Mark Cuban prefers gold to Bitcoin
- Cuban said that the Bitcoin miners are contractors who join the network only to pocket rewards.
- Cuban owns just $549 worth Bitcoin after his NBA team Dallas Mavericks started to accept it in 2019.
Mark Cuban, an American investor, had earlier stated that Bitcoin had no chance to become a viable cryptocurrency. Recently, he addressed the everlasting debate between Bitcoiners and gold enthusiasts, saying that he prefers gold. Cuban owns just $549 worth Bitcoin after the Dallas Mavericks started to accept it in 2019. When asked – in a Twitter thread – if he had taken any physical gold for the Mavericks' tickets, Cuban answered:
No. But I bought jewelry with gold in it and have seen how it’s used to make electronics.
In the same thread, Bitcoin bull, Anthony Pompliano, called Cuban’s attention to the fact that Bitcoin represents the strongest computational network, which undoubtedly has a lot of value.
Each miner is competing to provide as much computing power as possible for the lowest cost. That competition drives innovation in mining. I don’t think this is disrupting BTC but maybe I’m misunderstanding what you’re saying.
Cuban was unimpressed with this and replied:
Two points. If miners were paid more for less compute for something else, why wouldn’t they switch? If a new tech comes along that could be added to the network and capture more than 51pct, why would the owner of that disruptive tech share it if they could take over?
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
