Crypto Sponsorship for the AFL - and now NFTs

[Chief]

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[Toump Ass]

Crypto is a scam but Goldman Sachs is a very good company full of nice people who really care about you.
All the major banks in Australia have your best interests at heart

 

[bzparkes]

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.

Crypto businesses don't though, because they'll take that money and stake/farm to provide liquidity and increase their overall wealth. They don't suffer a loss because they keep the money in crypto and understand that the coins they take payment in will increase in value over time.

They'll use the same crypto amounts they received to pay for other fixed-cost services. The price of crypto services don't generally fluctuate, unless you need to convert back into a stablecoin to pay in USD. Usually that can be negotiated though.

 

[BobbyMorri]

Crypto businesses don't though, because they'll take that money and stake/farm to provide liquidity and increase their overall wealth. They don't suffer a loss because they keep the money in crypto and understand that the coins they take payment in will increase in value over time.

They'll use the same crypto amounts they received to pay for other fixed-cost services. The price of crypto services don't generally fluctuate, unless you need to convert back into a stablecoin to pay in USD. Usually that can be negotiated though.

then we back to square one.

Why would someone want to use Crypto as a means of exchange when its value is going to go up. Answer that question.

If I you tell me I had this highly variable currency, which can go up and down, I would hold until it crashes and then buy the thing I needed, wait til the end of the crash and rebuy...... I gain %, the business loses %. free market and all that and it could go wrong. I could sit on it for years, I could misread things. All this doubt.

Or, I could just buy it now, knowing full well that currency inflates, having full confidence that I know what the value is years down the line, having it secured by a reserve bank/government and cutting down on a 3rd party transaction and keep it nice and simple. none of this $ to crypto back to $. a simple $ to bank, which has rules and regulations, and receives $.

Crypto completely fails as a currency. investment, sure, if people are willing. good for them. But a currency and investment are 2 completely different things.

 

[bzparkes]

then we back to square one.

Why would someone want to use Crypto as a means of exchange when its value is going to go up. Answer that question.

If I you tell me I had this highly variable currency, which can go up and down, I would hold until it crashes and then buy the thing I needed, wait til the end of the crash and rebuy...... I gain %, the business loses %. free market and all that and it could go wrong. I could sit on it for years, I could misread things. All this doubt.

Or, I could just buy it now, knowing full well that currency inflates, having full confidence that I know what the value is years down the line, having it secured by a reserve bank/government and cutting down on a 3rd party transaction and keep it nice and simple. none of this $ to crypto back to $. a simple $ to bank, which has rules and regulations, and receives $.

Crypto completely fails as a currency. investment, sure, if people are willing. good for them. But a currency and investment are 2 completely different things.

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.

Tesla will happily accept that Bitcoin though, which should indicate to you that people financially smarter than most of us plebs understand what's going on and their market projections in years to come indicate to them crypto is the future, whether people like it or not. There's a reason why all this big institutions and corporations are getting on board now.

It may take 5-10 years but all those people who made millions from a few thousand dollars 5-10 years ago will tell you it's worth the wait.

Obviously it's fraught with risks, as is any investment, however if you take the time to properly learn the technology, the opportunities they present and how to navigate the charts, you'll give yourself the best opportunity to succeed.

The greatest gains are made by taking the greatest risks after all. It's not for everyone.

 

[Toump Ass]

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

Funny, last time I tried to buy "baggie" aka "nose beer" aka cocaine from my local motorcycle enthusiast, he only accepted cash?
He's very organised too.

 

[Kappa]

Crypto not unethical?

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

Did you seriously just say crypto is unethical because people can misuse it and break the law?

Has regular currency stopped black market transactions…?

 

[Bostonian]

Crypto completely fails as a currency. investment, sure, if people are willing. good for them. But a currency and investment are 2 completely different things.

You talk as if there haven't been paper currencies worth next to nothing.

As long as something has a value it holds a currency to anyone willing to buy or trade for it.

Gold is a currency but you can't go buy a Big Mac with that.

 

[kickazz]

Did you seriously just say crypto is unethical because people can misuse it and break the law?

Has regular currency stopped black market transactions…?

It's a little more nuanced than that.

