An informative, though irritating, impromptu discussion that revealed Cuban’s lack of knowledge about Bitcoin was captured on video. As is the case with many fantastic tales, it all begins with a Twitter conversation. Taking the stage first was Anthony Pompliano, who summarized an essay written by Avik Roy. Before we go further in this guide, please register yourself on Crypto investment, and learn to dip your toes in cryptocurrency trading today.
From then, Preston Pysh stepped in to remind all of us that Mark Cuban has been actively supporting Dogecoin even though he only owns around $500 worth of cryptocurrency. As a result, Cuban approached Pysh and demanded that he reveal the amount of Bitcoin he had. Afterward, Pysh suggested a more nuanced discussion on Twitter Spaces, which Cuban immediately agreed to join.
Now that the background establishes allow me to commend Mark Cuban. On a Saturday night, he got into a Twitter Space with individuals who vehemently disagreed with him to debate this issue more. Even though he could have walked away and not continued the discussion, he opted to speak with Pysh and other Bitcoin enthusiasts in more depth about the cryptocurrency.
Let’s start with a place where everyone is on the same page. Since 2019, Cuban has revised his investing thesis for the first time, including the famous statement that he would prefer to have bananas than bitcoin since bananas use it. “Bitcoin is the greatest store of wealth,” Cuban said during the Twitter Space. “It’s because of this that I possess it.”
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The probability that bitcoin will accept as a trustworthy trade means is where the two views significantly diverge. During an interview with Cuban, Anthony Pompliano inquires what has to take place for bitcoin to recognize as a means of exchange.
The author continues, “[bitcoin] would not be as excellent a store of value because people don’t feel guilty when they use it, and then it goes up another $100, at which point they realize they’ve just missed out; on another $100.” Why? Because he is automating the transfer of fiat money into the Bitcoin Lightning Network and sending it down to El Salvador. Even though most individuals are unaware that the [Bitcoin] network utilizes.”
It is not a good development for Bitcoin.” Cuban is oblivious to the censorship resistance and decentralization fundamental to bitcoin’s value proposition, even though Lightning is the only Layer 2 solution that retains these characteristics.
Cuban’s broader criticism of Bitcoin as a community relies on his experience investing in hundreds of companies and establishing many of his own. He believes that one of the most important things an entrepreneur can do is not lie to oneself and believe infallible. He thinks that Bitcoiners are utterly oblivious to the competition that exists. Regarding the topic of other initiatives, Peter McCormack inquired, “Why are individuals purchasing dogecoin, if they believe it is a solid cryptocurrency?”
“Because it’s a lot of fun!” says Cuban. Their participation in a community brings them enjoyment; it’s similar to going to an amusement park, except they can earn money, in which case they can purchase a Mavs jersey or go to an AMC theatre and see a movie.” It does not solve the loss of value, which may be as high as 100 percent, that meme coins experience once their time has expired.
Peter also shared several personal experiences from his time spent in El Salvador, where he saw Bitcoin in action as legal currency firsthand. He contends that if El Salvador were to mine enough bitcoin from its volcanoes to sustain the whole Salvadoran economy, it would resolve his discovered issue. In this episode, we find out that Cubans do not comprehend the realities of remittances; Salvadorans living abroad are selling their work for the new currency and bitcoin.
At this moment, I step into the discussion to bring out a significant distinction between Bitcoin and other cryptocurrency initiatives. “Bitcoin had a heavenly idea that no one would care about it for 18 months until there was a market price for bitcoin. Now, all of these other currencies are flooding the market with offers to “join in on my cap table, you’ll get in at cheap pre-seed vesting rates, and then we’ll get to put it into the market, and retail will be able to purchase it for 100x.” It should come as no surprise that Cuban’s perspective on Bitcoin varied significantly from the other participants on stage, and this was a critical discussion to have.
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