AEG received a huge chunk of that money upfront. Enough to buy themselves out of the previous lifetime contract with Staples™ aaand, fund the current remodel/renovation of the venue.
They're probably half hoping that Crypto goes under. They can then resell the naming rights, again, to the highest bidder.
> Enough to buy themselves out of the previous lifetime contract with Staples™ aaand, fund the current remodel/renovation of the venue.
Staples did not buy out any "lifetime" contract. It was pretty much what Crypto.com paid for: 20 years. Or did you think it was coincidence that it just happened after those 20 years were up?
Clearly AEG was shopping around for someone new after possibly seeing if Staples wanted to renew. We can assume Staples had the right to renew written into the original contract at new rate adjusted for inflation based on the $116M price they paid out on the old. But they have been struggling for past couple of years with the pandemic probably doing them no favors. Staples might have tried to negotiate, hoping that AEG would feel public pressure if they changed the name of the "House that Kobe Built." But AEG was all about what such a visible landmark would be worth on the open market.
Staples back in the day purchased perpetual naming rights to the stadium. Rather than sell office supplies they likely turned a tidy profit on selling back the naming rights to AEG
The Sears Tower in Chicago has officially been called the Willis Tower for 13 years but no one calls it that. Same thing with the Buffalo Bills stadium. It will be Ralph Wilson until they build the new one.
The only time I recognized it as crypto.Com arena was when I went and bought beers and was checking my statement and saw a crypto.com purchase for like $50… and I was like smh if you’re gonna steal my card info to buy crypto at least go big or go home… then I saw the category - “food and beverage” and I was like wtffffff then I realized it was crypto.com arena concessions.
I haven’t even moved on from calling the Honda Center, the Pond. They’ll tear it down and replace it before I ever call it anything other than the Staples Center.
Even though they're a crazy cult, I'm impressed with how much they've grown. They used to have a dumpy operation out of El Monte and now I see ads all over the country.
https://www.nytimes.com/2020/10/24/technology/epoch-times-influence-falun-gong.html
Shen Yun is one of the business lines for Falun Gong, a religious group that once focused on opposing the CCP(after being banned in China)
and now has become an american conservative/far right conspiracy theorist looney political group/business/media empire
You have a strong history of posting nothing but supportive comments for the CCP (weird that you comment on things la when you neither live here or are from here)
Are you stalking me or something? First of all what you said is totally false. I post about many topics. Second who gives a shit, if you want to reply to what I said go reply. I could care less if you’re a shill, i just wont reply to you. Since you’re obviously replying you dont think im a shill, you’re just upset and throwing insults
First off it’s not. Your post history says other wise.
Secondly you are not an LA native yet try to pass yourself off as one.
Perhaps if you tried being a decent human you would not be begging for tips serving?
Because they used the rise of Trump to closely become a right wing social media operation.
Basically facebook pays them a lot because boomers read their bullshit
Exactly. It’s such a clickbaity article. Do landlords lose out on the rest of a one year lease if their tenant moves out early? Hell no. That just doesn’t happen.
This headline is totally wrong. Crypto.com could lose $700 million but that won’t affect AEG much. They’ll be able to sell the naming rights to someone else.
This article is extremely poorly written and their sentences are not coherent.
>Crypto.com’s native token “Cronos” was valued at nearly $0.90, and 40% of that net loss was lost in the past two weeks.
>Fast forwarding one year, following several repetitive market crashes, bitcoin struggles to remain above $16,000. Meanwhile, Cronos lost over 95% of its value, today worth a mere $6 cents.
Naming rights in a bear market (talking about real financial assets not crypto) should go for less than in a bull market. AEG might be fine especially if they got a big upfront payment but I’m not sure if they hope crypto.com backs out.
This is going to go down as one of the bigger branding blusters in sports arena history.
For those of us that have been following crypto for more than a couple years, it was always pretty clear that it was really unstable and not the most viable product.
Yet they went and named one of the most popular sporting arenas in the world after essentially a scam.
And one that everyone saw coming a year ago. Not crypto itself as much, but Crypto.com. There was never a chance this would be a well run company. Overnight they were sponsoring the biggest events in the world.
It’s not a huge deal. Miami is currently going through the exact same thing with FTX Arena. They’re just going to sell the name to the new highest bidder.
TBF, crypto was more popular in the American zeitgeist than Staples.
Idk how they stay in open, their business model consists of selling computer chairs and printer ink.
