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Mark cuban defi coins4/9/2023 For him, Dogecoin, even though a meme coin, was a medium that could be used ‘for the acquisition of goods and services.’ He considered Bitcoin to be ‘better gold than gold’ due to its algorithmic scarcity but found Ethereum ‘the closest we have to a true currency’ and ranked it above Bitcoin. In October, he chose Bitcoin, Ethereum, and Dogecoin as his top picks from amongst the thousands in the flourishing crypto markets. According to him, soon after Dallas Mavericks online stores started accepting payments in Doge, the move led to a 550% growth in Doge payments within the first month itself! Back in September 2021, he introduced an incentive programme for the buyers of his NBA team Dallas Mavericks’ merchandise to promote Dogecoin. Mark Cuban has always been a great cryptocurrency enthusiast. What’ll 2022 hold for crypto, according to Mark? And he was quite validated in 2021, with the crypto market going through multiple sets of rallies and downtrends, separating the winners from the losers. New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin-as originally envisioned by Satoshi Nakamoto-and blockchain.“Everyone is a genius in a bull market,” Mark Cuban famously said. Regardless, as an investor, you always need to do your own research before putting any money down, and it is not wise to follow a tv personality or celebrity into an investment just because they endorse it because as we just saw with Mark Cuban, they might sell the top on you while you are left holding a token that is on its way to zero. If history does repeat itself, maybe it will be Mark Cuban who will be charged by the SEC this time around. It may even serve as an indicator, showing us that where DeFi projects are at in their cycle right now is where ICO’s were at in their cycle at the beginning of 2018. What Mark Cuban is doing today is no different than what Floyd Mayweather was doing for cryptocurrency projects back in 2018. They say history does not repeat itself, but it often rhymes, and what we are seeing take place in the cryptocurrency markets today looks a lot like what we saw take place in the cryptocurrency markets from 2017-2018 when the sector was filled with purely speculative projects that had no real utility and a plethora of celebrities promoting projects. All of this is reminiscent of early 2018 as crypto-mania came to an end and the SEC began charging individuals like Floyd Mayweather and DJ Khaled for unlawfully promoting baseless cryptocurrency projects. Recently, the rapper Soulja Boy admitted that he was being paid to shill cryptocurrency. Lately, the cryptocurrency space has been oversaturated with celebrities and influencers shilling coins and tokens to unsuspecting individuals that are merely chasing gains. Crazy part is I got out".Įnough with the billionaire scamming already. So only four days ago billionaire Mark Cuban promotes the Titan token and then miraculously finds a way to exit when the price collapsed from $60 to $0 in the last 24 hours. Many investors blindly followed Mark Cuban into TITAN token, but while Cuban was miraculously able to sell the token near its all-time-high price, many of those who followed him into TITAN did not have that luxury. It’s a bad sign when individuals start taking investment advice from internet personalities instead of doing their own research on an investment. ![]() Much more of this type of thing to come… ![]() This led many investors to believe that the Iron Finance project would not be solvent at the rate token values were dropping–which caused even more investors to quickly liquidate their positions so they would not be stuck with worthless tokens. Individuals can mint new IRON by locking 25% TITAN and 75% USDC when new IRON is minted, the demand for TITAN increases, but when the price of TITAN drastically decreases, the IRON peg becomes unstable.Īs the price of TITAN began to fall, IRON lost its peg to the dollar ($1) and plummeted. TITAN is used to collateralize a stablecoin in the Iron Finance ecosystem called IRON. Iron Finance Team /I9BAZReLHkĪccording to individuals familiar with the matter, TITAN’s tokenomics caused the sell-off to snowball into a bank run. USDC collateral is available for redemption as normal: We will share a post-mortem as soon as we have a better understanding of this bank run. The project was endorsed by the infamous American entrepreneur Mark Cuban and shed 100% of its value within 24 hours as investors rushed to liquidate their positions.ĭear community, please withdraw liquidity from all pools. Iron Titanium Token (TITAN) a DeFi token created by Iron Finance, experienced a bank run that began on June 16th and dragged the token’s price from $64.04 to $0.000000043348.
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