Mark Cuban doesn't believe in bitcoin but wants to invest the competitor - page 2.

superduh

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Quote from: kireinaha on November 22, 2013, 11:48:58 AM

Bitcoin has no chargeback functionality and a lot of hype but not a whole lot of substance. Looking at the paperwork here, I can see bitcoin has a marketcap of $5 billion but little in the way of infrastructure to support that valuation.

... and for that reason, I`m out. Grin

Anybody watch Sharktank? Cuban is a pretty smart guy, if he thinks bitcoin will fail, he`s probably right.

that's quite a jump in your faith on cuban. maybe you should see if anything he's invested in has failed before making such godly claims Cheesy

superduh

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i have watched shark tank and i have followed mark a bit. he's NOT dumb. he says many things that do make sense (common sense and business sense) hence i'm not going to jump to the conclusion that he's being stupid. i assume he probably hasn't gotten to the point where it makes sense for him. smart guy, bad decision. it happens

kireinaha

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Quote from: BittBurger on November 22, 2013, 11:18:03 AM

Guys,

Read what he's actually saying.

He saying you never buy the first version of anything because it's full of bugs.

He's making no comment about Bitcoin itself. He's make a generalized statement about waiting until the second model of a brand-new car before you buy it. He's basically just conveying good common sense.

The flaw in his logic is the Bitcoin has new versions within itself…

I agree with your assessment there, Bitt, but he failed to extrapolate on what it is about bitcoin that he feels is lacking and will cause it to be surpassed by a competing coin. In all likelihood, he hasn`t done any extensive research on bitcoin yet, and is probably just addressing questions about investing in it (surely people must be asking him about this frequently in recent months). There are some fundamentals about bitcoin, such as the lack of consumer protections, which is a cornerstone of my belief that it will fail to catch on mainstream. Such protections, such as chargebacks in the case of consumer/merchant disputes, cannot be added to the protocol as far as I know. Ultimately it will come down to whether consumers value anonymity and low transaction fees more than protections and oversight. Personally, I very much predict the latter.

n8rwJeTt8TrrLKPa55eU

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Quote from: ?? on ??

Quote from: kireinaha on November 22, 2013, 11:48:58 AM

Anybody watch Sharktank? Cuban is a pretty smart guy, if he thinks bitcoin will fail, he`s probably right.

He is obviously a smart guy, you don't get $6 million and then $6 billion on two different occasions being lucky. But he is dead wrong on bitcoins sadly. I would love to explain why to him.

I'll give him credit for building and selling his first company at a decent price. But the event that "made" him, that $6B buyout, was an immensely lucky gift from incompetent idiots at Yahoo who couldn't spot a bubble if it punched them in the face. Way more lucky than smart.

If he's such a genius forecaster, he would've bought BTC early on like the Winklevii did. Those two, unlike Cuban, actually can be categorized as people with a great predictive record, having correctly spotted the two most massive tech trends of the past decade at a very early stage.

Not that I mind his stance. We need stupid people to stay skeptical about Bitcoin, so that they will be there to buy down the road, when the price is much higher.

proudhon

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Quote from: BittBurger on November 22, 2013, 11:18:03 AM

Guys,

Read what he's actually saying.

He saying you never buy the first version of anything because it's full of bugs.

He's making no comment about Bitcoin itself. He's make a generalized statement about waiting until the second model of a brand-new car before you buy it. He's basically just conveying good common sense.

The flaw in his logic is the Bitcoin has new versions within itself…

Thank you. That's a good analysis.

kireinaha

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Bitcoin has no chargeback functionality and a lot of hype but not a whole lot of substance. Looking at the paperwork here, I can see bitcoin has a marketcap of $5 billion but little in the way of infrastructure to support that valuation.

... and for that reason, I`m out. Grin

Anybody watch Sharktank? Cuban is a pretty smart guy, if he thinks bitcoin will fail, he`s probably right.

MicroGuy

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Twitter @realmicroguy

Bitcoin has competitors and they're listed here: http://coinmarketcap.com/. I wonder which one Mark is looking at? Cheesy

indianplayers

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I don't like it, but he has a point.

Take a look at Vonage for example. They fought phone companies to victory for voip, but paid millions in court costs etc. Now cheaper competition is eating them alive.

BittBurger

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Guys,

Read what he's actually saying.

He saying you never buy the first version of anything because it's full of bugs.

He's making no comment about Bitcoin itself. He's make a generalized statement about waiting until the second model of a brand-new car before you buy it. He's basically just conveying good common sense.

The flaw in his logic is the Bitcoin has new versions within itself…

hilariousandco

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Join the world-leading crypto sportsbook NOW!

You want to take his advice as gospel? Why not invest in both Bitcoin and/or some of the other competing cryptos?

proudhon

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Quote from: gweedo on November 22, 2013, 11:06:39 AM

http://twitter.com/mcuban/status/403916745900978176

This kinda hurts, and this will make his following think a bit before buying bitcoins.

Ok, Take your pick, Mark.

gweedo

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http://twitter.com/mcuban/status/403916745900978176

This kinda hurts, and this will make his following think a bit before buying bitcoins.

Topic: Mark Cuban doesn't believe in bitcoin but wants to invest the competitor - page 2. (Read 4691 times)