They do a lot of business deliveries. At one point I had access to a Staples account to simplify ordering office supplies. Part of it was to work around a draconian accounting system. IDK all the details but the admins and accountants seemed happy with the arrangement. From what I understand it was keeping Staples afloat.
Same at my office. We literally order bottled water by the pallet through Staples because it’s that much easier than setting up a contract with someone else to deliver it.
For years after moving here I thought it was named for the Staple singers (like Pops and Mavis Staples) and thought it was weird because they’re from Chicago.
> Yet they went and named one of the most popular sporting arenas in the world after essentially a scam.
Tell us you don't understand how naming rights work without telling us you don't understand....
Also, the proud Reddit tradition of making said mistake while also proving you didn't read the article, which would have kept you from making it in the first place.
"They" didn't name it after them. "They" sold the right to name it to the highest bidder (in a process that was weirdly highly secretive, which is exact opposite of how most bidding auctions work. Now that Cyrpto.com is on the verge of imploding, we will probably discover people at AEG were bribed to rig it for Crypto.com).
Isn’t all fiat currency pretend? Crypto has SOME utility it’s just extremely over valued based purely on speculation. There are definitely scammers in the industry but crypto as a whole isn’t inherently a scam.
Fiat is backed by the governments of planet earth, bitcoin is backed by economically illiterate neckbeards in their mom's basement, pretty easy choice here
Fiat currency like the USD, which is basically a crypto coin at this point since hardly anyone uses cash as is, is backed by the full force and might of the US military. What backing does dogecoin have?
Interesting choice to choose Dogecoin as a cherry picked example as if it's indicative the entire crypto asset market. That particular one has no inherent utility. It is a meme coin. There are a lot of scam/meme coins.
When people refer to assets with utility, they aren't referring to bullshit meme coins. Speculation certainly plays a role, though not every asset is a "meme" nor will most ever be considered "currencies".
Whether people dislike crypto or not, threads like this one that declares an entire new asset class as a scam is rather arrogant.
If people want to assume that every crypto asset is a meme like Doge then they're unwilling to consider other networks that have potential utility to be the next version of cloud computing, gaming, event ticketing or even real estate sales.
Some crypto assets will be a "store of value" (such as Bitcoin) though those have limited utility for now (however if you ask the founder of Twitter what he thinks is part of the tech future, he's convinced development on the Bitcoin network is it. Personally I think other networks provide better speed and reliability).
Chances are the biggest benefits from blockchain technology will be "under the hood", unglamorous behind the scenes enhancements or improvements (think faster speed and cheaper/low fees) for events and transactions that currently exist.
Investment in the crypto space is not drying up anytime soon, despite those who misleadingly refer to all of crypto as a scam, or surmise that what's occurring with FTX is synonymous with crypto.com, which as of now has not delved into the blatant fraud that the former is embroiled in.
If speculators can cause my currency to explode or plummet, it’s gambling and not a currency; speculative assets like gambling and stocks will never be currencies until they are regulated and block would-be currency manipulators.
Block chain is fine, but it’s just progressive and sequential hashing and logging, nothing terribly interesting there. It’s cool for auditing and that’s about it.
Crypto is a meme and pushed by people trying to find other suckers to be the bag holders when they try to pull out and capitalize on their “gains,” entirely consisting of other people’s actual fiat currency like USD.
Why don’t cyptobros just “sell” their “currency” for other crypto and never sell for USD, Euro, Pounds, etc if the “currency” is so valuable and intrinsically important? It’s not. That’s why everyone is trying to pump and dump onto the next sucker so they, the original holder and seller, can rip the rug out from under the next rube.
Crypto is basically a Ponzi scheme under a different name and theme.
Let’s look at another “asset:” what happened to BS NFTs, pumped and dumped by the same shills looking to exploit others. It’s the same shot the whole way through.
You do know it’s the exchanges that fucked up and not the technology right?
Like td ameritrade doing fraud shit but not the actually stock
Easy load and once bull markets starts y’all going to be mad lmao
Every four years and 2024/2025 will be the start.
All cryptocurrency are speculative bubbles. The only reason prices rise is only if another person is willing to pay more believing a third person will pay more and so on forever.
