Crypto Sponsorship for the AFL - and now NFTs

[Chief]

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[kickazz]

Actually a business can choose not to accept paper or coin money if they choose.

So you don't have to accept legal tender anymore if your business doesn't accept it.

Just like some business won't accept card and only cash.

Perhaps I didn't word it right - I mean a shop for example can refuse to transact with anyone, that is their choice.

But if for example you are indebted $1000 to a shop, or the bank, or whoever - and you wish to settle that debt, with legal tender (ie Australian Dollars) - then they have to accept that, they can't say "nope, I think the AUD is gonna crash, I want something else") The specific means (coins, notes, eft, cheque) I'm a little hazier on. I'm pretty sure the convention is anything over $5 at the shops you can't pay for in 5c and 10c pieces but again I might be wrong there.

 

[Blue and Silver]

Actually a business can choose not to accept paper or coin money if they choose.

So you don't have to accept legal tender anymore if your business doesn't accept it.

Just like some business won't accept card and only cash.

Legal tender is enforced by law.

You can trade in other currencies or in-kind payments, but legal tender can be enforced by courts.

I've been to countless cafe's during COVID that have denied people using physical legal tender as payment. Do they HAVE to accept it?

There are over 15 000 companies in the world accepting Bitcoin as payment

So, I suspect that the practice of not accepting physical currency is actually not legal. But that's a bit of a tangent.

No. of companies has nothing to do with legal status.

 

[kickazz]

I've been to countless cafe's during COVID that have denied people using physical legal tender as payment. Do they HAVE to accept it?

There are over 15 000 companies in the world accepting Bitcoin as payment

They can refuse business on the grounds of not wanting to deal in cash.

But if you owe them $60K AUD, they can demand that debt is paid in AUD (cash/card/etc not 100% sure). You can offer 1 BTC instead, saying it's worth the same (or even more), but they can refuse.

 

[Bostonian]

Perhaps I didn't word it right - I mean a shop for example can refuse to transact with anyone, that is their choice.

But if for example you are indebted $1000 to a shop, or the bank, or whoever - and you wish to settle that debt, with legal tender (ie Australian Dollars) - then they have to accept that, they can't say "nope, I think the AUD is gonna crash, I want something else") The specific means (coins, notes, eft, cheque) I'm a little hazier on. I'm pretty sure the convention is anything over $5 at the shops you can't pay for in 5c and 10c pieces but again I might be wrong there.

Which all just amounts to BTC being no different to having US dollars in your pocket in Australia.

You just convert them to AU and you can then pay.

In fact there's more shops that will let you pay with BTC than with US dollars in Australia.

 

[Blue and Silver]

They can refuse business on the grounds of not wanting to deal in cash.

But if you owe them $60K AUD, they can demand that debt is paid in AUD (cash/card/etc not 100% sure). You can offer 1 BTC instead, saying it's worth the same (or even more), but they can refuse.

Yeah,like you could offer them stock in your company as compensation instead. Same concept

 

[Stan_Darsh72]

Coca Cola had literal death squads in latin america, Crypto.com is harmless compared to that if we are being picky about sponsors.

 

[bl4ke]

They can refuse business on the grounds of not wanting to deal in cash.

But if you owe them $60K AUD, they can demand that debt is paid in AUD (cash/card/etc not 100% sure). You can offer 1 BTC instead, saying it's worth the same (or even more), but they can refuse.

They would be silly to

 

[kickazz]

Which all just amounts to BTC being no different to having US dollars in your pocket in Australia.

You just convert them to AU and you can then pay.

In fact there's more shops that will let you pay with BTC than with US dollars in Australia.

Pretty much this.

Obviously there are some differences, particularly when taking those BTC/USD to the USA but from our country's point of view it is AUD for legal tender, and whatever you can get for the rest.

 

[Blue and Silver]

Coca Cola had literal death squads in latin america, Crypto.com is harmless compared to that if we are being picky about sponsors.

No ethical consumption.

But I would argue that the amount of fossil fuels involved in essentially pointless financial product generation is in fact worse in a macro sense, as while the atrocities committed for specific companies is horrible, the mass death impending as a result of climate change is probably worse

 

[bzparkes]

Mate of mine is an Exec for a Big 4 bank. Was telling us last night he just secured a $200m investment yesterday into Crypto. Said his presentation was to a bunch of 'Old white guys' lol. Obviously can't elaborate further as to who they are for legal reasons but it goes to show that there's people in the background throwing huge sums of money into the space.

 

[kickazz]

They would be silly to

Not necessarily.

It would all depend on their risk appetite and cashflow.

For example, if your business needs that money in the short or medium term to pay debt or for capital investment, you'd be mental to accept bitcoin or convert it to bitcoin. It's just too volatile.

If you don't need the money for ten years, and you genuinely believe bitcoin has a good future, then go for it.

 

[bl4ke]

Not necessarily.

It would all depend on their risk appetite and cashflow.

