Billionaire Mark Cuban Proposes Setting Up Ethereum Smart Contract to Bet on Cryptos vs Stock Market Performance

By May 2, 2021Ethereum
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Peter Mallouk, President and CEO at Creative Planning, a nationally recognized “leader” in the wealth management community, recently noted that if you purchase a hundred stocks, “odds are most go up.”

Mallouk also mentioned that if you buy a hundred cryptocurrencies, “most will go to zero.”

Mallouk’s comments came in response to billionaire Mark Cuban‘s 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 might not go up, but I’m saying there is a chance.”

Cuban also said that “only a fool would buy 100 stocks or 100 crypto assets.” He went on to question “what rights do you have as a shareholder in any public company stock you have bought?”

Mallouk added:

“The probability of a diversified portfolio beating someone picking a handful of stocks is very high. Only a fool would bet on a few stocks. Over the next 10 years, I’ll take the SP 500 return against any group of stocks you want to pick and feel very good about it.”

He continued:

“I’m in on putting our money behind the debate. @mcuban you can choose the amount and proceeds go to charity of choice of the winner. I’ll take the SP500. You can pick and trade any stocks any time.”

Cuban pointed out that he does not trade many stocks any more since he “went all in on Netflix at 50 and Amazon at 500 a few years back.” Cuban confirmed that these are positions that he has “talked about publicly in the past.”

How about this. We set up a ln eth smart contract. You put in $1m in a stablecoin. I put up $1m in a stablecoin. We write the contract to pay you if the increase in the S&P 500 is higher at the end date than the increase in YOUR choice of BTC or ETH. You can pick the custodian https://t.co/hsw3CBenLO

— Mark Cuban (@mcuban) April 29, 2021

During their lengthy back-and-forth conversation, Cuban proposed seting up an Ethereum (ETH) based smart contract. As part of the contract, Mallouk would put in $1 million in a stablecoin and Cuban would put up $1 million in a stablecoin as well. Cuban added that they’d “write the contract to pay you if the increase in the S&P 500 is higher at the end date than the increase in YOUR choice of BTC or ETH. You can pick the custodian.”

Mallouk responded by noting:

“This is interesting. This started with you promoting Doge. I’ll take the S&P 500 and you can take Doge. Loser of 10 year return donates 1m to winners charity. But, if you aren’t confident Doge will prevail…. Then we can move onto the next thing we disagreed on. You mentioned ‘only a fool’ would invest in 100 stocks. I’ll take a 100 stock index or 100 stocks and you can pick whatever stocks you want. I feel pretty good about this too based on your market calls….”

He continued:

“Lots of hedging, going to cash etc. The S&P500 would have crushed this. So my bet stands here too. I’ll take ‘the fool’s’ 100 stocks and you pick whatever stocks you want. But, I think you are uncomfortable with these challenges given your offer moving in a different direction. So, I will offer this: I’ll invest in the S&P 500 and you invest in whatever stocks and crypto currencies you want. My charities of choice are @Pathway_KC and @HarvestersORG.”

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