Mark Cuban came back to the Bankless Podcast. Since the last appearance on the podcast he researched, invested, and given the market condition, lost a lot of money. Nevertheless, he has lots of optimism about the future of crypto. Learn or get burned

https://twitter.com/BanklessHQ/status/1539603319445921795

He made it through the last bear market and he clearly sees some difference between the 2017 crash and the current bear market: Back then it was an ICO mania but no game-changing applications. The interest was mostly getting in early and lots of hopium because everybody is a genius in a bull market

First came the innovators, then the imitators, then the idiots: If something worked on Ethereum Mainnet it was ported to other chains or L2. However, to make it work you need lots of users and volume and that is why the imitators were in deep shit. Some of them turned into idiots to survive with unsustainable business models. We all know some examples from recent news

After the 2017 Crash, there was a focus on mainly two things: Decentralized Finance (DeFi) and NFTs. Various chains just copied those sectors and poured a lot of money into them to lure users in with rewards. Now, we see what the real yields should be and this changed the perception of DeFi.

After the 2017 Crash, there was a focus on mainly two things: Decentralized Finance (DeFi) and NFTs. Various chains just copied those sectors and poured a lot of money into them to lure users in with rewards. Now, we see what the real yields should be and this changed the perception of DeFi.

In terms of Non-Fungible-Token (NFT) Mark is mainly looking for utility and applications built on it because those tokens can’t be simply about speculation and hyping the community as a lot of projects did. Because they were just looking to increase the number of buyers. but then what? We need to stop thinking in terms of the number of buyers, we need to think of the utility. Would you use it on a daily basis?

Mark tried to convince people back in the days to use internet radio but it was a hassle and nobody went for it. He gave up trying to convince people who don’t see the benefit and let them onboard themselves once there is a solid reason to use the product. In his case, this was listening to a cubs game from anywhere on the globe. Crypto is the same way: We need products that are better than the legacy equivalents. There needs to be a very good reason for people to use it. Examples are loans, tipping, and sending money. These things are WAY EASIER compared to legacy products.

He believes that the next phase will be the “protocol merger era”: A consolidation is needed to keep builders and grow the communities to develop new ideas. This happens in every industry and will also happen in crypto.

He does not pretend to know which crypto segment or chain will moon in the future but he is convinced that there is too much narrow focus on DeFi and NFT and we need open our imagination for other solutions. There needs to be a killer (business) application that is simply better than the legacy equivalent as a catalyst to start the next bull run.

Mark Cuban came back to the Bankless Podcast. Since the last appearance on the podcast he researched, invested, and given the market condition, lost a lot of money. Nevertheless, he has lots of optimism about the future of crypto. Learn or get burned

https://twitter.com/BanklessHQ/status/1539603319445921795

He made it through the last bear market and he clearly sees some difference between the 2017 crash and the current bear market: Back then it was an ICO mania but no game-changing applications. The interest was mostly getting in early and lots of hopium because everybody is a genius in a bull market

First came the innovators, then the imitators, then the idiots: If something worked on Ethereum Mainnet it was ported to other chains or L2. However, to make it work you need lots of users and volume and that is why the imitators were in deep shit. Some of them turned into idiots to survive with unsustainable business models. We all know some examples from recent news

After the 2017 Crash, there was a focus on mainly two things: Decentralized Finance (DeFi) and NFTs. Various chains just copied those sectors and poured a lot of money into them to lure users in with rewards. Now, we see what the real yields should be and this changed the perception of DeFi.

After the 2017 Crash, there was a focus on mainly two things: Decentralized Finance (DeFi) and NFTs. Various chains just copied those sectors and poured a lot of money into them to lure users in with rewards. Now, we see what the real yields should be and this changed the perception of DeFi.

In terms of Non-Fungible-Token (NFT) Mark is mainly looking for utility and applications built on it because those tokens can’t be simply about speculation and hyping the community as a lot of projects did. Because they were just looking to increase the number of buyers. but then what? We need to stop thinking in terms of the number of buyers, we need to think of the utility. Would you use it on a daily basis?

Mark tried to convince people back in the days to use internet radio but it was a hassle and nobody went for it. He gave up trying to convince people who don’t see the benefit and let them onboard themselves once there is a solid reason to use the product. In his case, this was listening to a cubs game from anywhere on the globe. Crypto is the same way: We need products that are better than the legacy equivalents. There needs to be a very good reason for people to use it. Examples are loans, tipping, and sending money. These things are WAY EASIER compared to legacy products.

He believes that the next phase will be the “protocol merger era”: A consolidation is needed to keep builders and grow the communities to develop new ideas. This happens in every industry and will also happen in crypto.

He does not pretend to know which crypto segment or chain will moon in the future but he is convinced that there is too much narrow focus on DeFi and NFT and we need open our imagination for other solutions. There needs to be a killer (business) application that is simply better than the legacy equivalent as a catalyst to start the next bull run.