Mark Cuban thinks Wall Street stands no chance against digital natives


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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 post, Cuban steered that the old-school funding group is at the moment taking a kicking from what he describes because the “Retailer of Worth Era.”

These millennials have developed a larger understanding of the worth of digital belongings, having been introduced up in a world the place music was extra typically shared as a digital file than a bodily object.

Blockchain know-how, nonfungible tokens and sensible contracts now permit any asset which may be represented digitally to behave as a retailer of worth, with provable shortage and with out lots of the downsides of bodily collectibles:

“This era is aware of {that a} sensible 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 era has merely discovered and brought benefit of the inefficiencies within the legacy inventory market system.

They’ve realized that by working collectively they reduce 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 pleased Wall Avenue has turn into gradual, stale and set of their methods, which makes them a neater 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 not too long ago minting some restricted version NFTs on Rarible.