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Cardano Critic Mark Cuban Predicts 99% of Tokens Doomed to Bankruptcy

Thu, 06/15/2023 - 16:25
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Gamza Khanzadaev
Dallas Mavericks' boss predicts that majority of tokens will not survive and criticizes Securities and Exchange Commission
Cardano Critic Mark Cuban Predicts 99% of Tokens Doomed to Bankruptcy
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Renowned tech mogul and billionaire Mark Cuban recently engaged in a Twitter debate with former SEC authority John Reed Stark, sharing his views on the future of cryptocurrencies and blockchain technology. In a series of thought-provoking tweets, Cuban boldly asserted that a staggering 99% of tokens are destined for bankruptcy, drawing parallels to the fate of early internet and start-up companies.

The billionaire emphasized that while the cryptocurrency industry may experience significant casualties, the remaining winners will undoubtedly become game-changers, as is the nature of technology.

However, Cuban directed his attention to the SEC, emphasizing that its role should be to facilitate funding and support for start-ups while ensuring investor protection. He urged Congress to modify existing exemptions to allow for clearer registration processes and viable paths for cryptocurrency exchanges, as these aspects are not mutually exclusive.

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This fiery exchange came in response to Stark's tweet, where he expressed skepticism about the scalability, efficiency and security of blockchain technology. Stark raised concerns about the flawed nature of smart contracts and the absence of redress mechanisms, contrasting them with the regulatory oversight and consumer protections offered by financial intermediaries.

As the crypto industry continues to evolve, only time will tell which predictions hold true and which vision will ultimately shape its trajectory.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.