A few weeks back, Mark Cuban decided he felt it was prudent to go on his twitter account and post about how he thought Bitcoin was currently in a bubble.
The tweet looked something like this:
I wrote a post about it at the time, it can be read here:
https://steemit.com/cryptocurrency/@jrcornel/hey-mark-cuban-stick-to-what-you-know
Well, here we are a few weeks later and the latest headlines are saying that Mark Cuban is thinking about participating in an ICO run by a company that he is currently invested in.
So, Mark Cuban is thinking about taking an investment in an industry that he felt the need to voice negative opinions about just a few weeks earlier?
Actually when we really think about it, it shouldn't be all that surprising judging by another tweet of his posted a few minutes after that first one:
So, he is a believer in the technology but perhaps doesn't think the price is quite right.
Doesn't think the price is right for the entire space or just for Bitcoin?
Well, a company that Mark is already invested in is planning it's own ICO, and it is looking like Mark wants a piece of the action.
The company in question is Unikrn. Unikrn is an esports online betting site.
On a side not for those unfamiliar with the ICO acronym:
An ICO (initial coin offering) is a fundraising process used by blockchain based projects to raise capital through the sale of their digital tokens. ICO's are all the rage right now with money being thrown at just about all of them, even ones with very little fundamentals actually backing the project.
So, why would Mark Cuban be stating that Bitcoin was in a bubble just a few weeks ago and then participating in a coin offering shortly after?
Well I think this next little tidbit makes that quite clear...
In this ICO, Unikrn plans on launching a virtual currency that is based on Ethereum.
Ethereum is a rival of Bitcoin at the moment. Some think they both can coexist, but it is also likely that if money comes out of Bitcoin it could find it's way into other projects, like the Ethereum project.
So, in that regard, it makes perfect sense for Mark to put down a potential competitor of his own investment.
Or....
It could just be that Mark really does think the entire space is in a bubble but he decided it is better to join the party than fight the trend and miss out on some profits.
And what better way to join the party than with a company you already know in an area that you have a keen interest in.
Sometimes it is tough to tell which one it is with Mark. :)
Stay informed my friends!
Sources:
Image Sources:
https://www.si.com/tech-media/2016/11/10/dallas-mavericks-mark-cuban-automated-sports-coverage
Follow me: @jrcornel
Mark Cuban is a smart man, but he drives me nuts. Not particularly honest about what he says on twitter or shark tank. Lemme guess, his company will want to do an uncapped ICO.
mark is like wait wait wait... were allowed to sway here without regulators crawling up our shit??? im in sign me up...
Mark watching the price of Bitcoin the past few months.
He sold before the price dropped, so he would be looking a lot happier than that ;) it means he could buy back his initial coins for A LOT less.
There will be statements even when bitcoin will hit $10000. This buble statement is ever lasting.
What about those statement where financial icons saying bitcoin will hit $100,000
Absolutely right. He's obviously a smart guy - perhaps he's simply annoyed he didn't predict the incredible rise of Crypto, thus he talks it down. Time will tell. I'm happy to bet against him - and I wouldn't do that with much in business!
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I also think people/organizations lie to give themselves better opportunities. (We could look at CNN for this example too)
I think Cuban says BUBBLE because normal people get scared and start selling, driving down the price. Then Cuban comes in after the Bubble is deflated and buys.
I know one thing about Mark Cuban, he knows how to make money. Definitely a smart guy.
Mark Cuban is a smart businessman. He clearly sees the potential in blockchain technology, don't take it personally when he thought Bitcoin was overvalued a few weeks ago. Everyone is entitled to their opionion.
I like his style on shark tank :D
Wow it's amazing a basketball wanders into bitcoin
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Mark is not basketball. Basketball is fun hobby for Him. He is the one who pioneered alternative payments through creating PayPal. This guy knows his financials.
It really looks sort of hypocritical. Fwiw I believe his comments on Twitter were directed towards the entire cryptocurrency sphere. He actually said owning $10 worth of Bitcoin to try it out. His tweeting about crypto illustrated only his ignorance. As far as this move. Here's my opinion that I gave the worst title ever: https://steemit.com/altcoin/@bramdehaas/initial-token-of-scepticism Reserving final judgement it looks like he's trying to get in on the action by raising really easy money through an ICO to benefit a venture investment where he likely invested at much better terms.
I have lost all respect for Mark Cuban based on how he as treated our president in the media. He is very child like and short sighted.
Same here... just because he has a lot of money doesn't mean he is an expert in everything. Perhaps he needs to be reminded of that :)
Exactly
His jealousy is showing
Wow this is insane...I always thought he said it was in a bubble so that he could invest in it himself when it was cheap. Seemed like a stupid reason because he has so much money he doesn't even need it to dip. Makes a lot more sense that he is yelling bubble so that he could bring more money to his new investment.
Follow the money, it was all about the money all along.
its always about the money, the guy is rich, he knows how to manipulate markets
Smart guy but let's not forget he was far from the only one calling for a correction in the crypto-space at the time. I'm sure both hypotheses' played into his decision to make that tweet. He knows sports business and he knows marketing; his decision to participate in the ICO likely rests on the same premises'.
he hates bitcoin because he missed the boat :)
you hit the nail on the head
haha you hit it!
haha
Mark was out of the loop. Now he's jumping in like everyone else. I like to call him a slowbee.
I don't think a lot of people realize how small and manipulative the crypto market.
Sure it's a hell of a lot bigger now than it was a year ago, but shit like this easily manipulates the price.
