Paying for transfer fees using cryptocurrency?

[brucey]

https://www.telegraph.co.uk/football/2018/08/20/premier-league-clubs-trial-cryptocurrency-experts-predict-bitcoins/

Premier League clubs trial cryptocurrency as experts predict bitcoins will replace sterling in transfer industry

Premier League football bosses will soon be paying for the best players in bitcoins, it was claimed on Monday night, after seven top-flight clubs launched cryptocurrency trials.

Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton and Crystal Palace have agreed to set up digital wallets with an online trading platform which says it is in "no doubt" the currency will eventually replace sterling in the multi-billion pound transfer industry.

The bitcoin system will also help clubs tackle ticket touting and counterfeit merchandising, according to online trading firm eToro, which has paid clubs to take part.

Blockchain and cryptocurrencies, which have no physical form and exist only as strings of computer code, were launched with the goal of becoming decentralised currencies. Iqbal Gandham, UK managing director at eToro, told the Daily Telegraph the use of bitcoin in the multi-billion pound transfer market would improve "transparency".

He said the seven clubs involved in the trial have all been paid to receive bitcoin in a bid to spark interest. "We've done a sponsorship deal, but rather than pay them in traditional pound notes we've paid them in bitcoin.... What they choose to do with that is entirely up to them."

Fran Jones, head of partnerships at Tottenham, said the partnership was launched because the club is "committed to technology and innovation". Paul Barber, chief executive at Brighton, said the project will "help us better understand the true potential offered by blockchain”.

Millions of investors bought bitcoin in recent years, prompting prices to soar. Financiers say that they are now more akin to commodities than currencies.

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I think this is a fvcking awful idea personally. Cryptocurrency is the world's largest Ponzi scheme. Most of its value doesn't really exist and is held up by a fake coin called Tether which is being freely 'printed' in the hundreds of millions to pump up the price whenever the price drops. Like gambling on fixed matches (to which you're not party to the fix) on dodgy bookies that can disappear with your deposits anytime. I can't believe the club agreed to do this tbh, the interest this generates means more people are going to get sucked into it.

Edited 20 August 2018 by brucey

[st albans fox]

The up side of the expansion and training ground and then this ? 

one hopes it’s simply the club taking money from the trial with no intention of doing anything else .......

[Finnegan]

 

[martyn]

11 minutes ago, brucey said:

https://www.telegraph.co.uk/football/2018/08/20/premier-league-clubs-trial-cryptocurrency-experts-predict-bitcoins/

Premier League clubs trial cryptocurrency as experts predict bitcoins will replace sterling in transfer industry

Premier League football bosses will soon be paying for the best players in bitcoins, it was claimed on Monday night, after seven top-flight clubs launched cryptocurrency trials.

Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton and Crystal Palace have agreed to set up digital wallets with an online trading platform which says it is in "no doubt" the currency will eventually replace sterling in the multi-billion pound transfer industry.

The bitcoin system will also help clubs tackle ticket touting and counterfeit merchandising, according to online trading firm eToro, which has paid clubs to take part.

Blockchain and cryptocurrencies, which have no physical form and exist only as strings of computer code, were launched with the goal of becoming decentralised currencies. Iqbal Gandham, UK managing director at eToro, told the Daily Telegraph the use of bitcoin in the multi-billion pound transfer market would improve "transparency".

He said the seven clubs involved in the trial have all been paid to receive bitcoin in a bid to spark interest. "We've done a sponsorship deal, but rather than pay them in traditional pound notes we've paid them in bitcoin.... What they choose to do with that is entirely up to them."

Fran Jones, head of partnerships at Tottenham, said the partnership was launched because the club is "committed to technology and innovation". Paul Barber, chief executive at Brighton, said the project will "help us better understand the true potential offered by blockchain”.

Millions of investors bought bitcoin in recent years, prompting prices to soar. Financiers say that they are now more akin to commodities than currencies.

===

 

I think this is a fvcking awful idea personally. Cryptocurrency is the world's largest Ponzi scheme. Most of its value doesn't really exist and is held up by a fake coin called Tether which is being freely 'printed' in the hundreds of millions to pump up the price whenever the price drops. Like gambling on fixed matches (to which you're not party to the fix) on dodgy bookies that can disappear with your deposits anytime. I can't believe the club agreed to do this tbh, the interest this generates means more people are going to get sucked into it.

Tether hasn't done a very good job then considering 75% of the crypto market cap has been wiped since December.

Cant see this working whilst the swings in value are so extreme.

[brucey]

2 minutes ago, martyn said:

Tether hasn't done a very good job then considering 75% of the crypto market cap has been wiped since December.

Cant see this working whilst the swings in value are so extreme.

https://www.ccn.com/tethers-printing-press-has-churned-out-415-million-in-august/

It would have wiped 90%+ otherwise. They're putting fake Tether in and withdrawing real money out. Results in 'pump and dump' graphs like this. Bloody ridiculous.

[Foxxed]

17 minutes ago, brucey said:

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I think this is a fvcking awful idea personally. Cryptocurrency is the world's largest Ponzi scheme. Most of its value doesn't really exist and is held up by a fake coin called Tether which is being freely 'printed' in the hundreds of millions to pump up the price whenever the price drops. Like gambling on fixed matches (to which you're not party to the fix) on dodgy bookies that can disappear with your deposits anytime. I can't believe the club agreed to do this tbh, the interest this generates means more people are going to get sucked into it.

