Mark Cuban: Blockchain’s Evolution Over Past 3 Years to Support Smart Contracts, Changed the Game
WSB traders are applying the same principles of the digital/CryptoAsset world, said the billionaire while name dropping Bitcoin, Ethereum, AAVE, and several NFT projects like Mintable, Rarible, OpenSea, NiftyGateway, SuperRare, NBA TopShot, and Bitcoin Origin, and CryptoSlam.
Billionaire Mark Cuban has been getting more and more cryptocurrency-friendly with each passing day. While previously he didn’t find any worth in them, at least not more than bananas, now he realizes that it’s all about the demand and supply.
And this has him penning the blog titled, “The Store of Value Generation is Kicking Your Ass and You Don’t Even Know it,” where he name drops Bitcoin, his favorite AAVE, and several NFT projects.
While Cuban has been involved in the DeFi space for some time now, the battle between Wall Street Bets and Wall Street has him and the people realizing the true power of decentralization. He wrote,
“WSB traders are applying the same principles of the digital/CryptoAsset world to the stock market, and they are loving the fact that the old schoolers are hating it.”
The owner of Dallas Maverick is slowly coming around to Bitcoin and cryptocurrencies, and in his latest write-up, he talks about the evolution in the store of value.
Previously it was gold, which any gold bug would argue has value because of its history as the foundation for currency, a hedge against inflation, and other narratives and while “there are plenty of other “precious metals” that meet the same criteria, gold simply “has more buyers,” he wrote.
Cuban says this changed over the past 3 years as the “blockchain has evolved to support smart contracts and the ability to uniquely identify digital goods and the transactions associated with them.”
Now, everything is digital, and that is all that the New Generation knows — “This generation knows that a smart contract and the digital good it reflects or a CryptoAsset are a better investment than old school sees, touch or feel uses.”
While following the same laws of supply and demand, the digital space offers all the fun and same sense of ownership, “it has none of the hassles beyond remembering my passwords and dealing with wallets,” noted Cuban.
And though digital goods and crypto-assets markets aren’t perfect with high transaction costs, influenced by narratives, and propensity to be moved by a few big players, “the bottom line is that there are a growing number of investors and traders” believe in it.
The young generation loves its different features, including no central authority, and they don’t care about the Old School Wall Street’s narratives of Price-Earnings Ratios or NPV of future cash flows that are just sales pitches “designed to reward the people with the most money.”
“The more decentralized the power, the more power that comes with the collective working together,” wrote Cuban, adding that’s what Wall Street “hates and will fight because it moves the power out of their hands.” Cuban added,
“Every generation in this country has had its unique special power. This Store of Value Generation has found at least one of their special powers in financial unity. We as a country will be far better off if we understand them, respect them and learn from them, quickly.”