Crypto Sponsorship for the AFL - and now NFTs

[Chief]

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[kickazz]

The only reason people like crypto is because they dont trust the government or banks.

I think that is a pretty reasonable take, but I would add that QE, MMT and the idea that there is this infinite supply of money is a bit scary, crypto if nothing else is a hedge against all of that.

 

[kickazz]

The stock market's just as speculative in regards to growth stocks, it's just far less volatile due to more money/liquidity being in the market.

Leverage trading is the real problem in my opinion, as around 95% of people fail badly at it and lose everything, thus causing themselves to be liquidated and crashing the entire market.

Essentially, this is what caused the GFC back in '08.

Yeah I'll count myself lucky in that I got out a little after the top in 2008, but more importantly, didn't follow up with a meeting I had a year earlier with a banker about doing some investing with a margin loan.

There are parts that are less speculative, blue chips with strong dividend performance are pretty safe.

But it too is dodgy, I recon the only way people make big short term gains is insider trading. It's illegal but it cannot be stopped.

Even the stock market now is inflated mainly because folks gotta dump this extra cash somewhere.

I guess where I see crypto being particularly speculative is that there are so many different currencies and I do not have that good an understanding of the inherent differences between them. Why should one perform better than another? With fiat you look at the country's economy that surrounds it. I guess with crypto you look at which ones are most likely to be usable as a currency, offer the cheapest transaction costs, etc. Any other key things?

 

[Vikingnz]

Apparently it's all down to four simple words, known since the time of the Romans.

Careful shaking monkey hands

 

[bzparkes]

Yeah I'll count myself lucky in that I got out a little after the top in 2008, but more importantly, didn't follow up with a meeting I had a year earlier with a banker about doing some investing with a margin loan.

There are parts that are less speculative, blue chips with strong dividend performance are pretty safe.

But it too is dodgy, I recon the only way people make big short term gains is insider trading. It's illegal but it cannot be stopped.

Even the stock market now is inflated mainly because folks gotta dump this extra cash somewhere.

I guess where I see crypto being particularly speculative is that there are so many different currencies and I do not have that good an understanding of the inherent differences between them. Why should one perform better than another? With fiat you look at the country's economy that surrounds it. I guess with crypto you look at which ones are most likely to be usable as a currency, offer the cheapest transaction costs, etc. Any other key things?

Personally I look at things that have potential before they blow up and take a long position. I know crypto 'currency' is the term but you're better off looking at it like shares and treating most as an investment. I do agree with the earlier assertations that it's not the best 'currency' right now due to volatility in the market + fees when making transactions but there are solutions for those coming.

People generally suffer a loss when they get too greedy. Been there, done that. Had one investment of $300 turn into $20k (USD) at one point and got greedy, then rode it back down to $2.5k before cashing out. Lesson learnt.

Most people lose in the game simply because they are impatient and chase pumps, as well as not knowing when to take profits because they believe everything is going to the moon.

You can play it safe by investing in big projects prior to their full use-case deployments and bank an easy 5-10x over the course of a few months with not too much risk, provided you waited for an appropriate entry point. As long as they've got a compelling use-case and business model to generate profits then it's really no different than investing in more speculative stocks on the stock market.

Meme coins on the other hand are full-on Ponzi, which you can make a tonne of money off if you play the game well enough. As long as you understand what they are and don't get too greedy you can make it big but you can lose an awful lot too.

 

[BobbyMorri]

Let's be honest you have no idea what you're taking about.

Nothing else about it makes sense to you because you don't understand the different technology at play.

I invested in Helium (HNT) all because of the technology and use case.

People are interested in it because they can access the markets far easier than the SX makes it for people to get involved.

I have an economics degree.

I dont care about the "technology". Blockchain this, blockchain that. Great. A unique key

I care about it practical use. In which, no one has addressed the answer. What can you buy with Helium. what does it do better than cash? If your answer is about government or banks, then that was the quote you replied to and you said I had no idea what I was talking about....

