Everton, fan tokens and cryptocurrency

[evertony]

For anyone who thinks Blockchain is pure speculation.................

For example, digital wallets could verify identity and eliminate fraud by putting our identities on the blockchain. Everybody knows identity theft is a huge problem right now. Blockchain can solve it instantly.

In fact, we could register not only our IDs on the blockchain… but also our driver’s licenses… passports… voter registration… and hunting and fishing licenses. They all could be attached to a digital ID on the blockchain. It’s silly we are still issuing pieces of paper for these things.

What’s more, we could link registration for various government services to the digital ID. Think Social Security… Medicare… or Medicaid.

In this way, we could eliminate all the fraud and corruption.

And this technology will also impact the ways we do business and transact together. Consider smart contracts. These are digital contracts that automatically execute whenever certain conditions are met.

Smart contracts could simplify the process of buying a home. It takes months to close and costs thousands of dollars in fees.

Smart contracts can automate these processes and get rid of the third parties. That would speed up the process and drive down fees.

Imagine purchasing a home in 24 hours… and paying at least 80% less in transaction fees.

And on a larger scale, blockchain can also aid supply chain management for businesses. In the pharmaceutical industry, for example, blockchain would enable us to track drugs from manufacturing… to containerization… to the distribution center… to the pharmacy… and ultimately to the patient with a doctor’s prescription.

This kind of tracking from the point of manufacture to a patient can ensure that the supply chain is secure. And pharmaceutical companies can easily demonstrate compliance with a regulated substance like opioid-based painkillers.

And these are just a few of the ways blockchain technology will change the world around us…

Could we purchase a right-back in less than six transfer windows with this smart contract witchcraft? If so, I’m in.

 

[riddick]

An internet person of mine was all in on Bitcoin from the beginning and was heavily in the mining aspect of it. Wound up with like 50ish cons plus the couple hundred he interested in really early. I have no idea how it works but something along the lines of his computer crashed and he accidentally tossed the hard drive that had his hex key on it and now the coins are lost to history. Worth literally millions and all for nought.

 

[ProZ]

Bull trap activated

 

[nikom court]

Ah, Western Union. More fraudsters choose this than crypto. I see it every single day.

western union will be gone soon,it is estimated they will lose around £400 mil a year in el salvador alone!

 

[kenada_blue]

It's all first world problems innit.

 

[catcherintherye]

The Esk has been busy again.

Having already commented on the the links between Socios and a number of top level clubs in Europe and the Premier League, with Everton launching their 'fan token' scheme, he looks hard again at the nature of the scheme and the mechanics behind it.

The world of crypto-currency is not for the faint-hearted as values can and tend, to say the least, be volatile... and he suggests fans tread cautiously before committing.

Caveat emptor, $EFC fan token offering (C)

Over the next few days, Everton football club are going to try and convince (by my estimate) more than ten thousand Evertonians to part with £1 million. A million pound which will be split roughly …

theesk.org

It's good Paul is raising this.

It's a massive Ponzi scheme and you have little protection as he product has 0 intrinsic value (unlike FIAT currency).

That being said, my sceptical view is that unnamed people (I.E a certain Russian gentleman) will buy a huge number of these and thus drive commercial revenue up. As it's very hard to trade (the anonymity of cryptos being a big plus) it will be very difficult for football authorities to detect. I mean Crypto currency in general is the perfect laundering tool. Those within the criminal fraternity certainly see it as such.

Of you buy early, you will quite likely see a huge rise.

That being said, I wont be partaking at any point in it. I am also really unsure if the real aim is to get fans to part with 10k as a minimum amount, or whether it's to attract outside investors to help drive revenues.

 

[catcherintherye]

Millions and millions of dollars are stolen via online card payments every single day. If you are tricked into sending a bank transfer to a fraudster your money is lost forever. I'm not a crypto investor but the problems highlighted already exist.

There are a lot more protections though. There are no protections with crypto currently.

