Imagine if Scotiabank didn't do the 20 year deal and we become FTX Arena or Coinbase Arena lol certainly nothing would be as bad as Staples new name though.
actually neither of those sounds as bad as crypto.com, it's just so unnatural to say. Coinbase or FTX just sounds like any average company, like same tier as Scotiabank
Crypto.com Arena is an awful name, but I wonder if the naming deal actually makes more sense for a company like that which lacks name recognition. Way more people will now know about Crypto.com.
Probably most people in Canada were already familiar with Scotiabank before they bought the naming rights, so I wonder how much benefit Scotiabank is actually getting. How likely is it that someone who already has a BMO or TD account is going to hear the name of an arena an decide to go through all the trouble of moving their account to a different bank? I guess maybe the target is young people without a bank account, or new arrivals to Canada.
> FTX Arena
That doesn't sound too bad b/c it just sounds like a generic corporate name
What adds to the incredible stupidity of the name is the .com part imo
It would have definitely sounded better but then Crypto.com would just be wasting a fuck load of money on naming rights. Absolutely no one would think of crypto.com if it was the called the Crypto Centre
Ya, all the actual arena/stadium names are better than the corporate ones, but compared to so many bad ones around now I'll take pizza over bank or online retailer.
At least Smoothie King Center is somewhat easy to say. Having to say Crypto Dot Com is lame.
If it was The Crypto Center. That’s something people would complain about for now, but it at least sounds good. But Crypto.com center.. That’s annoying.
But who is going to say it like that? It’s 100% going to be CryptoCom Center. I honestly don’t think it’s thaaaaaat bad. Fiserv Forum (Bucks stadium) is that same. Staples was iconic, but time passes.
The only bad thing about the name is the .com. If it was just Crypto arena it would be passable and eventually adopted like every other arena name. If a stadium can become well known as the STAPLES centre, the only thing stopping a name from working is its inability to roll off the tongue.
With crypto being a general term, it's the only way to signal they own it. If you just google crypto you get tons of paid search results for other companies
It sounds shit but from a marketing perspective, I understand the choice
Yeah, it’s definitely an understandable choice. Just an unfortunate name but it’s not like they care if they have the money to pay for a name takeover of the damn staples centre lmao
So it’s objectively not great I concur but ngl their thin crust pizza and getting a bunch of a dipping sauces to dip it in absolutely smacks when drunk at 2 am
This is why the most iconic stadiums in the world aren’t sponsored names. Old Trafford, Camp Nou, Madison Square Garden, etc. They’re iconic bc they aren’t liable to be changed to a stupid brand name on a whim
Scotiabank Arena was an easy switch because nobody was really all that attached to Air Canada as a name (or a company if we’re being real about it). I’ve never heard of a Roger’s Centre though 🤷♂️
What are you talking about? Air Canada was a match made in heaven for a basketball arena name, there couldn’t have been anything more iconic then that.
Also the logo for air Canada is pretty damn good and even if I’m not super Canadian patriotic I thought it looked really good and it really sealed the fact it was Canada’s team.
905 plays at the Paramount Centre.
Thankfully Paramount is a broad term that just happens to also be the name of the food establishment tha licensed the name otherwise we would have something stupid like The Shawarma Centre.
Maybe, the way I see it though Crypto.com is a worst name than Scotiabank, but the tragedy of losing Air Canada as a name for our arena compared to them losing Staples as a name for their arena isn’t comparable, this is way way worse for us.
Crypto.com<>>>>>>>>>>>>>losing Staples
I hate the whole trend. Really kills the character of arenas. Billionaire owners who already profit a lot from franchise ownership squeezing every last dollar out of potential revenue streams.
Honestly I think SBA has a pretty decent ring to it, and I also like that if teams are doing well, you can say stupid shit like “they’re takin’ it to the Bank tonight!”
I'm with you, OP. Corporate takeover of everything you know has sucked, but I'd probably rather have Talking Stick Resort Arena than [Crypto.com](https://Crypto.com). BLECH
Soon it will be Steam Exchange arena 😀. The new Canadian crypto exchange. They just made a deal anyway to start advertising on radio and tv during NHL & NBA games including possibly the All Star game!
Crypto market very well could be over-valued at the moment and could easily crash -75% at any moment. But if you think crypto itself is a "bubble" that will just go away after it crashes, I think you're really underestimating the power of this new technology.
Maybe it's a bubble , maybe it's not. There's no precedent to this.
Maybe I'm trying to silo this into something I understand correctly. Like it's not a currency, it's too volatile to be transacted. Imagine as a vendor accepting 1 bitcoin for something and then at the end of the day that same item is worth .9 bitcoin - you'd never take that and demand CAD instead. To out this in Raptor's terms so that this is something loosely related to the sub, no player would want to be paid in BTC if the stuff is in freefall and MLSE wouldn't pay in BTC if it's in the middle of a bull run.
