[2014-09-27] Mark Cuban does not see long-term future for bitcoin as a currrency

[101111]

http://www.thedomains.com/2014/09/26/mark-cuban-does-not-see-long-term-future-for-bitcoin-as-a-currency/

FTFM

Mark Cuban does not see the long-term future for bitcoin as a currrency

[aigeezer]

Self-made fiat billionaire disses upstart competitor. Yawn.

He is an interesting character nonetheless, sort of a Donald Trump wannabe: http://en.wikipedia.org/wiki/Mark_Cuban

C'est un m'as-tu vu!   

[seriouscoin]

Shortsighted cocky bitch. I always dislike how he pissed on other Sharks in Sharktank. (" the only billionaire in this room is me")

If its just a "transport mechanism" as he said, then what happens when everyone use it?

Thats right there will be less incentive to "translate it into fiat". The fact that BTC is freely exchanged to USD by market, it will become a currency by its own.

This "billionaire" needs to learn what currency means. Case in point: says hes fcking a Dutch hookers on his business trip, he pays in USD and the hooker is happy to accept that, only to "translate" it back into Euro.... Right Mark?

[odolvlobo]

He makes a classic doubter mistake -- ignoring any potential, thinking that because it hasn't succeeded yet, it will never succeed. He says that it is not a currency right now because merchants convert it to dollars. Somehow, that indicates to him that it will never be a currency.

[cbeast]

The fact that he makes a public opinion shows his hand.

[Dr. Pepper]

I agree with what he's saying in some aspect. I think it will continue to be used long term, or something very much like it will overtake it, but it's use as a currency will continue to be a problem with many people if it's value fluctuates as much as it currently does.

[btcbug]

"Like many, Cuban compares Bitcoin to gold and says central banks will never let it truly succeed."

He seems to understand that it is a threat to central banks. Whether he thinks central banking is good or bad I' m not sure. I'm guessing he doesn't have moral issues with the fiat currency scam, so I guess he doesn't have much incentive to help promote a good thing like Bitcoin.

It's pretty frustrating to read comments from a Billionaire entrepreneur, who if he wanted could seriously help turn Bitcoin into a full fledged currency. He doesn't understand that it takes a few like him to make the first move, take the risk and accept Bitcoin. Only when people value it will it have value. Thanks Mark!

Peter Thiel is another one. What the hell is his problem? He calls himself a Libertarian for christ sake!

[PenAndPaper]

In a few years there will be kids that live in their basements and are more rich than mark cuban.... 

[CoinMode]

"Like many, Cuban compares Bitcoin to gold and says central banks will never let it truly succeed."

He seems to understand that it is a threat to central banks. Whether he thinks central banking is good or bad I' m not sure. I'm guessing he doesn't have moral issues with the fiat currency scam, so I guess he doesn't have much incentive to help promote a good thing like Bitcoin.

It's pretty frustrating to read comments from a Billionaire entrepreneur, who if he wanted could seriously help turn Bitcoin into a full fledged currency. He doesn't understand that it takes a few like him to make the first move, take the risk and accept Bitcoin. Only when people value it will it have value. Thanks Mark!

Peter Thiel is another one. What the hell is his problem? He calls himself a Libertarian for christ sake!

People with huge amounts of wealth never tell you exactly how they feel about something. It is all misdirection. When Mark Cuban says he is not buying bitcoin "right now", that could mean "not today" or "not right at this very moment". I bet all of these people, including Warren Buffet, have bought at least a few thousand coins each as a hedge against the ever-failing dollar, just like they all do with gold. And they will all tell you that they aren't buying any of it "right now" or something else just as vague.

