Dallas Mavericks owner Mark Cuban: Bitcoin has no intrinsic value
Billionaire entrepreneur Mark Cuban says he believe that Bitcoin (BTC) have value-not inherent – but the technology that drives the leading crypto currency, could be transformative, so Cuban.
In a new Episode of Ask Mr. Wonderful Kevin O’leary, the billionaire and open critic of Bitcoin, said that he sees a sharp difference between crypto Assets and the Blockchain technology. What applies to Bitcoin, as Cuban says, that he regarded it simply as a collector’s item.
You have to wonder how you rated it, and the people appreciate it in different ways, and in particular Bitcoin. In the case of Bitcoin, it is some people will appreciate as a store of value resources, which makes it a value object that makes it like baseball cards, art and Gold. You have a value, because people see them as a value, not because they have an intrinsic value.
Cuban says that he believes that Bitcoin will not go Mainstream, because it is for the average citizen to be difficult to use it. On the question of whether he likes Gold better than crypto, told Cuban that he prefers both.
I was never a Gold Fan, because, like I said, the Delta between our Own and what people invest in it and see value. But it’s not that different from tulips. It is no different than baseball cards. It is not unlike a lot of other things, because it’s just the value is what will pay for your opinion to someone else.
What is the Blockchain technology in General is concerned, Cuban, that the distributed Ledger that drives Bitcoin, could have many uses outside of the crypto currency.
The Blockchain is basically Software. It is a distributed database that is managed independently, and this inherent combination makes you a utility that makes you a Software, which has an effective value and Benefits. There are unique use cases for the Blockchain. When people say, for example, that there is no inherent value of crypto, then you don’t really look at the value of Blockchain.
Now if you take blockchains from different types of crypto-currencies, Bitcoin against Ethereum against others, there are significant differences. But Blockchains in General have at least a basic intrinsic value. Not as high as what crypto-currencies are traded, but there is a basic intrinsic value. For example, a Blockchain-controlled General Ledger System, which has Audit functions. For a large company they wanted to have a truly independent auditor, so they would set up a Ledger System with a Blockchain, in which an external third party would be able to examine various segments of the Ledger. It will not only be a financial auditor. It makes [the process] is not only more efficient, but also really independent.
To give a concrete example, said the billionaire, a Blockchain can prevent the demise of Enron would have.
Imagine, this would be a System that has been used for Enron. Instead of that, Arthur Andersen accepts the audit and the accounting, we know so what happened from there. There were three different auditors and accountants. With the help of a Blockchain, we can look at a specific Segment of your General Ledger. You would have caught the scammers, because you can not fake all three would have.
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