Plenty of real-world businesses accept crypto as a form of payment, which in turn = currency.

I personally would never buy a Tesla with Bitcoin, as it seems pretty dumb to me to buy a deflationary asset with another that will increase in value, but I'm sure many will.

I don't think you actually understand what inflation actually means, considering most crypto currencies are actually deflationary...

Also, people are trying to preserve their wealth long term. Keeping it solely in the bank won't do that for you. If you had 100k in the bank right now and never added to it/took it out, it'd be worth around 50k in 10 years time in today's money due to inflation.

On the flipside, if the growth trend for Bitcoin continues as per the past 13 years, you'd potentially have $2 million+.

A 220%pa growth rate and the best performing asset of the past 10 years is nothing to sneeze at..

I reckon I know what inflation is. And again, instead of outlining the benefits of Cryptocurrency as a currency, you talk about it as an investment. A house is an investment that mostly goes up. You don't see people using it as a medium of exchange often. The benefit of a house is that it is a house. What is the benefit on Cryptocurrency... It goes up....why.....cause people keep buying it because it keeps going up.......There is a flaw in logic there. Yes, some people do use Cryptocurrency for other means, but would it be fair to say the majority are in the market because they are gaining money

You have not mentioned why it is better than cash, what makes using Cryptocurrency easier. And this end of the ledger, it seems way harder than just sending a bank transfer via Paypal, with its many protections and reasonably quick transfer/fees.

There are always going to be people who will use Cryptocurrency as "insurance" and perhaps it will replace hard cash as the "secret" payment. But again, what is wrong with me saying that the only reason people like crypto is because they don't trust the government or banks.

I quoted your answer above showcasing the fundamental flaw in CC as a main exchange. Lets put it this way, if you decide to save your money and cut spending by 15%, because your "currency" is going to appreciate, and everyone else does the same thing, what happens to the economy............. And if your investment/currency isn't deflationary, would you still be using it.......

 

[Kram]

Anyone that thinks that buying crypto is 'investing' is kidding themselves.

 

[bzparkes]

I have an economics degree.

I dont care about the "technology". Blockchain this, blockchain that. Great. A unique key

I care about it practical use. In which, no one has addressed the answer. What can you buy with Helium. what does it do better than cash? If your answer is about government or banks, then that was the quote you replied to and you said I had no idea what I was talking about....



I reckon I know what inflation is. And again, instead of outlining the benefits of Cryptocurrency as a currency, you talk about it as an investment. A house is an investment that mostly goes up. You don't see people using it as a medium of exchange often. The benefit of a house is that it is a house. What is the benefit on Cryptocurrency... It goes up....why.....cause people keep buying it because it keeps going up.......There is a flaw in logic there. Yes, some people do use Cryptocurrency for other means, but would it be fair to say the majority are in the market because they are gaining money

You have not mentioned why it is better than cash, what makes using Cryptocurrency easier. And this end of the ledger, it seems way harder than just sending a bank transfer via Paypal, with its many protections and reasonably quick transfer/fees.

There are always going to be people who will use Cryptocurrency as "insurance" and perhaps it will replace hard cash as the "secret" payment. But again, what is wrong with me saying that the only reason people like crypto is because they don't trust the government or banks.

I quoted your answer above showcasing the fundamental flaw in CC as a main exchange. Lets put it this way, if you decide to save your money and cut spending by 15%, because your "currency" is going to appreciate, and everyone else does the same thing, what happens to the economy............. And if your investment/currency isn't deflationary, would you still be using it.......

You can already make payments with crypto using a crypto.com card, or BlockFi, and get rewards back in crypto. Plenty of people have been using these for years and they're affiliated with Visa so it's no different to using a normal CC/debit card if you really must know.

You say that you know what inflation is and then go on to say that crypto can 'inflate' 8% in a day. FYI when people talk about inflationary/deflationary in crypto, they are referring to the available supply, not whether it appreciates/depreciates in value.