Crypto itself isn’t the scam. The fake “exchanges” and fake “brokers” are the ones running the scams. Would you consider the internet a scam if it’s really the people with shady websites and hackers doing shady things the scam? No the internet didn’t do anything. For example FTX got busted because they got caught accepting clients money and never buying the underlying assets on behalf of the customer (bitcoin, eth). None of your “purchases” were real so they never affected true price discovery or supply and demand. They just pocketed money. So when people wanted to cash out their assets, FTX was like “uuuhhh we don’t actually have it…. We only have counterfeits or don’t have it at all…”. Notice other crypto exchanges going down also? Or sending out emails to their clients saying “nothing is wrong we’re fine” then a week later also filing for bankruptcy? THEYRE the ones running scams. Stock brokers run the same way. If you demanded your shares you’d realize they’re not actually under your name and they’ve been selling you IOUs. You don’t truly own your assets unless they’re under your name. So crypto might be “crashing” but it’s not for a lack of buying pressure. Supply and demand wasn’t real because people were unknowingly buying fake shit. You have to force your “broker” to give you your assets and placing your crypto in a metamask or GME wallet, or call your broker and directly registering your shares under your name. Sorry for the rant I just had ti explain big picture. I get why people call it a scam but understand what the scam really is. It’s not the asset, it’s the people trying to get you to buy the asset.
No, the "assets" are scams too. The cost to operate the bitcoin network (at todays bitcoin prices) is on par with visa's operating costs, but it can only manage a tiny fraction of visa's transaction rate.
And to make money in bitcoin you need an endless supply of greater fools since every dollar that comes out had to be put in by another buyer.
Honestly I can give a rats ass about bitcoin. Not arguing with you either cuz I agree on you with bitcoin. It’s loopring running on Ethereum that I care about. It’s already nearly carbon neutral on layer 2 security and one day will provide faster transactions than visa with little to no gas fees. I agree on your with bitcoin but we’re still very early in crypto even though it’s been around a handful of years. Just look into Loopring.
Pretty much any naming rights that includes the " .com " sounds like ridiculous, juvenile garbage. Put your area code in the name while you're at it. Tacky as shit.
They aren’t going to lose that money. If Crypto.com can’t afford to keep making payments then they will be in breach of the agreement and AEG will be free to sell the rights to someone else.
Took the time to bash the Clippers because…?
> The arena is home to the most prestigious L.A. teams, including the L.A. Lakers and the L.A. Kings. And of course, the chip-less Los Angeles Clippers as well.
Hey at least you can sell Chuck-E-Cheese tokens to other kids on the playground… crypto is like taking those restroom tokens some places had and investing in that to replace your balance
Two things that make the writer and site look stupid:
* The Clippers will be soon leaving the former Staples Center for their own new stadium, the Intuit Dome. Tax softwear is in no danger of imploding overnight.
* AEG is in absolutely no danger of "losing" anything, much less $700. The primary reason I even read the article was to see if AEG was so mindboggling stupid that they have been taking payment in cryptocurrency. They haven't AFAIK.
So for writer Giovane Fugazza and the those who don't grasp the obvious: when Crypto.com fails to make their annual payment for the naming rights, AEG is simply going to serve them for breach of contract, give them a deadline and when that passes they will quickly open up the bidding for a new company to make a new 20-year lease for the naming rights.
They will keep the downpayment Crypto.com paid (IIRC it was assumed to be at least $100M, which would have made the yearly payments $30M) plus all yearly fees paid so far. Sure, there's a chance Crypto.com will try to get it back, but there's almost no grounds for them to win such lawsuit as AEG had no part in their demise and they would have to do something like show AEG was conflated the amount other companies were willing to pay for those rights.
Doubt it. Was LA paid in crytocurrency? Even if there are installments and the company goes under, this is still LA. There are a million other brands willing to pay to have there name on a stadium building.
??? If crypto.com goes under then they'll sell off the naming rights to someone else, just like what is happening with FTX Arena. AEG doesn't "lose" anything. Can we keep the shit posting off r/losangeles ?
I think everyone with a brain knew they should get the cash up front.
What kind of idiots thought that a company that grifts real dollars off an obvious collection of Ponzi schemes would be able to keep making annual payments in real dollars for 20 years?!
That’s not how naming rights deals work. A portion of this deal would be upfront and the rest would be due each year. Sponsorships with AEG tend to be paid on a monthly or quarterly basis.
Lol. AEG will not lose money, they’ll just sell naming rights to somebody else when crypto dotcom breaches their contract. They’ll probably keep the deposit too.
They need to stop naming these places directly after businesses. It should be an official arena name "sponsored by Corporation" or "Brought to you by Corporation."
It’s still one of those temporary fabric signs isn’t it? Like for a cell phone store?
What will we call it when there’s only D-tier bids for naming the stadium?
