Around 6M or 4% of US Labor Force Quit Jobs Due to Crypto Gains | Mavs Owner Mark Cuban Says 'Jewelry is Vanity Value'
(Photo : Image from Commons.Wikipedia.com) Around 6M or 4% of US Labor Force Quit Jobs Due to Crypto Gains | Mavs Owner Mark Cuban Says 'Jewelry is Vanity Value'

Mark Cuban, the owner of the Dallas Mavericks, shared that around 6 million people or about 4% of the US labor force are now quitting their jobs due to crypto gains. The billionaire also engaged in a conversation with a certain computer science professor in an exchange of comments.

Mark Cuban Says People are Quitting Their Jobs for Crypto

As per the tweet of Mark Cuban, the vast majority of the people quitting their jobs made under 50,000 a year. It was noted that it is known why a lot of people are now quitting low-paying jobs. The incident was also noted to have happened before the current runup.

Mark Cuban then shared an article by Civic Science which was then contended in the thread. A certain Computer Science professor, Jorge Stolfi, contended that the article reportedly does not say who was polled in their survey. Stolfi then questioned if it were the people who read the /r/bitcoin forum.

BTC Investors Lost $15B in Total

The professor then shared that bitcoin investors have actually lost a total of at least $15 billion dollars as a fact. It was stated that the $50,000 gains are actually "wholly imaginary" until sold. The professor then stated, "as in any ponzi", before saying that very few people will be able to sell before it crashes.

To the strong statements, Mark Cuban then simply said, "now do Gold." To this, the professor replied that Gold is still considered overpriced as of the moment but then argued that it "DOES" have a fundamental value that is derived from its consuming demand, namely by jewelers and industry.

Argument Regarding Gold

The professor noted that if one would buy 1 oz of gold today, they would then be getting a chip of really nice yellow metal that can then surely be sold to jewelers "for $500 decades from now." To this, Mark Cuban replied with an explanation.

As per Mark Cuban, except that the majority of the value is still speculation. Cuban explained that the reality is that none of those particular speculators/traders have any intention of taking its physical possession.

Read Also: Mark Cuban Says 'You Don't Have to Spend a Lot of Money' When It Comes to Cryptocurrency Adaptation

Mark Cuban Says Jewelry is Vanity Value

Cuban then shared that instead, they would purchase a digital transaction in a certain ledger. Cuban then cleared out that jewelry is not intrinsic value but rather a vanity value. This is just the same as BTC.

As per the article by Civic Science, it was noted that the youngest demographics are now more likely to hold onto crypto as a particular long-term investment. Those that are 55 years and older, however, show a lot more financial risk-tolerance with their preference for crypto as merely being a short-term plan.

As of the moment, crypto projects like The Sandbox NFT have seen a massive increase as its sales helped it climb to the third of the list. The Sandbox NFT was able to grow by 600% to $3.8M in USD. For those into NFT games, Upland has just been able to raise $18M at a $300M valuation with its strong 60,000 active daily users.

Related Article: NFT Game Axie Infinity Leads in Dapp Revenue at $190.9 Million in the Past 30 Days Beating Pancakeswap

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Written by Urian B.

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