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Felix Mollen

Articles by Felix Mollen

Bitcoin, Stocks Crash After Janet Yellen’s Statements of a Possible Rise in US Interest Rates

2 days ago

A brief panic episode following a statement by Janet Yellen caused the markets to close the day with red candles all over the place.
In a videoconference with The Atlantic, Janet Yellen, the U.S. Treasury Secretary, signaled that Joe Biden’s administration may be aiming to raise interest rates as a way to save the economy after the imbalance caused by measures to combat the Coronavirus pandemic.
A *Not So* Good Idea
When asked about what actions would be on the table to stimulate the economy in the aftermath of the crisis, Yellen explained that they were considering reallocating some investment and changing some policies, adding that interest rates could rise soon. She was, however, emphatic in pointing out that any change would be modest.
It may be that interest rates

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House of Representatives Passes Bill to Create a SEC-CFTC Crypto Taskforce

7 days ago

U.S. regulators are looking for ways to organize and adapt their laws to the rapidly changing world of cryptocurrencies.
A bill to create a joint force between the SEC and CFTC to better understand and regulate cryptocurrencies has already been passed in the House and is ready to be introduced in the Senate.
The Eliminate Barriers to Innovation Act of 2021 seeks to shed some light on the complicated regulatory landscape that hinders the development of cryptocurrency businesses in the country.
A Bill to Organize The Mess
Currently, in the United States, there are different criteria due to the multitude of entities involved in the supervision of various economic activities. For example, the IRS, the CFTC, the SEC and the OCC sometimes have discordant opinions in key aspects

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Binance Stock Tokens Could Violate Securities Laws, German Regulator Says

8 days ago

Germany’s Financial Supervisory Authority is investigating Binance for its offering of tokenized shares and is already holding a preliminary opinion that doesn’t look too encouraging for the world’s leading crypto exchange.
According to a legal opinion published on its official website, the Bundesanstalt für Finanzdienstleistungsaufsicht —or simply BaFin— considers that Binance would be violating securities laws by issuing shares of publicly traded companies like Tesla, regardless of whether or not they are being exchanged on the blockchain.
If It Looks Like a Security, Smells Like a Security, and Behaves Like a Security…
A tokenized share is the representation of a stock on a blockchain. It is in theory backed 1:1 by real shares purchased by Binance. Tokens behave

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After Two Red Weeks, Bitcoin Is Nearly As Oversold As In March 2020

11 days ago

Bitcoin closed the week with the second-largest red candle in its entire history, testing lows near the $47k price zone following an ATH of $64K recorded in the previous week.
Overall, this was a tough week for markets across the board. From stocks to cryptocurrencies, traders experienced an episode of collective panic marked by the rumor that Joe Biden would be preparing a bill to increase capital gains taxes by almost 100% for all those generating more than $1 million in profits.
BTC Registers Its Second-Largest Red Candelstick Ever
The news caused a widespread drop in the most important financial indices in the United States and other countries. And cryptocurrencies had an even worse reaction, with Bitcoin confirming its downtrend after breaking the support of a channel

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Markets Dump Hard After Rumors of More Taxes on Capital Gains in the US

14 days ago

Today was a difficult day for the markets in general, with most assets and investments registering red numbers amid a general panic episode.
The primary reason seems to be the rumor that U.S. President Joe Biden —who seems interested in thigtening the crypto regulations in the US— may be ready to submit a proposal to the Congress to increase the capital gains taxes.
Rumor has it that the rate would nearly double what investors currently have to pay. The story – which first appeared on Bloomberg before spreading like wildfire— says that Biden’s idea is to impose at least a 43.4% tax on millionaire investors in order to sustain some social programs.
Markets Crashed After Rumours of More Taxes in The US.
The proposal, according to what insiders said, only applies to those who

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Weiss Crypto Ratings: There Won’t Be An Ethereum Killer Anytime Soon

15 days ago

The recent rise of ETH and the popularity of DeFi projects have caused a massive increase in transaction fees on the Ethereum blockchain.
However, operating in Ethereum has become a real pain, and several alternative projects are trying to establish themselves as a better option for the markets. But can any of them become the Ethereum Killer? experts are not so sure.
Weiss Crypto Ratings is Skpetical About “Wannabe ETH Killers”
Weiss Ratings is a market analysis and risk rating firm. Its crypto branch, Weiss Crypto Ratings, is dedicated exclusively to the study of digital assets based on blockchain technology. In a recent tweet, its analysts explained that despite all of the major complications, it is unlikely that an Ethereum killer will emerge, no matter how promising

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IBM is Working to Turn Patents Into NFTs With the Help of a “Patent Troll”