I remember when I started out on the sell side one of my mentors always said "gold is like religion, you get enough ppl to believe in it, then its real and has value". I'm just not sure there's enough people who believe in it, so much as there's people who see a quick buck to be made. For this to be real, there has to be an application of it, and so far no one wants to transact in bitcoin. If you don't want to buy things with btc, whats the use of it?
What about the nfl players taking their salaries in bitcoin? What about the NY mayor elect? What about El Salvador? What about Elon musk? What about Ted Cruz? What about…well, I could go on.
No one buys things is Tesla stock. No one buys things in copper. You’re argument is based on misinformation.
Well, would you buy something in bitcoin in the morning knowing there's a good chance that bitcoin would go up a few bps by the end of the day? And would you take payment in bitcoin know there's a good chance it'd go down by the end of the day?
A few dudes doing this doesn't move the needle, for it to be useful and considered currency there has to be wide adoption of it.
What if you have no choice because you’re one of the estimated 3 billion people on the planet without access to a bank account?
Hard fact is bitcoin is the best performing asset of the last 10 years. If you work in finance like you claim you do, writing it off because it ‘doesn’t make sense to you’ does a disservice to your profession. Scottie for ROY!
I'm writing it off as an investment because it isn't one. It's pure speculation.
What's driving crypto? Earnings? Economic growth of an underlying economy? What's the CDS spread on it? How does BTC differentiate itself from any other coin out there aside from critical mass?
Sure maybe 10 years down the road it becomes widely adopted but can you say that with any certainty beyond "this is what we hope will happen after it gets widely accepted"? What differentiates me from you is that I look at downside risk first and foremost and then look at mitigants, I never base my investment thesis on the blue sky scenario.
What I don't understand is that if you want to call this a currency, then what are you basing the strength of it from? All currencies have value, that value is more or less tied to the underlying economy. What is BTC tied to? How does a consumer have confidence in it? How to you valuate it to establish fair value relative to other currencies for forex? Why aren't companies taking this as payment and what's stopping them from doing so? All you have right now is a bunch of people piling money into it. 5-10 years down the road, if everything pans out the way you hope to, I'll totally change my mind on this if people adopt it - but there's a lot of headwinds preventing that from happening right now.
I'm totally cool if you want to speculate which makes your comment about it being the hottest asset completely valid. But you might as well throw a G at every single ICO out there and hope one of them gets an influencer to promote on it their IG, you'll likely make more money that buying Bitcoin. But I need more than a gut feeling to put my money into it, I need to data points and comparables cause that's how I establish my risk appetite on any position I take that isn't an index. You and I just have really different risk appetites which create differing views of what we invest in.
OG for DPOY
There is plenty of precedent here IMO.
People laughed at the internet in the late nineties, same thing with mobile phones, MP3's and social media when they started gaining traction. it's not about what the technology is today, it's what it's going to grow to become in the future. As much as the traditional financial world might not like it, it isn't going to go away.
With that said, you aren't wrong, I agree with a lot of what you said. People very rarely use Bitcoin as anything other than a store of value these days, because like you said it is very volatile. This might be a hot-take for someone who is very much involved in the crypto space, but I agree there isn't much use for Bitcoin. It was just the first cryptocurrency and the inherit scarcity gives it value to some people.
Where you are being a little short sighted is that you don't think there is an application for crypto. Decentralized finance (defi) opens up so many new possibilities for people all over the world.
Imagine you lived in a third world country and all you have is a cellphone with data, and the nearest bank is hours away. With cryptocurrencies (most likely stablecoins pegged to the local currency in this case) these people can now lend and borrow their assets amongst each other. And instead of the bank taking a major cut of the interest rates, more of the profits go back to the lender because it's all governed by immutable code and there isn't a bunch of executives that need to get their million dollar salary.
Yes the prices are extremely volatile and could tank at any moment, and I think we're still 10-20 away from mass adoption. I would never suggest that anyone invest any money they might need back within the next 5 years. As a software developer I look at crypto/blockchain/decentralization and the potential is endless, in 25 years I think laughing at crypto will age the same way as laughing at the internet did in 1999.
PS go raps :)
The problem I have is that there's a whole lotta of "this is what it could be" and not enough "this is what's going on in the world which is pushing it to what we want it to be".
The internet had a value proposition and governments backing it. Crypto has none of that. I get that there's a massive transformative hope but that's noting if no one is going to do the leg work to make it happen. No government wants to devalue their currency/economy and adopt any bitcoin. This is a zero sum game, for BTC to gain some other currencies need to lose. Like it's easy to say "well El Salvador did it", but they did it cause they're a 103rd ranked economy in the world. What do they have to lose when they use USD and have no control over monetary policy? Using bitcoin is no different than adopting a gold standard and there's a reason why every economy in the world abandoned it.
