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Mark Cuban is singing a different tune when it comes to cryptocurrencies.
The tech billionaire and "Shark Tank" star is an early backer of a new cryptocurrency fund, according to CoinDesk, which reports on blockchain and cryptocurrency news.
The fund, 1confirmation, launched Tuesday, plans to invest exclusively in cryptocurrency assets, according to a filing with the Securities and Exchange Commission.Its founder, Nick Tomaino, a principal at the $270 million Palo Alto-based investor Runa Capital,
Mark Cuban is a fun guy, but he is not that great of an investor - he's the epitome of a dot-com successfully-lucky kid billionaire, who got out right on time. I don't know if you watch HBO's comedy TV show Silicon Valley, but they've managed to portray in a pretty spectacular way Mark Cuban through the character Russ Hanneman. In the series he's constantly bragging how his company which brought radio on the Internet (read Broadcast.com) was bought out by AOL (read Yahoo!) and he made a sh*t ton of money all at once from a venture that never made any profit. He even insists that the start-up that he is funding in the show never makes any revenue so that it always stays pre-revenue and thus keeps its potentially unlimited revenue theorized worth; it's ridiculous.
I don't think crypto-currencies are worth anything, but I recognize that I am not particularly knowledgeable on this topic, so I will restrain from giving any opinions on it. However, it must be said that even if you believe it is worth something, it is generally a bad idea to jump in when things are peaking, as they are right now. I would stay as far as possible from those Internet currencies and from almost the whole tech sector as well. It is notorious for constantly producing nothing but dumb products for the past century or so, with actual good bargains appearing only at a rate of about once per a decade.
People like Mark Cuban non-stop chase hype not value. This is not investing, it's speculating, or, at best, carefully investing at the right time in social trends.
Here's some clips of Russ Hanneman from HBO's Silicon Valley. Caution: Some profanity involved.
Edited by Just_One_Question, 22 August 2017 - 04:38 PM.