16 days ago

IBM does not want to give up when it comes to the application of Distributed Ledger Technologies for corporate purposes, and although its blockchain division did not live up to the expectations, this time, they are hoping to achieve success through the application of business use cases for NFTs.
According to a Press Release shared on April 20, IBM is teaming up with patent marketplace provider IPWe to tokenize patents in the form of NFTs and put them on a marketplace that facilitates their trading and transmission.
Patents Will Live on the Blockchain as NFTs
IBM’s vision is to achieve a means to enable fast and secure transfer of patent ownership without the need for the complex bureaucratic processes that currently exist.
Graphic representation of thebureocratic process

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Chia Miners Are Already Causing an SSD Shortage Crisis Even Though It’s Not Available for Trading

17 days ago

The hype ahead of the launch of the Chia Network is making waves, and it is already starting to affect non-cryptocurrency-related sectors all around the world, especially from southeast Asia.
The project, which uses the storage space as a transaction validator, has grown by leaps and bounds and is already causing a shortage of high-performance SSDs and HDDs.
Buy All The SSDs!
According to a report from the Hong Kong technology news website HKEPC, investors are buying up as many storage units as they can to “mine” as many Chia Tokens as possible, even before they are available for trading on the first crypto exchange.
The frenzied buying spree for these devices has caused an inventory shortage at major wholesalers in Asia, according to reports, and some vendors are already

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Revolut Bank Announces Support for 11 New Cryptocurrencies

25 days ago

London-based challenger bank Revolut announced that it will expand support for more cryptocurrencies.
In an official PR, the firm announced that 11 new tokens would be added to its exchange platform in another effort to satisfy its customers’ appetite for cryptocurrencies.
You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 new cryptocurrencies.
These new tokens embraced by Revolut are very focused on the world of decentralized finance. The firm added support for Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph.
Revolut Just Loves Crypto
Revolut’s history is well known in the cryptocurrency space. It started in July 2017, adding support for

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11% Of Business In Spain Use Blockchain Technology, Report

27 days ago

The use of decentralized technologies is growing in Spain, and we are not just talking about cryptocurrencies but blockchain in general, especially for enterprise purposes.
From municipalities and public universities to corporations and industries, more and more businesses are adopting the blockchain in one way or another, increasing the ecosystem’s diversity and activity.
According to a report by business consulting firm IDC Spain, about 46% of large companies in Spain are in favor of incorporating blockchain and cryptographic technologies to increase their security.
The Use of Blockchain Technologies is Growing in Spain
The report, “State of the Art of Blockchain and Cryptographic Technologies in Spain,” was published by IDC in partnership with the technology company

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Microsoft Patented Brainwaves Crypto Mining In 2020: Will It Ever Become Real?

April 4, 2021

So you want to start mining but don’t have enough money to buy an ASIC or the latest GPU to mine your favorite Proof-of-Work crypto? Don’t worry, soon you will be able to mine cryptocurrencies with the power of your mind, thanks to Microsoft. And no, it’s not a late April Fools day joke.
According to documents from the World Intellectual Property Organization, Microsoft has been working for at least one year to develop a system that harnesses the energy of the human body and uses it to mine cryptocurrencies.
The Human Body Could be A Natural Crypto Mining Rig
The patent, called Cryptocurrency System Using Body Activity Data, explains that the human body generates energy that is lost with each natural physical body function. Microsoft’s idea is to use precisely this energy

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US Court Orders Man to Pay $572 Million After Running a Global Bitcoin Scam in 2017

March 28, 2021

After several years of investigation and court proceedings, the US District Court for the Southern District of New York granted a request by the CFTC to fine the mastermind behind a multi-million-dollar Bitcoin scam.According to an official press release issued by the CFTC. The Court ordered Benjamin Reynolds, owner of Control-Finance LTD, to pay more than $572 million in compensation for his fraudulent activities regarding a Bitcoin scam.Another Multi-Million Dollar Bitcoin Scam From 2017As the CFTC recounts, Reynolds ran the Bitcoin scam operation from at least May 1 through October 31, 2017. His business promised —like many other scams— a stable and guaranteed profit to those who invested their Bitcoin in his custody services.Control-Finance assured its customers that their money would

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Self-Described ‘High Quality Meme Generator’ Sells NFT for $500K