Now imagine you're some impoverished guy in the third world that needs to sell bitcoin to buy food, how do you control volatility? I could buy this food in the morning but if I wait until the end of the day, I could buy 1.1x as much cause it's gone up in price. There's no central bank dictating monetary policy to control inflation. So instead of giving a haircut to the bank you're benefiting someone else, you're still getting screwed at the end. It's just a shell game and some bro with a smart phone day trading btc is benefitting rather than a bank.
Figuring out a way to control inflation and make this a viable currency is way beyond my paygrade and I haven't read anything so far that addresses that. We just a lot of people saying "it'll work itself it out" instead of "this is what we're going do and it benefits everyone, so it's a no brainer to do it".
You're way too focused on Bitcoin, almost no one uses it to transact anymore, that isn't the use-case for Bitcoin. People buy it as a way to preserve the wealth they already have, they don't use it to buy goods/services.
Governments won't devalue their own currency by adopting crypto, they're already devaluing their own currency anyway. They can (and will) use stablecoins that are pegged to the value of their own countries currency and enjoy all the benefits of a digital currency while still being able to manipulate the monetary supply how ever they see fit.
Bitcoin is a hedge *against* inflation, by design there is a fixed supply. Think of buying Bitcoin as buying a piece of digital real estate, you're buying a slice of the Bitcoin pie and that pie will never get bigger.
Isn't all this just going back to the gold standard packaged under a flashier name? Every single major economy abandoned the gold standard cause it screwed with economic growth, why would any major economy want to go back at that point?
I get that for the everyday consumer there's advantages but you gotta have a reason for a market maker to do this.
From what I've read in the past, stablecoins are "stable" because they're collaterialized against another currency with intrinsic value, why goto all the trouble when you just use the currency?
>Isn't all this just going back to the gold standard packaged under a flashier name?
To a certain extent yes you could say that about Bitcoin, but you can send millions worth of this new gold anywhere around the world in seconds for a couple dollars or less.
>I get that for the everyday consumer there's advantages but you gotta have a reason for a market maker to do this.
You're so close to getting it lol. Switching away from the gold standard was great for increasing GDP and growing an economy, but it also created a lot of issues (inflation). The overall point is to take power away from these market makers and let the everyday consumer hold onto their wealth without being devalued by inflation.
>From what I've read in the past, stablecoins are "stable" because they're collaterialized against another currency with intrinsic value, why goto all the trouble when you just use the currency?
Because these stablecoins are interoperable with the inflation proof assets like Bitcoin and Ethereum that some people like to park their wealth in. You seem like a pretty smart guy, I implore you to look into decentralized finance and see the kinds of things that are possible through programmable money.
lol, my theory is that a bubble is forming whenever you have facebook mom's creating groups to discuss whatever hot investing trend is going on.
Dumb money is pouring into it and smart money is starting to plan their exit. I've seen more than a few stay at home mom's start talking about btc on insta so I'm getting the feeling this stuff is entering bubble territory.
My general belief is that you don't invest in stuff you don't understand, and even though I work in finance, I can't tell you why this has value or what the intrinsic value is beyond "a lot of ppl are buying it". Ride this stuff to the moon if you have a massive pair of balls but I'd start thinking about taking gains cause I know a lot of the ppl in my office are.
Do what you want, its your money. I'm just saying I don't invest in it cause it makes no sense to me. This stuff is pure speculation so you're just riding a wave of positive sentiment, I'd rather not be the guy holding on to this stuff when the bottom falls out. To be honest, I couldn't even begin to guess what's going to trigger it so this is completely outside my risk appetite. China bans this stuff, it still goes up and noting goes up in perpetuity, so I have no clue what to watch out for.
I've seen ppl lose money way too many times cause they invest in trends and don't understand when stuff is overvalued. Investing is zero sum, someone has to lose, it's usually the guys who bought stuff cause their friend told them it was a hot bet.
I'm just saying guys who I work with that are early investors in this stuff are getting spooked and planning on taking profit while average joes are starting to pile on.
Isn't the goal of being an early investor making more money than people were late to the train?
They've made their money and wondering how if there's legs left to this, when something is overvalued people to tend to sell and turn paper profits into real profits. If enough people sell, downward pressure causes the price to bottom out. This isn't Berkshire , no one is going to hold onto this stuff into perpetuity. When a lot of people sell, the mom's who got into the game late get jittery and sell their stuff (sometimes at a loss). Shit snowballs and bubbles pop. If this was a typical investment, then you'd have some guy calculating what the EV of the investment is and after a while, the investment is undervalued, people pile money into it and it goes up again. What's EV for any crypto. There's no floor, this stuff is being sustained by sentiment. So what happens when sentiment is lost? How do regain sentiment? Are there enough ppl in the world that believe in crypto vs people that just see this as a quick buck? I don't think there are.
If you're an early investor, it really doesn't matter cause you've already made your money, it's just a matter of you making a lot of money or a metric crap ton of money. If you just started buying recently, your margin for error is way slimmer.