I read someone the founder of Ethereum owns all of the keys to the back chains. So imagine a bank vault with your money, that you know someone else owns the key to. No idea if he would plunder it, but feels a very big risk.

 

[kenada_blue]

It's good Paul is raising this.

It's a massive Ponzi scheme and you have little protection as he product has 0 intrinsic value (unlike FIAT currency).

That being said, my sceptical view is that unnamed people (I.E a certain Russian gentleman) will buy a huge number of these and thus drive commercial revenue up. As it's very hard to trade (the anonymity of cryptos being a big plus) it will be very difficult for football authorities to detect. I mean Crypto currency in general is the perfect laundering tool. Those within the criminal fraternity certainly see it as such.

Of you buy early, you will quite likely see a huge rise.

That being said, I wont be partaking at any point in it. I am also really unsure if the real aim is to get fans to part with 10k as a minimum amount, or whether it's to attract outside investors to help drive revenues.

That, NFTs, etc all have ridiculously rich billionaires behind them trying to push and legitimise a made up mode of financial transactions that don't have much real world value.

 

[twoblue]

There are a lot more protections though. There are no protections with crypto currently.

I read someone the founder of Ethereum owns all of the keys to the back chains. So imagine a bank vault with your money, that you know someone else owns the key to. No idea if he would plunder it, but feels a very big risk.

If he plunders it the value disappears instantly. Who would accept a payment from someone who will instantly steal it back.
For what it’s worth, my view is blockchain is here you stay. Whether the future is Bitcoin, ethereum, red coin or any other - no one knows.

 

[YoboCopter]

I rate cryto since getting involved havent had to work a normal job since

good stuff need abit of luck aswell but its enjoyable

sell high
Buy low

 

[trueblue84]

If he plunders it the value disappears instantly. Who would accept a payment from someone who will instantly steal it back.
For what it’s worth, my view is blockchain is here you stay. Whether the future is Bitcoin, ethereum, red coin or any other - no one knows.

The value would only disappear if he tried to take it all in one go. He could be dipping in and taking coins from inactive accounts.

The worry I have is that it seems to be achievable and could have already been done before (ie. the Canadian exchange owner who "died", but nobody knows for sure).

Blockchain is definitely here for the long haul, but it doesn't mean that its current iteration will be. Crypto currency in its current format is deeply flawed and feels like a big Ponzi scheme.

 

[catcherintherye]

If he plunders it the value disappears instantly. Who would accept a payment from someone who will instantly steal it back.
For what it’s worth, my view is blockchain is here you stay. Whether the future is Bitcoin, ethereum, red coin or any other - no one knows.

It would lose value yes, but he would have probably sold at the top end and achieved very good prices. And yes I agree in principle with you, but I'll be much happier holding any significant source of wealth in areas that are covered by CSA protection and would advise everyone to do the same. I actually trade crypto's sometimes, I just made a bit since July, but this is mainly based on momentum and using the Stochastic RSI not anything fundamental.

As for blockchain, maybe. What's to stop a government introducing their own, which is regulated and protected by the same regulation? And what happens to bitcoin etc then? Lots think it goes to 0, I would be a bit more optimistic (as it would still have a use in the black market) but I'm not sure I see much potential for it outside of those spaces.

 

[catcherintherye]

That, NFTs, etc all have ridiculously rich billionaires behind them trying to push and legitimise a made up mode of financial transactions that don't have much real world value.

And for all their enthuasiasts support actually have a lot of practical implications. The supply of money from them is quite slow, which can lead to recessions and depreciation. It also makes collecting tax very difficult, which would mean all the services we like can't be paid for.

 

[nikom court]

the posts on here show its still very early days for crypto and bitcoin!

 

[DuuuncanHadaPigeon]

There are a lot more protections though. There are no protections with crypto currently.

I read someone the founder of Ethereum owns all of the keys to the back chains. So imagine a bank vault with your money, that you know someone else owns the key to. No idea if he would plunder it, but feels a very big risk.

Um what? I think you are misinformed