Serial crypto failure Mark Cuban says he’s in it for the apps
Outspoken Shark Tank entrepreneur Mark Cuban says that smart contracts and apps are the reason he invested so much of his money into crypto and that what’s required is a ‘ubiquitous’ app that’s needed by everyone.
Cuban made the comments on Sunday in a Twitter thread. He further claimed that the value of a crypto token is determined by the apps it can run and its overall usefulness.
The thread also made an interesting comparison between the current state of smart contracts and primitive music streaming.
According to Cuban, the way things are at the moment is akin to music lovers being required to use a dial-up modem, internet subscription, provider client, and streaming client. Even with all this, he says, it’s likely you’d have been “laughed at for just not turning on your radio or TV.”
The answer, he says, is in an app that everybody can learn to use.
“What has not been created is an application that is ubiquitous,” he says. “One that is obviously needed by everyone and they are willing to go through the learning curve to use,” (our emphasis).
However, he also says he believes that such an app may never come.
Read more: Mark Cuban and Voyager chief ran crypto ‘Ponzi scheme,’ lawsuit claims
Cuban’s not as clued-up on crypto as he’d have us believe
Despite his reputation as a savvy investor and businessman, billionaire Cuban has a mixed history where crypto’s concerned. While he often talks about his investments in ether and bitcoin, he’s also fallen foul of some of the biggest disasters in recent years.
Indeed, earlier this year, Protos reported how Cuban saw his investment in carbon credit project Kilma DAO go down the tubes when it shed 97% of value just three months after launch.
He also pumped $300,000 into decentralized finance (DeFi) project Olympus DAO, which also crashed, losing over 80% of its value in under a year.
Cuban was also rugged when he invested in algorithmic stablecoin Titan – he says he didn’t do his research – and has had a rocky time with other crypto investments that are thought to have included lending protocol Aave, decentralized exchange token Sushi, and Litecoin.
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