Mark Cuban to Bill Maher: ‘If you have gold, you’re dumb as fuck... Just get Bitcoin.’
Mark Cuban shared that he wanted the price of Bitcoin to drop further... so that he can buy some more.

Arguments over whether gold or Bitcoin is a better store of value continue to occur across the cryptocurrency space and in traditional investment circles.

On the latest episode of Bill Maher’s Club Random podcast, which aired on Dec. 26, billionaire owner of the Dallas Mavericks Mark Cuban advocated for Bitcoin being a better store of value than gold.

In response to Maher openly admitting that he is “rooting against Bitcoin,” Cuban chimed in with a cheeky agreement, remarking, “I want Bitcoin to go down a lot further so I can buy some more.” Cuban went on to offer some friendly chastisement to Maher, saying, “If you have gold, you’re dumb as fuck,” before encouraging him to “just get Bitcoin.”

The two then discussed the pros and cons of both asset categories, with the billionaire stating that gold “is not a hedge against anything," while hammering home to Maher, “You don’t own the physical gold, do you?”

Speaking to Cointelegraph, Cuban confirmed he does indeed own more Bitcoin than gold, even going a step further to admit, “Yes. I don’t own any gold.” However, while Cuban told Cointelegraph that he personally chooses to self-custody, he disagreed with the idea that people who do not hold their own coins or gold are necessarily asking for trouble. When it comes to safely storing assets of value, he said:

“It depends on where. If the custody host lends out the gold or crypto for any reason, then there is significantly more risk. If you don’t self-custody, I would make sure it’s a regulated entity that has required controls and liquidity minimum requirements”

On Oct. 25, Cointelegraph reported that Bitcoin’s growing correlations with gold, the S&P 500 and the Nasdaq 100 indicated that a growing number of investors see BTC as a “relative safe haven.”

According to digital strategists at the Bank of America, the rise in the correlation between Bitcoin and gold is one of the major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn.


100%: Public Bitcoin miners sold almost everything they mined in 2022
Research from a Messari analyst suggests a sell-off from public Bitcoin miners has been a headwind for the leading cryptocurrency throughout 2022, with firms like Core Scientific and Argo struggling to stay afloat and being forced to sell at a loss to avoid bankruptcy.

Publicly listed Bitcoin miners sold off almost all of the Bitcoin they mined throughout 2022, leading to a debate over whether the sales created "a persistent headwind" for the Bitcoin price or not.

Analyst Tom Dunleavy from blockchain research firm Messari shared the data in a Dec. 26 tweet, indicating that approximately 40,300 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo and Bit Digital from Jan. 1 to Nov. 30 was sold off.

The reserves held by mining firms have decreased considerably during the latter half of 2022, particularly throughout November, as the crypto industry reeled from the effects of the FTX fallout.

Dunleavy believes that miners consistently selling off newly produced Bitcoin places downward pressure on the price of the leading cryptocurrency.

However, some industry commentators such as BitMEX’s former CEO, Arthur Hayes, believe the selling pressure created by the increased sales of Bitcoin miners is negligible.

He opined in a Dec. 9 blog post that “even if miners sold all the Bitcoin they produced each day, it would barely impact the markets at all.”

According to Bitcoin Visuals, on Dec. 26 the daily trading volume for Bitcoin was $12.2 billion. The outflow from miners on the same day, according to CryptoQuant, was 919 BTC ($15.35 million), which represents just 0.13% of the total volume traded.

Miner's reserves have rebounded slightly during December, increasing by nearly 1%. The figure contributes to the view shared in a Dec. 27 post by crypto analyst IT Tech that the situation for miners appears to be stabilizing.

Miners have faced significant headwinds throughout the year, with high electricity prices, falling crypto market prices and a higher mining difficulty eating into their bottom line.

With the cost of production for miners increasing while the Bitcoin price has been decreasing, miners such as Core Scientific have been forced to sell some of their reserves at a loss to fund their ongoing operations and efforts to expand.


Executives from $1.5B South Korean crypto exchange fraud jailed
V Global reportedly roped in investors by promising 300% returns and large referral bonuses for bringing new customers into the fold.

Six executives involved in the $1.5 billion (2 trillion won) South Korean crypto exchange fraud V Global have received prison sentences of up to eight years — but three were not detained so they could fight certain charges in court.

V Global operated between July 2020 and April 2021, roping in around 50,000 investors by promising 300% returns alongside sizable payments for referring new customers.

According to a translation of Dec. 26 reports from South Korean media outlets such as, two high-ranking execs, named Mr.Yang and Mr. Oh, got eight years and three years apiece for their role in defrauding investors.

Another four unnamed execs received three-year sentences and five years of probation.

Three of the total six have not yet been detained, however, as they have claimed innocence to certain charges and have the right to defend themselves in court.

“The defendants only trusted the VGlobal management team, evaded responsibility, and once the investigation began, they destroyed evidence and interfered with the investigation,” said the judge from the 12th Criminal Division of the Suwon District Court.

The judge however, was reported to have given the defendants some leniency, as the actual amount of fraud and number of investors impacted was lower than initially thought last year.

According to Kyeongin's reporting from February, this was due to later evidence showing that around 10,000 investors had actually made returns from V Global via payments from multilevel marketing incentives such as customer recruitment bonuses. Many are said to have then reinvested those profits back into the platform before it was shut down.

It was alleged back in June last year that the firm had paid out its customer referral bonuses, reportedly worth $1,000 a pop, to existing investors via the influx of capital from new users, in a Ponzi-like fashion.

The latest court action now takes the number of V Global execs behind bars up to seven, as the CEO, known as Mr. Lee, was sentenced to a 22-year prison term back in February.


This Daily Dose was brought to you by Cointelegraph.

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