Welcome to OurDecentralizedFuture podcast where we talk about avoiding crypto scams
So this happened 2 days ago…
The story is that American billionaire entrepreneur Mark Cuban got caught up in a Decentralized Finance project called Titan from a company called Iron Finance. Here is what happened according to Iron Finance…
Around 10am UTC on 16-June-2021, we noticed some whales began to remove liquidity from IRON/USDC, then sold TITAN to IRON and then IRON to USDC directly to liquidity pools instead of redeeming IRON, which caused the IRON price off-peg. TITAN dropped from 65$ to 30$ in 2 hours, which later recovered in 1 hour to 52$ and IRON fully recovered its peg.Source
Unfortunately for Mr Cuban and thousands of others invested in this space, this is how it now looks on CoinGecko:
The current price of this stable coin at the time of writing is $0.000000094734.
Andrew and I talk about what happened here in episode 3 of OurDecentralizedFuture podcast called Avoiding Crypto SCAMS: Is Mark Cuban right about government regulating crypto?
Here is the Spotify link to our chat:
You can also watch it on YouTube if you want to see the outcome of Andrew’s time with his Crypto Barber:
If you prefer your content a little more decentralized, then here we are on the amazing Cinnamon Video:
Avoiding Crypto SCAMS
I totally understand Mark Cuban’s call for government regulation to protect people from the losses he just suffered… but the problem is that government regulation isn’t always the perfect solution. Government regulation often protects companies by blocking new entrants from particular industries or protest by citizens, incorrectly harms investors (see: SEC vs Ripple) and can stifle innovation (see: India and China cryptocurrency/mining bans)… which could be damaging to global innovations like blockchain.
At this juncture though, we’re lucky enough to be able to see some pretty obvious red flags that will help you avoid crypto scams… which Andrew goes through on the podcast.
The best way to avoid crypto scams, in my mind, is to stop trying to gamble on coins and tokens that you think are get rich quick schemes. Yes, people have made a lot of money by being early on a token… but often that’s at the expense of many, many others that lost money in those trades.
Instead invest your time, knowledge and money you’re willing to completely lose on projects that are going to enhance your life. You can’t ever be scammed by a project that makes your life better…. the benefits don’t have to be financial at all.
Andrew (@andrarchy) and I have been chatting for a while before we created this podcast. If you’re interested in learning more about Koinos, here are some of the previous chats with Andrew …
Previous Koinos content
I did it! – Implementing Koinos Developer Testnet Preview
Koinos Developer Testnet Preview and BitClout
Koinos mining update
Will the US Government ban Bitcoin?
Real use cases for Smart Contracts
Clarion OS & KOINOS announcements!
Koinos Plans for 2021 – come join the community!
Transaction Speeds – Centralization vs Decentralization
Institutional store of value in digital assets?
Tokenomics of Blockchains
Enterprises and Public Blockchains
Feeless Blockchain Transactions – How does it work?
Token distribution – Mining KOIN and Proof of Work
Integrating with Koinos
Smart Contracts – what are they?
A conversation with Andrew from the KOINOS Group
Additionally, here are all the good bits:
Koinos Network Socials
Koinos Group Socials
Thanks so much for listening to our discussion about avoiding crypto scams. Would love to know your thoughts below.
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GALA Games – Gala is creating a whole platform of blockchain games. Definitely excited about Mirandus, Townstar and SpiderTanks.