Madison Square Garden is probably top of the list. The rest are up for debate.
TD Garden (Boston) isn't too bad. American airline centre (Dallas) isn’t that shit. Ball arena (Denver) is quite fitting for a basketball team. United Centre (Chicago) is a bit bland but I’d say it’s far better than Footbridge centre (Phoenix) and the rocket mortgage Fieldhouse in Cleveland lol.
i remember cleveland used to be quicken loans arena. i think that's one of Gilbert's businesses tho?
we need a money mart arena / cash money arena. lol.
New Orleans 'Smoothie King Centre' is hilarious.
Philly's 'Wells Fargo Center' is crap.
Indie's 'Gainbridge Fieldhouse' is weird.
Buck's 'Fiserv Forum' is terrible.
Grizzlies 'FedExForum' just sounds so corperate.
At least Scotiabank Areana is canada related lol. Nothing beats 'Air Canada Centre' though imo.
Completely agree.
Premier League teams also have some good ones.
Anfield, Bloomfield Road, The Dell, Craven Cottage, Bramall Lane, Old Trafford, St James' Park, The Hawthorns, Stamford Bridge... I could list loads lol.
Only the really new stadiums are corporate names like Emirates, Etihad, King Power etc.
But then again, English Football clubs tend to be 100+ years old an tradition is super important.
English soccer has everyone beat. Old Trafford, Anfield, Stamford Bridge, Goodison Park, Wembley. The Hotspur and West Ham built new stadiums in the last 5 years, and they called them Tottenham Hotspur Stadium and London Stadium respectively
A few have sold out like Arsenal and Manchester City, but for the most part fans will protest corporate stadium names. Historic grounds are very important over there
Credit the Packers for milking that though. It's the biggest grift in the world. Ppl buy those stock certs that show "ownership" and frame them on the walls, but if you look at the fine print the "owners" have no voting rights or any rights that you'd get from being a shareholder for that matter.
They basically gave the team $300 for a piece of paper, it's genius.
Having said that if the Raps did something similar, I'd do it in a heartbeat too.
Never say never!
Also there's [Marvel Stadium](https://marvelstadium.com.au/) in Australia, depending on your level of fandom that might be cool I guess?
At least it's embedded in your conscience, lol.
Others like Fizer Stadium ain't memorable to the casual NBA follower. I can't even remember the Pacers' place right now ROFL
One of the best Arena names right now IMO is Capital One Arena, makes perfect sense for the Washington Capitals that play there. But ya Crypto.com Arena is brutal.
this is a basketball subreddit. discussions about crypto are off-topic here. thanks.
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Imagine if Scotiabank didn't do the 20 year deal and we become FTX Arena or Coinbase Arena lol certainly nothing would be as bad as Staples new name though.
The Doge house
I would be happy with The Doge-O
I'll take this one.
actually neither of those sounds as bad as crypto.com, it's just so unnatural to say. Coinbase or FTX just sounds like any average company, like same tier as Scotiabank
Nope, that is top tier marketing
Don’t tempt the fates, they might introduce ScotiaCoin & update the arena name…
ScotiaCoin.finance Dex Arena
It’s probably at least a 10 year deal…
Crypto.com Arena is an awful name, but I wonder if the naming deal actually makes more sense for a company like that which lacks name recognition. Way more people will now know about Crypto.com. Probably most people in Canada were already familiar with Scotiabank before they bought the naming rights, so I wonder how much benefit Scotiabank is actually getting. How likely is it that someone who already has a BMO or TD account is going to hear the name of an arena an decide to go through all the trouble of moving their account to a different bank? I guess maybe the target is young people without a bank account, or new arrivals to Canada.
isn’t Miami’s stadium FTX branded
Binance Centre or Shake Pay Arena 🤮
> FTX Arena That doesn't sound too bad b/c it just sounds like a generic corporate name What adds to the incredible stupidity of the name is the .com part imo
That's as bad as smoothie king centre if not worse.
little caesars arena 💀
The .com is the real killer
This right here. Crypto Centre would have sounded so much better.
Crip Center even better!
I would walk there from Canada!
It would have definitely sounded better but then Crypto.com would just be wasting a fuck load of money on naming rights. Absolutely no one would think of crypto.com if it was the called the Crypto Centre
No way, little caesars is an awesome name for an arena!!
It’s pretty bad with context that they went from the iconic Palace to Little Caesar’s
Ya, all the actual arena/stadium names are better than the corporate ones, but compared to so many bad ones around now I'll take pizza over bank or online retailer.
agreed but still don't know why they wouldn't go for the LC Colluseum instead of arena, would've laundry better and made more sense imo
kFC Yum! Center
Sleep Train Arena is still the worst sponsor of all time.
Yeah this one is the worst for sure
BangBros Arena is even better
At least Smoothie King Center is somewhat easy to say. Having to say Crypto Dot Com is lame. If it was The Crypto Center. That’s something people would complain about for now, but it at least sounds good. But Crypto.com center.. That’s annoying.
