Everton, fan tokens and cryptocurrency

[DuuuncanHadaPigeon]

The fact that people don't have bank accounts doesn't mean they'll use crypto currencies.

Until crypto currencies fundamentally change some key aspects of how they operate; irreversible transactions and no regulation being the obvious ones, then they will never become mainstream.

I'm personally still convinced it is a global scam, due to the regularity that millions of £s are stolen by "hackers".

Hackers steal $600m in major cryptocurrency heist

Thousands of digital tokens have been stolen by hackers in one of the largest cryptocurrency heists.

www.bbc.co.uk

In crypto, there are many projects with poorly written code, BTC ironically is one of them.

Hackers exploit bad code, shock horror.

This hacked has returned the money afaik, labelled himself as a white hat hacker

 

[trueblue84]

In crypto, there are many projects with poorly written code, BTC ironically is one of them.

Hackers exploit bad code, shock horror.

This hacked has returned the money afaik, labelled himself as a white hat hacker

That is another key issue with cryptocurrencies. They are fundamentally built on variations of the same code. While open source, the number of exploits that have been used to commit crimes has been staggering. It might improve in future, but it also might not be around long enough to improve.

 

[Bruce Wayne]

The Costs Of Being Unbanked Or Underbanked

According to a 2019 report by the Federal Reserve, 22% of American adults (63 million) are either unbanked or underbanked. The 6% of Americans who are unbanked have no bank account whatsoever and must rely on alternative financial products and services—such as payday loans, check cashing services, m

www.forbes.com

Almost half of the world’s population still doesn’t use a bank account

Global financial inclusion is slowing down, according to new data.

qz.com

I meant on your claim that Bitcoin is significantly helping financial inclusion in Nigeria et al.

 

[DuuuncanHadaPigeon]

That is another key issue with cryptocurrencies. They are fundamentally built on variations of the same code. While open source, the number of exploits that have been used to commit crimes has been staggering. It might improve in future, but it also might not be around long enough to improve.

I agree, a lot of the scams are literally copy and paste code.

I disagree that it might not be around for long enough to improve, some projects get their code audited for example (I know this is not a catch all solution but it helps), I personally think crypto isn't going anywhere

 

[trueblue84]

I agree, a lot of the scams are literally copy and paste code.

I disagree that it might not be around for long enough to improve, some projects get their code audited for example (I know this is not a catch all solution but it helps), I personally think crypto isn't going anywhere

It will depend on what happens to it when there's no financial incentive for mining any more. It will surely reach a point when the effort (and cost) to mine has increased, while the returns have decreased. That could cause a massive crash, which I couldn't see a way back from.

 

[DuuuncanHadaPigeon]

It will depend on what happens to it when there's no financial incentive for mining any more. It will surely reach a point when the effort (and cost) to mine has increased, while the returns have decreased. That could cause a massive crash, which I couldn't see a way back from.

A lot of them are moving towards a proof of stake consensus protocol that doesn't require energy intensive mining

 

[ChesterBlue]

Can this club get any more embarrassing at the moment? Christ. Pandering to crypto bros with EFC coins is cringe in the extremes and I hope absolutely no one buys it

 

[ChesterBlue]

Ah yes, bitcoin’s energy use is less than some of the most energy-heavy industries on the planet = Bitcoin good

 

[Kaiser Soysauce]

Oh, and incidentally, with your comments on it "changing the world", Bitcoin is structurally only capable of handling about 5 transactions per second. That's not a computational hurdle, that's baked into its operations. Visa on their own handle a few thousand transactions every second, and that's before you include Mastercard, AMEX, inter-bank transfers, and so on. It's an absurdity to expect cryptocurrency to play a meaningful role in society unless things change enormously.

You are referencing one token and basing you judgment on soley on that. There are many defi projects with viable solutions for many circumstances. Bitcoin is ancient compared to many tokens and associated block chains. Things are changing enormously. Otherwise the industry would remain stagnant.

 

[Kaiser Soysauce]

The fact that people don't have bank accounts doesn't mean they'll use crypto currencies.

Until crypto currencies fundamentally change some key aspects of how they operate; irreversible transactions and no regulation being the obvious ones, then they will never become mainstream.

I'm personally still convinced it is a global scam, due to the regularity that millions of £s are stolen by "hackers".

