Famous software entrepreneur and billionaire Mark Cuban recently discussed the future of cryptocurrencies and blockchain technology in a Twitter conversation with former SEC official John Reed Stark. Cuban made a startling claim that 99% of tokens are doomed to failure in a string of provocative tweets, bringing comparisons to the demise of early internet startups and start-up businesses.
The entrepreneur stressed that while the bitcoin market may suffer enormous losses, the survivors would surely change the game since that is how technology works.
Cuban, though, focused on the SEC and emphasised that it should assist and enable investment for start-ups while also maintaining investor safety. As these features are not mutually exclusive, he encouraged Congress to amend current exclusions to permit clearer registration procedures and workable pathways for bitcoin exchanges.
This heated discussion followed Stark’s tweet in which he voiced doubt about the scalability, effectiveness, and security of blockchain technology. When comparing smart contracts’ flaws and the lack of redress mechanisms to the regulatory control and consumer safeguards provided by financial intermediaries, Stark expressed worry about the flaws in smart contracts and their shortcomings.
Only time will tell which prophecies come true and whose vision will eventually determine the course of the cryptocurrency sector as it continues to develop.
