I don’t think at this rate you’ll need to, kind of a pyramid scheme or that’s what it’s starting to resemble.
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I would rather join a Ponzi scheme. It feels like this was coming with everyone jumping into the market because everyone else was.
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Me neither, mate. Me neither…
A guy started explaining it to me once. I fell off after about 30 seconds, he kept talking for a good 20 minutes. Didn’t have the heart to tell him I had no idea what he was talking about.
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The problem is the legit uses of it as a decentralized currency are being massively overshadowed by the much bigger market for it as a meme stock/speculative investment. That being where a lot of the dumb money is going doesnt negate its potentially legitimate use, but those are not where the perceived value was, and may not have value for quite a while after this crash.
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I am not sure if I calculated this properly, but if you had $1,000,000 worth of Luna a year ago, it would now be worth $300. Actually, small mistake, 1 month ago it would have been worth 1m, I feel sick for some people.
Here is some context for everyone. When @CanuckoLFC posted his “Oh dear”, Luna Cryptocurrency was trading at $95, it is now trading at $0.000002. Imagine having a shirt sponsor as “Luna”, and then having to wear that when people have essentially lost 100% of their money. Sort of like AIG, but 99.9% worse.
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I don’t. It’s essentially like gambling. Mature and responsible people who indulge in such atrocities are bound to suffer. I do feel sorry for their families who might not had any clues about what was about to hit them.
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I’m pretty sure they won’t be talking to individual coins/currencies about sponsorship. The article says “firms in the crptocurrency sector” so you’re probably talking about the big exchanges like Crypto.com who already have some pretty sizeable sponsorship deals in place.
Not that it makes it any better in terms of perception as such but certainly a little more stable than a currency itself being the sponsor.
However, the crypto crash should be seen in context. I’m no expert but I do do some casual investing. Whilst Luna may have collapsed, it’s not as if companies don’t also collapse from time to time too. The whole stock market is having a rough time of it right now. If it were suggested we were going to be sponsored by Tesla, would people be worried that the value of Tesla stock has dropped nearly 40% since the start of the year?
If you think crypto crap is similar to the equity markets then I hope for you sake you keep your investing ‘casual’…
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The difference is that Bitcoin has been presented as an alternative investment to shares, like gold is - but as can be seen it’s perfmance is heavily linked to that of the Nasdaq - presumably the same people overbuying growth stocks (like Tesla) have done the same with bitcoin. Furthermore, stocks isually represent a share of ownership in a company that generates profit - whereas bitcoin is dependent on other people wanting what you have.
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I don’t. I have no money in crypto and never would. My point was, it’s unlikely it would be a specific coin that would sponsor us and therefore the example of “what would happen if we had Luna on our shirts” is very unlikely to come to pass. There are however companies in the crypto space already heavily involved in sports sponsorship.
Very true, fully agree and it’s not something I would have my money in. My point was simply that there is a high degree of volatility in a lot things you can investment in at the moment including companies we’d probably be happy to see on the front of our shirts if the money was right.
Personally, I only care about three things when it comes to shirt sponsorship. How much money are we getting? What does the logo look like? And do they pass the “are we alright with the club being associated with them” eye test. I can certainly understand how a company in the crypto space might not check point three.
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Yeah, Crypto.com, an exchange rather than currency, just spent a record fee to sponsor the sports areana in downtown LA (formerly the Staples) where both the Lakers and Clipper plays, as well as the LA NHL team.
What I feel bad about are the people who were in Crypto for legit currency reasons and have now been subjected to the stupidity of the market crashing the value of their currency.
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I hope we steer well clear of associating with anything to do with crypto, including any enterprise that profits from it.
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savage lmao
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Honestly, I had to double check who the LA Kings are. For a short moment I wondered if the Sacramento NBA team had moved south.
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Only very tangentially related to the discussion, but the newish documentary on Netflix called In Search of the Crypto King, about the disappearance of the founder of a popular crypto exchange is AMAZING.
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TESLA TESLA TESLA!!!
But then they don’t advertise. Don’t need to.
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They do advertise just not in the traditional sense.
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The owners only care about making money. That is why they are renovating Anfield and not giving us a new stadium.
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