Hackers steal $600m in major cryptocurrency heist

Thousands of digital tokens have been stolen by hackers in one of the largest cryptocurrency heists.

www.bbc.co.uk

And people are never scammed out of fiat currency.....OK mate.

 

[when i score we riot]

Just setting everything about what's inherently bad and good about cyrpto aside, why does the club do this? Simple - revenue!

Several european teams have launched theyir own currencies, and seem their value swing with the outlook of the club. Bying and selling stake in a club is not something everyone has access to, our club included.

Getting a share in EFC is sort of tedious, i know there is an OTC service available and that shares are traded at about £10,000 pr share. One of my silly long-term financial spending ideas will be to one day own an EFC share and visit the AGM, just out of vanity, really.

Very few clubs are publicly traded. Notably, Man Utd (MANU on New York Stock Exchange) and Dortmund plus a few Italian clubs (Juve, Roma, Lazio i think) are traded on an open market, and taking the step for EFC would not necessarily be a good idea. There are many reasons to go trade on the open market, but the downside, especially for EFC, is significant.

I guess making a janky crypto coin (Like Barcelona just did too) would solve this problem: You don't get the downside of having to sell a stake of the club and seeing it fluctuate with the markets, but you get the upside of minting the coin and making bank off that.

Obviously, the inherent value of crypto is absolutely zero and it's all just a scam, etc etc etc. Not making a point about that here but it's clear to me that this is simply something the club is doing to earn a quick buck. And honestly i think it's kinda beneath them. This is just an attempt to explain the logic behind it.

 

[degsy]

I am fully aware that many on here are reluctant to take any/much of what The Esk says seriously but, in this instance with Everton announcing (along with Arsenal, Leeds and City) a liaison with a cryptocurrency operation, it might be worth setting bias and jaundice to one side and read his latest article.

Esk has been looking into an interesting but potentially concerning development involving four Premier League clubs and the world of cryptocurrency.

At a time when fans everywhere are looking for more and better transparency in the game, is ‘buying influence’ through crypto really the way things should be heading ?

Chiliz, Socios…….

In recent weeks Arsenal, Everton, Manchester City and Leeds United have partnered with a company called Chiliz, who describe themselves as the leading global blockchain providers for the sports and…

theesk.org

*note to self; must remember to check where that South Sea thing I put money into is and how my Tulip futures are doing.
Also check did @Kev The Rat...if indeed it was he, ever cashed out and to what extent.

 

[nikom court]

Just setting everything about what's inherently bad and good about cyrpto aside, why does the club do this? Simple - revenue!

Several european teams have launched theyir own currencies, and seem their value swing with the outlook of the club. Bying and selling stake in a club is not something everyone has access to, our club included.

Getting a share in EFC is sort of tedious, i know there is an OTC service available and that shares are traded at about £10,000 pr share. One of my silly long-term financial spending ideas will be to one day own an EFC share and visit the AGM, just out of vanity, really.

Very few clubs are publicly traded. Notably, Man Utd (MANU on New York Stock Exchange) and Dortmund plus a few Italian clubs (Juve, Roma, Lazio i think) are traded on an open market, and taking the step for EFC would not necessarily be a good idea. There are many reasons to go trade on the open market, but the downside, especially for EFC, is significant.

I guess making a janky crypto coin (Like Barcelona just did too) would solve this problem: You don't get the downside of having to sell a stake of the club and seeing it fluctuate with the markets, but you get the upside of minting the coin and making bank off that.

Obviously, the inherent value of crypto is absolutely zero and it's all just a scam, etc etc etc. Not making a point about that here but it's clear to me that this is simply something the club is doing to earn a quick buck. And honestly i think it's kinda beneath them. This is just an attempt to explain the logic behind it.

its obvious the everton coin is garbage,
however bitcoin and crypto are here to stay and will become mainstream!

 

[Toffeelover]

Idiots.

 

[ArtetaMoney]

Do people actually buy any Crypto?

I thought people just talked about it as if they had a load of it, but then would never show anyone what they actually had, now have, or have made from it.

I have it, like. I have made a small fortune but I can't tell you what on, when it will next make any money, nor can I show you what I made or what I bought. I will passionately argue about it, though.