March 27, 2021

Notorious digital artist Pplpleaser shared a picture of herself crying… but out of joy. All thanks to the booming interest in NFTs.The artist, who has a reputation not only in the DeFi scene but also in the wider, more “mainstream” art industry, put an NFT up for sale on the auction platform Foundation.app. And things went really well.x*y=k: The $500K NFT Sold by PplpleasrPplpleasr’s token depicts an animation of a Uniswap-Esque unicorn on its journey to reach the “Ethereum Promised Land.” On its journey, it wakes up different elements related to the DeFi industry. The name of the piece is “x*y=k.”My genesis piece on @withFND, the @Uniswap animation will drop Friday 9am (Asia time)This Friday, March 26 is the #StandWithAsians movement – Uniswap and I will be donating all proceeds to

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Central Bank of Nigeria is OK With Crypto: We Are Not Discouraging People From Trading

March 22, 2021

The Central Bank of Nigeria apparently has no problem at all if the country becomes a so-called Bitcoin Nation and recently clarified that rumors of a general crypto ban were nothing more than a misunderstanding.According to a report published by the local newspaper Today Ng, the central Bank did nothing but to draw a line between crypto related banking activities and the use of cryptocurrencies by the population.In other words, in Nigeria traders have total freedom to transact with crypto as long as they are not being used for blatantly illegal purposes.Crypto is Not Banned in Nigeria and It Is OK To TradeAdamu Lamtek, the Bank’s Deputy Governor, made the clarification while speaking on behalf of Godwin Emefiele, governor of the Bank at the 30th seminar for Finance Correspondents and

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Coinbase to Pay a $6.5 Million Fine Upon Wash Trading Accusations by the CFTC

March 20, 2021

Just before its direct listing, Coinbase has agreed to a 6,5 million-dollar fine after the CFTC found that the exchange engaged in illegal wash trading practices.The CFTC found that Coinbase could be engaged in trading practices that provided misleading information to services like Coinmarketcap and the CME Bitcoin Real Time Index. This happened via the improper use of trading bots and even irregular actions by one unidentified worker.According to Acting Director of Enforcement Vincent McGonagle, this fine sends a message to the cryptocurrency industry that the CFTC is stepping up its efforts to investigate and penalize any illicit practices that may have been carried out by regulated exchanges in the United States.“Reporting false, misleading, or inaccurate transaction information

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DC Comics Launches Batman NFT Collection. Warns Creators That Nobody Else Can Do The Same

March 14, 2021

DC Comics, one of the largest and oldest American comic book companies, is closely following the NFT industry and is launching its own set of collectibles.A recent partnership between DC Comics and Veve, a startup dedicated to creating NFT collectibles, marked the beginning of a new phase in the American comic book studio’s merchandising strategy. The company announced a collection of digital Batman statues with a black and white color scheme.The collection consists of 4 different designs. Each design has a limited number of copies, so their value varies depending on their rarity. The most expensive token —a digital statue of Nightwin— costs $89.99 and consists of 1,850 copies.Nightwing — #79. Image: VeveSelling all the tokens would generate DC Comics just under $1 million —$996,304 to be

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The Person Who Took The World’s Most Expensive NFT From Justin Sun’s Hands Owns an NFT Fund

March 13, 2021

Justin Sun was on the verge of scoring a $69 million ad stunt and was literally seconds away from being the winner of an auction for the world’s most expensive NFT token… But things didn’t turn out the way he expected.The sale of EVERYDAYDAYS: THE FIRST 5000 DAYS at Christie’s auction house made history as the company’s first auction of an electronic product, the world’s most expensive NFT token, and the third most expensive piece ever sold by a living artist.Everydays: The First 5000 Days by Beeple. Source: Christie’sJustin Sun *Almost* Wins the AuctionThe bids quickly reached 7 figures. Justin Sun did not miss the opportunity and offered 69 million for the piece on its last day of the auction —$60 million for the artist and $9 million for Christie’s. The offer had no contender. As the

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Most of the New Bitcoin Buyers Didn’t Panic Sell in 2021, Glassnode Finds

March 7, 2021

The morale among bitcoin hodlers remained high during the market correction. Most of those who acquired tokens this year were unwilling to let go of them, even if Bitcoin had its worst registered price drop..A chart shared by blockchain analytics firm Glassnode revealed that most of those who bought bitcoin in 2021 have not sold them. If a strong hodl spirit in the middle of a volatile market seems odd, The SOPR (Spent Output Profit Ratio) metric could offer an explanation.HODL, HODL!Glassnode calculates the SOPR by dividing the selling price by the paid price. The firm has a detailed article about the methodology used to obtain the SOPR and its implications. TL;DR, if the SOPR is above 1 then sellers are profiting. In a bear market, liquidations continue and the value falls below 1, where

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PayPal in Talks To Buy Crypto Storage Startup Curv for Around $500 Million, Reports

