From “Bitcoin Scam” to “DeFi Really Fragrant” What exactly has this billionaire and NBA team owner experienced?

There was the world’s richest man Musk before, and then billionaire Bezos. The words and actions of these rich people on the Forbes rankings on crypto assets have brought storms to the niche blockchain circle. Mark Cuban, a well-known American investor, is also one of them. Because he frequently pushed relevant information about Bitcoin and Ethereum DeFi on Twitter this year, he made it very clear that he was very optimistic about the cryptocurrency industry.

The billionaire who threatened to own bananas rather than Bitcoin in September 2019, why did such a big change happen in a short period of time? After all, what kind of story is behind him who has not escaped the law of true incense? 

From scratch to billionaire

Mark Cuban was born in an ordinary working family in Pittsburgh, USA. Since the age of 12, he has been thinking of ways to make money, selling garbage bags, stamps and coins, and giving disco lessons to his classmates… once he was making a copy When the salesperson was working, he was fired because he didn’t have time to open the store on time because he was talking about business with a customer on the phone. This incident caused the 24-year-old to really think about what he should do.

Later, he founded his own computer company Micro Solutions, which has reaped huge returns in 7 years, with an annual profit of up to 30 million US dollars. Since then, he has started a commercial gallop. In 1990, after the company was sold, he was 32 years old. Cuban became a billionaire. In this year’s Forbes Rich List, Mark Cuban ranked 655th in the “2021 Forbes Global Rich List” with US$4.4 billion.

After that, he bought a professional sports club-the Dallas Mavericks, which was another title that everyone later gave him except for the billionaire: NBA Dallas Mavericks owner . He turned this super-bad team with an average win rate of less than 40% in the past 20 years into a team with a win rate of 69% and a market value of more than 2 billion in 10 years.

This year he became a member of the Blockchain Advisory Subcommittee established by the NBA, stating that Bitcoin is a better alternative to gold, and comparing Ethereum’s smart contracts with the Internet boom in the late 1990s, showing a strong interest in the encryption field. Great interest and support. But Mark Cuban’s attitude towards the encryption field has not always been this way.

Kuban’s true fragrance change road

Due to his experience of starting from scratch to becoming a billionaire, Cuban has shared a lot of his own investment experience on the Internet and won a lot of attention and support. There are more than 8 million Twitter followers, so his views on the crypto industry are also particularly interesting. . Although Cuban now strongly supports the encryption field, in July 2019, Cuban also bluntly stated that Facebook’s Libra project was a huge mistake, and said: “On a global scale, there are many countries where there is no rule of law, government instability or currency. In unstable countries, this may be dangerous.” It was even threatened before that Bitcoin has no inherent value and is not as useful as a baseball card.

There are earlier in 2014, he said in a magazine called “enterpreneur” self has not invested bitcoins, their understanding of Bitcoin is still very vague . In the same year, the media in USA today stated that the future value of Bitcoin will not fluctuate much due to regulatory reasons, even if it is a good encryption technology.

However, Cuban, who said he didn’t want his body but was very honest, suddenly claimed on Twitter in June 2017 that he had subscribed to a bitcoin information and analysis service, and asked his fans to do the same, explaining that he was just skeptical The valuation of Bitcoin is not its value. In October of the same year, it indicated that it bought Bitcoin and invested in many companies based on cryptocurrency and blockchain.

In 2018, regarding the possibility of using cryptocurrency payments in the team, he bluntly stated that Bitcoin, Ethereum and other cryptocurrency payments will be added next season. Just this year Dogecoin became a reality as a cryptocurrency for tickets and merchandise for the Mavericks. In the following two years, Mark Cuban gradually became a determined Bitcoin hodLer.

Enter the encryption field

On Twitter, he compared Bitcoin to gold, calling Bitcoin “Gold 2.0” . At the beginning of May of this year, Mark Cuban supported Dogecoin and said that his son Jack started investing when Dogecoin was less than 1 cent. This is much better than lottery. In addition, he announced his team in March. Fans can use Dogecoin and Bitcoin to buy tickets and merchandise. This year, Cuban has invested in many blockchain-related companies. What’s more, Cuban has also turned into a “mysterious brother” of crypto assets, saying that he is studying cryptocurrencies in depth, exporting his own opinions and putting them into action, and is active. In the field of encryption.

It is worth noting that in addition to Bitcoin, he has repeatedly stated that the growth of DeFi and NFT has made him excited about cryptocurrencies.

On Twitter, Mark Cuban’s content on DeFi has also soared. He admitted that he has AAVE and SuShi in cryptocurrency holdings, and he has great expectations for DeFi. He believes that it will be the same as nanotechnology in the next 10 years. Achieve explosive growth. In the process of comparing Bitcoin and Ethereum, Kuban believes that Ethereum is a reliable currency, especially smart contracts, which can allow Ethereum to provide support for decentralized applications such as DeFi and NFT.

In addition, Cuban believes that NFT is likely to subvert the industry that deals with digital identity verification and electronic signatures. It also proposed that NFT can be used in sports such as basketball games. At the beginning of this year, it bought shares in NFT platforms such as SuperRare and Mintable, and began to join NFT. field.

Supporting the iron finance agreement aroused dissatisfaction

However, in the investment and layout of the encryption field, Mark Cuban also has some troubles.

In the iron finance agreement run in June this year, his performance caused strong dissatisfaction in the crypto community. On June 16, the native token of the iron finance protocol, titan, went from a high of $64.04 to nearly zero in two days, which is even worse than the 30% plunge of Bitcoin and the 45% plunge of Ethereum on May 18. Time when everyone flocks to the bank to withdraw money, it will inevitably cause the bank to fail. Not only does Iron get into trouble, but also many investors suffer heavy losses.

According to its official research and analysis, this incident was caused by the massive arbitrage of giant whales buying low and selling high, which caused investors to panic and sell, which led to the decoupling of the iron stablecoin from the US dollar, which caused a sudden price drop. However, this incident is indispensable to billionaire Mark Cuban’s support for titan. In this matter, a giant whale like him can be stopped.

On the same day, Mark Cuban said: “I suffered losses just like everyone else. The craziest thing is that I thought they had improved their TVl.” He revealed that he had already made a profit in advance. In an interview the next day, Mark Cuban called for the regulation of stablecoins. This statement caused dissatisfaction in the crypto community. The digital currency exchange Kraken Powell bluntly stated that the regulation of stablecoins is not the main reason, but that Cuban himself did not study seriously. s reason.

summary

From not optimistic about the encryption field, to the beginning of the march and then being hit, the good and the bad are mixed. These actions show Mark Cuban’s clearer stance on the encryption field. This is undoubtedly a strong proof in the encryption field, but for Mark Kuban. For large investors like Ban, it also means more cautious actions and responsibilities that cannot be underestimated.

Mark Cuban said in a certain program that many people have heated discussions, but that is not the most important thing to pay attention to. Everyone should really decide after careful thinking and evaluation: I will invest my time in something. Because when you find something you want to invest time in, you will put in the effort to become a master in this field, and invest enough time to become a top master.

Perhaps as he said, his current attitude to comparing cryptocurrencies is a decision made after careful consideration and evaluation. From then on, he will continue to research and layout related content and become a top expert in this field. Although he had a lot of arguments like “Bitcoin is not as good as bananas” before, it has attracted many controversies, but “Bitcoin is really fragrant” after all, it is late!

However, for ordinary investors, the words and deeds of these “billionaires” also need to be viewed with some rationality.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/from-bitcoin-scam-to-defi-really-fragrant-what-exactly-has-this-billionaire-and-nba-team-owner-experienced/
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