea, like a really easy one that I would picture you 'd called an utility token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's kind of this very same type of network result that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on so numerous various areas and. And you sort of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I think the genuine chance depends on the energy coin space.
There's all of these ICOs that were happening, those slowed down a bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And individuals need to comprehend that not all energy coins are created equal.
So you have the advantage of committing your profession to this, so you can head out there and do the reconnaissance, you can fulfill the creators, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 different types of coins available, practically 1,200 I believe. 'Cause typically it'll crash 80% or two - Does the team have experience of executing in a successful way in another area of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't need to be even directly related to software, right? So, but I wish to see a track record of success in something, right? If it's 4 people in a space that are just out of college, unless they've got some truly excellent consultants behind them, I'm most likely not going to provide them any cash.
Yeah. I believe that in marketing in general, my world of company, we constantly try to find problems and how we can resolve them. Now, are the issues things that people are trying to fix a part of the Blockchain typically? Or would you state it's better if they're solving sort of a mass problem? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm basically looking for options that, so I'll give you an example.
And the factor that we purchased it is because they found a method to make files tamper-proof, and it's 99% cheaper than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a performance history of creating computer programs that whole states run their entire operations on, right? So you have actually got fine, the wise person has developed big computer programs, excellent group, resolving a massive issue that is going to cut big expenses.
I indicate, it doesn't get any simpler than that in terms of choosing who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have an actually easy rule, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
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