Billionaire Mark Cuban Explains Why He Invests in Crypto

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Vladislav Sopov

“Shark Tank” star com­pares smart con­tracts on pro­gram­mat­ic blockchains with ear­ly days of streaming

Con­tents

Sea­soned entre­pre­neur and promi­nent investor Mark Cuban is excit­ed by the oppor­tu­ni­ties smart con­tracts unlock for end-user appli­ca­tions while still being in a nascent phase of progress.

Billionaire Mark Cuban: “Smart contracts will have a significant impact”

Dal­las Mav­er­icks own­er Mark Cuban took to Twit­ter to explain in a few words why he decid­ed to invest in cryp­tocur­ren­cy prod­ucts. Accor­ing to him, the dis­rup­tive poten­tial of the smart con­tracts tech­nol­o­gy was the most impres­sive cat­a­lyst for him.

He high­lights that smart con­tracts can be a tech­ni­cal basis for valu­able appli­ca­tions address­ing var­i­ous use cas­es. The val­ue of this or that token is deter­mined by the val­ue cre­at­ed by appli­ca­tions run on its blockchains, Mr. Cuban says.

Mean­while, not all dApps will reach their audi­ence. Only valu­able and use­ful appli­ca­tions will attract new clients to go through the “learn­ing curves”:

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What has not been cre­at­ed is an appli­ca­tion that is ubiq­ui­tous. One that is obvi­ous­ly need­ed by every­one and they are will­ing to go through the learn­ing curve to use. Maybe it nev­er comes. I hope and think it will.

For him, the mod­ern cryp­tocur­ren­cy seg­ment with all of its bot­tle­necks looks like stream­ing in the ear­ly days of the 1990s Inter­net. To launch or watch video streams, users need­ed to set up a “dial-up” modem and install clients for TCP/IP, Inter­net providers and stream­ing itself, and so on.

Ethereum (ETH) bull, Cardano (ADA) critic, “rug pull” survivor

In the mid-1990s, this looked way more com­pli­cat­ed than just watch­ing the news on TV or lis­ten­ing to radio pro­grams. How­ev­er, stream­ing tech­nol­o­gy evolved into a key ele­ment of the glob­al com­mu­ni­ca­tions segment.

That is why he is sure that smart con­tracts tech is still in its infan­cy: Mr. Cuban recalls that it is only “five years old.” It should be not­ed that, actu­al­ly, the first pro­gram­ma­ble blockchain with smart con­tracts (Ethereum) was unveiled in 2015.

As cov­ered by U.Today pre­vi­ous­ly, Mark Cuban is well known as an adamant crit­ic of Car­dano (ADA) and a sea­soned advo­cate of Ethereum (ETH). He wel­comed Ethereum Merge acti­va­tion and claimed that it is a mas­sive cat­a­lyst for the sec­ond cryptocurrency.

In mid-June 2021, his DeFi project, Iron Finance (TITAN), was rug pulled: Mr. Cuban was a liq­uid­i­ty provider for TITAN on Quick­swap exchange.



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