One of America’s most prominent billionaires should’ve spent more time listening and less time talking because he made a big crypto mistake that cost him $200K!

Can you remember back to three months ago when we started our crypto journey? Or, more accurately, when I started a crypto journey and decided to take the rest of you with me? 

I did it mainly because the one thing I knew about cryptos was that I knew next to nothing about cryptos. 

Sure, I knew what it was and I understood the basic idea behind it all, but I had no idea how it worked, how it reacted to the market, what NFTs were, what DAOs were, or even the best way to invest.

Now, I still feel like I know nothing…but from a slightly more informed position. Does that make any sense? 

I feel over the past three months, I’ve put a couple of drops in a very big bucket. There is still so much to learn about how Blockchain technology works, and even more to learn about profiting from this volatile investment. 

I’ve done about as much of a deep-dive into crypto as a beginner can, and I’m still only doggy-paddling around the surface.

Case in point, my terrible timing of jumping into the market at what could only be described as the worst possible time. 

Lessons Learned All Around

I got in RIGHT before the crash, but up until that point, I wasn’t doing too bad. In fact, even now, even after crypto’s Black Friday, I’m still doing pretty well, and at least one of my investments is still in the black.

The same can’t be said for everybody…

Especially Mark Cuban, the billionaire reality-star owner of the Dallas Mavericks.

Mark Cuban seems like a fun guy…

And even more, he seems to know what he’s doing with investments…most of the time. 

But this time around, he’s run into a bit of a snag with crypto. 

“The Cubes” learned a powerful lesson about DeFi the hard way, losing a small fortune on it thanks to his lack of knowledge. 

I guess they didn’t go over that innovation on Shark Tank, eh? 

Now, that’s not to say that Cuban is a dummy or that he doesn’t know how cryptos work.

He’s actually quite proficient with cryptocurrency. 

What I’m saying here is that even if you know what you’re doing, you can still not know ENOUGH about certain aspects of certain investments to be successful. 

Small, key factors could mean the difference between feast and famine when it comes to DeFi.

And if Mark Cuban–a crypto expert, by all accounts–can fall victim to it, then it’s understandable that people like us make mistakes. 

Mark Cuban’s $200,000 Crypto Lesson

You see, Cuban revealed recently he had experimented with something called “yield farming,” where he bought up a cryptocurrency called Titan and then “lent it” back to the platform.  

Basically, he injected it with liquidity and would have made money on the interest, much like a bank giving somebody a loan. 

But then, soon after, Titan crashed, leaving Cuban holding the bag. 

Cuban told the New York Times, “I made money as a liquidity provider and lost money as a speculator. I should have done more homework on it.”

Isn’t that the key to everything? More knowledge? 

Again, if Cuban, a crypto expert, can get railroaded, then every single one of us can…

And that thought is kind of reassuring.

The token dropped from around $60 a coin down to zero in just ONE day after crypto whales dumped their holdings and caused panic, leading to a massive selloff that left many people dumbfounded. 

Especially Cuban, who wound up losing about $200,000 when all the dust settled.

And while that may be chump change to him, I bet you dollars to donuts he was just as angry about it as you and I would be. 

His takeaway from it all was that it’s WRONG to invest in a coin that has no reason for existence. 

Basically, Titan didn’t have a purpose. It was a crypto for the sake of being a crypto, and so, there was nothing keeping flying straight. 

Cuban told Bloomberg after the whole fiasco, “The thing about DeFi plays like this is that it’s all about revenue and math, and I was too lazy to do the math to determine what the key metrics were.”

And there you have it, straight from the horse’s mouth–quite apropos, given the name of the team he owns.

His lesson was learned…

But we can learn from that same lesson and put it into practice. 

We should be thanking him…though I’m sure he doesn’t want to hear about our gratitude. 

“​​There’s no law against stupid – I learned that a long time ago.” – Mark Cuban