March 4, 2021

PayPal could be in talks to buy a cryptocurrency startup focused on providing security solutions for cryptocurrency custody.According to diferent reports, PayPal is interested in acquiring Curv, and the talks between the two companies’ teams are an open secret in the global tech scene – though perhaps no longer a secret considering how quickly it is spreading despite the cautious stance taken by both companies.Local sources argue that the cost of the deal would be in the range of $500 million. This amount would exceed the expectations of Curv’s development team, which hoped to rake in between $200 million and $300 million from the company’s sale.What is Curv and Why Does it Matter?Curv has developed an encryption technology based on multi-party computation that secures digital assets and

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American DJ 3LAU Sells The World’s First NFT Collection of a Music Album for $11.6 Million

March 1, 2021

Can you imagine having an album of your favorite artist, with a song made to your specifications and that only you could listen to it? How much would you pay for that privilege?The well-known American DJ 3LAU wanted to find out. His fans are willing to pay millions: Specifically, $3,666,666 for one song and over 11 Million collectively for an entire collection of digital art tokenized on the blockchain in the form of NFTs.Step Aside, Billboard!The auction for 3LAU’s Ultraviolet album successfully concluded with total proceeds of $11,684,101. It was possible thanks to the joint work between 3LAU and Origin Protocol, a platform focused on the development of marketplaces on the Ethereum blockchain as well as the development of IPFS technology.According to Origin Protocol, the auction was

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Binance CEO: Ethereum is For The Rich Guys, But Soon They’ll Be Poor

February 28, 2021

This is Binance Smart Chain’s time to shine, and the Binance CEO CZ knows it and is ready to take advantage of it.The increasing use of DeFi protocols, dApps, and applications built on top of Ethereum, has overloaded the network to the point where its fees are almost unsustainable. Several blockchains are vying to emerge as the new Ethereum killer, and CZ is rooting for BSC as the best option.CZ has been known to be a funny yet respectful guy when it comes to measuring his words. Still, his latest tweets have shown that the boundaries are more flexible when it comes to promoting Binance’s services.Binance vs EthereumIn a recent tweet, CZ attacked Ethereum, pointing out its Achilles heel: fees. For the man in front of Binance, only the wealthy can afford the fees to trade Ethereum:ETH is a

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Cardano (ADA) Beats BNB And Enters The Top 3 Of The World’s Largest Cryptocurrencies

February 27, 2021

The glory of conquering the title of the world’s third-largest cryptocurrency was short-lived for BNB, Binance’s native cryptocurrency, as a new rival dethroned it: Say hello to Prince Cardano!After a few weeks of spectacular price performance, ADA, the native cryptocurrency of the Cardano blockchain, managed to challenge the markets and raise its price during a bloodbath caused by bitcoin’s largest price drop in history, dethroning BNB in the process.Cardano (ADA) Is Laughing at the MarketsCurrently, ADA has a market cap of $39.6 billion, almost $4.5 billion more than BNB, which now has $35.1 billion at the time of writing.The Cardano ecosystem has much to celebrate. The cryptocurrency is up 18.76% in the last 24 hours and over 30% in the last week. The figures are in stark contrast to

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Square Bought $170 Million in Bitcoin and Grew $4750 Million Last Year

February 24, 2021

Electronic payment processing company Square has been getting heavily involved with Bitcoin and has quietly tripled its equity.On its Fourth Quarter and Full Year 2020 Results announcement this Thursday, the company owned by Jack Dorsey – who is also the CEO of Twitter – revealed that after its initial Bitcoin purchase, it kept on buying Bitcoins until it had 3,318 more BTC for a total of $170 million.The company does not disclose whether it was all in one transaction. Still, it is most likely that it involved several OTC trades at critical moments (e.g., during a downward correction) as MicroStrategy did.Square Reports Significant GrowthWith this purchase, the company holds about 5% of its total equity in Bitcoin, according to the information disclosed to investors and shared on a

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Bitcoin Sounds Like a Cult Supported by Magical Thinking, Says Barclays Wealth & Investments CIO

February 21, 2021

Although Bitcoin is performing remarkably well, it is not all praise in the market world.Take Will Hobbs —chief investment officer at Barclays Wealth & Investments— as an example. He is clearly not convinced that Bitcoin is all that its proponents claim.Speaking to Markets Insider, Hobbs said that his company’s investment strategy doesn’t involve taking any positions in Bitcoin for the time being. He asserts that its extreme volatility and poor fundamentals make it unattractive for his firm’s portfolio.“It is multiples more volatile than our most white-knuckle-ride asset class, which is emerging market equities,”Skeptic But Open MindedHobbs explained that although Bitcoin is not an attractive investment for the firm at the moment, there is no reason to rule out a turnaround in the future