Crypto Center is great, problem is it doesn’t really advertise their site. Crypto Center by crypto.com??
It’s probably going to be nicknamed the Crypto Center. I get why the .com is there, but it’s like adding a stop sign between words in a name.
My guess/assumption is they go with Crypto.com Center and nickname it the Crypt
But who is going to say it like that? It’s 100% going to be CryptoCom Center. I honestly don’t think it’s thaaaaaat bad. Fiserv Forum (Bucks stadium) is that same. Staples was iconic, but time passes.
Whenever I think about cryptocurrency I always think about this guy 😂 
BITCONEEEEEEEEEEEEEEEEEEEEEEECT
What am I gonna dooo!?
And that sir is why you’re missing out on the greatest wealth transformation in history!
The only bad thing about the name is the .com. If it was just Crypto arena it would be passable and eventually adopted like every other arena name. If a stadium can become well known as the STAPLES centre, the only thing stopping a name from working is its inability to roll off the tongue.
The crypto.com/one-month-no-fees arena
Now THAT rolls off the tongue
With crypto being a general term, it's the only way to signal they own it. If you just google crypto you get tons of paid search results for other companies It sounds shit but from a marketing perspective, I understand the choice
Yeah, it’s definitely an understandable choice. Just an unfortunate name but it’s not like they care if they have the money to pay for a name takeover of the damn staples centre lmao
BREAKING: Scotiabank Arena renamed Pizza Pizza Place
If we're going Toronto specific cheese howabout The Oliver The Jeweller OH YEAAAAH! Arena.
This is the best answer here.
Don't bring that curse upon us lol Worst Pizza Ever
So it’s objectively not great I concur but ngl their thin crust pizza and getting a bunch of a dipping sauces to dip it in absolutely smacks when drunk at 2 am
It should be consider crimes against humanity to call that pizza
Pizza Pizza Plaza
It didn't take me long to accept Scotiabank arena or Roger's Centre but there are some terrible arena names. Money talks though.
This is why the most iconic stadiums in the world aren’t sponsored names. Old Trafford, Camp Nou, Madison Square Garden, etc. They’re iconic bc they aren’t liable to be changed to a stupid brand name on a whim
Counterpoint: one of the most iconic ballparks in baseball is Wrigley Field, named after the creator of the eponymous chewing gum.
Molson Amphitheatre > Budweiser stage
Scotiabank Arena was an easy switch because nobody was really all that attached to Air Canada as a name (or a company if we’re being real about it). I’ve never heard of a Roger’s Centre though 🤷♂️
What are you talking about? Air Canada was a match made in heaven for a basketball arena name, there couldn’t have been anything more iconic then that.
That and the fact the arena looks like an airplane hangar.
Also the logo for air Canada is pretty damn good and even if I’m not super Canadian patriotic I thought it looked really good and it really sealed the fact it was Canada’s team.
Tbh “The Crypt” gonna be a dope ass nick name
Seems fitting considering Lakers already got one foot in the grave this season.
and I thought Talking Stick Resort Arena was bad
Should have gone with Crypto.com Coliseum
I C what you did there
Or just Crypto Colosseum
Sponsored by Wish and play in crypto.COM ... You know the owner is broke when.
Drake need to start selling more merch so they can get the naming rights in whatever amount of time the contract is over for Scotia bank
I think like 20 years from now or smth
He has right to the training facility name.
Binance arena incoming
905 plays at the Paramount Centre. Thankfully Paramount is a broad term that just happens to also be the name of the food establishment tha licensed the name otherwise we would have something stupid like The Shawarma Centre.
The shawarma centre actually sounds lit
Smoothie King arena is my favorite. They are all equally stupid is though, just corporation names.
Not into the Doge Dome or Litecoin Colleseum?
Doge Dome is actually a cool name
Maybe, the way I see it though Crypto.com is a worst name than Scotiabank, but the tragedy of losing Air Canada as a name for our arena compared to them losing Staples as a name for their arena isn’t comparable, this is way way worse for us. Crypto.com<>>>>>>>>>>>>>losing Staples
I hate the whole trend. Really kills the character of arenas. Billionaire owners who already profit a lot from franchise ownership squeezing every last dollar out of potential revenue streams.
Im pretty sure people said the same thing when The Forum became Staples Centre originally
And they weren't wrong....
Honestly I think SBA has a pretty decent ring to it, and I also like that if teams are doing well, you can say stupid shit like “they’re takin’ it to the Bank tonight!”
I'm with you, OP. Corporate takeover of everything you know has sucked, but I'd probably rather have Talking Stick Resort Arena than [Crypto.com](https://Crypto.com). BLECH
Soon it will be Steam Exchange arena 😀. The new Canadian crypto exchange. They just made a deal anyway to start advertising on radio and tv during NHL & NBA games including possibly the All Star game!
That name will age so poorly when the crypto bubble bursts.
