Mark Cuban refuses to retire from cryptocurrencies because it’s the technology underlying cryptocurrencies, the blockchain, a programmable digital ledger with AI applications, where he sees widespread disruptions and opportunities.
Mark Cuban, billionaire technology investor, television personality, and serial entrepreneur, made his fortune investing in high-risk high-reward disruptive technologies.
In the late 90s and early 00, when internet commerce and streaming were evolving, Mark Cuban envisaged digital streaming technology would disrupt video cassettes.
“Mark Cuban, billionaire technology investor, television personality, and serial entrepreneur, made his fortune investing in high-risk high-reward disruptive technologies”
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Before ADSL, then fiber optic cables, mass access to the internet was maximum Dial-up modem speed was 56 kbs.
Voice-over internet technology was evolving, but visual streaming was not possible with dial-up modem technology.
So many investors, those with shareholdings in Blockbuster, a retail video cassette shop, ridiculed streaming disrupting video cassettes-
He who laughs last laughs well, so Mark Cuban refuses to retire from cryptocurrencies
Mark Cuban early success as a technology investor was seeing streaming technology as a game changer, a radical view at the time that other investors were mocking.
The rest is history. Blockbusters went bust in 2010. Meanwhile, YouTube and Netflix investors feasted.
Mark Cuban’s first big break came in 1999 when he sold Broadcast.com to Yahoo for $5.7 billion.
“Mark Cuban’s first big break came in 1999 when he sold Broadcast.com to Yahoo for $5.7 billion”
Today, Mark Cuban refuses to retire, even though he wanted to retire at 35 years
So many ultra-wealthy makers, Warren Buffett continues into his 90s, are worth billions and won’t retire.
Why? Perhaps they see the challenge as their purpose.
“When I was 25 and had my first company, I wanted to get rich,” Cuban said. “I wanted to retire by the time I was 35, and so that drove the decisions that I made.”
“Every entrepreneur [in] the back of their mind says, ‘I want to be that entrepreneur that disrupts an industry and changes it,’” Cuban explained. “What’s better than that?”
“Why have I invested in crypto? Because I believe Smart Contracts will have a significant impact on creating valuable applications” – Mark Cuban
Mark Cuban refuses to retire from cryptocurrencies. He sees disruptive technology facilitating Smart Contracts
Indeed, while we don’t have the years’ track record or Mark Cuban’s billions, we have been saying for years that it is the utility of cryptocurrencies that will drive its price.
“A basic question. Why have I invested in crypto? Because I believe Smart Contracts will have a significant impact on creating valuable applications. I have said from day 1, the value of a token is derived from the applications that run on its platform and the utility they create,” wrote Mark Cuban 6:08 p. m. · 13 Nov. 2022.
In 2021, ECB sold 100 million euro bonds on the blockchain, using Smart Contracts and bypassing broker banks, thereby saving hundreds of thousands in broker commissions.
CBDC digital currency on the blockchain will replace notes and coins. Smart contracts will enable central banks to issue digital currency with conditions that revolutionize monetary policy.
Bank for International Settlements to allow banks to keep 1% of reserves in bitcoin. Insurance and real estate transactions could be revolutionized by blockchain.
An immutable blockchain with the highest level of security will be where high-value transactions are conducted, thereby representing value for investors.
So the problem for investors isn’t with cryptocurrencies but with the lack of regulation to weed out criminals. A rogue outfit embezzling and laundering money masquerading as a trustworthy crypto exchange would not be possible if regulators did their job.
Who is the SEC protecting?