Mark Cuban Calls for DeFi Regulation After Crypto Investment Goes to Zero

[bbc.reporter]

There were interviews during the pump on March where Mark Cuban minded down the risks of Defi. He was preaching permissionless markets and free markets for everyone. Now he is screaming for regulations hehehe. It might have been better not to larp.

This also is clearly similar for everyone else in the cryptospace until we experience a rugpull or an exploit.



Last night, billionaire investor Mark Cuban said he was “hit” by the sudden collapse of a cryptocurrency called TITAN; the token shed nearly 100% of its value over the course of a few hours.

Now, after losing what he’s characterized as a “small” percentage of his portfolio, he’s calling for increased regulation around stablecoins—a subgroup of cryptocurrencies meant to hold a “stable” value tied to a particular fiat currency.

Read in full https://decrypt.co/73861/mark-cuban-titan-defi-crypto-regulation

[Bttzed03]

I don't know why but I'm happy of what happened to a Mark Cuban backed token. He learned a hard lesson of the risks involved in young and speculative markets like DeFi. He won't be talking about crypto carelessly now. That was a Titanic sink

Another thing that I'm happy about is the proof that rug pulls can happen in whatever blockchain the project was launched. I've seen people, who supports Polygon, bashing on Ethereum and BSC after multipple rugpulls/hacks/exploits/flash loans. They got a dose of their medicine.

[laredo7mm]

I don't know why but I'm happy of what happened to a Mark Cuban backed token. He learned a hard lesson of the risks involved in young and speculative markets like DeFi. He won't be talking about crypto carelessly now. That was a Titanic sink

Another thing that I'm happy about is the proof that rug pulls can happen in whatever blockchain the project was launched. I've seen people, who supports Polygon, bashing on Ethereum and BSC after multipple rugpulls/hacks/exploits/flash loans. They got a dose of their medicine.

I would be happier if this happens to Elon mask. I think doge will face these same consequences one day and Elon will be the one doing it.

I agreed about what Cuban said but if they regulated Defi then the name Defi will be meaningless here. What I think is investors should be careful here. How a whale-like Cuban invested in a project so carelessly. Team rugged pulled or some individuals did that means someone holds most of the token supply. That can be seen and verified through blockchain so why he didn't do that in the first place.

[bittraffic]

Mark Cuban is a well-known investor, he sure wouldn't go into a project that isn't sure of where the market could go. If this story is true then he just makes himself the most stupid person. Do you really think someone out there as popular as him would admit he got scammed?  This is to add up the fud to make the BTC price dip. He is claiming for DEFI to be regulated?

[Bttzed03]

~
I would be happier if this happens to Elon mask. I think doge will face these same consequences one day and Elon will be the one doing it.

There are wrapped Dogecoin on BSC and probably on other blockchains but you cannot rug pull the real Doge can you? He can only try to manipulate the price.

I agreed about what Cuban said but if they regulated Defi then the name Defi will be meaningless here.

Don't fall under the illusion that these so called DeFi are actually decentralized. They are already centralized when they can easily shutdown farming and trading.

Mark Cuban is a well-known investor, he sure wouldn't go into a project that isn't sure of where the market could go. If this story is true then he just makes himself the most stupid person. Do you really think someone out there as popular as him would admit he got scammed?

Who knows if he's involved in the act but those developers can definitely pull it off with or without Cuban's consent.

This is to add up the fud to make the BTC price dip.

I personally doubt this.

[southerngentuk]

Mark Cuban has supported the Matic platform and made it a lot of the people in the market.
I really feel sad for the people who bought this coin, as far as I know it is no longer recoverable.

[bittraffic]

~
I would be happier if this happens to Elon mask. I think doge will face these same consequences one day and Elon will be the one doing it.

There are wrapped Dogecoin on BSC and probably on other blockchains but you cannot rug pull the real Doge can you? He can only try to manipulate the price.

I agreed about what Cuban said but if they regulated Defi then the name Defi will be meaningless here.

Don't fall under the illusion that these so called DeFi are actually decentralized. They are already centralized when they can easily shutdown farming and trading.

