However frauds and little scams. And there's something that a fraud constantly does: it always goes to zero - teeka tiwari net worth. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The huge hack. And that woke something up for me.
Therefore I can't disregard that. I have actually got to go dig much deeper. teeka tiwari twitter." And so I started traveling all around the world. I started going to Bitcoin occasions; I started to talking to individuals that were smarter than me in this space. And what I recognized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The ramifications of that, of being able to have data that we don't require to have it separately validated, it's cryptographically verified. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to devote all my professional resources into becoming an expert in this space.
And do you think, I mean you mentioned something there about not needing 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 great deal of folks might not even totally understand validation procedure [inaudible 00:04:11].
We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of a sudden there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks don't maybe understand about these procedures, so they do not maybe see what you're saying as this development, they do not see it in their daily life? Or what do you think about that? I think 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 have actually got to publish your identity files, then you've got to wait to get verified, and after that lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too troublesome, which's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are willing to put in possibly the 20 minutes needed to go through a procedure which just takes 5 minutes if you desire to establish a brokerage account - teeka tiwari.
"Oh Teeka, we enjoy your concepts, but gosh, setting up a crypto account is so hard." 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a huge quantity of cash to go through perhaps, you understand, 20 minutes of a pain in the neck (undefined). teeka tiwari 5 coins.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you envision what will take place to this entire 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 discussed the process that individuals go through, and something I desire to bring to light too that you didn't point out, however I know a lot of folks who deal with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, right, 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 (teeka tiwari glenn beck). I imply, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest it would take 20 minutes to load 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 innovation, however just like throughout that duration of time, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm always curious to talk to people who are, especially someone like yourself, who's dedicated the last, you know, the lion's share of the last couple of years to truly go both feet in on this - teeka tiwari. How do you describe cryptocurrency to like a typical person? That's a great 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 alternative to money. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's just going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And really, with current technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over (undefined).
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 due to the fact that they're stating, "We do not rely on fiat money, you can print a limitless quantity of it. It's actually not protect, and the government can take it away from you." [crosstalk 00:10:15] - Whereas with Bitcoin, ideal [crosstalk 00:10:16], go on.
Yeah (teeka tiwari twitter). Or people that were in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they currently do not think in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride getting their head around. teeka tiwari. They resemble, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin. However there are billions of individuals on the planet that do not have steady currencies.
Yeah. Therefore there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins - teeka tiwari palm beach. And utility coins are essentially used, let's say Ethereum, which a lot of individuals know about Ethereum. Ethereum is essentially a global computer that you can compose computer programs for and run computer programs on a globally decentralized computer program.
So we think about something like Ether an energy token, because you're essentially buying programming power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. teeka tiwari review. And there are other ones out there, to offer individuals a concept, like a really basic one that I would picture you 'd called an energy token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this exact same kind of network result that you have with Bitcoin, where it's like unstoppable example, because it's on many various locations and. I do not understand the ins and outs of it, but as an example for somebody who may just be really standard in their understanding of this, there are a lot of different kinds of energies that are readily available.
And you type of pointed out having this boots on the ground experience. Now, since we're looking at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a few things that was going on, however people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people require to understand that not all energy coins are developed equal - teeka tiwari next bitcoin.
So you have the advantage of devoting your profession to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can inspect the code, and so on. But for an average person, there's now what, over 1,000 various types of coins readily available, almost 1,200 I think. 'Cause generally it'll crash 80% or two. And that's when we truly begin taking a look at the concept in more detail. So here are some quick and unclean things that you should look at, right? So, one is, are they solving an issue that requires to be fixed? One of the big downsides with really wise, technical people, is that they like to resolve issues that nobody appreciates resolving. teeka tiwari glenn beck.
Does the team have experience of performing in an effective way in another location of their life? And it doesn't even have to be directly related to cryptocurrency, it doesn't need to be even directly associated to software, right? So, however I wish to see a track record of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some actually great advisors behind them, I'm most likely not going to give them any money - teeka tiwari palm beach.
Yeah. I believe that in marketing in general, my world of business, we constantly search for problems and how we can fix them. Now, are the problems things that people are attempting to resolve a part of the Blockchain typically? Or would you state 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 essentially looking for solutions that, so I'll give you an example - teeka tiwari twitter. undefined.
And the reason that we purchased it is due to the fact that they found a method to make files tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you've got fine, the wise man has actually constructed big computer system programs, excellent team, fixing a huge issue that is going to cut huge costs.
I indicate, it doesn't get any easier than that in regards to deciding who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have a really simple rule, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).