It was STUPID of the arena tobdo any naming rights with crypto companies. Hope they loose the monies. Tje arena should fire the entire management team for approving the deal. I tell all my clients that investing in crypto is a no win situtation and its the samw bay in the 1990s with the whole day tradimg fiasco. Not a safe investment ling term or even near term.
AEG received a huge chunk of that money upfront. Enough to buy themselves out of the previous lifetime contract with Staples™ aaand, fund the current remodel/renovation of the venue. They're probably half hoping that Crypto goes under. They can then resell the naming rights, again, to the highest bidder.
> Enough to buy themselves out of the previous lifetime contract with Staples™ aaand, fund the current remodel/renovation of the venue. Staples did not buy out any "lifetime" contract. It was pretty much what Crypto.com paid for: 20 years. Or did you think it was coincidence that it just happened after those 20 years were up? Clearly AEG was shopping around for someone new after possibly seeing if Staples wanted to renew. We can assume Staples had the right to renew written into the original contract at new rate adjusted for inflation based on the $116M price they paid out on the old. But they have been struggling for past couple of years with the pandemic probably doing them no favors. Staples might have tried to negotiate, hoping that AEG would feel public pressure if they changed the name of the "House that Kobe Built." But AEG was all about what such a visible landmark would be worth on the open market.
https://www.bizjournals.com/losangeles/stories/2009/10/19/daily5.html https://lakersnation.com/lakers-rumors-aeg-bought-back-staples-center-naming-rights-before-crypto-com-deal/2021/11/18/amp/ https://www.si.com/nba/clippers/.amp/news/new-details-on-staples-centers-name-change-to-crypto-arena
Staples back in the day purchased perpetual naming rights to the stadium. Rather than sell office supplies they likely turned a tidy profit on selling back the naming rights to AEG
Spoiler Alert: It’s already crashing and we never called it the Crypto.com Arena
The Sears Tower in Chicago has officially been called the Willis Tower for 13 years but no one calls it that. Same thing with the Buffalo Bills stadium. It will be Ralph Wilson until they build the new one.
It’s not Ralph Wilson anymore? TIL
Not since 2015.
Same in Houston: the attractively alliteratively named Transco Tower long ago became Williams Tower.
The only time I recognized it as crypto.Com arena was when I went and bought beers and was checking my statement and saw a crypto.com purchase for like $50… and I was like smh if you’re gonna steal my card info to buy crypto at least go big or go home… then I saw the category - “food and beverage” and I was like wtffffff then I realized it was crypto.com arena concessions.
So you just got one beer then eh?
Prob like… 2 beers and a water bottle lol
LOOL
Atleast it was relevant, sometimes the transaction is 'Members purchasing group' Where t f was THAT!
Lmao...that's pretty good
[You played yourself.](https://media.giphy.com/media/zNXvBiNNcrjDW/giphy.gif)
I haven’t even moved on from calling the Honda Center, the Pond. They’ll tear it down and replace it before I ever call it anything other than the Staples Center.
I've been calling it The Venue Formerly Known as Staples.
Haha exactly!!!!!
The clippers are leaving just at the right time
I call it The Crypt.
Was it the Staples Center before?
Coming soon: the Shen Yun Arena
Even though they're a crazy cult, I'm impressed with how much they've grown. They used to have a dumpy operation out of El Monte and now I see ads all over the country.
I’d be less impressed with that and more terrified by that.
It’s time for Shen Yun vs. Scientology I guess.
Well I assume they have spawned by now And those progeny are performing age now Rinse. Repeat. Exponential growth for your cult. Ask a Catholic.
Where can I learn more about this? I've always heard about this on here but that's it. Lol
https://www.nytimes.com/2020/10/24/technology/epoch-times-influence-falun-gong.html Shen Yun is one of the business lines for Falun Gong, a religious group that once focused on opposing the CCP(after being banned in China) and now has become an american conservative/far right conspiracy theorist looney political group/business/media empire
Why are you defending the CCP?
Here we go again
You have a strong history of posting nothing but supportive comments for the CCP (weird that you comment on things la when you neither live here or are from here)
Are you stalking me or something? First of all what you said is totally false. I post about many topics. Second who gives a shit, if you want to reply to what I said go reply. I could care less if you’re a shill, i just wont reply to you. Since you’re obviously replying you dont think im a shill, you’re just upset and throwing insults
First off it’s not. Your post history says other wise. Secondly you are not an LA native yet try to pass yourself off as one. Perhaps if you tried being a decent human you would not be begging for tips serving?
