But frauds and small frauds. And there's something that a fraud constantly does: it always goes to zero - teeka tiwari net worth. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The massive hack. Which woke something up for me.
And so I can't ignore that. I've got to go dig much deeper. teeka tiwari 5 coins." And so I began traveling all around the world. I began going to Bitcoin events; I started to talking to 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 overemphasize how huge that is! The implications of that, of being able to have data that we do not require to have it individually confirmed, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I knew I needed to devote all my professional resources into becoming a professional in this area.
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 lot of folks may not even fully comprehend recognition process [inaudible 00:04:11].
We were simply speaking about how I'm delegating 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 typical folks don't possibly learn about these procedures, so they do not possibly see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think of that? I believe that's real.
It's not as easy as firing up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually 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 purchase some Bitcoin.
So, a great deal of people find that too inconvenient, which's why the people that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes required to go through a process which simply takes 5 minutes if you wish to establish a brokerage account - teeka tiwari.
"Oh Teeka, we enjoy your ideas, however gosh, establishing a crypto account is so challenging." 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 whole cryptocurrency market will be 10x larger. So you're in fact really earning money an enormous amount of cash to go through maybe, you know, 20 minutes of a pain in the neck (undefined). teeka tiwari 5 coins.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you imagine what will occur to this entire market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform - teeka tiwari next bitcoin - undefined.
Right now you mentioned the procedure that people go through, and something I want to bring to light too that you didn't point out, but I know a lot of folks who battle with this too, is oh, and by the way, you can just buy $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're like, well, we'll let you buy $500 a week, Teeka (teeka tiwari picks). I indicate, 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 remain in the early days of that innovation, but much like during that time period, for the folks that had the vision to see where the future was going, and then bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm always curious to talk to people who are, particularly somebody like yourself, who's devoted the last, you know, the lion's share of the last few years to really go both feet in on this - teeka tiwari wikipedia. How do you describe cryptocurrency to like a typical individual? That's an excellent question.
They're 2 absolutely different 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 worth is that it is, there's only 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, confirming the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously try to hack it. But because of the nature of the network, today it's been unhackable. And really, with present 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've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust paper currency, you can print an unrestricted amount of it. It's truly not secure, and the federal government can take it away from you." [crosstalk 00:10:15] - Whereas with Bitcoin, best [crosstalk 00:10:16], proceed.
Yeah (teeka tiwari twitter). Or individuals that were in Cypress, or simply people who have suffered through either run-away inflation, 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 possibly be a driver for more adoption, due to the fact that they already don't think in their own currency? Yeah, and I think we've currently 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 twitter. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin. However there are billions of people on the planet that do not have steady currencies.
Yeah. And so there's this whole burgeoning international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins - teeka tiwari glenn beck. And energy coins are generally utilized, let's state Ethereum, which a lot of people know about Ethereum. Ethereum is basically a worldwide computer that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, since you're essentially buying programs power. So I would not really think about Ether a cryptocurrency, I would call them an energy coin. Okay. teeka tiwari twitter. And there are other ones out there, to provide individuals a concept, like a really basic one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this same type of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on many different areas and. I don't understand the ins and outs of it, but as an example for somebody who might simply be very fundamental in their understanding of this, there are so many various types of energies that are offered.
And you type of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, however I think the real opportunity lies in the utility coin area.
There's all of these ICOs that were happening, those slowed down a little bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals require to understand that not all utility coins are created equivalent - teeka tiwari next bitcoin.
So you have the benefit of committing your profession to this, so you can go out there and do the reconnaissance, you can meet the founders, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins available, practically 1,200 I believe. 'Cause normally it'll crash 80% or so. Which's when we actually start looking at the idea in more detail. So here are some quick and filthy things that you should look at, right? So, one is, are they solving a problem that needs to be solved? One of the big drawbacks with extremely smart, technical individuals, is that they like to resolve issues that no one appreciates fixing. teeka tiwari wikipedia.
Does the team have experience of executing in a successful manner in another area of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't have to be even straight associated to software, right? So, but I want to see a performance history of success in something, right? If it's 4 people in a room that are simply out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to offer them any cash - teeka tiwari twitter.
Yeah. I believe that in marketing in basic, my world of business, we constantly search for issues and how we can resolve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain normally? Or would you say it's much better if they're fixing type 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 essentially trying to find solutions that, so I'll give you an example - teeka tiwari palm beach. undefined.
And the factor that we purchased it is since they discovered a way to make files tamper-proof, and it's 99% cheaper than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a track record of producing computer system programs that whole states run their whole operations on, right? So you've got fine, the smart man has actually developed huge computer programs, fantastic team, fixing a huge issue that is going to cut huge costs.
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 typical sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually simple guideline, Ryan. If I don't understand something, I installed my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).