I remember seeing this tweet come up, and yeah i wouldn't be shocked if it did cause some public fear. It's always said when people begin to openly brag, pop.
Good read. I wouldn't be surprised if this was exactly what he hoped for.
What an assclown.... this frankenstein-looking idiot thinks it's not easy to make money, eh? Well how did he get his first billion? Selling a damn dot.com right when the internet was picking up speed and selling some stupid www.audio.com bullshit or something like that... That guy is such a clown.
It's so obvious that Cuban - A.) Thinks his shit indeed does NOT stink. & B.) Thinks EVERYONE is an idiot EXCEPT Mark Cuban of course..... He still doesn't grasp that things will succeed whether he puts his bitchass mark of approval on them or not.
He's going to make billions more :)
Can u make a selection of the best posts of your followers and resteemit, it will help us a lot and it cost you nothing.
Its even better than upvoting.
THANKS
Even though I'm not a great fan of the guy, let's look at it from the bright side: Like most other people, initially he either didn't understand Bitcoin / Blockchain, or was skeptical about the concept. But then just like us, we read more about it and we start to realise with every passing day how we might be heading for one of the most exciting POSITIVE times in recent history!
Never trust a man who styles his hair into devil horns.
I really think he should not sh*t on Bitcoin. If Bitcoin goes down, Almost every alt coin goes down also, especially Ethereum. But if Bitcoin goes up , Ether goes up faster. We have seen it this week and it seems to be the trend. He might be doing this to get some Bitcoins cheap :)
Having an opinion doesn't make you money, act or shut up. Cuban says a lot about his thoughts until he is wrong, then crickets. He has even been known to delete tweets and posts quite often.
His problem was "Danger! Bitcoin is overrated and you will lose your money, so don’t buy it, if you have it sell it, and when you sell it, i have an alternative coin you can buy form me" is more than 140 characters
I upvoted it
Bitcoin has cast its magic spell on Mark Cuban working through his head and made him realize how great the potential is . So he decides to join the band wagon. he has no option than to invest in this vast opportunity. Thanks for sharing this Great post. It goes to prove that billionaires are really taking notice of crypto currency and blockchain technologies making the future really bright.
"Sometimes it is tough to tell which one it is with Mark. :)"
But you can never go wrong betting that Mark Cuban is a self-centered douchebag.
Correcto
very interesting! nice post sir
Im sorry mark, i thought it was a bubble like you said?
great article SIR!!
Cuban knows basketball.. Who cares what he thinks of bitcoin
Very interesting, when I read the the twitter post last month I was thinking the same... there is more behind!! good post
Great follow up on MC's Bitcoin rant. It all makes sense now.
Mark Cuban also said FB was a bad investment when it was $36 dollars a share back in 2012.
So he proceeded to sell his 100k+ shares...and now it's $150.
Lesson: take Cuban with a grain of salt.
Very interesting read
That does not surprise me at all. Mark making moves to nudge the market the way he wants....can't even be mad at him. lol
Sell the news, buy the dip. Pure strategy, very valid too.
Good read @jrcornel !! Thanks for sharing
Very interesting post as always @jrcornel!
But Unikrn has already been launched...how are they going to do an ICO??
It looks like they are launching a new coin. Here's an excerpt from the coinbase article:
"In the year since the token launched, Unikrn has transacted over 250 million unikoins, according to the company's founder, Rahul Sood, who tells CoinDesk the plan was always to switch the coin to a more secure cryptographic token.
The 1 billion new tokens – called UnikoinGold – that will eventually be minted will adhere to the ERC-20 ethereum standard and, based on a timeline in the investor update, the formal marketing of the token will begin no later than August. A launch of the live coin integrated with an underlying infrastructure and wallets is set to go live on 31st August."
Interesting read!
If you are wondering when the ICO will take place for Unikrn it says later in september according to cnbc
Nice post - confirmed bubble ;)
nice catch thx for sharing, would he join in if he really thought it was such a bubble? lol
He probably want the price to drop so he can buy a lot of them
It was obvious it was just to get the price down to where he was comfortable buying
Is this actual news to anyone?
When rich people mention something its usually because they have some sort of investment in it already
if he speaks negatively about one coin... he probably has a stake in another coin
around 2 or so years ago, the winkelvoss twins ONLY said good things about bitcoin, they said that every other coin was horrible and was just a mimic of bitcoin, fast forward a few years later all they do is praise litecoin, bitcoin and ethereum.....whyyyyy you might ask, because they own over 100,000 Ethereum, the same way they purchased 100,000+ bitcoin when the price was around 10 dollars
did people think this guy actually knew what he was talking about? it was his opportunity to s**t all over another coin so he can profit from what he already has in his pocket
Bitcoin is in a bubble but fiat currencies are in an even bigger bubble!
Holders of fiat currencies are diversifying into Bitcoin and inflating its price.
The bubble for fiat currencies will hopefully be the first to burst and after that happens Bitcoin's price should be judged by what it can buy and not its equivalent in hyperinflated fiat currencies.
Unikrn - what an appropriately cocky name for something Cuban would invest. I guess there wasn't a Shrk to buy.
Awesome, this makes total sense. Gotta keep an eye out on Marks moves too! Follow the money! Good luck everyone!
Keep stackin!
Bitcoin is a phenomenon its always in a bubble, then it floors in the bubble ;)
It's the game. I think he smell the rat, so he probably looking for profits. They gonna dump these coins on traders and take their profit. The traders would continue the circle.......wait==> BUY, BUY, BUY, shit no==> SELL, SELL, SELL, its goes on and on
Bubble ... really? :)