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K-Pop Fans Are The Target Of a New Global, Well-Designed Crypto Scam

February 20, 2021

A new cryptocurrency scam involving some heavy social intelligence and media manipulation is brewing on Twitter, and the potential victims appear to be a bunch of K-pop fans.K-pop is a pop variant played by South Korean bands. The bands enjoy great popularity in Asia, but their fame is spreading to other continents thanks to the boom in internet streaming services.An investigation by the Economic Times revealed that an unidentified group had likely bought thousands of accounts or created a botnet to trick hardcore fans of the K-pop band BTS into participating in fake cryptocurrency giveaways.BTS posing during the Billboard Music Awards 2019. Image Wikimedia CommonsCrypto Scammers Want to Mess With BTS FansIt all started when a female tweeter in India complained that she was following a

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JP Morgan Considers Getting Involved With Bitcoin If Demand Keeps Growing

February 13, 2021

Investors want to get their hands on Bitcoin, and the big banks are already considering supporting the cryptocurrency so as not to be left behind.After a remarkable price recovery, Bitcoin seems to have stood the test of time, proving to naysayers that it is a reliable asset and an excellent store of value in the long term.Investors are taking note, and it seems that the constant pressures exerted by these groups on the banking sector are indeed yielding good results.JP Morgan:”We Will Have To Be Involved”According to information gathered by financial journalist Hugh Son, JP Morgan – the largest investment bank in the U.S. – may be throwing its weight around as it contemplates the possibility of supporting cryptocurrency operations if demand continues to increase.And judging by what

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MicroStrategy CEO Introduced Bitcoin to Over 6900 Enterprises on His Latest Event

February 7, 2021

Michael Saylor’s crusade to bring the Bitcoin gospel to as many entrepreneurs around the world as possible seems to be paying off, with thousands of people willing to listen to his message at various virtual conferences.And it seems his latest call was particularly successful. In a tweet dated February 6, the famous businessman revealed that more than 22,000 people registered for his “MicroStrategy World 2021” event. During this event, he discussed several topics related to Bitcoin, from legal and financial perspectives to his corporate strategy.Of these, he claimed that more than 8,000 attended his Bitcoin for Corporations program specifically. This means that 6,917 had an interest in listening to Saylor talk about the world’s largest cryptocurrency and its potential for the market.Our

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Decentralized Exchanges Exploded on January 2021, Registering a New ATH in Volume

February 5, 2021

The use of decentralized exchanges has been increasing over the years. With cryptocurrencies making their way into the business world, activity in this sector is skyrocketing.Unlike a centralized exchange, a DEX (Decentralized exchange) has no central entity responsible for its operation. Instead, traders rely on a smart contract and the whole platform runs on the blockchain —generally Ethereum.This makes them slower and inefficient, but traders gladly embrace this temporary issue because, among many perks, they don’t need to comply with KYC requirements and other regulations and norms beside what is written on the smart contract, token listings is easier, and yield farming makes them interesting.Decentralized Exchanges Are BoomingThe number of decentralized exchanges increased, and so did

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Miami’s Mayor Considering Paying Salaries and Accepting Taxes in Bitcoin

February 4, 2021

Miami’s Mayor Francis Xavier Suarez is ready to put his city in the spotlight of technology lovers and entrepreneurs and Bitcoin could be his new venture.Suarez recently told the press that as he sees it, Bitcoin could become the “biggest story of the next few years.” and according to a Forbes review, the use of Bitcoin as a means of payment for public employee salaries could be one of the steps to be taken on Suarez’s path to turning Miami into the next Silicon Valley.The Road to a Bitcoin-Friendly MiamiSuarez has been quite vocal about his expectations, but he recently stepped on the gas when it comes to supporting technological developments in his city. The mayor of Miami recently launched the “How can I help” campaign to raise funds to expand Miami’s tech industry.We are officially up

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Mark Cuban Says The HODL Ethos of Bitcoin Traders Helped Him Support r/WallStreetBets

February 3, 2021

The billionaire investor, Shark Tank personality, and Dallas Mavericks NBA team owner, Mark Cuban; took a few hours to share his knowledge in an AMA with members of the r/WallStreetBets subreddit. He touched on several topics, mostly relating to the collapse of the stock pumping movement and the blockchain industry’s potential.Mark Cuban may have several decades of Wall Street experience, but judging him for what he said on the AMA, he is currently standing on the side of the retail traders. He thanked the community for getting the movement going and assured them they could change the markets’ financial history.“Thanks for changing the game. Thanks for taking on Wall Street. Thanks for making kids around the country if not the world( including my son and daughter) (to get involved). WSB

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