 

[Kappa]

It's a little more nuanced than that.

Your post wasn’t very nuanced, how is crypto unethical exactly?

 

[kickazz]

Didn't realise this was such a touchy subject tbh.

 

[Kappa]

Didn't realise this was such a touchy subject tbh.

You make a dumb comment and people call it dumb, no one is upset.

 

[Kram]

Didn't realise this was such a touchy subject tbh.

Its cult like

 

[BobbyMorri]

You talk as if there haven't been paper currencies worth next to nothing.

As long as something has a value it holds a currency to anyone willing to buy or trade for it.

Gold is a currency but you can't go buy a Big Mac with that.

gold is not really a currency nowadays. It is a commodity. Even when we used it as a basis of currency, there has been some other element. And the reason we moved off the gold standard was it was not flexible enough. A currency is just a means of exchange. Anything can be a currency. That doesn't make it good.

You are wrong about paper currencies. They are backed by governments. That is backed by our taxes. 2 things in life, death and taxes. If a government has hyperinflation, yes there is an issue. But I can't see how some person In Venezuela is going get the infrastructure in getting crypto, let alone risk everything, just to work around its corrupt government. especially when the USD is around.

And before you say, the USD had an inflation of 8% or whatever it was, that is over year. crypto can do that in a day.

lets be honest. The only reason people like crypto is because they dont trust the government or banks. Nothing else about it makes sense. That it. In this age of social unrest, that has an increasingly large following. Hence the price keeps going up. But the actual currency part of it is so deeply flawed that it hasn't made any real progress despite gaining increasing recognition.

 

[Bostonian]

Its cult like

Hardy cult like.

More like some faux experts come in talking crap but are easily exposed for having no idea what they are taking about.

Seen plenty of those dickheads from the SX and their s**t takes on things get dismantled very easily.

 

[Toump Ass]

You are wrong about paper currencies. They are backed by governments. That is backed by our taxes. 2 things in life, death and taxes.

... tell that to the ATO?

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

I think most people like Crypto because they make lots of money off it with pretty minimal work.

Personally I like Crypto because I like drugs and buying weed off the dodgy bloke down the road whose dad was in and out of jail really, really sucked.
Like it was a really crap experience every single time. Not so crap that I would quit weed but still, yeah, not very good.

 

[bzparkes]

Didn't realise this was such a touchy subject tbh.

It's not, it's just that there are plenty of people out there who have zero understanding of the crypto space that are all too happy to call it a scam/unethical/criminal, etc. The negative claims made in this thread are pretty much all easily disproven with a small amount of research. If people are too lazy to actually do said research, those who have a greater understanding will be all too happy to call it out.

I'd say nearly every negative claim here is from people who only read bad news stories on mainstream news websites, or are still rooted in the belief that crypto hasn't changed since 2012 and that it's primarily used to buy weed/child sex slaves from the dark web.

Seriously, try taking a look into it. You might be very surprised to find out what's actually taking place.

 

[Bostonian]

lets be honest. The only reason people like crypto is because they dont trust the government or banks. Nothing else about it makes sense. That it. In this age of social unrest, that has an increasingly large following. Hence the price keeps going up. But the actual currency part of it is so deeply flawed that it hasn't made any real progress despite gaining increasing recognition.

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.

 

[bzparkes]

gold is not really a currency nowadays. It is a commodity. Even when we used it as a basis of currency, there has been some other element. And the reason we moved off the gold standard was it was not flexible enough. A currency is just a means of exchange. Anything can be a currency. That doesn't make it good.

You are wrong about paper currencies. They are backed by governments. That is backed by our taxes. 2 things in life, death and taxes. If a government has hyperinflation, yes there is an issue. But I can't see how some person In Venezuela is going get the infrastructure in getting crypto, let alone risk everything, just to work around its corrupt government. especially when the USD is around.

And before you say, the USD had an inflation of 8% or whatever it was, that is over year. crypto can do that in a day.

lets be honest. The only reason people like crypto is because they dont trust the government or banks. Nothing else about it makes sense. That it. In this age of social unrest, that has an increasingly large following. Hence the price keeps going up. But the actual currency part of it is so deeply flawed that it hasn't made any real progress despite gaining increasing recognition.