Mark Cuban is a well-known investor, he sure wouldn't go into a project that isn't sure of where the market could go. If this story is true then he just makes himself the most stupid person. Do you really think someone out there as popular as him would admit he got scammed?

Who knows if he's involved in the act but those developers can definitely pull it off with or without Cuban's consent.

This is to add up the fud to make the BTC price dip.

I personally doubt this.

Who cares about those developers, they scam all the time. A man like this will only invest in sure projects where his circle of millionaire friends are.  Does it mean he isn't just the only millionaire who got scammed by the IROn Titan rug pull?

There is no way Cuban will invest in this unknown project as well. This is just fud news, Cuban may have been involved in spreading this news but sure he will still look stupid. It's like he isn't among a circle of millionaires if this is the case. These millionaires in crypto are like Mafia, they laugh at the expense of those who sell the coins.

[Bttzed03]

~
Who cares about those developers, they scam all the time.

The point is they can scam anyone (even a guy like Mark).

A man like this will only invest in sure projects where his circle of millionaire friends are.  Does it mean he isn't just the only millionaire who got scammed by the IROn Titan rug pull?

There is no way Cuban will invest in this unknown project as well. This is just fud news, Cuban may have been involved in spreading this news but sure he will still look stupid. It's like he isn't among a circle of millionaires if this is the case. These millionaires in crypto are like Mafia, they laugh at the expense of those who sell the coins.

Titan or not, not every business decision they make would 100% end up in profits. There are always losses and there are no sure projects.

[dhemasm]

I would be happier if this happens to Elon mask. I think doge will face these same consequences one day and Elon will be the one doing it.

I want that too but Doge it's big and have huge community and liquidity comparing to some DeFi project like TITAN that can easily rug-pull. For Mark Cuban case i suppose he was know the crypto was volatile and tons of bad player then why he didn't ready for the consequences? Regulated DeFi sounds strange too but i'm really curious to see something like that.

[dothebeats]

This is a perfect example of rich guys not caring about regulations when it benefits them, and would relentlessly ask for one after their toys have been played by other people and they no longer enjoyed it or it already lost its value since it's open to everyone. Mark Cuban is an accomplished investor, that's for sure, although he might have been overly confident about the 'free market' that he's been preaching in times when his investments are shooting through the roof.

[bittraffic]

~
Who cares about those developers, they scam all the time.

The point is they can scam anyone (even a guy like Mark).

A man like this will only invest in sure projects where his circle of millionaire friends are.  Does it mean he isn't just the only millionaire who got scammed by the IROn Titan rug pull?

There is no way Cuban will invest in this unknown project as well. This is just fud news, Cuban may have been involved in spreading this news but sure he will still look stupid. It's like he isn't among a circle of millionaires if this is the case. These millionaires in crypto are like Mafia, they laugh at the expense of those who sell the coins.

Titan or not, not every business decision they make would 100% end up in profits. There are always losses and there are no sure projects.

That's also right but I wouldn't believe Mark to have invested in this project. That's my point. I don't even see any article of this project that made a buzz that will convince anyone who had smoked 25 jumbo joint sticks to invest. Cuban must have lied. Just to bring up something for crypto like Defi Regulation and because of this news there will be more fud.  Its good though so that price will dip to $13k as they speculate.

[crwth]

It's sad to see that coins like this are being invested in and that's just the power of those whales that could crash the market at their whim. Even if it doesn't happen now that often with the good reputable coins out there. I'm not that against regulations for the so-called stable coins that are being used. It's certainly a good precaution to prevent the destruction of lives with this rug pull that happens.

TBH, I haven't even read anything about IRON up until now.

[blockman]

Mark Cuban has supported the Matic platform and made it a lot of the people in the market.
I really feel sad for the people who bought this coin, as far as I know it is no longer recoverable.

With such coins, there's really an exploit that happens and especially if these coins came out suddenly without a strong backup and understanding coming from the investors. As the influence goes on for such projects and they're being helped to get on it, they're making an advantage to step on but if they have a sole purpose of rug pulling, that's what really going to happen. No matter how influential the person they've got as long as they've got an inner intention of scamming people, it's inevitable and this is why people must learn to invest only to known cryptos like bitcoin.