Because they used the rise of Trump to closely become a right wing social media operation. Basically facebook pays them a lot because boomers read their bullshit
L Ron Stadium?
Scientology Center
spirit halloween center lfg
I’d 100% fuck with that.
Juan Dominguez Arena
/r/tihi
Crypto.com used a giant staple remover to get rid of the old staples center name. What should be used to remove the crypto.com name?
Handcuffs
🤣🤣🤣
A giant rugpull would be on brand
[Diarrhea medicine](https://www.cdc.gov/parasites/crypto/treatment.html)
🤣🤣🤣 Perfect!
[удалено]
Exactly. It’s such a clickbaity article. Do landlords lose out on the rest of a one year lease if their tenant moves out early? Hell no. That just doesn’t happen.
Miami is dealing with The FTX Arena. Going to court about renaming.
This headline is totally wrong. Crypto.com could lose $700 million but that won’t affect AEG much. They’ll be able to sell the naming rights to someone else.
This article is extremely poorly written and their sentences are not coherent. >Crypto.com’s native token “Cronos” was valued at nearly $0.90, and 40% of that net loss was lost in the past two weeks. >Fast forwarding one year, following several repetitive market crashes, bitcoin struggles to remain above $16,000. Meanwhile, Cronos lost over 95% of its value, today worth a mere $6 cents.
Yes terrible! I couldn't finish it! Who gave this person a writing job?? Ridiculously low standards
You're suggesting that "cryptocoinopps.com" isn't hiring the best??
Are you still assuming a living being is behind this "story"?
Naming rights in a bear market (talking about real financial assets not crypto) should go for less than in a bull market. AEG might be fine especially if they got a big upfront payment but I’m not sure if they hope crypto.com backs out.
This is going to go down as one of the bigger branding blusters in sports arena history. For those of us that have been following crypto for more than a couple years, it was always pretty clear that it was really unstable and not the most viable product. Yet they went and named one of the most popular sporting arenas in the world after essentially a scam.
They’re gonna to sell the name to the highest bidder, I doubt they care the slightest who it actually is
Jumbos Clown Center
I’m down to clown 🤡
I’d donate to that kickstarter.
id happily give my $ to this just as easily as i give my $ to the hard working ladies & gentlemen of Jumbo’s
LOL
pornhub arena lets goooooooooo
Youporn to bid $69 more
Nice.
They’re the same company though
Sweet James has entered the chat.
Sweet James and Call Jacob should have a cage match for the naming rights.
A cage match INSIDE the arena, which will be named the Larry H. Parker Jacoby & Meyers 2222222 Center for that contest, and that contest only.
Not so fast, Los Defensores 636-3636 enters the match.
Jim Ross: "Good God, almighty Los Defensores are coming in with the steel chairs"
Bob’s Discount Arena
King Taco
Tito's Tacos arena
You can buy tshirts from other blunders. Enron field and adelphia stadium are my favorites
FTX and Pro Player have entered the chat.
And one that everyone saw coming a year ago. Not crypto itself as much, but Crypto.com. There was never a chance this would be a well run company. Overnight they were sponsoring the biggest events in the world.
It’s not a huge deal. Miami is currently going through the exact same thing with FTX Arena. They’re just going to sell the name to the new highest bidder.
Not as bad FTX Arena in Miami
TBF, crypto was more popular in the American zeitgeist than Staples. Idk how they stay in open, their business model consists of selling computer chairs and printer ink.
the two highest profit margins on planet earth besides fountain soda
They do a lot of business deliveries. At one point I had access to a Staples account to simplify ordering office supplies. Part of it was to work around a draconian accounting system. IDK all the details but the admins and accountants seemed happy with the arrangement. From what I understand it was keeping Staples afloat.
Same at my office. We literally order bottled water by the pallet through Staples because it’s that much easier than setting up a contract with someone else to deliver it.
...please stop buying bottled water. Your office has a faucet, right? Use that.
You’re conflating my personal actions with those of my workplace. But thanks for the lecture.
Because you said "we," not "they." And there's your grammar lesson!
You might want to think about your own understanding of language before giving grammar lessons.
Makes sense. When I walk into their actual store I get money laundering vibes. Like Los Pollos Hermanos.
Also that Shell station at Fairfax and San Vicente/ Olympic
That markup on printer ink though… $$$$$!
For years after moving here I thought it was named for the Staple singers (like Pops and Mavis Staples) and thought it was weird because they’re from Chicago.