For example, if your business needs that money in the short or medium term to pay debt or for capital investment, you'd be mental to accept bitcoin or convert it to bitcoin. It's just too volatile.

If you don't need the money for ten years, and you genuinely believe bitcoin has a good future, then go for it.

Was having a bit of a laugh mate

 

[The_Wookie]

The Adelaide Football Club has partnered with the world’s fastest-growing cryptocurrency platform, with a multi-year agreement encompassing the men’s and women’s teams.

The company's logo will appear on the back of the home and clash guernseys, while the agreement will bring to life other engagement initiatives.

The Crows are the first Australian sporting club to partner with the company and follow some of the world’s biggest sports and entertainment brands, including Formula 1, UFC, Paris Saint-Germain Football Club, Philadelphia 76ers, Los Angeles Lakers, Montreal Canadiens, Los Angeles Kings, esports team Fnatic, Lega Serie A and Twitch Rivals.

The AEG-owned and operated Staples Center in Los Angeles has also been renamed with teh company's name, while most recently the AFL entered into a five-year agreement with the leading cryptocurrency platform.

The company "has aligned with some of the highest profile sporting teams and organisations around the world, and to be part of that family is significant,” said Adelaide Football Club CEO Tim Silvers.

“Innovation is at the core of [the company] and there will be many opportunities for us to work together.

“Cryptocurrency and blockchain technology are evolving rapidly and while it is still early days in Australia, we are excited to work with a global leader in the company over the journey to bring new opportunities to fans and members.”

Founded in 2016, the company is accelerating the world’s transition to cryptocurrency, serving more than 10 million customers globally and built on a foundation of security, privacy and compliance.

“Partnering with the Adelaide Crows takes our commitment to Australian sports a step further by cementing our position as a leader in the Australian market,” said the company General Manager Asia & Pacific, Karl Mohan.

“The Crows are the pride of South Australia with over 30 years in existence and they have the most successful team in the AFLW competition, being the only club to have won multiple premierships.

“Their vision of ‘bringing people together to achieve great things’ is what resonates the most with our brand attributes and we look forward to supporting a team that not only has deep-rooted history but has also been a champion of women’s sport.”

 

[RUNVS]

Bitcoin was over $49,000 a few weeks ago and now it has just gone under $39,000. That is basically a 20% decrease in a matter of weeks.

 

[Ghost Patrol]

Bitcoin was over $49,000 a few weeks ago and now it has just gone under $39,000. That is basically a 20% decrease in a matter of weeks.

Ok, now do SOL, LUNA and/or FTM, and tell us the price compared to 12 months ago.

 

[bzparkes]

Bitcoin was over $49,000 a few weeks ago and now it has just gone under $39,000. That is basically a 20% decrease in a matter of weeks.

 

[RUNVS]

Ok, now do SOL, LUNA and/or FTM, and tell us the price compared to 12 months ago.

Bitcoin has shot up a lot in the last 12 months, a huge amount, and anyone who thinks that is sustainable is off their rocker.

 

[Ghost Patrol]

Bitcoin has shot up a lot in the last 12 months, a huge amount, and anyone who thinks that is sustainable is off their rocker.

Ok, here's the plan. Buy low, sell high.

Then buy back low again.

 

[Boppo]

Bitcoin has shot up a lot in the last 12 months, a huge amount, and anyone who thinks that is sustainable is off their rocker.

Like any asset class in its infancy and will a very small number of participants, there is volatility. It will settle down with maturity.

Crypto as a decentralised exchange of value on a blockchain is philosophically a fantastic alternative to traditional wealth and currency institutions which are naturally reaching the end of their usefulness. Belief systems come and go, this one has a lifecycle to run yet and it’s just beginning.

 

[bzparkes]

Ok, here's the plan. Buy low, sell high.

Then buy back low again.

 

[kickazz]

Ok, here's the plan. Buy low, sell high.

Then buy back low again.

Exactly. That's what everyone should be doing.

 

[The 747]

a recipe of ponzi and pyramid schemes

Pyramid not ponzi scheme. The coins do not generate any return to the buyer (fake returns in the case of ponzi). If anything it is a pyramid scheme.

But uh so are a lot of other investments if you want to go that way.....

 

[Rod Stroker]

Why is this suddenly an issue now, yet it wasn't an issue last year when the Bulldogs had a partnership with Coinspot, and there were other crypto exchanges advertising at grounds?

Crypto is here to stay and will only get bigger. Any one who thinks otherwise is in for a shock.

 

[Rod Stroker]

Bitcoin was over $49,000 a few weeks ago and now it has just gone under $39,000. That is basically a 20% decrease in a matter of weeks.

BTC fluctuating 20% in weeks is nothing. Crypto is known for being volatile.

Having said that, you reckon common stock is any less volatile?
Netflix, one of the Nasdaq darlings in recent years and part of the renowned FAANG, just dropped 20% overnight!

 

[Brend81]

Good time to load up