12-26-2019 icon

NBA Team Owner, Mark Cuban Owns Bitcoin (BTC), But Prefers Gold

By calvin

Billionaire businessman and owner of the NBA team, Dallas Mavericks, Mark Cuban says that he keeps a small amount of BTC. This may come as a surprise to many as he often publicly states his critics of Bitcoin.

Mark Cuban Invested in Bitcoin

Cuban has $549 worth of Bitcoin which he made from through BTC payments to the Dallas Mavericks. The Mavericks has accepted Bitcoin as payments for tickets since 2014. 

In recent times, Cuban has become more vocal about major cryptocurrencies such as Bitcoin and Ethereum. He holds several reservations with respect to the mainstream adoption of the tokens. 

Mark says,

“I’m not opposed to BTC . I understand every argument being made.The world is littered with great products/services that failed for lack of consumers”

“Not because it can’t work technically, although there are challenges. It could. But rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value.” 

Bitcoin Security

Cryptocurrency experts argue to the contrary. Bitcoin is very difficult to hack, largely due to the blockchain technology which supports it. Bitcoin technology itself has not been hacked due in large part to the proof of work consensus mechanism and traceability on the network. In order to hack the network, a 51% attack would need to be initiated by miners on the network who control more than 50% of the network’s mining hashrate. 

Traceability on the network makes it easier to mitigate the losses from a hack of an exchange. If an individual hacks an exchange, the transactions they make after hacking an exchange can easily be traced due to the transparency of bitcoin’s network. A freeze report to other exchanges where the hacker may have sent the bitcoin can stop transfer of stolen funds. 

Bitcoin uses encryption techniques which make it incredibly hard to hack an individual holding bitcoin unless they are careless with the information that they hold in relation to their cryptocurrency holdings. 

Bitcoin Meet Up?

Pomliano, Co-Founder & Partner at Morgan Creek Digital extended an open invitation to meet Cuban in order to talk about cryptocurrency. So far, the offer does not appear to have been accepted. 

Cuban also made public statements in relation to Ethereum. In a video, he suggests that one should only keep a certain percentage of cryptocurrency like Ethereum in their investment portfolio.