The cryptocurrency market is experiencing a serious crisis of confidence with the FTX collapse. In this environment, even positive news is not very popular in the market. However, crypto believers don’t seem to give up as Bitcoin and altcoins try to heal their wounds. Crypto billionaire Mark Cuban explains why he invested in crypto.
Bitcoin billionaire: Smart contracts will have a significant impact!
Bitcoin and altcoin billionaire Mark Cuban is excited about the opportunities smart contracts open for end-user applications. It also says they’re still in development. On Twitter, Cuban explains in a few words why he decided to invest in cryptocurrencies. For him, the disruptive potential of smart contracts technology was the most impressive catalyst for him. In this context, Cuban says:
It’s a basic question. Why did I invest in crypto? Because I believe Smart Contracts will have a significant impact on creating valuable applications. I said from day 1 that the value of a token is derived from the apps running on its platform and the utility they created.
A basic question. Why have I invested in crypto? Because I believe Smart Contracts will have a significant impact in creating valuable applications. I have said from day 1, the value of a token is derived from the applications that run on its platform and the utility they create
— Mark Cuban (@mcuban) November 13, 2022
Mark Cuban covers various use cases of smart contracts. In this direction, he underlines that it will be a technical basis for valuable applications. Moreover, Cuban notes that the value of this or that token is determined by the value created by applications running on blockchains.
Meanwhile, according to Cuban, not all dApps will reach their target audience. Only valuable and useful apps will attract new customers to go through ‘learning curves’. Based on this, Cuban makes the following statement:
Uncreated is a ubiquitous application. Something that obviously everyone needs and is willing to go through the learning curve to use. Maybe it never comes. I hope and think it will.
Ethereum bull, Cardano critic
For Cuban, the modern crypto segment, with all its bottlenecks, is like streaming in the early days of the 1990s internet. To start or watch video streams, users need to install a ‘dial-up’ modem and use TCP/IP, internet providers and the stream itself etc. needed to install clients. In the mid-1990s this seemed much more complicated than watching the news on television or listening to radio programmes. However, streaming technology has become a key element of the global communications segment.
That’s why Cuban is confident that smart contracts technology is still in its infancy. Reminds me that this is only ‘five years old’. In fact, the first programmable Blockchain (Ethereum) with smart contracts hit the market in 2015.
As you follow on Kriptokoin.com, Mark Cuban is a harsh critic of Cardano (ADA). He is also known as a seasoned advocate of Ethereum (ETH). Ethereum Merge welcomed its activation. He claimed that this is a major catalyst for the leading altcoin.
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