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(Twitter)   The Mark Cuban-backed Iron Coin drops from $60 to zero in a single day   (twitter.com) divider line
    More: Fail, shot  
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923 clicks; posted to Business » on 17 Jun 2021 at 3:45 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



41 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-06-16 11:54:05 PM  
Original Tweet:

 
2021-06-17 3:13:07 AM  
samstoybox.comView Full Size
 
2021-06-17 3:58:26 AM  
lol now do bitcoin.
 
2021-06-17 4:04:15 AM  
Wilson, for Christ's sake, sell !
 
2021-06-17 4:05:10 AM  
Buy the dip!!1!
 
2021-06-17 5:15:54 AM  
Imagine the opportunity, though! Bought one token for $60? Now you can buy [sad calculator noises] all of them for the same price! When it recovers, you'll be a billionaire!
 
2021-06-17 6:03:51 AM  
A cryptocurrency crashing?

media0.giphy.comView Full Size
 
2021-06-17 6:13:35 AM  
What cost averaging might look like
Fark user imageView Full Size
 
2021-06-17 6:22:16 AM  
It's currency. I go out in the morning and coffee costs .56 Derpcoin. When I come home in the evening, that same coffee costs 379.22 Derpcoin. The free market at work.
 
2021-06-17 6:54:25 AM  
Mark Cuban:
"I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than Bam. "

Since he backed it initially, sounds like a "pump and dump".  Also, I recall Mark Cuban has said before that he's never sold any crypto, only buys. Is this his first time selling?
 
2021-06-17 7:27:24 AM  
If I read my stories correctly, Mark is under almost constant SEC investigation. He's just lucky Crypto is not regulated.

He's a con man and one day he'll screw up. Then be forced to pay some minimal fine and keep laughing all the way to the bank.
 
2021-06-17 7:52:33 AM  

NewportBarGuy: If I read my stories correctly, Mark is under almost constant SEC investigation. He's just lucky Crypto is not regulated.

He's a con man and one day he'll screw up. Then be forced to pay some minimal fine and keep laughing all the way to the bank.


Mark Cuban bragged that he is effectively holding his employees hostage by offering them good healthcare benefits.
 
2021-06-17 7:53:01 AM  
My acquaintance, the thinks-he's-smart guy: "Diamonds are a con, they have no intrinsic value and the scarcity is completely artificial!"

Same guy: "bitcoin is the future of currency!"
 
2021-06-17 8:05:36 AM  
Fark user imageView Full Size
 
2021-06-17 8:21:30 AM  
Fark user imageView Full Size
 
2021-06-17 8:24:33 AM  

Autoerotic Defenestration: [Fark user image 568x440]


This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.
 
2021-06-17 8:32:05 AM  
So buy now?
 
2021-06-17 8:40:37 AM  

HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.


I'm not sure if that's accurate.  I don't recall Gen X nerds passionately defending Mark Cuban as a genius who's saving the world.
 
2021-06-17 8:45:13 AM  

Rapmaster2000: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

I'm not sure if that's accurate.  I don't recall Gen X nerds passionately defending Mark Cuban as a genius who's saving the world.


Only if it was meant to be ironic.

"He's sooooooo saving the world [eyeroll]."
 
2021-06-17 8:47:18 AM  

wejash: Rapmaster2000: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

I'm not sure if that's accurate.  I don't recall Gen X nerds passionately defending Mark Cuban as a genius who's saving the world.

Only if it was meant to be ironic.

"He's sooooooo saving the world [eyeroll]."


Fark user imageView Full Size

Fark user imageView Full Size
 
2021-06-17 8:47:43 AM  
Don't shop this idea on Shark Tank, I guess.
 
2021-06-17 8:51:07 AM  

HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.


You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.
 
2021-06-17 9:04:02 AM  

Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.


Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.
 
2021-06-17 9:05:25 AM  

NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.


1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)
 
2021-06-17 9:07:18 AM  

Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)


I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.
 
2021-06-17 9:10:34 AM  
He owns the Mavs. The concept of tanking is nothing new to him.
 
2021-06-17 9:24:31 AM  

Autoerotic Defenestration: [Fark user image 568x440]


how long has he owned the mavericks?

my guess is his share of that team has gone up at least a few $100,000,000 in that time.
 
2021-06-17 9:29:34 AM  

Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.


Broadcast.com LOL

Yahoo sank what? $4 billion into that mess and shut it down a year later?
 
2021-06-17 9:32:58 AM  

Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.


All fair points. He had what... like $2.2 billion in 1998? took a hit in the dot com crash.. bought the mavs which are up probably a billion...

He hasn't exactly gone vertical. He's doubled his money in 20+ years.

Not exactly a financial wunderkind...
 
2021-06-17 9:59:00 AM  

NewportBarGuy: Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.

All fair points. He had what... like $2.2 billion in 1998? took a hit in the dot com crash.. bought the mavs which are up probably a billion...

He hasn't exactly gone vertical. He's doubled his money in 20+ years.

Not exactly a financial wunderkind...


Danny Synder owns the WFT based on being a pager salesman
Ted Leonis owns the Capitals and Wizards from dial up internet wealth

Both have down fairly well investing in sports teams.
 
2021-06-17 10:02:22 AM  

rightClick: NewportBarGuy: Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.

All fair points. He had what... like $2.2 billion in 1998? took a hit in the dot com crash.. bought the mavs which are up probably a billion...

He hasn't exactly gone vertical. He's doubled his money in 20+ years.

Not exactly a financial wunderkind...

Danny Synder owns the WFT based on being a pager salesman
Ted Leonis owns the Capitals and Wizards from dial up internet wealth

Both have down fairly well investing in sports teams.


