Billionaire Mark Cuban is in a friendly battle with former finance manager Peter Mallouk over the profitability of crypto assets.
Mallouk, a certified financial planner and president of asset management company Creative Planning, interviewed Cuban on Twitter about the chance that Dogecoin (DOGE) could grow in value over the long term.
Cubans quickly shot back, however, telling Mallouk, a longtime crypto bear, that many crypto projects will succeed because of their technological innovation.
The owner of the Dallas Mavericks explains
“Let me help you. Layer 1 and Layer 2-based chains are deterministic, programmable platforms that can be used to build applications that can increase productivity. Their “coins” offer coin owners the opportunity to benefit from the added value. Not all will succeed, but many will …
If you’re looking at crypto assets, whether it’s ETH, DOGE, BTC, MKR (Maker) etc, and just seeing something intangible to trade, you haven’t really looked. If you see smart contracts and programming languages and think of new ways to disrupt the industry, then there is an opportunity. “
The Cuban also notes that the speculative nature of crypto does not diminish its potential to usher in a new era in financial technology.
“Look at all of the financial interactions you have in your life for banking, insurance, buying and selling that involve trusting faceless, nameless people working for a company whose decisions can change your life. Would you rather continue to trust them?
Or would you prefer to work with a deterministic, distributed system that is not based on trusting these companies, but on a transparent set of rules that is accessible to everyone? These are the reasons why crypto started.
Yes, there is massive speculation. Just like it was at the turning point of every new technology. And every single one of the technologies has been rejected by older institutions. Until they weren’t. “
Cuban and Mallouk are also going back and forth on a possible long-term crypto-for-stocks bet, but at the time of writing it is unclear whether the bet became a reality.
That is interesting. This started with you promoting Doge. I’ll take the S&P 500 and you can take Doge. The 10-year-old loser donates 1 million to the winner’s charity. But if you’re not sure, Doge will prevail …
– Peter Mallouk (@PeterMallouk) April 29, 2021
Earlier this week, the Cuban DOGE defended against claims that it had no significant use, noting that it was the core crypto asset people have used to transact with the Mavericks, but that its key obstacle is on on the way to another takeover this is Robinhood users will not be able to spend the DOGE they bought directly on the app.
“Because Doge is the only coin that people actually use in transactions. We take many others through BitPay. But people are spending their doge and that means more companies are going to start taking it. The biggest drag on growth is you can’t spend the Doge you buy on Robinhood. “
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Featured image: Shutterstock / AleksandrMorrisovich