Billionaire, Owner Of The NBA's Dallas Mavericks, Mark Cuban In Live. Is Crypto Dead? "Utterly wrong"
Following Vitalik's previous AMA on X, where he answered audience questions, Mark Cuban, the owner of the NBA's Dallas Mavericks, recently appeared on the foreign media's "Tech Support" segment in Wired. He responded to various questions posed by netizens through the X platform (formerly Twitter), sharing his perspectives on cryptocurrency-related queries.
Is Cryptocurrency Dead?
(At 4:19 in the video), Netizen @Ashcryptoreal asked,
"You think Crypto is dead? "
Cuban strongly refuted,
"No, Hell no."
But Mark Cuban admits that he does see some issues with crypto. Firstly, when people think of crypto, they often think of speculative trading, which isn't the true purpose of crypto. Secondly, the true purpose of crypto is to develop new applications that make things better and more convenient.
"The most needed thing in cryptocurrency right now is an app that even grandma would want to use."
Examples of Social Media Platforms
He cited the example, recalling the iPhone's debut in 2007, noting that it wasn't until useful apps like Instagram, Snapchat, and Facebook emerged for mobile devices that the entire App Store and iPhone truly soared in popularity.
Cuban also mentioned that the cryptocurrency space is still waiting for a moment, similar to the launch of user-friendly apps like Instagram. He believes this wait won't be long and envisions people using NFTs as tickets.
He pointed out that in the past, when traditional physical tickets were resold, sports teams didn't earn a penny, as all the money went to scalpers. When this scenario arrives, cryptocurrency will surge.
Why is it Still in the NFT?
(At 4:19 in the video), another netizen, @ghost_x, asked,
"Everyone losing money in nfts. Why are you still here?"
The formal response from Cuban in the video was,
"NFTs’ values fluctuate frequently. Buy if you love the NFT itself. Don't speculate!"
Cuban admitted that the current NFT market's return on investment is indeed poor. However, historically, many industries that initially performed poorly later experienced a strong resurgence.
Examples in Web2
Cuban pointed out that there was a period in the past during the internet bubble and the subsequent crash when Amazon's stock price fell to $5 and Microsoft's stock price dropped to less than one percent of its current value. However, these companies' stock prices have significantly risen since then.
Cuban also mentioned that in terms of players, the trading card prices of baseball legend Mickey Mantle and basketball legend Stephen Curry have seen fluctuations.
Nowadays, NFTs are experiencing similar trends!
Speculation is Inevitable!
In fact, whether in crypto or NFT trading, even for those genuinely passionate about crypto and NFTs, people tend to view them from an investment perspective—everyone aims to make money. It's akin to traditional stock trading or art transactions, where some might even attempt illicit activities using crypto. Of course, if you enjoy it in crypto, you will reap many rewards!