Billionaire Mark Cuban proposes a smart contract for Ethereum to bet on cryptos versus exchange performance
Peter Mallouk, President and CEO at Creative planning, a nationally recognized “leader” in the wealth management community, recently found that buying a hundred stocks gives you the best chance.
Mallouk also mentioned that if you buy a hundred cryptocurrencies, “most of them go to zero”.
Mallouk’s comments came in response to the billionaire Mark Cuban‘s most recent tweet in which he asked:
“When was the last time you looked at your bank account and felt like you had more money to spend and things got cheaper? Doge may not go up, but I say there is a chance. “
Cubans also said that “only a fool would buy 100 stocks or 100 crypto assets.” He went on to ask, “As a shareholder, what rights do you have in shares in public companies that you have bought?”
“The likelihood that a diversified portfolio will beat someone who picks a handful of stocks is very good. Only a fool would bet on a few stocks. For the next 10 years, I’ll be very comfortable using the SP 500 yield on any group of stocks you want to choose. “
“I’m in the process of getting our money behind the debate. @mcuban You can choose the amount and the proceeds will go to a charity of the winner’s choice. I will take the SP500. You can select and trade any stocks at any time. “
The Cuban pointed out that he hasn’t traded many stocks since he went all-in Netflix at 50 and Amazon a few years ago at 500. ”The Cuban acknowledged that these are positions that he“ has spoken about publicly in the past ”.
How about. We signed a smart contract. You put $ 1 million in a stablecoin. I put a million dollars in a stablecoin. We write the contract to pay you if the increase in the S&P 500 on the end date is greater than the increase in YOUR choice of BTC or ETH. You can select the custodian bank https://t.co/hsw3CBenLO
– Mark Cuban (@mcuban) April 29, 2021
During their long back and forth conversation, Cuban suggested entering into an Ethereum (ETH) -based smart contract. Under the deal, Mallouk would invest $ 1 million in a stablecoin and Cuban would invest $ 1 million in a stablecoin. Cuban added that they would “write the contract to pay you if the increase in the S&P 500 on the end date is greater than the increase in YOUR choice of BTC or ETH. You can choose the custodian. “
Mallouk responded with the following words:
“That’s interesting. This started with you promoting Doge. I’ll take the S&P 500 and you can take Doge. The 10-year-old loser donates 1 million to the winner’s charity. But if you’re not sure, will Doge prevail … Then we can move on to the next point we disagreed on. You mentioned that “only a fool” would invest in 100 stocks, I’ll take a 100 stock index or 100 stocks and you can choose “Which stocks you want. I feel pretty good about it too, based on your market calls …”
“Lots of security, cash, etc. The S & P500 would have ruined this. So my bet is here too. I take the fool’s 100 stocks and you choose the stocks you want. However, I think that you are not comfortable with these challenges as your offering is moving in a different direction. So here’s what I’m going to offer: I’ll invest in the S&P 500 and you will invest in the stocks and cryptocurrencies that you want. My favorite charities are @Pathway_KC and @HarvestersORG. “