Is it all over? Mark Cuban doesn’t think so.
- Mark Cuban Defends Crypto
- Should You Care?
Mark Cuban Defends Crypto
— Eric Wall (@ercwl) May 31, 2022
It appears we are on the verge of a mutiny. Everyone is getting pretty testy over on CT, and I fear it will spill onto the streets. That is, if anyone on CT ever decides to touch grass. Some of the disquiet could be blamed on the rising temperatures that summer brings — the French Revolution was partially blamed on the heat, after all — but most of it falls squarely on the fact that being poor isn’t as fun as all the normies made it out to be.
So, when I see Mark Cuban tweet about crypto, I get pretty excited these days.
I’m old enough to remember when “sophisticated” investors invested in internet sites based on “hits”. A “hit” is the display of any file. So sites loaded up tiny, invisible files and bragged about how many hits they got. People dismissed the net just like they are crypto.
— Mark Cuban (@mcuban) May 31, 2022
“I’m old enough to remember when “sophisticated” investors invested in internet sites based on “hits”. A “hit” is the display of any file. So sites loaded up tiny, invisible files and bragged about how many hits they got. People dismissed the net just like they are crypto,” Cuban tweeted.
He added, “Crypto isn’t monolithic. DeFi, ReFi, Smart Contracts , decentralization create new business and consumer applications. The challenge is that we are in the gold rush stage where every one is selling technology and/or Hype over applications. Bear markets clean that up.”
Should You Care?
Hopium comes in many forms. This particular vintage is best-described as crypto-adjacent cope. This is when rich dudes who made their money elsewhere but dabble in crypto, say nice things to keep the unwashed CT from firing off Molotov cocktails at each other.
As much as it could seem silly to hang on the words of some of crypto-adjacent types — especially when some of them seem like hucksters — in Cuban’s case I buy it. And, not just cuz his futurist centric takes are a much-needed break from a “this influencer recommended Terra and then deleted the tweet” gotchas. Like I get it, already, everyone sucks.
It’s because Mark Cuban knows a thing or two about selling the kind of hype that Terra was selling. After all, he’s the man who put the internet on the radio. As you’ll recall he sold Broadcast.com to Yahoo for a billion dollars. Did you or anyone you know ever use Broadcast.com? The answer is no. And that’s because the bear market did clean that up.
So instead of culling each other, let’s enjoy the culling of projects a little more for what it actually is. The next step to a crypto market with actual companies that actually do actual things.
Recommended: Mark Cuban Owns A Lot More Crypto Than You’d Think