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Showing posts from May, 2022

Mark Cuban is reliving the internet boom when he looks at crypto. The ‘consolidation phase’ is coming, he says

 Mark Cuban is an American billionaire entrepreneur. He is the owner of NBA team Dallas mavericks and co-owner 2929 entertainment LLC. His current worth is 4.3 billion dollars being one of the main sharks on shark tank. Cuban is also a preacher of cryptocurrency dogecoin. A huge part of his wealth is invested in dogecoin. He even accepts it as a mode of payment in the transactions related to his basketball team Dallas mavericks. He is one of the most influential people in the industry. He is also the bestselling author of How To Win At The Sport Of Business. Cuban has also been the winner of GQ men of the year in 2006. In a recent interview with Fortune Cuban expressed his opinion on cryptocurrency’s boom and its comparison with a similar evolution in IT field which was internet and the dotcom boom in 2000s. Cuban tweeted “Crypto is going through the lull that the internet went through,”. “The chains that copy what everyone else has will fail,” he also added “We don’t need NFTs or DeFi

How a Crypto Bank Run In Terra’s UST Could Rock Cryptocurrencies

  Recently crypto markets saw a downfall with many Cryptocurrencies and digital assets going down in value. Among these cryptocurrencies was the stable coin Terra USD(UST)of the terrablockchainalongwithitssistertokenLunalosingitsvaluefrom82dollarsto17.2dollarsinjust 5days. A stable coin lost its value following some very unfortunate events. On Saturday the Luna foundation Guard (LFG) which is a non-profit organization supporting the terra blockchain, unintentionally triggered a mega sale of the stable coin worth millions of dollars. This happened because LFG wasremovingUSTvaluingaround150milliondollarsfromthecurve. Do Kwonstated this publicly? Following this, an unknown address also sold around 84 million dollars in UST which made the demand for UST off balance on the curve. This led to more holders selling stable coins. By midday, the price of the stable coin went down to 95 cents and by evening it had already gone down to 30 percent, from 99 cents to 69 cents. The sister token Lun