However scams and small frauds. And there's something that a fraud constantly does: it always goes to zero - glenn beck teeka tiwari. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The massive hack. And that woke something up for me.
And so I can't neglect that. I have actually got to go dig much deeper. teeka tiwari." Therefore I started taking a trip all around the world. I began going to Bitcoin events; I began to talking with people that were smarter than me in this area. And what I understood is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of having the ability to have information that we don't require to have it individually verified, it's cryptographically verified. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to commit all my expert resources into ending up being a specialist in this space.
And do you believe, I indicate you discussed something there about not having to get a third-party, or intermediary to confirm something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks might not even totally comprehend validation procedure [inaudible 00:04:11].
We were just talking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of an unexpected there's other people getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the average folks don't perhaps know about these processes, so they do not perhaps see what you're stating as this breakthrough, they do not see it in their everyday life? Or what do you think of that? I think that's true.
It's not as simple as firing up a web internet browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you have actually got to wait to get confirmed, and after that lastly, you can go purchase some Bitcoin.
So, a great deal of individuals find that too bothersome, which's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are willing to put in maybe the 20 minutes required to go through a procedure which just takes 5 minutes if you want to set up a brokerage account - teeka tiwari palm beach.
"Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so challenging." What I inform them is I state, "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 larger. So you're in fact truly making money a massive amount of money to go through possibly, you know, 20 minutes of a headache (undefined). teeka tiwari glenn beck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you imagine what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform - teeka tiwari twitter - undefined.
Right now you pointed out the procedure that people go through, and something I wish to bring to light too that you didn't discuss, but I understand a lot of folks who struggle with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever before I might begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka (teeka tiwari wikipedia). I imply, 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 imply, we're in the early days of that innovation, but much 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm always curious to talk with people who are, especially someone like yourself, who's dedicated the last, you know, the much better part of the last few years to actually go both feet in on this - teeka tiwari. How do you explain cryptocurrency to like an average person? That's a terrific question.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it worth is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over (undefined).
And so when people put, you have actually got people who have literally 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 a limitless amount of it. It's truly not secure, and the government can take it far from you." [crosstalk 00:10:15] - Whereas with Bitcoin, best [crosstalk 00:10:16], go ahead.
Yeah (teeka tiwari 5 coins). Or people that remained in Cypress, or just people who have suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, because they already don't think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time getting their head around. teeka tiwari. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin. However there are billions of people in the world that don't have stable currencies.
Yeah. And so there's this entire blossoming global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins - teeka tiwari. And utility coins are generally used, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially a global computer that you can write computer system programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, because you're essentially purchasing programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. teeka tiwari. And there are other ones out there, to provide people an idea, like an extremely simple one that I would picture you 'd called an energy 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 exact same type of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on many various areas and. I do not understand the ins and outs of it, however as an example for somebody who may just be extremely fundamental in their understanding of this, there are many different types of energies that are readily available.
And you type of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, but I think the genuine chance lies in the energy coin space.
There's all of these ICOs that were taking place, those decreased a little bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people need to understand that not all energy coins are produced equal - teeka tiwari reviews.
So you have the advantage of devoting your profession to this, so you can go out there and do the reconnaissance, you can fulfill the founders, you can check the code, etc. But for an average person, there's now what, over 1,000 different kinds of coins available, nearly 1,200 I believe. 'Cause usually it'll crash 80% or so. Which's when we truly start looking at the idea in more information. So here are some quick and dirty things that you should look at, right? So, one is, are they fixing an issue that needs to be solved? Among the big downsides with extremely smart, technical individuals, is that they like to fix problems that no one cares about resolving. teeka tiwari wikipedia.
Does the team have experience of carrying out in an effective way in another location of their life? And it does not even need to be directly associated to cryptocurrency, it does not need to be even straight related to software application, right? So, however 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 truly excellent advisors behind them, I'm most likely not going to provide any money - teeka tiwari net worth.
Yeah. I think that in marketing in basic, my world of company, we continuously search for issues and how we can fix them. Now, are the problems things that people are trying to fix a part of the Blockchain usually? Or would you state it's 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 essentially trying to find options that, so I'll provide you an example - teeka tiwari glenn beck. undefined.
And the reason that we bought it is since they discovered a way to make files tamper-proof, and it's 99% less expensive 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 performance history of producing computer system programs that entire states run their entire operations on, right? So you've got all right, the smart person has constructed huge computer programs, excellent group, resolving an enormous issue that is going to cut substantial expenses.
I indicate, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a lot of this is common 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 do not understand something, I put up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).