Spencer Dimwittie is being hustled by crypto conmen

[ImSlower]

I have nothing in cryptocurrency (mostly because I live month to month these dahs). But some of you guys sound like people in the 80s saying "this internet is nothing like actually talking to real people", then the 90s folks saying "No ones gonna order books off this site when I can just go to a bookstore" then 2000s folks saying "social media is just for kids drama and will never be monetized".

Bitcoin and other CC are absolutely going to have a permanent place in an increasingly online world. Arguing semantics over Commodity vs Speculation is a waste of time.

On another note, my fellow bartender/waiter pal is now worth seven figures due to his plying of the CC markets the last decade, literally travels the world most of the year, doing all his business from a laptop, and I just borrowed 500 bucks from dad to pay rent. That has little to do with anything apart from my seething jealousy.

[robbie84]

Actually I think people mistaking crypto for a commodity is 100% the right analogy. But yeah, it really isn’t one, and without it being a commodity, it really it really isn’t worth what it’s worth. I think you get what I’m saying here without having to say it.

The total amount of gold used as a commodity and for industrial use is around 18% or less.

Uhhhh... that’s not all that a commodity is ....and that’s garbage. Half of it is used as jewellery.

Nobody is hanging Bitcoin on their neck, ears and wrist ever.

Half of its use it jewellery, and 15% (it's not 18% as I thought) of it is industrial/electrical. the other 35% is as a store of value/investment vehicle.
My point is that Bitcoin is a legitimate 'other' option vs gold as the store of value portion of gold.

The reason that gold jewellery is valuable is that is it tied to the store of value that is gold, not the other way round, lol.

People can't wear bitcoin around their neck, but they also can't move their gold from continent to continent for a tiny fee and securely and privately (out of government reach).

You said 'it really isn't worth what it's worth', that's garbage (IMO).
Why is gold worth what it's worth then?

[Johnny Bball]

The total amount of gold used as a commodity and for industrial use is around 18% or less.

Uhhhh... that’s not all that a commodity is ....and that’s garbage. Half of it is used as jewellery.

Nobody is hanging Bitcoin on their neck, ears and wrist ever.

Half of its use it jewellery, and 15% (it's not 18% as I thought) of it is industrial/electrical. the other 35% is as a store of value/investment vehicle.
My point is that Bitcoin is a legitimate 'other' option vs gold as the store of value portion of gold.

The reason that gold jewellery is valuable is that is it tied to the store of value that is gold, not the other way round, lol.

People can't wear bitcoin around their neck, but they also can't move their gold from continent to continent for a tiny fee and securely and privately (out of government reach).

You said 'it really isn't worth what it's worth', that's garbage (IMO).
Why is gold worth what it's worth then?

What. The. ****. Because It’s always been shiny and pretty. Do you think they had central banks in Rome or Mesopotamia that held it to back their currency? It WAS rare. Why do you think it’s still valuable? Perhaps human history and nature might be why.

Gold is a commodity. People believe it’s valuable, because governments do take it out of circulation somewhat (mostly that has stopped by the way, which is why it will never get back to its heights) but people just believe on a mass scale. Just like some people want to believe in the Easter bunny. Or an inherent high valuation of bitcoin.

[shangrila]

I have nothing in cryptocurrency (mostly because I live month to month these dahs). But some of you guys sound like people in the 80s saying "this internet is nothing like actually talking to real people", then the 90s folks saying "No ones gonna order books off this site when I can just go to a bookstore" then 2000s folks saying "social media is just for kids drama and will never be monetized".

Bitcoin and other CC are absolutely going to have a permanent place in an increasingly online world. Arguing semantics over Commodity vs Speculation is a waste of time.

On another note, my fellow bartender/waiter pal is now worth seven figures due to his plying of the CC markets the last decade, literally travels the world most of the year, doing all his business from a laptop, and I just borrowed 500 bucks from dad to pay rent. That has little to do with anything apart from my seething jealousy.

I appreciate your honesty. Have an And-1

[robbie84]

Uhhhh... that’s not all that a commodity is ....and that’s garbage. Half of it is used as jewellery.

Nobody is hanging Bitcoin on their neck, ears and wrist ever.

Half of its use it jewellery, and 15% (it's not 18% as I thought) of it is industrial/electrical. the other 35% is as a store of value/investment vehicle.
My point is that Bitcoin is a legitimate 'other' option vs gold as the store of value portion of gold.

The reason that gold jewellery is valuable is that is it tied to the store of value that is gold, not the other way round, lol.

People can't wear bitcoin around their neck, but they also can't move their gold from continent to continent for a tiny fee and securely and privately (out of government reach).

You said 'it really isn't worth what it's worth', that's garbage (IMO).
Why is gold worth what it's worth then?