You also actually can use Paypal to pay for things with crypto: https://www.theverge.com/2021/3/30/...ith-bitcoin-litecoin-ethereum-crypto-checkout

Other services, such as Amazon, are adopting crypto as forms of payment moving forward and there are projects developing website widgets for eCommerce so people can pay via crypto instead of cash. It's happening.

"what is wrong with me saying that the only reason people like crypto is because they don't trust the government or banks.?"

Plenty. It's a completely wrong assertation and assumes that crypto users are some weird anti-establishment gang. Well, they're mostly not. People just don't like financial institutions using our money to make major profits and charging us for the privilege.

As for your last point, El Salvador has adopted Bitcoin as legal tender in a bid to remove themselves from being reliant on the USD. Other Latin American nations are soon to follow, so it will be interesting to see how it progresses but by all account, it's going well.

Nigeria is another example you may wish to brush up on to see how people there having been adopting crypto for years to preserve their wealth due to their economy completely tanking.

People want to be in control of their financial future and it's becoming increasingly evident that FIAT currencies, and the governments that back them, aren't capable of providing long-term security for people to preserve their wealth. Crypto does.

 

[bzparkes]

Anyone that thinks that buying crypto is 'investing' is kidding themselves.

Tell that to a guy my brother used to work at a call centre selling wine with who's now worth close to $100 million.

My brother and his best mate, who also worked with him, used to take the piss out of him at the time too.

 

[Kram]

Tell that to a guy my brother used to work at a call centre selling wine with who's now worth close to $100 million.

My brother and his best mate, who also worked with him, used to take the piss out of him at the time too.

Nothing wrong with it but its speculating. Nothing that volatile and uncertain is an investment.

I've got a lithium explorer turned developer thats gone up by 32 times but for must of the time I've owned its been a punt.

 

[Brend81]

Anyone that thinks that buying crypto is 'investing' is kidding themselves.

Lol please explain why it isn’t investing

 

[bzparkes]

Nothing wrong with it but its speculating. Nothing that volatile and uncertain is an investment.

I've got a lithium explorer turned developer thats gone up by 32 times but for must of the time I've owned its been a punt.

Fair enough, it's certainly not without risk, especially in the early days.

Plenty of 'mainstream' cryptos are solid investments though, provided you do appropriate research and understand the long-term potential/risks associated with said projects. No different from investing in growth stocks, just with potentially much bigger gains from smaller investments.

I mean, if people are prepared to punt on the races, or put money through the pokies, they'd be much better off putting that money into somewhat speculative cryptocurrencies because they're much more likely to make a return from it.

 

[magpienato]

Almost all Cryptocurrency's are rug pulls.

Also crypto is a giant scam.

Ok boomers.

 

[Rob]

Tell that to a guy my brother used to work at a call centre selling wine with who's now worth close to $100 million.

My brother and his best mate, who also worked with him, used to take the piss out of him at the time too.

There are lots of lotto winners as well, that doesn't make it a sound investment strategy.

On the sponsorship I can't really see the problem, although I hope the AFL got paid in advance. It's no worse than gambling, alcohol or fast food sponsorship. Arguably less so.

 

[Meteoric Rise]

Tell that to a guy my brother used to work at a call centre selling wine with who's now worth close to $100 million.

My brother and his best mate, who also worked with him, used to take the piss out of him at the time too.

Who paid or will pay him the $100 million? Perhaps we could tell it to them….

 

[bzparkes]

There are lots of lotto winners as well, that doesn't make it a sound investment strategy.

On the sponsorship I can't really see the problem, although I hope the AFL got paid in advance. It's no worse than gambling, alcohol or fast food sponsorship. Arguably less so.

Well, that's because lotto is gambling and, as much as people try to claim it is, crypto isn't.