Here is a quote from Forbes about how a certain person lied to their own parents and became a billionaire in the process:

As [Vince] McMahon would later say of his strategy, “Had my father known what I was going to do, he never would have sold his [WWE, at the time called WWF] stock to me.”

source: http://www.forbes.com/sites/msolomon/2014/03/26/vince-mcmahons-over-the-top-move-why-the-billionaire-ceo-is-betting-big-on-the-new-wwe-network/

[shawshankinmate37927]

Perhaps Tim Draper can help Mr Cuban see the light.

http://video.foxbusiness.com/v/3801541401001/venture-capitalist-draper-predicts-10k-per-bitcoin-in-three-years/#sp=show-clips

[bitbouillion]

Code:

central banks will never let it truly succeed

No doubt about it, the central bank is there to preserve a money monopoly.

[CoinMode]

Code:

central banks will never let it truly succeed

No doubt about it, the central bank is there to preserve a money monopoly.

Truth: Not a single central bank has ever preserved their monopoly on money.

They have all failed, and all signs now point to the dollar failing next. The best part? It's happening within the exact time-frame and by the exact mechanisms that it would be expected to happen.

[cryptofan5]

Many share his opinion and it is predictable. Its like with oil: for as long there is oil, nobody would switch to producing electric cars. For as long as governments and large companies use only fiat, he does not see a future in bitcoin.

[Jesu]

Perhaps Tim Draper can help Mr Cuban see the light.

http://video.foxbusiness.com/v/3801541401001/venture-capitalist-draper-predicts-10k-per-bitcoin-in-three-years/#sp=show-clips

Two oposite ends of the spectrum. One a hater and the other a bagholder. Can't take either of them seriously.

[jadtecnic]

I'm Not completly sure  What to think of bitcoin or any other Cryptocurrancy as far as its staying power in the worlds economies How ever one thing I do know for sure is that it popularity and worth is based on the fiat dollars..

If more and more were to stop trading (Buying and Selling) Bitcoin with fiat dollars its value would drop like a rock many would stop accepting it as PAYMENT Because the draw of bitcoin is it value to these fiat currancies, a store can accept bitcoin today tomorrow and then sell it in the future for much more they accept it because of it trade off value when there is no trade off value (Not back by the Fiat $) big interest and service fees will kick in to do business with it .. Face it Bitcoin and other Cryptocurrencies are backed by fiat.

lots of the businesses out there taking bitcoin do it because they can takew $1000 in bitcoin today and sell it  off later for $1200 15,000 in the future and sometimes more hense interest and service fee and then some paid

Ithink as familar with bitcoin some believe they are they stillhavent figure out whats been driving its acceptance ..

[Whitehouse]

I'm on the fence about bitcoin having a long term future as a currency too. I don't think the public will getr into it unless it becomes less volatile. Why would they use it? You purchase $100 worth of btc to buy something and before you've ordered your item you're $20 short because of the price drop. Not very good as a currency in that respect.

[vipgelsi]

He is mad he didnt buy cheap and alot of people are now millionaires.  Guys that are super rich dont want people to join them.

[Clegg]

He is mad he didnt buy cheap and alot of people are now millionaires.  Guys that are super rich dont want people to join them.

Sometimes this is true and people are mad and jealous that they missed out, but some are just cynics and fear what they do not understand. They might even semi-believe in it but don't have the balls to invest in it so they just neysay to cope with this.

[cbeast]

Commodity or currency, Bitcoin doesn't care what people think.

[jadtecnic]

I'm on the fence about bitcoin having a long term future as a currency too. I don't think the public will getr into it unless it becomes less volatile. Why would they use it? You purchase $100 worth of btc to buy something and before you've ordered your item you're $20 short because of the price drop. Not very good as a currency in that respect.

This is Because No one has learned you cant treat Bitcoin like commodity in retail, The Fait dollors rise and fall daily too not as large of jumps as bitcoin how ever  when a $ drops a penny or two they dont raise the price of everything in the store  to make up the difference for the short term they take the loss and avoid insane inflation and deflation ..

stop compairing it to regulated dollars and its basically air , this is the biggest issue and concern turning a lot of  well meaning and well to do to proverty level in the blink of an eye.

i think if bit coin can hang on once it can no longer be obtained Free through Mining it could stablize once all bit coin must be obtained through trade of some type how ever I think at that point to will come the interest rates service fees and loads of taxes it boost as an advantage today .