Home Finance Mark Cuban blasts Cardano and his uselessness in the crypto ecosystem

Mark Cuban blasts Cardano and his uselessness in the crypto ecosystem

221
0

The billionaire shared his views on Cardano’s lack of adoption, market caps, and Dogecoin during a recent podcast.

Mark Cuban, the billionaire and star of the show “Shark Tank” on U.S. ABC, joined the Altcoin Daily podcast for an hour-long conversation about crypto-currencies. He debated the differences between the decentralized application platform Cardano and Dogecoin, and which has more potential.

You know, my thoughts on Cardano are the same as those on Polygon and Ethereum“, Cuban said.

Mark Cuban says he looks at the number of transactions on a blockchain, calling it a bellwether success. “I guess people in Africa don’t use [Cardano] as much as they thought, because you don’t see the transactions, you don’t see the fees“, he said.

The Dallas Mavericks owner-turned-crypto champion says that while Cardano has had smart contracts for a while, he doesn’t see where Cardano has had much of an impact.

Read:  Samsung to launch blockchain-based Knox Matrix security system for smart devices

Mark Cuban says the next big app that everyone uses could be built on Cardano. “The door is open for that to happen, but it hasn’t happened yet“, he said.

The podcast host asked Cuban what advice he would give Cardano co-founder Charles Hoskinson if he came on “Shark Tank“.

I would say to him, “Where is your income?“, adding that just because it’s a crypto doesn’t mean the revenue is an afterthought.

There’s this distortion in crypto called market cap“, he continued. “You have a small float, you raise the price enough, and you have a total available number of the treasury at one billion. You make it a $10 token, and now you have a total market cap of $10 billion.

Read:  Euro hits 20-year low against the dollar as energy issues continue to dictate the macroeconomic landscape

Mark Cuban said the problem of distorted market capitalizations isn’t just a problem with Cardano, noting Dogecoin’s $9.3 billion market capitalization and Shiba Inu’s $6.7 billion, according to CoinMarketCap.

I still think that DOGE has more applications potentially available for it than Cardano“, Cuban said, adding that he believes the opportunity for Cardano is greater – at least until Dogecoin also becomes an app platform.

It is always a company“, he said. “No matter what you do, what you say, how you position it, or what your market cap is, there has to be some there, there.

Previous articleUkraine denounces AI report and CBS documentary as in sync with Russian propaganda
Next articleUkrainian court sentences Russian soldier accused of war crimes to 10 years in prison