Mark Cuban thinks Wall Avenue stands no likelihood in opposition to digital natives

Entrepreneur and Dallas Mavericks proprietor Mark Cuban has weighed in on the current clash between Wall Street and the r/Wallstreetbets Reddit group.

In a Jan. 31 weblog post, Cuban instructed that the old-school funding group is at present taking a kicking from what he describes because the “Retailer of Worth Era.”

These millennials have developed a better understanding of the worth of digital property, 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 enable 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 technology 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 technology 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 hundreds of thousands of purchasers whereas crying foul when a subreddit does the identical factor:

“Fats and pleased Wall Avenue has change into gradual, stale and set of their methods, which makes them a better than anybody would count on goal.”

This 12 months, Cuban has come out as a bigger crypto follower than he has previously let on, even lately minting some limited edition NFTs on Rarible.