What. The. ****. Because It’s always been shiny and pretty. Do you think they had central banks in Rome or Mesopotamia that held it to back their currency? It WAS rare. Why do you think it’s still valuable? Perhaps human history and nature might be why.

Gold is a commodity. People believe it’s valuable, because governments do take it out of circulation somewhat (mostly that has stopped by the way, which is why it will never get back to its heights) but people just believe on a mass scale. Just like some people want to believe in the Easter bunny. Or an inherent high valuation of bitcoin.

Bitcoin is rarer than gold.
Again, gold has value because people trusted it (and continue to) as a store of value. It's a rock out of the ground that humans decided was 'pretty' and 'rare'.
Just like gold, there is a fixed supply of bitcoin. Some would say due to it scarcity, security and liqduidity that it's digital age version of gold.

Anyway, we won't agree on this, but I hope you can see the flawed logic in your 'value' line of thinking. Something like gold has value because 2 people agree it has value. Good day.

[Black Jack]

this trainwreck is getting closer now.

[JD225]

Professional athletes get most of their life's income before they hit 35. The idea that he started a platform to encourage other athletes/celebs to accelerate their future income is a disaster waiting to happen. It wasn't so long ago that 60-70% of NBA athletes went broke 5 years into retirement. While he may be savvy with his money, the vast majority of athletes and celebs will take excessive risk and call it "taking control of their financial future".

Also the idea of these type of instruments ties physical health to the return. If a player tears his ACL investors lose millions. Maybe someone who created a derivative product benefits from the torn ACL and makes money. It's just a gigantic disaster waiting to happen in my opinion.

[Papi_swav]

I'm still so befuddled. I really need to buy some books in this crypto thing . All I know is, some of my scammer friends had a whole lot of bitcoin in like 2012 and they came all the way up when Bitcoin went up to like 15K a coin. Looks like I missed that boat

[KrAzY3]

Again, gold has value because people trusted it (and continue to) as a store of value. It's a rock out of the ground that humans decided was 'pretty' and 'rare'.

Dude, you don't understand anything about gold. Your statement could be more valid if applied to diamonds, which were hyped up via commercials, the supply is artificially limited, and can be manufactured.

Gold is essential to any number of applications, it's not just a decorative metal, it's a metal that we'd use much more in our daily lives if not for the fact it's so damn rare. It has high intrinsic value.

It's highly resistant to acid, not very reactive to chemicals, it is rare, resistant to corrosion, conductive, it's even used in some medicine! It's in all our cell phones for example. The idea that you're takeaway from this is that it's only value is because it's pretty and people decided it's rare (there are only about 200,000 tons of the stuff available in the world) means you have no clue what you're talking about.

Gold is the opposite of a fiat currency, of something based on belief in its value. Gold's value is inherent to it. It won't rust, it is almost impervious to decay, it can be fashioned into virtually anything and be used in a tremendous number of applications. It's basically the opposite of what you described. It's also not a rock.

It became valuable because its properties were so useful!

[ItsMyPotPie]

Can we derail this thread with memes or is it too soon for that?

[TheSheriff]

A minor league baseball player tried selling stock of his future earnings back in 2008. MLB and the union put an end to it.


https://www.cnbc.com/id/24240874

[Knicks7Tape]

Hope it works out for him. It is an interesting concept https://sports.yahoo.com/nba-spencer-dinwiddie-set-roll-224658089.html

[Sulico]

Can we derail this thread with memes or is it too soon for that?

Dunno about memes, but "fiat currency" from previous post cracked me up a little. Imagined something like paying with Fiat 500s for stuff.

[Dr Aki]

whatever happened to putting your money in an index fund?

[theonlyclutch]

whatever happened to putting your money in an index fund?

Institutional investment managers can't "add value" (read: justify fees) by just dumping money into the same index funds that can be accessed through vanguard.

If Dinwiddle is smart enough to have an equity share in this crypto platform, he'd be the one collecting fees off athletes desires to pull their already short incomes forward. Given the obscene valuations that lots of cash-burning businesses are fetching nowadays, this ain't that outrageous.

[Prokorov]

The total amount of gold used as a commodity and for industrial use is around 18% or less.

Uhhhh... that’s not all that a commodity is ....and that’s garbage. Half of it is used as jewellery.

Nobody is hanging Bitcoin on their neck, ears and wrist ever.

Half of its use it jewellery, and 15% (it's not 18% as I thought) of it is industrial/electrical. the other 35% is as a store of value/investment vehicle.
My point is that Bitcoin is a legitimate 'other' option vs gold as the store of value portion of gold.

The reason that gold jewellery is valuable is that is it tied to the store of value that is gold, not the other way round, lol.

People can't wear bitcoin around their neck, but they also can't move their gold from continent to continent for a tiny fee and securely and privately (out of government reach).

