It’s been revealed that the important billionaire investor Mark Cuban addresses the fact that 99% of the digital assets will fall, but the ones that remain will be beyond strong. Check out the latest reports about this below.
Mark Cuban addresses the crypto market
Mark Cuban, a billionaire celebrity investor, has expressed his belief that most digital assets will eventually fail, but he remains a supporter of cryptocurrency.
Recently, he engaged in a cordial Twitter debate with John Reed Stark, a crypto skeptic who established the SEC’s Office of Internet Enforcement, regarding the advantages of digital assets and the SEC’s regulatory stance towards them.
According to Stark, the potential of cryptocurrency has diminished over time, and smart contracts are not as intelligent or legally binding as their name suggests.
As a former SEC official, Stark believes that smart contracts do not provide adequate means for resolving issues and compensating for fraud or errors, unlike traditional financial institutions.
“There exists no intelligence, trust or privity in smart contracts, just code, which is not only often flawed and rife with error and vulnerabilities but can also be easily manipulated to do whatever the coders want.”
Cuban also made sure to say the fact that he has spent his whole career founding companies that people viewed as unnecessary until they started relying on them.
“Smart contracts are about six years old. Maybe the name isn’t accurate, but the utility is valid. 90% of blockchain companies will go broke. 99% of tokens will go broke. Just like 99% of early internet companies did. 99% of the startup companies leveraging [large language models] will disappear.”
He continued and stated the following:
“But the winners will be game changers. That’s the way tech works.”
Stay tuned for more news from the crypto space and make sure to keep your eyes on the crypto market as well.
