Bitcoin Is Less Useful Than Gold, Says Billionaire Mark Cuban

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Wed, 12/25/2019 - 05:59
Alex Dovbnya
Mark Cuban seemingly prefers gold over Bitcoin, according to his latest Twitter debate with the crypto community
Bitcoin Is Less Useful Than Gold, Says Billionaire Mark Cuban
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After saying that Bitcoin had no chance to become a viable cryptocurrency, American investor Mark Cuban continues to engage in discussions with the members of the cryptocurrency community. This time around, he touched upon the everlasting debate between Bitcoiners and gold bugs, taking the side of the latter.  

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Gold has more utility than Bitcoin 

Cuban owns only an infinitesimal $549 worth of Bitcoin after the Dallas Mavericks started accepting the orange coin in 2019. When asked how much gold he owns, the "Shark Tank" host answered that he had purchased some jewelry. On top of that, gold is also used in the electronics industry. 

These words would go down well with vocal crypto hater Peter Schiff who claimed that Bitcoin had less utility than a tennis ball, marijuana (and, most likely, anything else in the world). 

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Miners could abandon Bitcoin 

Anthony Pomliano called Cuban's attention to the fact that Bitcoin represents the strongest computational network, which undoubtedly has a lot of value.

However, Cuban is still not impressed. The billionaire says that all miners are contractors who join the network to pocket rewards. If there is another technology that could bring them more profits, they could potentially abandon Bitcoin.

Furthermore, the network could be hypothetically overtaken by someone who comes up with a new tech that would allow them to capture 51 percent of all hash rate.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.