Shark Tank star and investing guru Mark Cuban is dishing the dirt on how billionaires stay connected.
In a new interview with Up Only, Cuban says a group of billionaires are passing over instant messaging platforms like Telegram and Discord and connecting via Snapchat.
The high-profile entrepreneur says that he currently has Snap Streaks with Microsoft founder Bill Gates and billionaire investor Warren Buffett, or in other words, has exchanged Snapchats with them both for a certain consecutive number of days.
“Not really like a Telegram or Discord, but there’s like a bunch of us on Snaps (Snapchat)… You know every night I got [a Snap Streak with] Bill Gates or Warren Buffet gets my little S for streaks. And Warren Buffet always likes to show his toes and stuff like that. Chamath [Palihapitiya] (Social Capital CEO and billionaire Bitcoin bull) is trying to get in the group but Bill Gates won’t let him in…”
He describes the period when the internet was still slow and cumbersome to use and compares it to slow and expensive blockchains.
Cuban adds that although it didn’t work perfectly at the time, he and his company knew that eventually, technology would catch up to the desire of the masses, which was to have a readily available media experience with you at any place in time.
“It’s almost like the early days of the internet where bandwidth was the big impediment. You couldn’t stream. We had to stream at 16k audio and you couldn’t do video. We knew at some point bandwidth would open up and transactions per second is the equivalent of bandwidth…
So even if when it was 1995 and 1996 and you had to have a 56k modem or you’re in the office on the office internet feed and you had to go through all these hassles… You had to make it all work and it didn’t always work, but that was the only way you could listen to the Chicago Cubs game in your office…
We did this research back then that said the PC was the primary media device on 97% of desktops and so we knew that in the office from 9-5 wherever you were, we were the only way to get any entertainment and so that was our focus.”
Cuban also comments on the largest threat he believes Bitcoin is facing, and his love for the Ethereum platform.
“For now, if you look at Bitcoin and here we are at $60,000. And the uncertainty for Bitcoin is it comes down to what the whales do. Because there’s so much Bitcoin concentrated in so few wallets at the top that that’s the risk factor, and we don’t know how much of that is lost and how much of that is held…
If the whales hodl, then everything’s good. If they all decide to buy NFL, NBA, MLB teams at the same time, then all that changes. But what you have to know is, what is the utility? And Bitcoin now has become a platform more than anything else. Ethereum’s a better platform, but Bitcoin is, you know, the store of value platform.”