Crypto Sponsorship for the AFL - and now NFTs

[Chief]

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[Ghost Patrol]

we've banned advertising of alcohol and smokes. So they turn to non stop gambling ads and now crypto.

it not only says a lot about the AFL but it also highlights where crypto sits.......alongside gambling, smoke companies and alcohol manufacturers

You forgot to mention Telstra, AAMI, Carlton Draught, Coca Cola, Coles, Continental Tyres, McDonalds, NAB, and many more.

Why are you cherrypicking sponsors?

 

[jim boy]

Crypto not unethical?

• Excessive carbon footprint.
• Enabling ransomware, arms trafficking and sale of child abuse material.

Agree about the carbon footprint - that is my biggest concern about current currencies from an ethic POV. Scalability and security from a technical POV. However I see these as teething issues of a new technology, Bitcoin and similar probably will fall away at some point and I'm confident they will be replaced by better, less destructive currencies. As for ransomware, arms trafficking and sale of child abuse material, you may as well just blame the Internet, I'd be point the finger at hackers, arms dealers and paedos respectively.
Anyway crypto.com is a trading platform, not a currency. You wouldn't blame Commbank for a papercut you got from a $20 note.

 

[RUNVS]

Agree about the carbon footprint - that is my biggest concern about current currencies from an ethic POV. Scalability and security from a technical POV. However I see these as teething issues of a new technology, Bitcoin and similar probably will fall away at some point and I'm confident they will be replaced by better, less destructive currencies. As for ransomware, arms trafficking and sale of child abuse material, you may as well just blame the Internet, I'd be point the finger at hackers, arms dealers and paedos respectively.
Anyway crypto.com is a trading platform, not a currency. You wouldn't blame Commbank for a papercut you got from a $20 note.

The fact that crypto currency's are the currency's that organised crime likes to use as well should be a red flag.

 

[WalshistheGOAT]

The fact that crypto currency's are the currency's that organised crime likes to use as well should be a red flag.

Guess the whole world better stop doing cash payments. Can't support a form of currency mobsters and tax evaders use

 

[NYRB]

I can see alcohol and tobacco being banned. I know one other code , think its NRL (one sports team) have pulled away from betting.

I myself am a punter but not sure if its me but doesnt AFL through on the betting side of things? the revenue in particular. Like when you think of the Brownlow night or ANZAC medal winner, immediately you ask yourself 'who is the favourite?" and questions along those lines

 

[kickazz]

Guess the whole world better stop doing cash payments. Can't support a form of currency mobsters and tax evaders use

Funny you mention that. Countries (EU, India) have taken action to remove high denominations for just this reason. And there was talk a while ago of Australia (I think) wanting to ban cash transactions greater than a certain amount ($10K ?)

 

[Gigantic]

The fact that crypto currency's are the currency's that organised crime likes to use as well should be a red flag.

They also love to use mobile phones apparently

 

[jim boy]

The fact that crypto currency's are the currency's that organised crime likes to use as well should be a red flag.

Organised crime also like secure encryption - is that also a 'red flag'?
Do you honestly believe that if you got rid of crypto currencies, there would be any less ransomware attacks, arms smuggling or paedophilia activity? Tracking bitcoin transactions is difficult, but not impossible.

 

[HairyO]

If the govt had any balls they would classify sporting events as C rather than G meaning no gambling ads could be played at all during televised games or at the grounds - then classify crypto in the same class as gambling.

Gil and the Commission clearly dont give a *.

 

[SSSSSS]

Crypto not unethical?

• Excessive carbon footprint.
• Enabling ransomware, arms trafficking and sale of child abuse material.

This should be an argument against using coal/gas/petroleum based power rather than cryptocurrency. Proof of work systems (Such as Bitcoin) can be completely carbon neutral should they be generated by carbon neutral sources. A huge portion of bitcoin mined today (the most recent estimate I can find comes from 2019, which estimates 70%) is generated by renewables.

People also fail to consider how much electricity is consumed by the traditional financial systems. Server rooms, office spaces/buildings, the physical act of printing cash and storing, running ATMs, moving money etc.

If the consumption of electricity is the concern, I am more than happy to back the horse for a decentralised and transparent system over the current system.

 

[Kreuuuzeurns]

Agree about the carbon footprint - that is my biggest concern about current currencies from an ethic POV. Scalability and security from a technical POV. However I see these as teething issues of a new technology, Bitcoin and similar probably will fall away at some point and I'm confident they will be replaced by better, less destructive currencies. As for ransomware, arms trafficking and sale of child abuse material, you may as well just blame the Internet, I'd be point the finger at hackers, arms dealers and paedos respectively.
Anyway crypto.com is a trading platform, not a currency. You wouldn't blame Commbank for a papercut you got from a $20 note.

Think BTC will hang around for good though I agree it is effectively useless as a currency hence the comparison to gold.

In general the technology is too great to die. Projects involving NFT'S and the "metaverse" will only further this.

 

[RUNVS]

Organised crime also like secure encryption - is that also a 'red flag'?
Do you honestly believe that if you got rid of crypto currencies, there would be any less ransomware attacks, arms smuggling or paedophilia activity? Tracking bitcoin transactions is difficult, but not impossible.

No, but it may be easier to trace without crypto currencies.

 

[Power Raid]

You forgot to mention Telstra, AAMI, Carlton Draught, Coca Cola, Coles, Continental Tyres, McDonalds, NAB, and many more.

Why are you cherrypicking sponsors?

