Billionaire celebrity investor Mark Cuban thinks the vast majority of digital assets will go bust – but he’s still a believer in crypto.
This week, the Shark Tank star had a friendly debate on Twitter with John Reed Stark, a crypto skeptic who founded the U.S. Securities and Exchange Commission’s (SEC) Office of Internet Enforcement, about the merits of digital assets and the SEC’s approach to regulating them.
Stark argues that crypto’s promise has “long since faded” and claims that smart contracts aren’t actually “smart” or “contracts.” The former SEC official says smart contacts don’t offer avenues for redress and relief when there is fraud or mistakes involved, unlike financial institutions.
“There exists no intelligence, trust or privity in smart contracts, just code, which is not only often flawed and rife with error and vulnerabilities but can also be easily manipulated to do whatever the coders want.”
Cuban says he has spent his whole career founding companies that people viewed as unnecessary until they started relying on them.
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