Igor Kupljenik / Mi-Press / Shutterstock / Igor Kupljenik / Mi-Press / Shutterstock
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Despite the cryptocurrency media threshing in recent years, digital currencies can still let many of us scratch our heads. They can be very volatile, cryptos making huge gains followed by huge losses.
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While many people have not jumped on the crypto train, the Cuban judge, a billionaire entrepreneur and “Shark Tank”, began to get involved several years ago. He firmly believes in the Dogecoin digital currency (DOGE), so much so that three years ago, he agreed to accept it as payment of tickets and goods for his basketball team, the Dallas Mavericks.
However, with the rise of parts inspired by memes or online trends, many cryptos flood the market, which makes investment in this fairly risky volatile currency.
Cuban spoke of X in response to the thought of the CEO of Coinbase, Brian Armstrong on the deregulation of cryptocurrencies.
Imminent disguise
In a recent article on XArmstrong explained why crypto exchanges like Coinbase should not have to assess each newly listed cryptocurrency.
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“We have to rethink our registration process in Coinbase, since around 1 million tokens are created and growing each week. High quality problem to have, but to assess everyone by one is no longer possible, “said Armstrong.
However, Cuban, an early adopter of cryptocurrency, thinks that the elimination of regulations due to the increase in volume would be a “enormous error”. Here is why.
Mark Cuban: it’s a “huge error”
In response to the Armstrong post on XCuban had a lot to say:
“No. Huge error. There are 1 million tokens per week because there is no registration. We need a simple recording form adapted to the parts even; if not, the garbage will submerge the limited quality And harm the industry, ”said Cuban.
Cuban has reinforced its point by saying that there are enough KYC tools (know your customers) to filter cryptocurrencies before becoming available for trading. These tools help companies verify customer identities and comply with regulations.
It is important to remember that cryptocurrency is always an evolving border and to be careful when you invest your money. The diversification is essential: never put all your eggs in a single basket. By limiting your cryptographic investments, you can mitigate financial risks.
