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Mark Cuban's thoughts on bitcoin
Posted on 3/10/14 at 10:58 am
Posted on 3/10/14 at 10:58 am
Pretty much everything we've always said. I consider him to be a smart businessman and innovator.
LINK
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Posted on 3/10/14 at 11:06 am to Broke
quote:
no one that I've seen so far that's in traditional sales that is taking Bitcoin keeps it as Bitcoin. They all translate it to dollars. And if you translate it into dollars, it's not a currency.
This.
Posted on 3/10/14 at 11:12 am to Broke
quote:
It's almost like buying and selling baseball cards
Bingo
Posted on 3/10/14 at 11:14 am to ZereauxSum
quote:
no one that I've seen so far that's in traditional sales that is taking Bitcoin keeps it as Bitcoin. They all translate it to dollars. And if you translate it into dollars, it's not a currency.
He's confusing the "unit of exchange" function of money with the "store of value" function. Currency is primarily the former.
I bet he doesn't know many business owners who keep lots of dollars idling around either. They always try to invest it in something, at least a money market. That is not the same as dollars.
Posted on 3/10/14 at 11:20 am to foshizzle
quote:
I bet he doesn't know many business owners who keep lots of dollars idling around either. They always try to invest it in something, at least a money market. That is not the same as dollars.
I see what you're saying, but a money market instrument is a dollar denominated instrument, although it's not the same as dollars. It's also considered a cash equivalent by accountants.
My main takeaway is that a business owner may accept btc, but in order to do anything useful wrt his or her business the btc most be converted.
Posted on 3/10/14 at 3:12 pm to Broke
quote:That just means he is another Luddite. Just ask Wiki or Josh.
Pretty much everything we've always said.
Posted on 3/10/14 at 3:12 pm to ZereauxSum
quote:Reminds me of when I first started working in Moscow, Russia in the early 90's. All prices displayed at all stores and restaurants were in dollars (this was pre-euro, of course). On a chalk board on the counter somewhere would be the dollar/ruble conversion rate, which was changed frequently during the day.
no one that I've seen so far that's in traditional sales that is taking Bitcoin keeps it as Bitcoin. They all translate it to dollars. And if you translate it into dollars, it's not a currency.
If the rate was 50 rbl/$ and the price on the menu was $10, you knew you could pay in rubles, but it would be 500 rubles.
I always envisioned a bag man running to the nearest "Obmen Valuta" (currency exchange) kiosk every time a customer paid in rubles in order to buy dollars and get rid of the rubles as quickly as possible.
Around 1998 the Russian government passed a law that made it illegal to quote prices in dollars.
So, Russians, being what they are, came up with the term "currency units." They would display a price in currency units with no mention of dollars or any currency.
On the chalk board would be how much a currency unit was worth in rubles. I always found it intriguing that the value of currency units was almost identical, carried out to 2 decimal places, to what the dollar/ruble exchange rate was at any given time.
True story....
Posted on 3/10/14 at 3:25 pm to LSURussian
Russians. Great with innovative currency conversion methods to circumvent the law. Terrible at Democracy
Posted on 3/10/14 at 6:36 pm to Broke
quote:One time I was analyzing a Russian banking law and I commented to my translator/assistant that I thought the law was a bit harsh.
Russians. Great with innovative currency conversion methods to circumvent the law.
She said, "You must remember, the harsh laws of Russia are made tolerable only by the fact that no one obeys them."
And she was right.....
Posted on 3/10/14 at 6:43 pm to ZereauxSum
quote:
no one that I've seen so far that's in traditional sales that is taking Bitcoin keeps it as Bitcoin. They all translate it to dollars. And if you translate it into dollars, it's not a currency.
This. If it's anything at all, it's a commodity.
Posted on 3/10/14 at 7:54 pm to ZereauxSum
quote:
a money market instrument is a dollar denominated instrument
More accurately, it is a security that promises to pay a return in dollars such that the daily interest rate fluctuates. And I know they are considered cash equivalents but that is because they are so easily convertible. But they still aren't dollars and Cuban is dead wrong if the thinks businesses take in cash and don't convert it to something else PDQ.
ETA: FWIW I'm fairly sure he was just giving a soundbite and wasn't thinking about it that carefully. He has more dollars than I do after all.
This post was edited on 3/10/14 at 7:58 pm
Posted on 3/10/14 at 9:48 pm to brucevilanch
Bitcoin is absolutely a commodity instead of a currency. They really messed up in making it deflationary. It just promotes people to hoard into instead of actually use it.
Posted on 3/10/14 at 9:53 pm to bpfergu
quote:
They really messed up in making it deflationary. It just promotes people to hoard into instead of actually use it.
But the whole "deflationary" aspect is what attracts the Austrians and anarchists who form the base of the bitcoin cult.
Posted on 3/10/14 at 10:15 pm to LSURussian
It's almost humorous as many pushing bitcoin have no idea how horrible deflation really is.
Posted on 3/11/14 at 10:37 am to LSU0358
To be fair, I don't think the bitcoin market is big enough to matter about deflation
Posted on 3/11/14 at 4:33 pm to LSURussian
quote:
True story....
CSB
Seriously
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