Entrepreneur and Dallas Mavericks proprietor Mark Cuban has weighed in on the latest conflict between Wall Avenue and the r/Wallstreetbets Reddit g
Entrepreneur and Dallas Mavericks proprietor Mark Cuban has weighed in on the latest conflict between Wall Avenue and the r/Wallstreetbets Reddit group.
In a Jan. 31 weblog submit, Cuban advised that the old-school funding group is presently taking a kicking from what he describes because the “Retailer of Worth Technology.”
These millennials have developed a higher understanding of the worth of digital property, having been introduced up in a world the place music was extra usually shared as a digital file than a bodily object.
Blockchain know-how, nonfungible tokens and good contracts now permit any asset which might be represented digitally to behave as a retailer of worth, with provable shortage and with out most of the downsides of bodily collectibles:
“This technology is aware of {that a} good contract and the digital good it displays or a CryptoAsset are a greater funding than old-fashioned see, contact or really feel makes use of.”
Cuban goes on to level out {that a} inventory is simply one other digital retailer of worth, and that the brand new technology has merely discovered and brought benefit of the inefficiencies within the legacy inventory market system.
They’ve realized that by working collectively they decrease Wall Avenue’s energy, and uncovered the hypocrisy of hedge funds and brokerages placing out purchase notes to tens of millions of shoppers whereas crying foul when a subreddit does the identical factor:
“Fats and completely satisfied Wall Avenue has change into gradual, stale and set of their methods, which makes them a better than anybody would count on goal.”
This yr, Cuban has come out as an even bigger crypto follower than he has beforehand let on, even lately minting some restricted version NFTs on Rarible.