The cryptocurrency market is experiencing a major crisis of faith with the FTX collapse. In this environment, even positive news does not attract much attention in the market. However, crypto believers aren’t about to give up quickly 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 valuable impact!
Bitcoin and altcoin billionaire Mark Cuban is excited about the opportunities smart contracts open for end-user applications. Also, he says they are in the development phase now. 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 valuable impact on creating valuable applications. I said that from day 1, the price of a token is derived from the apps running on their platform and the utility they created.
Mark Cuban covers various use cases of smart contracts. In this direction, he underlines that it will be a technical basis for paid applications. In addition, Cuban notes that the price of this or that token is determined by the price created by the applications running on Blockchains.
According to Cuban in the middle, not all dApps will reach their intended audience. Only paid 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. Guess it never comes. I hope and think it will.
Ethereum bull, Cardano critic
To Cuban, the contemporary crypto segment, with all its bottlenecks, resembles 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 valuable asset of the global liaison segment.
That’s why Cuban is confident that smart contracts technology is now in its infancy. It reminds me that this is just ‘five years old’. In fact, the first programmable blockchain (Ethereum) with smart contracts hit the market in 2015.
Koindeks.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 argued that this is a major catalyst for the leading altcoin.