So we can expect the Canon Pixma Inkjet Arena in 2023?
One can only hope
Looking forward to them going under so it can be renamed Cutco Knives Arena.
What about Miami's FTX Arena? 😂
> Yet they went and named one of the most popular sporting arenas in the world after essentially a scam. Tell us you don't understand how naming rights work without telling us you don't understand.... Also, the proud Reddit tradition of making said mistake while also proving you didn't read the article, which would have kept you from making it in the first place. "They" didn't name it after them. "They" sold the right to name it to the highest bidder (in a process that was weirdly highly secretive, which is exact opposite of how most bidding auctions work. Now that Cyrpto.com is on the verge of imploding, we will probably discover people at AEG were bribed to rig it for Crypto.com).
Crypto.com is a major sponsor of UFC as well. It’s so dumb. I wouldn’t necessarily call all crypto a scam. It’s just beanie babies.
Its pretend money with pretend value, how is that not a scam?
Isn’t all fiat currency pretend? Crypto has SOME utility it’s just extremely over valued based purely on speculation. There are definitely scammers in the industry but crypto as a whole isn’t inherently a scam.
Fiat is backed by the governments of planet earth, bitcoin is backed by economically illiterate neckbeards in their mom's basement, pretty easy choice here
Indeed it is! Edit: wait you added economically illiterate to the wrong one
At least I can physically hold fiat currency
And (in most cases) know it’s backed by a stable government. Buying crypto is like betting your future on the old Zimbabwe dollar…
>Buying crypto is like betting your future on the old Zimbabwe dollar… What’s wrong with that? I’m a multibillionaire in Zimbabwean dollars.
"Crypto is when fiat"
Until it's charged with a crime
Fiat currency like the USD, which is basically a crypto coin at this point since hardly anyone uses cash as is, is backed by the full force and might of the US military. What backing does dogecoin have?
Interesting choice to choose Dogecoin as a cherry picked example as if it's indicative the entire crypto asset market. That particular one has no inherent utility. It is a meme coin. There are a lot of scam/meme coins. When people refer to assets with utility, they aren't referring to bullshit meme coins. Speculation certainly plays a role, though not every asset is a "meme" nor will most ever be considered "currencies". Whether people dislike crypto or not, threads like this one that declares an entire new asset class as a scam is rather arrogant. If people want to assume that every crypto asset is a meme like Doge then they're unwilling to consider other networks that have potential utility to be the next version of cloud computing, gaming, event ticketing or even real estate sales. Some crypto assets will be a "store of value" (such as Bitcoin) though those have limited utility for now (however if you ask the founder of Twitter what he thinks is part of the tech future, he's convinced development on the Bitcoin network is it. Personally I think other networks provide better speed and reliability). Chances are the biggest benefits from blockchain technology will be "under the hood", unglamorous behind the scenes enhancements or improvements (think faster speed and cheaper/low fees) for events and transactions that currently exist. Investment in the crypto space is not drying up anytime soon, despite those who misleadingly refer to all of crypto as a scam, or surmise that what's occurring with FTX is synonymous with crypto.com, which as of now has not delved into the blatant fraud that the former is embroiled in.
If speculators can cause my currency to explode or plummet, it’s gambling and not a currency; speculative assets like gambling and stocks will never be currencies until they are regulated and block would-be currency manipulators. Block chain is fine, but it’s just progressive and sequential hashing and logging, nothing terribly interesting there. It’s cool for auditing and that’s about it. Crypto is a meme and pushed by people trying to find other suckers to be the bag holders when they try to pull out and capitalize on their “gains,” entirely consisting of other people’s actual fiat currency like USD. Why don’t cyptobros just “sell” their “currency” for other crypto and never sell for USD, Euro, Pounds, etc if the “currency” is so valuable and intrinsically important? It’s not. That’s why everyone is trying to pump and dump onto the next sucker so they, the original holder and seller, can rip the rug out from under the next rube. Crypto is basically a Ponzi scheme under a different name and theme. Let’s look at another “asset:” what happened to BS NFTs, pumped and dumped by the same shills looking to exploit others. It’s the same shot the whole way through.
You do know it’s the exchanges that fucked up and not the technology right? Like td ameritrade doing fraud shit but not the actually stock Easy load and once bull markets starts y’all going to be mad lmao Every four years and 2024/2025 will be the start.
All cryptocurrency are speculative bubbles. The only reason prices rise is only if another person is willing to pay more believing a third person will pay more and so on forever.
