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.
After Coin Surges, and then ... (Score:4, Funny)
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 ...
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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.
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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....
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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.
Marketing. (Score:3)
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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!
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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... (Score:2)
Just waiting for the cryptocurrency bubble to burst, then we can go back to Staples Center.
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Which is great if you're a criminal, but the rest of us can just do traditional bank transfers with no fee at all.
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30 percent of people in the world do not have a bank account, but they probably do have a smart phone. How would you expect them to send money?
Alipay [google.com] or WeChat pay [google.com]
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You do realize that a bank is a third party right?
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is there any true, useful value to these cryptocurrencies ?
I feel like you and a lot of others in the 5 digit crowd are missing the big picture. ALL currencies today only hold value because of its common acceptance. It's pretty much like that with anything of value. Whether it be baseball cards, other trading cards, comics, antiques, cars, collectibles, pet rocks, or bullion even. They only have value because they are already commonly accepted.
"The amount of money moving into these things is staggering". The money isn't moving at all, just people's percept
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My final example is a one dollar bill. Can you deposit a one dollar in your bank account and then guarantee that you will get that EXACT SAME dollar back when you withdraw?
Why would you ever need to? Money is fungible. It's one of the main points.
Did you write your password on it or something?
Can you track where you got THAT SPECIFIC dollar from?
Why would you ever need to?
Can you transfer that dollar to someone across the world with just the two parties and not have to involve a bank?
Has one of the two parties set up their own cryptocurrency that they control?
Otherwise you'll need the entire network to accept and process your transfer. That's a third party. Where do you think the fees go if not a third party?
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Why would you ever need to? Money is fungible.
Because I was explaining the usefulness of cryptocurrencies and their non-fungibility is the point that I was making. Fungibility leads to an ease of counterfeiting. By being non-fungible, crypto is miles ahead of all of currencies when it comes to resistance to counterfeiting.
Can you track where you got THAT SPECIFIC dollar from?
Why would you ever need to?
Multiple reasons from law enforcement tracking criminal activity, to taxes, to balancing your checkbook.
Can you transfer that dollar to someone across the world with just the two parties and not have to involve a bank?
Has one of the two parties set up their own cryptocurrency that they control? Otherwise you'll need the entire network to accept and process your transfer. That's a third party. Where do you think the fees go if not a third party?
...Not sure if you are being pedantic on purpose but yeah crypto is on a network, it is a network. What I am saying by not havi
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Sure. Cryptocurrencies were originally pitched as a way to make electronic transactions quickly and cheaply; transaction fees would be inexpensive and convenient because there would be no banking cartel to keep them high, and governments would have difficulty imposing arbitrary rules.
Turns out they don't scale well, and the major reasons for avoiding government regulation are pretty sinister.
Actually, I don't even think we've seen how not-well they scale yet.
It's a pump and dump (Score:2, Insightful)
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.
Such dotcom vibes! (Score:3)
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 is Bubble Market (Score:1)