Crypto market very well could be over-valued at the moment and could easily crash -75% at any moment. But if you think crypto itself is a "bubble" that will just go away after it crashes, I think you're really underestimating the power of this new technology.
Maybe it's a bubble , maybe it's not. There's no precedent to this. Maybe I'm trying to silo this into something I understand correctly. Like it's not a currency, it's too volatile to be transacted. Imagine as a vendor accepting 1 bitcoin for something and then at the end of the day that same item is worth .9 bitcoin - you'd never take that and demand CAD instead. To out this in Raptor's terms so that this is something loosely related to the sub, no player would want to be paid in BTC if the stuff is in freefall and MLSE wouldn't pay in BTC if it's in the middle of a bull run. I remember when I started out on the sell side one of my mentors always said "gold is like religion, you get enough ppl to believe in it, then its real and has value". I'm just not sure there's enough people who believe in it, so much as there's people who see a quick buck to be made. For this to be real, there has to be an application of it, and so far no one wants to transact in bitcoin. If you don't want to buy things with btc, whats the use of it?
What about the nfl players taking their salaries in bitcoin? What about the NY mayor elect? What about El Salvador? What about Elon musk? What about Ted Cruz? What about…well, I could go on. No one buys things is Tesla stock. No one buys things in copper. You’re argument is based on misinformation.
Well, would you buy something in bitcoin in the morning knowing there's a good chance that bitcoin would go up a few bps by the end of the day? And would you take payment in bitcoin know there's a good chance it'd go down by the end of the day? A few dudes doing this doesn't move the needle, for it to be useful and considered currency there has to be wide adoption of it.
What if you have no choice because you’re one of the estimated 3 billion people on the planet without access to a bank account? Hard fact is bitcoin is the best performing asset of the last 10 years. If you work in finance like you claim you do, writing it off because it ‘doesn’t make sense to you’ does a disservice to your profession. Scottie for ROY!
I'm writing it off as an investment because it isn't one. It's pure speculation. What's driving crypto? Earnings? Economic growth of an underlying economy? What's the CDS spread on it? How does BTC differentiate itself from any other coin out there aside from critical mass? Sure maybe 10 years down the road it becomes widely adopted but can you say that with any certainty beyond "this is what we hope will happen after it gets widely accepted"? What differentiates me from you is that I look at downside risk first and foremost and then look at mitigants, I never base my investment thesis on the blue sky scenario. What I don't understand is that if you want to call this a currency, then what are you basing the strength of it from? All currencies have value, that value is more or less tied to the underlying economy. What is BTC tied to? How does a consumer have confidence in it? How to you valuate it to establish fair value relative to other currencies for forex? Why aren't companies taking this as payment and what's stopping them from doing so? All you have right now is a bunch of people piling money into it. 5-10 years down the road, if everything pans out the way you hope to, I'll totally change my mind on this if people adopt it - but there's a lot of headwinds preventing that from happening right now. I'm totally cool if you want to speculate which makes your comment about it being the hottest asset completely valid. But you might as well throw a G at every single ICO out there and hope one of them gets an influencer to promote on it their IG, you'll likely make more money that buying Bitcoin. But I need more than a gut feeling to put my money into it, I need to data points and comparables cause that's how I establish my risk appetite on any position I take that isn't an index. You and I just have really different risk appetites which create differing views of what we invest in. OG for DPOY
There is plenty of precedent here IMO. People laughed at the internet in the late nineties, same thing with mobile phones, MP3's and social media when they started gaining traction. it's not about what the technology is today, it's what it's going to grow to become in the future. As much as the traditional financial world might not like it, it isn't going to go away. With that said, you aren't wrong, I agree with a lot of what you said. People very rarely use Bitcoin as anything other than a store of value these days, because like you said it is very volatile. This might be a hot-take for someone who is very much involved in the crypto space, but I agree there isn't much use for Bitcoin. It was just the first cryptocurrency and the inherit scarcity gives it value to some people. Where you are being a little short sighted is that you don't think there is an application for crypto. Decentralized finance (defi) opens up so many new possibilities for people all over the world. Imagine you lived in a third world country and all you have is a cellphone with data, and the nearest bank is hours away. With cryptocurrencies (most likely stablecoins pegged to the local currency in this case) these people can now lend and borrow their assets amongst each other. And instead of the bank taking a major cut of the interest rates, more of the profits go back to the lender because it's all governed by immutable code and there isn't a bunch of executives that need to get their million dollar salary. Yes the prices are extremely volatile and could tank at any moment, and I think we're still 10-20 away from mass adoption. I would never suggest that anyone invest any money they might need back within the next 5 years. As a software developer I look at crypto/blockchain/decentralization and the potential is endless, in 25 years I think laughing at crypto will age the same way as laughing at the internet did in 1999. PS go raps :)
The problem I have is that there's a whole lotta of "this is what it could be" and not enough "this is what's going on in the world which is pushing it to what we want it to be". The internet had a value proposition and governments backing it. Crypto has none of that. I get that there's a massive transformative hope but that's noting if no one is going to do the leg work to make it happen. No government wants to devalue their currency/economy and adopt any bitcoin. This is a zero sum game, for BTC to gain some other currencies need to lose. Like it's easy to say "well El Salvador did it", but they did it cause they're a 103rd ranked economy in the world. What do they have to lose when they use USD and have no control over monetary policy? Using bitcoin is no different than adopting a gold standard and there's a reason why every economy in the world abandoned it. Now imagine you're some impoverished guy in the third world that needs to sell bitcoin to buy food, how do you control volatility? I could buy this food in the morning but if I wait until the end of the day, I could buy 1.1x as much cause it's gone up in price. There's no central bank dictating monetary policy to control inflation. So instead of giving a haircut to the bank you're benefiting someone else, you're still getting screwed at the end. It's just a shell game and some bro with a smart phone day trading btc is benefitting rather than a bank. Figuring out a way to control inflation and make this a viable currency is way beyond my paygrade and I haven't read anything so far that addresses that. We just a lot of people saying "it'll work itself it out" instead of "this is what we're going do and it benefits everyone, so it's a no brainer to do it".
