Mark Cuban Predicts 99% Of Tokens Will Go Broke – Crypto News – Crypto News
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Mark Cuban Predicts 99% Of Tokens Will Go Broke – Crypto News

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2 years ago

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In a recent Twitter conversation with former Securities and Exchange Commission (SEC) official John Reed Stark, American businessman and philanthropist Mark Cuban predicted that 90% of blockchain companies will go broke. In the same vein, he also predicted that 99% of tokens will do the same, but that those that get to survive will turn out to be “game changers” in the tech world.

Cuban compared his prediction to the collapse of early internet companies. The conversation between Mark and John Reed Stark stems from blockchain and regulation litigation, however, it all started after the ex-SEC official shared a post on the Binance/SEC court hearing.

United States District Judge Amy Berman Jackson explained to both the leading digital asset service provider and the regulator to try and work out an agreement without their interference. She did not want to rule directly on the SEC’s motion for a temporary restraining order which may likely lead to the freezing of Binance US assets.

In response to Stark’s tweet, a cryptocurrency enthusiast identified as @_someone_els suggested that Judge Jackson may not have gotten a clear definition of what crypto assets qualify as securities. But, Stark was quick to correct the notion, pointing the individual to an earlier tweet he posted.

Instantly, Cuban called the former SEC official’s attention to the fact that he may have misread the impact of what Judge Jackson said.

Mark Cuban Reiterates His Pro-Crypto Stance

Cuban began his argument by first establishing the fact that not all crypto businesses that have tokens or considering using one, are large enterprises. Sadly, there is a general assumption that they all are, per Cuban’s statement. He highlighted a certain time when someone from a small company had approached the SEC for clarification and guidance in registration.

The response from the SEC was “Here are some cases to review, get a lawyer to help you.”

Their conversation went in from there to the point where Stark stated that blockchain can never triumph over traditional databases. However, Cuban was not having it, he emphasized that no matter who gets kicked out in the long run, tech always has a way of providing game-changers. In conclusion, the Dogecoin advocate Said

“While I think many of your criticisms of crypto are very valid, they don’t invalidate the impact the industry can have on the economy.”

Mooky

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Benjamin Godfrey is a blockchain enthusiast and journalist who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, LinkedIn

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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