That's what I mean by asset preservation and growth. It's a club... If they let you into the club, with TV deals and all of that you are almost guaranteed to multiply your wealth owning a team. Unless they totally suck, and even then look at Dolan, but he has other money.

Getting accepted into sports franchise ownership especially NFL/MLB/NBA is the way we knight people in this country. It's basically a way to take hundred of millions or billions and preserve and grow it almost in perpetuity.
 
2021-06-17 10:13:26 AM  

NewportBarGuy: Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.

All fair points. He had what... like $2.2 billion in 1998? took a hit in the dot com crash.. bought the mavs which are up probably a billion...

He hasn't exactly gone vertical. He's doubled his money in 20+ years.

Not exactly a financial wunderkind...


Forbes isn't exactly accurate, but it has the Mavs up 900% since he bought. Over $2B increase. And other than the last two years, it's not like they aren't annually profitable as well.
 
2021-06-17 10:20:53 AM  

NewportBarGuy: Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.

All fair points. He had what... like $2.2 billion in 1998? took a hit in the dot com crash.. bought the mavs which are up probably a billion...

He hasn't exactly gone vertical. He's doubled his money in 20+ years.

Not exactly a financial wunderkind...


According to the indefatigable Wikipedia, Cuban was worth roughly $300mm (all on paper) in 1998 after Broadcast.com went public. He cleared "over" $1B in cash profit from the sale to Yahoo and subsequent sale of Yahoo shares. So a net worth of a bit over $1B around the turn of the millennium is a decent guess.
 
2021-06-17 10:29:07 AM  

Moopy Mac: NewportBarGuy: Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.

All fair points. He had what... like $2.2 billion in 1998? took a hit in the dot com crash.. bought the mavs which are up probably a billion...

He hasn't exactly gone vertical. He's doubled his money in 20+ years.

Not exactly a financial wunderkind...

According to the indefatigable Wikipedia, Cuban was worth roughly $300mm (all on paper) in 1998 after Broadcast.com went public. He cleared "over" $1B in cash profit from the sale to Yahoo and subsequent sale of Yahoo shares. So a net worth of a bit over $1B around the turn of the millennium is a decent guess.


He's rich. He's mega rich... He has made a few fantastic moves that made the bulk of his wealth. I'm conceding the point that he has increased his wealth... Just not in the Buffett/Gates/Zuck/Elon/Bezos kind of growth.
 
2021-06-17 10:34:34 AM  
Fark user imageView Full Size
 
2021-06-17 10:49:02 AM  
Fark user imageView Full Size


/ unfair, yes
// but fun
/// third slashie's all-in on ThumbCoin
 
2021-06-17 12:39:17 PM  
Fidel'd around and found out.
 
2021-06-17 12:44:16 PM  

NewportBarGuy: Moopy Mac: NewportBarGuy: Moopy Mac: Moopy Mac: NewportBarGuy: Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.

Where did he say anything about net worth? Being allowed to buy a sports franchise in America is basically a gift of asset protection and growth... that's not really noteworthy.

1) Look at the "meme" that he replied to.
2) Read the "meme"
3) Profit (but less than Cuban has)

I'm no Cuban stan, but these replies are sad. Broadcast.com, the Mavs, AXS, Magnolia, Landmark, crypto, Dallas real estate and all the BS shark tank crap that probably prints money.

All fair points. He had what... like $2.2 billion in 1998? took a hit in the dot com crash.. bought the mavs which are up probably a billion...

He hasn't exactly gone vertical. He's doubled his money in 20+ years.

Not exactly a financial wunderkind...

According to the indefatigable Wikipedia, Cuban was worth roughly $300mm (all on paper) in 1998 after Broadcast.com went public. He cleared "over" $1B in cash profit from the sale to Yahoo and subsequent sale of Yahoo shares. So a net worth of a bit over $1B around the turn of the millennium is a decent guess.

He's rich. He's mega rich... He has made a few fantastic moves that made the bulk of his wealth. I'm conceding the point that he has increased his wealth... Just not in the Buffett/Gates/Zuck/Elon/Bezos kind of growth.


Cuban got really lucky selling out to yahoo. If he had waited he would have walked away with nothing from broadcast.com.
 
2021-06-17 1:46:12 PM  
Matt Levine lays out what happened here

The tl;dr version is that there were two coins IRON and TITAN and the idea was to back IRON with TITAN in such a way that IRON was always worth $1 and if it dropped, the system would algorithmically create more TITAN, sell it and use the proceeds to buy IRON so that it was worth $1 again.

If that sounds completely insane, that's because it was.  It was the financial equivalent of trying to build a perpetual motion machine and anybody who invested in this nonsense deserves everything that they got.
 
2021-06-17 2:27:13 PM  

Autoerotic Defenestration: [Fark user image 500x500]


That really is kinda' impressive in a sense. Not only has he done worse than someone making scheduled contributions to a boring-ass index fund, he could've thrown >90% of his net worth into the blender and made numbers I don't even want to think about.

I can't really blame someone for not giving a damn about making more at that point, but he's about as financially interesting as a lottery winner.
 
2021-06-18 8:25:40 AM  

Moopy Mac: HugeMistake: Autoerotic Defenestration: [Fark user image 568x440]

This. Cuban picked a winning lottery ticket during the dot-com boom, got out before the crash, and has done nothing of note before or since. He's basically my generation's Elon Musk.

You don't think his net worth has gone up since fleecing Yahoo? That's an interesting position to take.


If he sat on his money and did literally nothing, his "net worth" would have gone up. So what?

BTW, I hate the expression "net worth" for "financial balance". All of us have the same "net worth": we are worth whatever good we do in this world while we are alive, plus whatever you can part our organs out for when we are dead.

/Snarking on Fark counts as doing good
 
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