You said 'it really isn't worth what it's worth', that's garbage (IMO).
Why is gold worth what it's worth then?

This is precisely correct. Bitcoin is a store of value. And it has already reached mass global adoption as that and more. It is the tether to a trillion dollar Cryptocurrency market.

There are certainly crypto currencies that are a complete scam. just like their are companies that are scams. But Crypto isnt going anywhere. Look at the volume being traded daily. Bitcoin has value because people are willing to pay alot for it and those who own it are not willing to sell it cheap. that is how all currency achieves its value

Its not really different from gold when it comes to value, those saying gold is "tangible" dont understand how gold as an investment works. there is no delivery of gold upon investment, and if all investers called to have their gold fulfilled it would collapse the gold market because there isnt enough gold ot actually back whats being traded

[Prokorov]

Again, gold has value because people trusted it (and continue to) as a store of value. It's a rock out of the ground that humans decided was 'pretty' and 'rare'.

Dude, you don't understand anything about gold. Your statement could be more valid if applied to diamonds, which were hyped up via commercials, the supply is artificially limited, and can be manufactured.

Gold is essential to any number of applications, it's not just a decorative metal, it's a metal that we'd use much more in our daily lives if not for the fact it's so damn rare. It has high intrinsic value.

It's highly resistant to acid, not very reactive to chemicals, it is rare, resistant to corrosion, conductive, it's even used in some medicine! It's in all our cell phones for example. The idea that you're takeaway from this is that it's only value is because it's pretty and people decided it's rare (there are only about 200,000 tons of the stuff available in the world) means you have no clue what you're talking about.

Gold is the opposite of a fiat currency, of something based on belief in its value. Gold's value is inherent to it. It won't rust, it is almost impervious to decay, it can be fashioned into virtually anything and be used in a tremendous number of applications. It's basically the opposite of what you described. It's also not a rock.

It became valuable because its properties were so useful!

It is awesome that gold doesnt rust. that must have been really important in the 1200s or 14th century or whatever. Golds value is no longer tied to its material use. And people wont use it to engineer things... because... well its rare and has value. Your not making a Chefs knife out of gold, because its worth more monetarily. And you can mass produce cheaper materials for the same purpose as gold and increase your margins for whatever you were using gold to engineer.

Similar to bitcoin. your not going to use your bitcoin to buy a slice of pizza, because bitcoin is rare and has value.

[Ballerhogger]

Who’s going invest in him though seriously ...

[SWYM]

Uhhhh... that’s not all that a commodity is ....and that’s garbage. Half of it is used as jewellery.

Nobody is hanging Bitcoin on their neck, ears and wrist ever.

Half of its use it jewellery, and 15% (it's not 18% as I thought) of it is industrial/electrical. the other 35% is as a store of value/investment vehicle.
My point is that Bitcoin is a legitimate 'other' option vs gold as the store of value portion of gold.

The reason that gold jewellery is valuable is that is it tied to the store of value that is gold, not the other way round, lol.

People can't wear bitcoin around their neck, but they also can't move their gold from continent to continent for a tiny fee and securely and privately (out of government reach).

You said 'it really isn't worth what it's worth', that's garbage (IMO).
Why is gold worth what it's worth then?

This is precisely correct. Bitcoin is a store of value. And it has already reached mass global adoption as that and more. It is the tether to a trillion dollar Cryptocurrency market.

There are certainly crypto currencies that are a complete scam. just like their are companies that are scams. But Crypto isnt going anywhere. Look at the volume being traded daily. Bitcoin has value because people are willing to pay alot for it and those who own it are not willing to sell it cheap. that is how all currency achieves its value

Its not really different from gold when it comes to value, those saying gold is "tangible" dont understand how gold as an investment works. there is no delivery of gold upon investment, and if all investers called to have their gold fulfilled it would collapse the gold market because there isnt enough gold ot actually back whats being traded

Not calling anything a scam or questioning the viability of an instrument, but understand the daily volume makeup of Bitcoin and most importantly, understand the velocity of currency, blockchaining and why those 2 principles will never allow bitcoin or any blockchain currency to become publicly adopted.

[SmartWentCrazy]

Has anyone actually seriously read into this?

From what I gathered, he’s just attempting to securitize his future income stream and sell it in bond form [presumably at some discount rate] to receive a lump sum up front.

The NBA had a big problem with it due to the fact that his last year was an option year and he shouldnt be able to receive an up front payment in the future for a year he may opt out of. They also dont like him being paid for a service he hasnt yet performed.

I dont understand why this is being considered as a cryptocurrency— hes just selling future receivables for an upfront payment like many businesses do [banks with your mortgage, for instance]. Is anyone able to explain that to me? Is it just buzz to garner interest?