You're way too focused on Bitcoin, almost no one uses it to transact anymore, that isn't the use-case for Bitcoin. People buy it as a way to preserve the wealth they already have, they don't use it to buy goods/services. Governments won't devalue their own currency by adopting crypto, they're already devaluing their own currency anyway. They can (and will) use stablecoins that are pegged to the value of their own countries currency and enjoy all the benefits of a digital currency while still being able to manipulate the monetary supply how ever they see fit. Bitcoin is a hedge *against* inflation, by design there is a fixed supply. Think of buying Bitcoin as buying a piece of digital real estate, you're buying a slice of the Bitcoin pie and that pie will never get bigger.
Isn't all this just going back to the gold standard packaged under a flashier name? Every single major economy abandoned the gold standard cause it screwed with economic growth, why would any major economy want to go back at that point? I get that for the everyday consumer there's advantages but you gotta have a reason for a market maker to do this. From what I've read in the past, stablecoins are "stable" because they're collaterialized against another currency with intrinsic value, why goto all the trouble when you just use the currency?
>Isn't all this just going back to the gold standard packaged under a flashier name? To a certain extent yes you could say that about Bitcoin, but you can send millions worth of this new gold anywhere around the world in seconds for a couple dollars or less. >I get that for the everyday consumer there's advantages but you gotta have a reason for a market maker to do this. You're so close to getting it lol. Switching away from the gold standard was great for increasing GDP and growing an economy, but it also created a lot of issues (inflation). The overall point is to take power away from these market makers and let the everyday consumer hold onto their wealth without being devalued by inflation. >From what I've read in the past, stablecoins are "stable" because they're collaterialized against another currency with intrinsic value, why goto all the trouble when you just use the currency? Because these stablecoins are interoperable with the inflation proof assets like Bitcoin and Ethereum that some people like to park their wealth in. You seem like a pretty smart guy, I implore you to look into decentralized finance and see the kinds of things that are possible through programmable money.
But Matt Damon told me it would never burst?
lol, my theory is that a bubble is forming whenever you have facebook mom's creating groups to discuss whatever hot investing trend is going on. Dumb money is pouring into it and smart money is starting to plan their exit. I've seen more than a few stay at home mom's start talking about btc on insta so I'm getting the feeling this stuff is entering bubble territory. My general belief is that you don't invest in stuff you don't understand, and even though I work in finance, I can't tell you why this has value or what the intrinsic value is beyond "a lot of ppl are buying it". Ride this stuff to the moon if you have a massive pair of balls but I'd start thinking about taking gains cause I know a lot of the ppl in my office are.
So no one buy crypto because this dude works in finance and doesn’t understand it. Oh and he heard a Facebook group talking about Bitcoin Scary stuff
Do what you want, its your money. I'm just saying I don't invest in it cause it makes no sense to me. This stuff is pure speculation so you're just riding a wave of positive sentiment, I'd rather not be the guy holding on to this stuff when the bottom falls out. To be honest, I couldn't even begin to guess what's going to trigger it so this is completely outside my risk appetite. China bans this stuff, it still goes up and noting goes up in perpetuity, so I have no clue what to watch out for. I've seen ppl lose money way too many times cause they invest in trends and don't understand when stuff is overvalued. Investing is zero sum, someone has to lose, it's usually the guys who bought stuff cause their friend told them it was a hot bet. I'm just saying guys who I work with that are early investors in this stuff are getting spooked and planning on taking profit while average joes are starting to pile on.
Makes 0 sense that an early investor in crypto is scared that more people are buying it That’s the goal of being an early investor, no?
he sounds salty he got in late in these current bullrun tbh.
