Billionaire Mark Cuban continues his discussion with the cryptocurrency community on Twitter after comparing the current bull run to the dot-com bubble of the late 90s.
This time, Mark Cuban targeted Ethereum’s exorbitant fees and predicted that while the cost of moving ETH to DeFi lending protocol Aave was “wildly expensive,” it could replace non-crypto options in the last tweet.
Where I think there is a disconnect is in addition to the supply and demand / scarcity its possible he is discounting the utility of Bitcoin.
There is real value in being able to send $ over a decentralized permissionless network.
— Haralabos Voulgaris (@haralabob) January 12, 2021
Gas fees required to process transactions on the second-largest blockchain soared to an all-time high after ETH peaked on January 4th since early February 2018.
Against Cuban’s words, James Todaro, managing partner at Blocktown Capital, stated that paying $ 100 in gas fees is “much cheaper” than fees in the old financing.
Except the gas is always an issue. Just the cost of moving crypto to AAVE is crazy expensive and the number of non crypto options will increase
— Mark Cuban (@mcuban) January 12, 2021
However, the Dallas Mavericks owner believes the entire system can crash if only one item crashes.
Cuban vs Winklevoss
After Bitcoin bull Tyler Winklevoss confronted Cuban about his comments on the similarities between internet-driven stocks and crypto, the two got into a fresh fight on Twitter.
Cuban remains true to the idea that both Bitcoin and Ethereum are similar stocks, although there are two separate networks:
“False. They can be networks, but other networks and utilities need to be run and removed. These networks broadcast digital ownership designed as stores of value. Like stocks, they are stores of value that represent the perceived ownership of the issuer’s finances ”.