Mark Kuban hit by falling iron financial token, calls for Defi regulation – Bitcoin News regulation

Mark Kuban hit by falling iron financial token, calls for Defi regulation – Bitcoin News regulation

Billionaire investor and Shark Tank star Mark Cuban has called for cryptocurrency regulation by focusing on decentralized finance (defi) and stable coins after the token he invested in collapsed from 64 to near zero.

The Cuban wants to regulate Defi and Stablecoin after investing in a broken token

Dallas Mavericks billionaire owner Mark Cuban invested in a token that crashed from about $ 64 to nearly zero on Wednesday. Iron Finance called collapse its token of iron and titanium (TITAN) “the world’s first major crypto bank.” The price of the token is $ 0.000000029585 US dollars at the time of this writing.

Responding to a tweet asking if he was “rough” or “shit” on Iron Finance tokens, Kuban wrote, “I got hit like everyone else. The crazy part is that I got away with it, I thought they were increasing their TVL [Total Value Locked] enough. Then bam. “

Mark Kuban hit by the fall of the iron financial token, calls for Defi regulation

The billionaire investor has long been fascinated by defi. He wrote a blog post On June 13, presenting the potential of defi innovation and TITAN. Some say that the Iron Finance token became popular because of the Cuban.

U blog post, the Shark Tank star explained that he was a small liquidity supplier (LP) for Quickswap. “I provide 2 different tokens (DAI / TITAN) that allow Quikswap to offer replacements between these two tokens … my return on my initial $ 75,000 investment (fee-based only) from this writing represents an annual return of around 206% … in exchange for providing liquidity to both TITAN and Quickswap for their business, I get 0.25 transaction volumes for exchanges between these two tokens. “

In his letter to Cuban Bloomberg on Thursday talked about his experience with TITAN. He explained in detail:

I read about it. I decided to give it a try. Went out. Then he came back when the TVL started to rise. As a percentage of my crypto portfolio, it was small. But it was enough that I wasn’t happy about it.

“But in a broader context it is no different from the risks I take as an angelic investment,” he noted. “In every new industry, there are risks that I take with the aim of not only trying to make money, but also to learn. Although I’m being brave about this, I’m really at it for being lazy. “

Turning to regulation, he suggested, “if you’re looking for a lesson learned, the real issue is regulatory,” noting:

There should be regulations that define what stabilcoin is and what collateralization is acceptable.

“Should we ask for $ 1 in U.S. currency for every dollar or define acceptable collateralization options, like U.S. Treasury or?” he continued. “So I can call myself a stable coin?” Where collateralisation is not 1 to 1, must risk mathematics be clearly defined for all users and approved before publication? Probably stable coins would need to get hundreds of millions or more to be useful, they would need to register. “

Some people, however, do not believe the Cuban story. Twitter user Paul Bryant wrote: “I don’t believe for a single nanosecond that Mark Cuban is suddenly taken aback by pulling the TITAN mat. The Creator was anonymous, had zero utility, and at the peak spread it. “

Alex Saunders, founder of Nugget’s News, tweeted: “The incident was labeled a ‘Cuban Missile Crisis’ after Mark Cuban posted on TITAN and then pumped 100x to just strengthen to 0.”

Meanwhile, some have criticized the Cuban for calling for regulation after claiming he lost money in the incident. Entrepreneur Luosheng Peng tweeted: “Mark Cuban invested in the TITAN crypto and lost it to almost $ 0. And after that happened, he called for tougher Defi regulation. Be careful when investing crypto further BTC & ETH. David Schawel, Director of Computer Science at Family Management Corporation, commented:

I find it hard when people admit that they were lazy in attention, but then blame the lack of regulations.

What do you think of Mark Cuban calling for regulation after being hit by a token collapse? Let us know at the bottom of the comments.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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