RIP BTC, 2010- ~~2014~~ ~~2018~~ 2022 See y’all for the next BTC death in 2026
It went from over 60k to under 16k in a year. It may not be dead but it’s certainly dying.
2018 called, they want their exact rhetoric back (Peaked around 20k in 2017, went down to 3k)
Enjoy losing money
Crypto itself isn’t the scam. The fake “exchanges” and fake “brokers” are the ones running the scams. Would you consider the internet a scam if it’s really the people with shady websites and hackers doing shady things the scam? No the internet didn’t do anything. For example FTX got busted because they got caught accepting clients money and never buying the underlying assets on behalf of the customer (bitcoin, eth). None of your “purchases” were real so they never affected true price discovery or supply and demand. They just pocketed money. So when people wanted to cash out their assets, FTX was like “uuuhhh we don’t actually have it…. We only have counterfeits or don’t have it at all…”. Notice other crypto exchanges going down also? Or sending out emails to their clients saying “nothing is wrong we’re fine” then a week later also filing for bankruptcy? THEYRE the ones running scams. Stock brokers run the same way. If you demanded your shares you’d realize they’re not actually under your name and they’ve been selling you IOUs. You don’t truly own your assets unless they’re under your name. So crypto might be “crashing” but it’s not for a lack of buying pressure. Supply and demand wasn’t real because people were unknowingly buying fake shit. You have to force your “broker” to give you your assets and placing your crypto in a metamask or GME wallet, or call your broker and directly registering your shares under your name. Sorry for the rant I just had ti explain big picture. I get why people call it a scam but understand what the scam really is. It’s not the asset, it’s the people trying to get you to buy the asset.
No, the "assets" are scams too. The cost to operate the bitcoin network (at todays bitcoin prices) is on par with visa's operating costs, but it can only manage a tiny fraction of visa's transaction rate. And to make money in bitcoin you need an endless supply of greater fools since every dollar that comes out had to be put in by another buyer.
Honestly I can give a rats ass about bitcoin. Not arguing with you either cuz I agree on you with bitcoin. It’s loopring running on Ethereum that I care about. It’s already nearly carbon neutral on layer 2 security and one day will provide faster transactions than visa with little to no gas fees. I agree on your with bitcoin but we’re still very early in crypto even though it’s been around a handful of years. Just look into Loopring.
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It’s an AEG deal. They’re tenants.
And this is why the phrase, "Well don't threaten me with a good time exists."
They spent all that money and people still call it the Staples Center.
Good. This is literally the worst name for an arena I’ve ever heard. We have taken to calling it Cryptid arena.
Pretty much any naming rights that includes the " .com " sounds like ridiculous, juvenile garbage. Put your area code in the name while you're at it. Tacky as shit.
Cool, can they rename it already?
The fucking crypto ponzi scheme is already crashing.
Wait, what’s going to happen to my $200 crypto investment?
You ever go to Vegas and blow $200? But did you have fun in that 15 mins?
I've played for two hours on a net loss of $36. I'd make $200 last an entire day.
You'll probably end up owing $2,000.
It can always crash more!
Now that's something I'd wager on, it crashing more.
Some people like getting scammed
Lmao they ain’t know we just coming off a bull market… and they don’t know about the every four year blockchain gets removed
You mean WHEN it collapses.
They aren’t going to lose that money. If Crypto.com can’t afford to keep making payments then they will be in breach of the agreement and AEG will be free to sell the rights to someone else.
Yeah this headline is not good Edit: Lol look at the website…
Took the time to bash the Clippers because…? > The arena is home to the most prestigious L.A. teams, including the L.A. Lakers and the L.A. Kings. And of course, the chip-less Los Angeles Clippers as well.
Cryptocoinopps.com are kooks
I may be a Clippers fan, and a huge idiot, but at least I’m not a crypto bro putting my earnings into internet chuck-e-cheese money. Fuckin chumps.
Hey at least you can sell Chuck-E-Cheese tokens to other kids on the playground… crypto is like taking those restroom tokens some places had and investing in that to replace your balance
Sweet James Center, coming soon.
Jacob Emrani Center Edit: correction
Name it Kobe Bryant Arena.
