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Mark Cuban Tweets his Conviction in Crypto & All Things DeFi!
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Mark Cuban Tweets his Conviction in Crypto & All Things DeFi!

American billionaire entrepreneur Mark Cuban shared his thoughts about the evolution of blockchain and crypto in a healthy discussion over Twitter (TWTR). The Shark Tank investor has made a fortune by investing in technology companies.

Cuban compared the current decentralized finance (DeFi) craze with the decades-old frenzy revolving around the internet. He quoted, “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.”

The mainstay of discussion remained around the usability of crypto. While many do not see any credibility in the system, Cuban believes in blockchain’s application, which is slowly evolving, and will become commonplace just like the net.

“There are applications that will be better coming from decentralized organizations. And maybe having all my box files stored across independent, decentralized nodes can be less vulnerable to hacks and cheaper,” Cuban quoted.

A few, who even agree that crypto has its benefits, cautioned that it is a very speculative commodity and people with a low-risk appetite should stay away from it.

While crypto is yet to establish a sound “use case,” it is currently being used as an alternative to cash for transferring money worldwide and buying/selling goods. Moreover, just as every development is haunted by inappropriate applications, even crypto is used for gambling as well as to trade illegal goods on the dark web. The high costs associated with blockchain mining and owning them is also an issue that many people noted.

Nonetheless, the billionaire quoted, “What mattered was whether the application solved a problem, improved productivity and profitability, or created new consumer opportunities and/or experiences. The rest is noise.” Furthermore, Cuban believes that it’s just a matter of time “before decentralized storage competes on basic features, cost, and security over the next 5 years.”

Today, crypto is facing the same pessimism just as naysayers had defied the evolution of the internet ages back. It’s just a matter of “when,” not “if,” this newfound evolution will make its way into mainstream finance and everyday walks of life.

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