Pretty much. All successful Ponzi schemes have great PR too. I can also hear a thousand keyboard churning out articles on how bitcoin is the future since the premier league may start to use it.

The whole thing is just a ponzi scheme hidden behind technology that is distorted through journalism.

"You must buy some of Bitcoin! Their values is increasing all the time. Lots of people want them. The possibilities are endless! It's the start of a revolution."

"Sounds great! What can I buy with bitcoin?"

"Oh lots of things. Drugs. VPNs. Lap dances. There's a coffee shop in Bridgend that are trailing it too!"

"Oh nice, what about food, rent, taxes and healthcare."

"Oh no, not yet. But soon! It's the start of a revolution!

"Hey, would you like to buy some of my bitcoins? They'll only increase in value!"

"You do? Oh great!"

"Oh, perhaps you should tell other people how good Bitcoin is and maybe they'll buy yours for even more money!"

"Oh, did you hear about Etherum and Smart Contracts? It's the new thing man..."

[okie fox]

The big movers will get out before it collapses leaving the small investors taking the loss.

[The Doctor]

Why are people going for crypto currency? I get some people think there are issues with FIAT currency but adopting crypto seems like the equivalent of finding out your house has a spider infestation so burning it down and moving to Mexico

[Vacamion]

 

A wildly fluctuating set of intangible assets in a massively inflated bubble, powered by industrial levels of internet over-hype, which will inevitably burst and ruin the poorest, you say?

 

Anyway, enough about football, what about crypto-currency...

[Vacamion]

 

We go live to Pogba's transfer valuation this year:

 

 

[Tuna]

I don't understand crypto currency 

[Stadt]

I’ll admit I don’t know a lot about bitcoin but it seems crypto currencies will become increasingly prominent as a whole.

[ajthefox]

2 hours ago, brucey said:

https://www.ccn.com/tethers-printing-press-has-churned-out-415-million-in-august/

It would have wiped 90%+ otherwise. They're putting fake Tether in and withdrawing real money out. Results in 'pump and dump' graphs like this. Bloody ridiculous.

 

Can't beat a good pump and dump. 

But back to cryptocurrency...

[treer]

All these posts stating that bitcoin is worthless and just a ponzi scheme are silly, know one knows, if you did know you would never have to work again.

If  leicester sold a player for bitcoin in 12 months time it could be a great sale or a giveaway who knows?

If Palace had paid in bitcoin for Schupp, we would have got the eqiuvalent of 200 million for him, puts him better than Neymar, now that would have been great business.

 

Edited 20 August 2018 by treer

[Fightforever]

1 hour ago, Tuna said:

I don't understand crypto currency 

don't bother cryptocurrency as an idea was setup to fail

[Monk]

The volatility of bitcoin will calm down once it becomes more legitimised by major banks and governments - it's already happening. 

I would think another 3-5 years before clubs would do transfers using it - they wouldn't entertain the idea if volatility was as high as it is right now (which is still way less volatile than 6 months ago).

 

[breadandcheese]

I'm not sure the world of football, with all manner of murky individuals acting as agents and owners of clubs, need less transparency when it comes to flows of money through the secrecy of cryptocurrencies.

Edited 21 August 2018 by breadandcheese

[norwichfox]

I don't have a fcuking clue what a craptocurrency is let alone bitcoin.

[UniFox21]

https://www.lcfc.com/news/amp/827902?__twitter_impression=true

So they've confirmed the sponsorship now. Have to say, am not fully convinced by Bitcoin or other cryptocurrency as its a fairly dubious idea 

[Finnegan]

13 hours ago, The Doctor said:

Why are people going for crypto currency? I get some people think there are issues with FIAT currency but adopting crypto seems like the equivalent of finding out your house has a spider infestation so burning it down and moving to Mexico

 

The only part of that that's not intelligent is picking Mexico which has bigger spiders. 

If I found out my house had a spider INFESTATION (just writing that makes me sweat) I'd get out the blow torch and book my flight to the Arctic circle quick sharp. 

[urban.spaceman]

27 minutes ago, UniFox21 said:

https://www.lcfc.com/news/amp/827902?__twitter_impression=true

So they've confirmed the sponsorship now. Have to say, am not fully convinced by Bitcoin or other cryptocurrency as its a fairly dubious idea 

I have read that article about 5 times and I still don’t understand what it says. 

[UniFox21]

1 minute ago, urban.spaceman said:

I have read that article about 5 times and I still don’t understand what it says. 

From what I read, we're basically promoting them on the boards etc And in return they'll help the club get into the cryptocurrency thing, as if its done well it can be lucrative. Wouldn't surprise me if this is also to help their own business growth and to 'test the water' so to speak of how it works and could benefit them.

[urban.spaceman]

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Edited 21 August 2018 by urban.spaceman

[urban.spaceman]

55 minutes ago, UniFox21 said:

From what I read, we're basically promoting them on the boards etc And in return they'll help the club get into the cryptocurrency thing, as if its done well it can be lucrative. Wouldn't surprise me if this is also to help their own business growth and to 'test the water' so to speak of how it works and could benefit them.

I have read your post about 5 times and I still don’t understand what it says. 

[mozartfox]

2 hours ago, urban.spaceman said:

I have read that article about 5 times and I still don’t understand what it says. 

It is the same as using ‘Rudcoin’ - you pay over the odds for something that turns out not be very good.  When you come to ‘cash out’, you cannot get rid of the ‘asset’ for love or money and end up dumping it on the Turkish or Arabian markets.