Is Gold more useful than Bitcoin (BTC)? Mark Cuban says yes

  • Billionaire Mark Cuban discussed with Anthony Pompliano and Preston Pysh the advantages of gold over Bitcoin.
  • Cuban thinks that Bitcoin has failed to deliver what it projected to be.

In a discussion via the social network Twitter, Anthony Pompliano, Preston Pysh and billionaire Mark Cuban discussed two frequently compared assets: Gold and Bitcoin (BTC).

Bananas are more useful than Bitcoin (BTC) for Mark Cuban

The discussion began on December 10 of this year. Bitcoin entrepreneur and educator Jimmy Song wrote a series of tweets trying to refute Mark Cuban’s arguments about Bitcoin. On other occasions, billionaire Mark Cuban has said that Bitcoin is very difficult to use, understand and determine its value, but easy to hack. Song and other members of the crypto community pointed out ways and tools that make Bitcoin easy to use (wallets, backups, learning platforms).

In addition, Bitcoin investor Preston Pysh and other community members stated that the fiat currency system is in decline. In that scenario, according to Pysh, it is necessary to find a solid global currency like Bitcoin. Cuban’s most important concern is a 51% attack that could compromise the integrity of the network. Cuban believes that Bitcoin has the capacity to threaten the current financial system and that countries like China and Russia may seek to attack it in order to preserve fiat money.

Pysh said that countries will seek to digitize their currencies to address the threat. However, their currencies will be centralized and unsecured. China will launch its test phase for the digital Yuan; this event will surely be one of the most important in 2020.

Cuban shared other concerns such as the potential of quantum computers, AI, the creation of more advanced keys. Anthony Pompliano, co-founder of Morgan Creek, joined the conversation and although he responded to Cuban’s concerns, the billionaire insisted that countries will try to sabotage the Bitcoin network no matter the cost.

Pampliano asked Cuban if he owns Bitcoin and the billionaire claimed he has exactly $549 USD in BTC. An amount that comes from sales generated by one of Cuban’s basketball teams. Cuban claimed that Bitcoin has the potential to deposit value of a collectible baseball card and, therefore, cannot compete with Gold. For Cuban, Gold has many more utilities and benefits, such as its technological applications.

Cuban made a controversial statement that could summarize his position. He said that he prefers bananas over Bitcoin, because of the “usefulness of the former”: to eat them.

Jack Dorsey and the decentralization of Twitter

In the discussion Pysh said that the usefulness of Bitcoin is irrelevant. The intrinsic value of the cryptocurrency is superior and offers opportunities that could change the way social networks and the Internet work. Pysh referred to the new project of Jack Dorsey, CEO of Twitter.

Dorsey wants to implement the principles of Bitcoin and other cryptocurrencies in the social network. The social network will hire a team of developers and other specialists to build the open source. This would make Twitter the first large-scale social network to make a transition to a decentralized system.

The price of Bitcoin stands at $7,401 USD, at the time of publication, and has made a profit of 2.42% in the last 24 hours.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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