Topic: Billionaire Investor call for crypto regulation (Read 238 times)

if he weren't scammed by a defi project he wouldn't be calling this regulation. i have not read anything about Cuban trying to go after the scammer to recover his funds, why?

going after the scammers-criminals i think is a lot easier than regulating crypto. he should know that anyone with a skill can create a token and then list it on a market. the internet is open for everyone just as cryptocurrencies are.

Well, I hope the government will listen to him...but probably they don't have the interest in doing as the government itself have no control over these decentralized exchanges. Mark Cuban is not new to this, he already knows the risk of investing money in here, then he couldn't think about blaming the market as he knows it.

if he can afford to lose that huge amount, then he will go away. We understand that the market needs more investors but if this only influence the market to get controlled by the government regulations, I don't think so. And the possibility that they will take advantage of this.

Hmm, of course this Cuban guy is going to bring the DeFi down after his humiliating sable investment collapse. I must add that just because his particular investment was poor does not mean that everything else built in DeFi is poor or a way to scam others. The risks for sure are real but so are the returns if investing wisely.

I understand that for common people understanding all of the DeFi jargon might be challenging Cuban's lesson acts as a force to regulate the industry but we must not forget the value of decentralized economies.

Not new on DeFi community. 

But is sucks when you are invested on Stablecoin then it collapse like hell, Only in DeFi this things will happened since most of the teamm there are anonymous which is very easy for them to rug pull.

IIRC, this was the time that the DeFi he has invested started to rug pull. Well, if that's the only reason, such investments that really are intriguing should be regulated to avoid scamming people.

But it had took a Mark Cuban for this call but what's happening right now? did the government started to take action as he suggested?

Cuban hasn't revealed how much he lost on the project, telling Bloomberg that "as a percentage of my crypto portfolio it was small ... but it was enough that I wasn't happy about it." "I got hit like everyone else," Cuban told a fellow DeFi investor via Twitter who suggested Cuban had been "rugged"—when project liquidity drys up and investors are unable to withdraw cash.

Cuban—who revealed in March that 60% of his crypto holdings are in bitcoin, 30% in ethereum, and 10% in other coins—has recently begun experimenting with DeFi, writing this month in a blog post that "banks should be scared" of the largely unregulated and burgoning technology.

Mark Cuban, the billionaire investor and owner of the Dallas Mavericks that has begun dabbling in bitcoin and crypto, has called for regulation of burgeoning decentalized finance (DeFi) space.

Cuban issued the call to regulators after he put money into an algorithmic stablecoin that collapsed, telling Bloomberg there "should be regulation to define what a stablecoin is." Stablecoins—a type of cryptocurrency that's pegged to an asset, usually the U.S. dollar—have rocketed in recent years, with the largest stablecoin, tether, now boasting a market capitalization of $62 billion. Meanwhile, DeFi, using cryptocurrency technology to recreate financial products such as loans and insurance without the need for bank, has surged in popularity over the last year, helping the price of ethereum, the blockchain on which most DeFi projects are built, to soar.

DeFi stablecoins, often attempting to hold a peg to fiat currencies by creating arbitrage opportunities and liquidity between coins, are notoriously risky with a myriad of similar projects collapsing recently. "There should be regulation to define what a stable coin is and what collateralization is acceptable," said Cuban.

Cuban hasn't revealed how much he lost on the project, telling Bloomberg that "as a percentage of my crypto portfolio it was small ... but it was enough that I wasn't happy about it." "I got hit like everyone else," Cuban told a fellow DeFi investor via Twitter who suggested Cuban had been "rugged"—when project liquidity drys up and investors are unable to withdraw cash.

Cuban—who revealed in March that 60% of his crypto holdings are in bitcoin, 30% in ethereum, and 10% in other coins—has recently begun experimenting with DeFi, writing this month in a blog post that "banks should be scared" of the largely unregulated and burgoning technology.

https://www.forbes.com/sites/billybambrough/2021/06/18/billionaire-bitcoin-investor-mark-cuban-calls-for-crypto-regulation-after-price-of-radical-new-token-suddenly-crashes-to-zero/?sh=1f3545db2607

if he weren't scammed by a defi project he wouldn't be calling this regulation. i have not read anything about Cuban trying to go after the scammer to recover his funds, why?

going after the scammers-criminals i think is a lot easier than regulating crypto. he should know that anyone with a skill can create a token and then list it on a market. the internet is open for everyone just as cryptocurrencies are.

in my opinion , cryptocurrency now not truely decentralized anymore. We were easy to manipulate by single tweet from popular person. Is it  called as centralize power in market? Now cryptocurrency have alot changes, its depend on huge influence from finance institution or person to make it growth. Meanwhile in few years ago without all of this we could growth and survive. Regulation was not needed for bitcoin or other currency.

The main idea of crypto market is decentralisation and no regulations. If it was under control, then what makes it different from fiat money? On crypto market people are completely responsible for their money, so they should always learn the ropes if they want to invest in something.

He shouldn't have chosen algorithmic stablecoin as he hadn't known how they worked. Some of them are not pegged to neither fiat, nor commodities, nor other cryptocurrencies. They work thanks to algorithms and arbitrage. But these mechanisms are new, that is why people don't really trust them, as a result, in case of panic, mechanisms break down and prices of algorithmic stablecoins collapse.