Mark Cuban has had a love-hate relationship with Cryptos over the years: he loves them then hates Cryptos then loves them again and so on and so forth. When Will Mark Cuban finally make up his mind.
Currently on the pro-cryptocurrency side of the debate, Mark Cuban tweeted some advice about them this week. Apparently he does not like tokens.
Investopedia explains that the term crypto token refers to a special virtual currency token or how cryptocurrencies are denominated. These tokens represent fungible and tradable assets or utilities that reside on their own blockchains. Crypto tokens are often used to fundraise for crowd sales, but they can also serve as a substitute for other things. These tokens are usually created, distributed, sold, and circulated through the standard initial coin offering (ICO) process, which involves a crowdfunding exercise to fund project development.
One of my favorite shark tank projects. The pitches that didn’t make air that I wish did ! Check them@out ! https://t.co/hNOqny2acL
— Mark Cuban (@mcuban) January 9, 2022
Earlier this week, Mark Cuban tweeted, “Tokens trading are the least important part of crypto. Being able to create businesses on decentralized platforms leveraging smart contracts, validators, DAOs and more, create a unique ability to offer more efficient biz processes and disrupt industries.”
Mark Cuban added that tokens that accrue value from the utility their platform creates can be valued like stocks. “Think eth/polygon tokens that are needed to transact on those networks. You have to buy them to leverage the applications you want to use. Networks with popular apps will have valued tokens,” he said.
On cryptos in general, Mark Cuban also tweeted, “When I look at crypto, I look as an entrepreneur and ask how do any combination of Smart Contracts, Decentralization, Security and Economics, enable a better way to do business and create opportunity. If I see one, I start or invest in it.”
“The noise in crypto is all the speculation. The signal is the apps being written around Smart Contracts and the impact they will have on business processes, procedures and supply chain as more products have a solid economic reason to utilize Smart Contracts.”
So it is clear that he is high on Cryptos. Or is it? Maybe Mark Cuban is being deliberately cryptic. Maybe not.