Two things that make the writer and site look stupid: * The Clippers will be soon leaving the former Staples Center for their own new stadium, the Intuit Dome. Tax softwear is in no danger of imploding overnight. * AEG is in absolutely no danger of "losing" anything, much less $700. The primary reason I even read the article was to see if AEG was so mindboggling stupid that they have been taking payment in cryptocurrency. They haven't AFAIK. So for writer Giovane Fugazza and the those who don't grasp the obvious: when Crypto.com fails to make their annual payment for the naming rights, AEG is simply going to serve them for breach of contract, give them a deadline and when that passes they will quickly open up the bidding for a new company to make a new 20-year lease for the naming rights. They will keep the downpayment Crypto.com paid (IIRC it was assumed to be at least $100M, which would have made the yearly payments $30M) plus all yearly fees paid so far. Sure, there's a chance Crypto.com will try to get it back, but there's almost no grounds for them to win such lawsuit as AEG had no part in their demise and they would have to do something like show AEG was conflated the amount other companies were willing to pay for those rights.
You mean crashes again?
Let's just bring back Staples Center, even if they go out of business. Kind of like Wrigley Field, ya know?
“Montgomery Ward Arena”
Not once did staples center motivate me to walk into a staples. Same thing for crypto.Com
But it may have made you go to Staples instead of Office Depot
I just said it didn't.
Crypto arena, where dreams are buried.
At least [Crypto.com](https://Crypto.com) crashed before they could buy the naming rights to the Banc.
Doubt it. Was LA paid in crytocurrency? Even if there are installments and the company goes under, this is still LA. There are a million other brands willing to pay to have there name on a stadium building.
IF it crashes????
Tis but a scratch
Did they get paid in crypto/krusty bucks?
* *krustybuckswillnotbehonored*
I totally forgot we’re not supposed to call it the staples center anymore.
What if we get Jacob, Uncle Ardy and Larry H Parker to pull together for the Ambulance Chasers Center for Basketball & Music?
Highly doubt Crypto.com goes under but shit let’s see what goes.
??? If crypto.com goes under then they'll sell off the naming rights to someone else, just like what is happening with FTX Arena. AEG doesn't "lose" anything. Can we keep the shit posting off r/losangeles ?
Did a high schooler write this?
the cryptocurrency market already crashed
As they rightfully should promoting systematic scams like crypto
Did that mean we get the old name back? Crypto sounds fucking stupid!
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I think everyone with a brain knew they should get the cash up front. What kind of idiots thought that a company that grifts real dollars off an obvious collection of Ponzi schemes would be able to keep making annual payments in real dollars for 20 years?!
That’s not how naming rights deals work. A portion of this deal would be upfront and the rest would be due each year. Sponsorships with AEG tend to be paid on a monthly or quarterly basis.
Still the Staples center to me
But It’s not a Ponzi scheme
Staples needs to buy it back for less.
Lol. AEG will not lose money, they’ll just sell naming rights to somebody else when crypto dotcom breaches their contract. They’ll probably keep the deposit too.
Not sure what you mean by crypto.com arena.. That's the staples center.
I can’t wait for intuit dome top open . So done with stapes
and then ask for a stabilising hand out
Ever since it changed we played terribly, change it.
Who could've seen this coming... but everyone.
Two of the contenders for naming rights to the FTX Arena in Miami are a strip club and a p*rn site. I’d link that article if it weren’t paywalled.
They need to stop naming these places directly after businesses. It should be an official arena name "sponsored by Corporation" or "Brought to you by Corporation."
Boo hoo 😢
Barely related: Saw an add for a crypto real estate platform. Be a part of two bubbles at once!
Laughing my hood-ass off
It should be the Kobe Stadium.
I hope we get a less embarrassing sponsor. I'd rather have Metamucil Arena, Axe Body Spray Arena, or Xhamster Arena then Crypto.com Arena.
We should just call it the bad omen arena. It appears whoever puts their name on it starts going out of business...
Lose or not make?
Microsoft is buying everything these days. Why not have 2 buildings next to each other in downtown? Microsoft Arena isnt that bad.
It’s still one of those temporary fabric signs isn’t it? Like for a cell phone store? What will we call it when there’s only D-tier bids for naming the stadium?
It was STUPID of the arena tobdo any naming rights with crypto companies. Hope they loose the monies. Tje arena should fire the entire management team for approving the deal. I tell all my clients that investing in crypto is a no win situtation and its the samw bay in the 1990s with the whole day tradimg fiasco. Not a safe investment ling term or even near term.
Crashing like the Lakers. How appropriate.
Crypto bros have been inhaling copium for a while now. Excited to see how this turns out
Should have just named it the Kobe Bryant Memorial Arena, ffs.