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..

 

[RUNVS]

Its cult like

Yep, up there with the people who worship Elon Musk.

 

[Brend81]

It's not, it's just that there are plenty of people out there who have zero understanding of the crypto space that are all too happy to call it a scam/unethical/criminal, etc. The negative claims made in this thread are pretty much all easily disproven with a small amount of research. If people are too lazy to actually do said research, those who have a greater understanding will be all too happy to call it out.

I'd say nearly every negative claim here is from people who only read bad news stories on mainstream news websites, or are still rooted in the belief that crypto hasn't changed since 2012 and that it's primarily used to buy weed/child sex slaves from the dark web.

Seriously, try taking a look into it. You might be very surprised to find out what's actually taking place.

I was like this I read all the negative news on it and assumed it was a scam, I only got into crypto by chance as I was involved in NBA Topshot and made some money selling those, the only way I could withdraw my money from that was to go through a crypto exchange so once I did that I decided to invest the money I made in shiba inu and haven’t looked back, now I would rather have my money in crypto staking it than sitting in my bank account losing value each year

 

[bzparkes]

I was like this I read all the negative news on it and assumed it was a scam, I only got into crypto by chance as I was involved in NBA Topshot and made some money selling those, the only way I could withdraw my money from that was to go through a crypto exchange so once I did that I decided to invest the money I made in shiba inu and haven’t looked back, now I would rather have my money in crypto staking it than sitting in my bank account losing value each year

Yeah, I think a lot of us started out like that. I began with shares and CFDs and randomly decided to try crypto. Most of my money's in crypto now (some in shares) and I just keep adding to it.

I think once you understand it and the amazing opportunities out there, you'll wonder why you ever kept the majority of your money in the bank.

The crazy volatility takes some getting used to though lol.

 

[Brend81]

Yeah, I think a lot of us started out like that. I began with shares and CFDs and randomly decided to try crypto. Most of my money's in crypto now (some in shares) and I just keep adding to it.

I think once you understand it and the amazing opportunities out there, you'll wonder why you ever kept the majority of your money in the bank.

The crazy volatility takes some getting used to though lol.

Yea it does and that’s where people get burnt as they panic and sell at a loss thinking it won’t go back up, you don’t lose money if you don’t sell

 

[kickazz]

It's not, it's just that there are plenty of people out there who have zero understanding of the crypto space that are all too happy to call it a scam/unethical/criminal, etc. The negative claims made in this thread are pretty much all easily disproven with a small amount of research. If people are too lazy to actually do said research, those who have a greater understanding will be all too happy to call it out.

I'd say nearly every negative claim here is from people who only read bad news stories on mainstream news websites, or are still rooted in the belief that crypto hasn't changed since 2012 and that it's primarily used to buy weed/child sex slaves from the dark web.

Seriously, try taking a look into it. You might be very surprised to find out what's actually taking place.

Yeah I have had a look at it and for the most part find it promising. Like many things it has some ethical concerns, and some of those concerns are somewhat out of arm's reach of the typical investor, but that does not invalidate them either. To bristle at their mere mention surprises me and comes across as a bit snowflakey.

Going back to the original post I was basically just saying it has it's dodgy aspects just like gambling does. Both also have a strong element of speculation too. Doesn't mean either of them are intrinsically unethical. If some people due to their personal moral outlook don't like the two being mentioned in the same sentence, fair enough, moral decisions are a personal thing.

 

[Bostonian]

Yep, up there with the people who worship Elon Musk.

Musk is disliked far more in crypto circles than he is liked. By a long stretch.

 

[bzparkes]

Yeah I have had a look at it and for the most part find it promising. Like many things it has some ethical concerns, and some of those concerns are somewhat out of arm's reach of the typical investor, but that does not invalidate them either. To bristle at their mere mention surprises me and comes across as a bit snowflakey.

Going back to the original post I was basically just saying it has it's dodgy aspects just like gambling does. Both also have a strong element of speculation too. Doesn't mean either of them are intrinsically unethical. If some people due to their personal moral outlook don't like the two being mentioned in the same sentence, fair enough, moral decisions are a personal thing.

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.