[Coyster]

Mark Cuban prolly didn't do his research on coins like this, they are pump and dump coins, the days of the pump would be good days and it makes investors to forget that such projects are for the short term and they need to take their ROI asap, the crash really isn't anything new, and I don't even think too much will change with more regulations.

Mark is a billionaire, so prolly he didn't lose too much of his wealth, but for the average man out there, the effects of holding on to such pump and dump coins and then watching it crash as fast as it went up can be devastating, thus users should treat altcoins generally as short term projects.

[Twinkledoe]

Mark Cuban prolly didn't do his research on coins like this, they are pump and dump coins, the days of the pump would be good days and it makes investors to forget that such projects are for the short term and they need to take their ROI asap, the crash really isn't anything new, and I don't even think too much will change with more regulations.

Mark is a billionaire, so prolly he didn't lose too much of his wealth, but for the average man out there, the effects of holding on to such pump and dump coins and then watching it crash as fast as it went up can be devastating, thus users should treat altcoins generally as short term projects.

Now, he understands about the risk on these DeFi projects. Most of them are just pump and dump , once the team behind the project got their pockets full, they don't care what will happen to their platform. It goes to show that even known personalities or investors can make a mistake in choosing a project. What more those newbies that are looking for get-rich-quick tokens? It may not be a big loss for Mark Cuban but yes, for small time investors, that a big blow to their funds.

[Sterbens]

I don't know why but I'm happy of what happened to a Mark Cuban backed token. He learned a hard lesson of the risks involved in young and speculative markets like DeFi. He won't be talking about crypto carelessly now. That was a Titanic sink

it turns out that someone in Mark Cuban's class can either invest recklessly in a way that doesn't count, or he expects his followers to follow suit. Fate is not on Mark Cuban's side, we see the TITAN Token very drastically decreased sharply. whether it will make him give up playing in crypto, at least he gets a lesson from the decisions he makes.

[aprilnot]

we have to congratulate mark cuban, for trusting too much in crypto projects. he seems to have forgotten that projects with anonymous teams are not completely secure. he looks at the defi project like any other big coin, trusts too much and this is the result. and setting up regulations for an anonymous platform like the defi project is very difficult. no one is to blame as the development team could disappear at any moment. so it's hard to make it come true.

[Noruka]

This is a perfect example of rich guys not caring about regulations when it benefits them, and would relentlessly ask for one after their toys have been played by other people and they no longer enjoyed it or it already lost its value since it's open to everyone. Mark Cuban is an accomplished investor, that's for sure, although he might have been overly confident about the 'free market' that he's been preaching in times when his investments are shooting through the roof.

He is also one of those gurus who tells others how to manage risk and so on. He made the wrong decision, period. Why should a whole industry now be regulated if Mark Cuban fails to see that centralized stable coins are prone to attacks and collapses?

If it was only a tiny percentage of his portfolio, do you guys think he would change his mind out of a sudden that radically? Or did good old Mark Cuban disregard his own rules (which he claims exist) and put to many bags in one basket?

[magneto]

If you regulate DeFi then it's no longer DeFi. It becomes CeFi.

Cuban clearly doesn't know what he's talking about here. Even though he's obviously a cherished crypto adopter overall he is completely wrong with this.

The beauty of DeFi is that no one single entity can possibly freeze your accounts. What comes with that is an equal and opposite trade-off that you have no recourse when it comes to coin recovery - that's just the reality that you have to accept whenever you hold your own private keys or engage in a DeFi protocol.

[Noruka]

If you regulate DeFi then it's no longer DeFi. It becomes CeFi.

Cuban clearly doesn't know what he's talking about here. Even though he's obviously a cherished crypto adopter overall he is completely wrong with this.

The beauty of DeFi is that no one single entity can possibly freeze your accounts. What comes with that is an equal and opposite trade-off that you have no recourse when it comes to coin recovery - that's just the reality that you have to accept whenever you hold your own private keys or engage in a DeFi protocol.

Well said. CeFi is a good circumscription of what Cuban wants DeFi to turn into. I think it isn't even worth a smile to see what Cuban now demands from policy makers. He himself fucked it up and he should pay for it as much as everyone paid for it over the last decades when mistakes happened.