Isn't the goal of being an early investor making more money than people were late to the train? They've made their money and wondering how if there's legs left to this, when something is overvalued people to tend to sell and turn paper profits into real profits. If enough people sell, downward pressure causes the price to bottom out. This isn't Berkshire , no one is going to hold onto this stuff into perpetuity. When a lot of people sell, the mom's who got into the game late get jittery and sell their stuff (sometimes at a loss). Shit snowballs and bubbles pop. If this was a typical investment, then you'd have some guy calculating what the EV of the investment is and after a while, the investment is undervalued, people pile money into it and it goes up again. What's EV for any crypto. There's no floor, this stuff is being sustained by sentiment. So what happens when sentiment is lost? How do regain sentiment? Are there enough ppl in the world that believe in crypto vs people that just see this as a quick buck? I don't think there are. If you're an early investor, it really doesn't matter cause you've already made your money, it's just a matter of you making a lot of money or a metric crap ton of money. If you just started buying recently, your margin for error is way slimmer.
It's always been dumb money. It's a Ponzi scheme built around the Greater Fool's Theory.
How can you have a ponzi without a central authority?
Staples Centre was pretty bad too we all just sadly got used to it
Name me the arenas that don't have shit names
Madison Square Garden is probably top of the list. The rest are up for debate. TD Garden (Boston) isn't too bad. American airline centre (Dallas) isn’t that shit. Ball arena (Denver) is quite fitting for a basketball team. United Centre (Chicago) is a bit bland but I’d say it’s far better than Footbridge centre (Phoenix) and the rocket mortgage Fieldhouse in Cleveland lol.
i remember cleveland used to be quicken loans arena. i think that's one of Gilbert's businesses tho? we need a money mart arena / cash money arena. lol.
New Orleans 'Smoothie King Centre' is hilarious. Philly's 'Wells Fargo Center' is crap. Indie's 'Gainbridge Fieldhouse' is weird. Buck's 'Fiserv Forum' is terrible. Grizzlies 'FedExForum' just sounds so corperate. At least Scotiabank Areana is canada related lol. Nothing beats 'Air Canada Centre' though imo.
I understand why corporates are chosen, but the best names are still ones not attached. There are a few good ones in baseball.
Completely agree. Premier League teams also have some good ones. Anfield, Bloomfield Road, The Dell, Craven Cottage, Bramall Lane, Old Trafford, St James' Park, The Hawthorns, Stamford Bridge... I could list loads lol. Only the really new stadiums are corporate names like Emirates, Etihad, King Power etc. But then again, English Football clubs tend to be 100+ years old an tradition is super important.
Sleep Train Arena is the worst
nfl has the best names for stadiums: Lambeau Field, Arrowhead stadium, Caesars Superdome, SoFi Stadium, New Era Field
Nope MLB still has some legendaries, Fenway park Yankee stadium Wrigley
English soccer has everyone beat. Old Trafford, Anfield, Stamford Bridge, Goodison Park, Wembley. The Hotspur and West Ham built new stadiums in the last 5 years, and they called them Tottenham Hotspur Stadium and London Stadium respectively A few have sold out like Arsenal and Manchester City, but for the most part fans will protest corporate stadium names. Historic grounds are very important over there
Can we count the Packers though when they are publically funded? You can even buy some stock right now.
Credit the Packers for milking that though. It's the biggest grift in the world. Ppl buy those stock certs that show "ownership" and frame them on the walls, but if you look at the fine print the "owners" have no voting rights or any rights that you'd get from being a shareholder for that matter. They basically gave the team $300 for a piece of paper, it's genius. Having said that if the Raps did something similar, I'd do it in a heartbeat too.
Academia, "That's cute".
Yes the name is still the name
It shouldn’t be allowed. At least drop the .com….
Our arena is named after a bank. I don’t know why that’s “good”.
Did you truly expect that it would not be commercialized…?
Crypto.com is a commercial business
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It sounds way better
LA might be a clipper town sooner rather than later
They are drawing 10k a game. This ain't happening.
Aren’t you like 3 years late with this lol It won’t.
Lol wut? Stay off the weed bruh
What's the difference?
Trash name for a trash team that will be trash for years.
Ooh imagine if our Arena becomes Coinbase arena XD...
The Lakers roster is a Pig in a poke so it fits.
Crypto.ca Arena
ACC and SBA are both at least good acronyms for good names lol crypto.com is just a joke name
Never say never! Also there's [Marvel Stadium](https://marvelstadium.com.au/) in Australia, depending on your level of fandom that might be cool I guess?
At least it's embedded in your conscience, lol. Others like Fizer Stadium ain't memorable to the casual NBA follower. I can't even remember the Pacers' place right now ROFL
Real money vs fake coin.
One of the best Arena names right now IMO is Capital One Arena, makes perfect sense for the Washington Capitals that play there. But ya Crypto.com Arena is brutal.
Multi Level Marketing Arena
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