AAMI - sells products to people who buy s**t they can't afford to lose. If you can't afford it, don't buy it.
Carlton - big booze
Coke - s**t product for peasants
Maccas - refer coke

I'm not cherry picking but suggest birds of a feather

 

[bzparkes]

To all the crypto people here,

I sincerely hope that you realise how much of a scam this is before you lose all your money.

Look up Tulip futures as an idea, maybe the South Sea bubble or Argentinean bonds.

This is not new, it is an old financial story that ends the same way.

On SM-A515F using BigFooty.com mobile app

 

[bzparkes]

They're even buying banks now.

 

[bzparkes]

Lot easier to trace, yeah

Pretty easy to trace crypto transactions as all the information is publicly available. You may not know who owns a particular wallet but the second it gets sent to an exchange and withdrawn you'll know exactly who it is.

 

[bzparkes]

The fact that crypto currency's are the currency's that organised crime likes to use as well should be a red flag.

Nope, that's the USD and regular fiat...

 

[bzparkes]

You can really tell who the boomers/people who have NFI about cryptocurrency are in this thread.

Those people should probably stick to the comments on News.com.au or, better yet, do some self-study so they can understand what crypto and the blockchain actually is, instead of propagating sentiments about crypto that belong back in 2012...

 

[Power Raid]

View attachment 1313136

you have to ask yourself, what is the benefit of crypto? avoid tax, avoid currency control measures (ie china's, India's and Indo's control over the movement of wealth), avoid scrutiny over transactions

then ask yourself what international controls relate to crypto due to the US's and China's flow through laws relating to the "connection" of their currency. My punt is crypto will exist in the future but highly regulated and the chinese, Indian and US govt will determine who the winners and losers are.

 

[bzparkes]

you have to ask yourself, what is the benefit of crypto? avoid tax, avoid currency control measures (ie china's, India's and Indo's control over the movement of wealth), avoid scrutiny over transactions

then ask yourself what international controls relate to crypto due to the US's and China's flow through laws relating to the "connection" of their currency. My punt is crypto will exist in the future but highly regulated and the chinese, Indian and US govt will determine who the winners and losers are.

Plenty of benefits, the biggest being that you are in charge of your own financial destiny.

Ask the people in Greece how they felt about banking institutions when they were prevented from withdrawing their own money when their economy collapsed. That cannot happen if they held their own money in a private wallet if that were possible back then. Pretty much the same as stuffing your money under the bed, except it's deflationary instead of inflationary like FIAT.

Also, ask yourself why your bank can lend out your money and make a significant portion of profit on the charges made through the transactions, yet the interest vs fees charged for a year (plus inflation) means that the money you hold in your account loses around 5% value every year. How much interest did your bank pay you in the past 12 months?

Now go and ask yourself why you don't take that money instead and make anywhere from 6%-100+% your investment per-annum through fees earned because you decided to provide the liquidity yourself instead of the bank doing if for you and keeping all the profit to themselves.

I don't disagree that for it to become more mainstream there needs to be more adoption but the best thing that will likely come out of this are the banks changing how they operate and offering better returns for their customers as not to be left behind.

 

[BobbyMorri]

Microsoft, Paypal, Travala, AT&T, Tesla.

Here's a list of business in Australia who accept it. Given how young the concept is the amount of business who accept it is only going to grow and grow.

Australian Crypto Exchange | Swyftx Cryptocurrency Exchange

Buy, sell and trade over 300+ digital assets on the trusted Australian Cryptocurrency Exchange, Swyftx. Trade with low fees & spreads.

swyftx.com

Sporting teams will also be big in the crypto space in accepting it as payment and incentives for revenue raising for the clubs.

But, if Crypto is still as an investment, then why would you want to spend that on goods and services.

And why would I want to use a currency which can lose 10% of its worth in a day.

As a currency, Crypto completely fails.

 

[Toump Ass]

Can I go to the local supermarket and buy my shopping with it?

Dunno. But you can buy drugs with it, and as long as there's people using drugs and an online markets that sell drugs, cryptocurrency is here to stay.

 

[bzparkes]

But, if Crypto is still as an investment, then why would you want to spend that on goods and services.

And why would I want to use a currency which can lose 10% of its worth in a day.

As a currency, Crypto completely fails.

No, it doesn't. You pay for crypto services based on the currency value, not the USD value. For instance, if something's worth .5 BNB, the price doesn't change based on whether it went up or down 10% in a day vs the USD. That only matters if you want to cash it out but unless you're day trading, short-term volatility shouldn't affect your overall investment plan, just like the stock/housing market. Those 2 are just far less volatile.

 

[BobbyMorri]

No, it doesn't. You pay for crypto services based on the currency value, not the USD value. For instance, if something's worth .5 BNB, the price doesn't change based on whether it went up or down 10% in a day vs the USD. That only matters if you want to cash it out but unless you're day trading, short-term volatility shouldn't affect your overall investment plan, just like the stock/housing market. Those 2 are just far less volatile.

Then, the business suffers a 10% loss. And again, why would a business be willing to take such a loss for no good reason at all.

Someone gets the 10% loss, and someone won't be happy about it.

 

[Ghost Patrol]

Then, the business suffers a 10% loss. And again, why would a business be willing to take such a loss for no good reason at all.

Someone gets the 10% loss, and someone won't be happy about it.

It can also go up 10% (or more) in a day

Business can choose whether they accept crypto or not. Free market etc.

There are thousands of different crypto currencies, they arent going away any time soon. Some are pegged to the USD, their price doesn't move in relation to USD. You can earn really good interest on some of these stable coins, much better than a bank.