Just like there are people who are bad at investing in stocks, or purchase properties when their value is sky high but don't do due diligence by researching the area in regards to upcoming developments, job opportunities, etc.

All investment carries a risk. Those who can't tolerate medium-high risk can stick to wasting $50+ a week on lotto tickets hoping for a win whilst bemoaning their lot in life. Others will research, learn and investigate investment opportunities appropriate to their risk-tolerance, be it crypto, stock market, commodities, real-estate, etc.

Those who throw money into dog coins expecting a Lambo in a couple of weeks are gambling, I agree. Just like people who attempt to use leverage but aren't good traders. You can't say that people who fully understand a project's potential and take a calculated risk at an appropriate entry point don't have a sound investment strategy though.

 

[bzparkes]

Who paid or will pay him the $100 million? Perhaps we could tell it to them….

Move the money onto a centralised exchange and cash it out in increments? Not like you're going to cash it all out at once. Most will put into an interest earning account, such as BlockFI, and live off the interest, just like a normal bank account.

You could though, there's an Aussie guy who was a famous crypto influencer who recently retired who's rumoured to be the person who made $5bn from an $8k investment into Shiba Inu. His last post on Twitter indicated that he was leaving social media and had a raft of lawyers/accountants involved in assisting to withdraw money equating 'generational' wealth. This happened at the same time the $5bn wallet holder of Shib was publicly known. Said he was leaving crypto altogether just after it hit the news.

 

[Meteoric Rise]

Move the money onto a centralised exchange and cash it out in increments? Not like you're going to cash it all out at once. Most will put into an interest earning account, such as BlockFI, and live off the interest, just like a normal bank account.

You could though, there's an Aussie guy who was a famous crypto influencer who recently retired who's rumoured to be the person who made $5bn from an $8k investment into Shiba Inu. His last post on Twitter indicated that he was leaving social media and had a raft of lawyers/accountants involved in assisting to withdraw money equating 'generational' wealth. This happened at the same time the $5bn wallet holder of Shib was publicly known. Said he was leaving crypto altogether just after it hit the news.

So it is that good an investment that people who made billions out of it are “leaving crypto altogther?” OK….must have got sick of making billions.

 

[rank and file]

one could use their vagina to pay for goods, is that currency?

Can see an a gig opening up for Kim Duthie.
She knows crypto.

 

[bzparkes]

So it is that good an investment that people who made billions out of it are “leaving crypto altogther?” OK….must have got sick of making billions.

I dunno if he's totally 'out of it' per se but publicly he's done. I'm sure he'll probably keep a portion in there for diversification purposes but doubtful he'll continue looking for investment opportunities. Not everyone is driven to be the world's richest man after all.

 

[bzparkes]

Can see an a gig opening up for Kim Duthie.
She knows crypto.

Kimberley Ametoglou dubbed the 'St Kilda schoolgirl' to join OnlyFans

Kimberley Ametoglou, née Duthie, dubbed the 'St Kilda schoolgirl' when she made headlines for leaking lewd photos of multiple AFL players in 2010 has announced plans to make an OnlyFans account.

www.dailymail.co.uk

 

[Gordon Farkas]

I hope all the sponsorship money is being paid up-front. Don't want to be anywhere near this bubble when it invariably bursts.

The 21st century equivalent of:

Tulip mania - Wikipedia

en.wikipedia.org

 

[bzparkes]

I hope all the sponsorship money is being paid up-front. Don't want to be anywhere near this bubble when it invariably bursts.

The 21st century equivalent of:

Tulip mania - Wikipedia

en.wikipedia.org

 

[Blue and Silver]

Lot of guys in here being mature and reasonable.

 

[Beerfish]

But you could store currency inside it.

I just keep sand in mine.

 

[The Dice Man]

I hope all the sponsorship money is being paid up-front. Don't want to be anywhere near this bubble when it invariably bursts.

The 21st century equivalent of:

Tulip mania - Wikipedia

en.wikipedia.org

A bit like the USD hey.