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Crypto.com Naming Agreement 'Paid for Itself' After Coin Surges (bloomberg.com) 35

Crypto.com's deal last week to replace Staples as the title sponsor of an iconic downtown Los Angeles sports center appears to have already paid for itself. From a report: The CRO token has surged more than 55% in the past seven days as of Monday and reached a record on Sunday, according to pricing from CoinGecko, and is now the 13th-biggest by market capitalization at about $18 billion. Its gains come as many other top cryptocurrencies, including Bitcoin, Ether and Binance Coin, fall back. Two people familiar with the naming agreement said last week that it was worth $700 million over 20 years. The deal is a continuation of a trend by Crypto.com and others to gain name recognition and customers through pacts in sports, music and more.
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Crypto.com Naming Agreement 'Paid for Itself' After Coin Surges

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  • by fahrbot-bot ( 874524 ) on Monday November 22, 2021 @03:52PM (#62011095)

    It collapsed three days later, then was back up 10% that afternoon, then down 5% the next day, then up 200% a week later, then ...

    • Which is perfect if you're a day trader. If you're an investor, not so much.
      • More to the point, were they actually able to attribute the rise to the renaming of the sports arena?
      • Which is perfect if you're a day trader.

        It's only perfect for a day trader if it doesn't appear to move at random.

        • You are over-simplifying what day trading actually is. You actually have to keep up with the day to day going on's to be able to make good decisions. If it didn't "appear as random" then anyone could do it. Appearing to move at random and actually moving randomly are two different things. It may look random to you but to the day traders who did their homework, it's just what they would expect and how they continue to make money as day traders.
      • If you're a lucky day trader, you will make a lot.

        If you're an unlucky day trader, you will buy it just before it collapses 30%, then you will sell it all because you don't want to lose 60%, then you will cry as you sold at the bottom and watch it go up 300% without you....

        • If you're a lucky day trader, you will make a lot.

          If you're an unlucky day trader, you will buy it just before it collapses 30%, then you will sell it all because you don't want to lose 60%, then you will cry as you sold at the bottom and watch it go up 300% without you....

          Hey stop copying my trading strategy!

          I was thinking of patenting it. But then realized the only people I'd be suing would be even more broke than me.

  • by msauve ( 701917 ) on Monday November 22, 2021 @03:57PM (#62011121)
    They should hire the now out of work pets.com mascot as a spokesthing.
    • by shess ( 31691 )

      They should hire the now out of work pets.com mascot as a spokesthing.

      I hope you aren't implying that crypto valuations involve sockpuppets!

    • Superboy's pet was named krypto, and that was before it was cool.
      • Fun fact: the two are actually related. Krypto had that name because of Superfamily's home planet of Krypton, which was named after the element Krypton, which was named from a Greek root meaning "hidden" because it was discovered hidden in the natural mix of gasses in the atmosphere. The same root gives us the word "cryptography". "Cryptographic currency" became "cryptocurrency" and then just "crypto."

  • Just waiting for the cryptocurrency bubble to burst, then we can go back to Staples Center.

  • by rgmoore ( 133276 )

    All this shows is that the whole thing is a scam. If they're mostly concerned with how much the deal pumped the price of their coin, they care mostly about pumping and dumping that coin. If they actually cared about the coin as a currency, they'd be much more interested in long-term stability, not short term spikes.

  • by shess ( 31691 ) on Monday November 22, 2021 @06:49PM (#62011669) Homepage

    One August the company I worked for took us all out for a ballgame at Pac Bell Park, in an attempt to boost morale. The entire park was covered in Webvan logos. Webvan had just gone bankrupt, so our morale boost contained a LOT of snarky comments. I'm sure the Webvan deal had seemed like a good idea at the time...

    https://www.sfgate.com/bayarea... [sfgate.com]

  • Crypto market is really volatile. New cryptos are booming up daily surging at high percentage then falling down making investors loosing their money. Initially at any launch of crypto investors invest their money but later on it comes out as meme coin made just for fun. This is making investors insecure. Every other day we hear news of various government banning cryptos. Recent, this news came that "Aussie Minister warns Crypto No Passing Fad; SHIB issues fraud alert". This is complete bubble market and if

"It's like deja vu all over again." -- Yogi Berra

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