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Mark Cuban Bringing Bitcoin To Basketball

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There seem to be three types of people when it comes to Bitcoin and digital currencies: Those who believe in it is as a nascent Apple or Google; those who believe it is a tool for the evil and will be one of the world’s biggest bubble bursts; or those who are risk-adverse, uninformed, suffering from paralysis of analysis, and afraid to invest.

NEW YORK, NY – NOVEMBER 09: Andrew Ross Sorkin and Mark Cuban speak onstage at The New York Times 2017 DealBook Conference at Jazz at Lincoln Center on November 9, 2017 in New York City. (Photo by Michael Cohen/Getty Images for The New York Times)

This is only fun if you start with the possibilities. Bitcoin is just one of an emerging set of cryptocurrencies. Bitcoin CEO Roger Ver shouted its promise in a recent video.[1] Here is his summary of why fans of currency should get in the crypto game:

  1. Importance: Ver states, as subtly as the NBA player beards,[2] “Bitcoin is one of the most important inventions in the entire history of human kind, …on par with the invention of the internet itself”.
  2. Comparative Value to Traditional Currencies: “With traditional currencies you have to trust a lot of politicians who you never met, and you know nothing about…they can print as much of that money as they want for any reason. Whereas Bitcoin is governed by the laws of mathematics. I think if you ask just about anybody, they trust the laws of mathematics much more than the laws of some politicians”.
  3. Forecasting from China Regulatory Efforts: “Traditionally, anything China tries to ban is something you should invest in – YouTube, Facebook, Twitter, Google. All these things are astounding successes. Bitcoin is on its way to being an astounding success around the world as well”.

Ver is obviously all in. He views buying and selling this currency as an inevitability, not just a possibility. As he puts it, “the only way to stop it is to turn off the entire internet in the entire world, and keep it off. Even China can’t do that.”

Enter Mark Cuban. He appropriately owns a team called the Dallas Mavericks, as he has historically been a maverick among NBA’s older line of owners. Assuming Bitcoin remains capped at 21 million, the scarcity could drive demand skyward faster than any NBA team ticket sales, or media rights contracts.

The Cuban Bitcoin project is probably his attempt to remain relevant to a “maverick” fan base. All owners want to grow their fan base. Going international is a primary method they all embrace. But who else has attempted to court math nerds, since algorithms are fundamental to mining cryptocurrencies? Those in category one who are already sold on digital currencies may love to see the experiment grow to fruition in this industry. Those who were on the fence, may use the game they love as the leaping point.

As Cuban admitted in an email, “Some people want to buy products in Krypto to prove a point. We are happy to make it easy for them.”[3]

If it works, Cuban will have two out of three types on the crypto divide. In basketball, shooting 66 percent from the field is damn good. In a highly competitive 30-team industry, being the first cold be worth its weight in Crypto, whatever that is or will be.

He may also be looking to attract enlightened NBA players looking for business opportunities and a future in business beyond, yet through the sport. As sure as NBA players like money, someone trying to grow the money business in their sport probably will get their attention even if they do not know how.

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There seem to be three types of people when it comes to Bitcoin and digital currencies: Those who believe in it is as a nascent Apple or Google; those who believe it is a tool for the evil and will be one of the world’s biggest bubble bursts; or those who are risk-adverse, uninformed, suffering from paralysis of analysis, and afraid to invest.

NEW YORK, NY – NOVEMBER 09: Andrew Ross Sorkin and Mark Cuban speak onstage at The New York Times 2017 DealBook Conference at Jazz at Lincoln Center on November 9, 2017 in New York City. (Photo by Michael Cohen/Getty Images for The New York Times)

This is only fun if you start with the possibilities. Bitcoin is just one of an emerging set of cryptocurrencies. Bitcoin CEO Roger Ver shouted its promise in a recent video.[1] Here is his summary of why fans of currency should get in the crypto game:

  1. Importance: Ver states, as subtly as the NBA player beards,[2] “Bitcoin is one of the most important inventions in the entire history of human kind, …on par with the invention of the internet itself”.
  2. Comparative Value to Traditional Currencies: “With traditional currencies you have to trust a lot of politicians who you never met, and you know nothing about…they can print as much of that money as they want for any reason. Whereas Bitcoin is governed by the laws of mathematics. I think if you ask just about anybody, they trust the laws of mathematics much more than the laws of some politicians”.
  3. Forecasting from China Regulatory Efforts: “Traditionally, anything China tries to ban is something you should invest in – YouTube, Facebook, Twitter, Google. All these things are astounding successes. Bitcoin is on its way to being an astounding success around the world as well”.

Ver is obviously all in. He views buying and selling this currency as an inevitability, not just a possibility. As he puts it, “the only way to stop it is to turn off the entire internet in the entire world, and keep it off. Even China can’t do that.”

Enter Mark Cuban. He appropriately owns a team called the Dallas Mavericks, as he has historically been a maverick among NBA’s older line of owners. Assuming Bitcoin remains capped at 21 million, the scarcity could drive demand skyward faster than any NBA team ticket sales, or media rights contracts.

The Cuban Bitcoin project is probably his attempt to remain relevant to a “maverick” fan base. All owners want to grow their fan base. Going international is a primary method they all embrace. But who else has attempted to court math nerds, since algorithms are fundamental to mining cryptocurrencies? Those in category one who are already sold on digital currencies may love to see the experiment grow to fruition in this industry. Those who were on the fence, may use the game they love as the leaping point.

As Cuban admitted in an email, “Some people want to buy products in Krypto to prove a point. We are happy to make it easy for them.”[3]

If it works, Cuban will have two out of three types on the crypto divide. In basketball, shooting 66 percent from the field is damn good. In a highly competitive 30-team industry, being the first cold be worth its weight in Crypto, whatever that is or will be.

He may also be looking to attract enlightened NBA players looking for business opportunities and a future in business beyond, yet through the sport. As sure as NBA players like money, someone trying to grow the money business in their sport probably will get their attention even if they do not know how.

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