Future sponsorship?

[Vred]

Apes together strong.

I wonder if Naughton has Diamond hands

[Hotdog60]

The Tax man doesn't miss out on Crypto. My son just cashed some in and was hit at 47%.

[comrade]

I wonder if Naughton has Diamond hands

You know Naughts is a HODLer

[jeemak]

My favourite part is that put the photo description over the top of the new sponsor logo

That's just brilliant.

[ratsmac]

Crypto is basically IOU's, it's not real!

*this is totally my uneducated opinion

[Twodogs]

The Tax man doesn't miss out on Crypto. My son just cashed some in and was hit at 47%.

The tax man misses out on nothing.

Now if we could get the ATO to sponsor us we'd be kicking goals from all directions.

[Twodogs]

I’m sorry but “Cryptocurrency is gambling” is some of the most boomer related comments I’ve heard.
I trade Crypto and stocks on various platforms including Coinspot, not once have I dealt with a gambling ad or the platform pushing anything like that on me.

Also, Crytpo these days in Australia is as regulated as the stock market, you need to show every single transaction to the ATO, and need to prove where the money was/is coming from. Like everything theirs loopholes but they close more and more every year.

This is a great partnership for the Dogs.

If people were going to get upset about us being involved with Crypto I would of thought it would be because of the environmental side of things...

Agreed. I see no difference between crypto and the stock exchange.

[Happy Days]

I feel like everyone is overlooking how funny this is.

[Grantysghost]

That's just brilliant.

Possibly the same guy who’s responsible for doing the teams.

[ratsmac]

I feel like everyone is overlooking how funny this is.

You had one job!

[hujsh]

Crypto is basically IOU's, it's not real!

*this is totally my uneducated opinion

Sort of. There is a supply side limitation with the computing power required to make more coins (or the code or whatever) which is why it's terrible environmentally

[boydogs]

I know many don't like the club being placed under any scrutiny but we spend years distancing ourselves from gambling and now we strike this deal.

Yep. If crypto is gambling, so is investing in shares or property. There is an element of risk in every investment. Yes crypto is riskier and more volatile than most traditional investments but adults can invest in whatever the hell the like. I have never personally dabbled in crypto but I really don't get the moral indignation here.

It's not gambling in the way that casino's, sports betting etc. are, where the house is set up to win, but it's such a volatile market that is so loosely based on fundamentals and so fuelled by hype, memes and internet culture that it's really dangerous for teens and young adults thinking it is fashionable and free money

The cartoon rocketship logo, the hipster marketing exec, it's hard to take them seriously as a sponsor but it will appeal to the younger generation who are the ones most likely in the market for a club to support, and it will help legitimise CoinSpot for the masses

[angelopetraglia]

I choose not to invest my hard earned money in Crypto Currency, but I don't think this is a gambling sponsor or something that can be seen to be unethical. There are true believers that is a legitimate way to store wealth and trade for goods into the future.

This is a legitimate enterprise. They had revenue of $1.1B US Dollars in 2020 and employee more than 1,000 people. The company is publicly traded on the NASDAQ and has a market capitlisation of 47B dollars. Coinbase is valued higher than Woolworths, Rio Tinto, Telstra, Wesfarmers (Bunnings) etc. There are only seven companies listed on the Australian Stock Exchange that are larger than Coinbase!

[Grantysghost]

Sort of. There is a supply side limitation with the computing power required to make more coins (or the code or whatever) which is why it's terrible environmentally

Blockchain tech is almost impossible to tamper with so it is trusted to manage the data in the blocks (unit of data).

For crypto like Bitcoin, much like a bank is trusted in our society to record transactions (the ledger of transactions, eg you transferred 20 bucks to the Bulldogs for a scarf) , the block chain is trusted to maintain the ledger for bitcoin transactions, and without going into detail you can't tamper with it and its decentralised across the network (no one person has the power).

Where the environmental issue comes in is to process a block in the chain you use compute resources (think your CPU in your PC, it's called mining) to solve a complex puzzle the network provides as an entry fee; the reward for getting it right is you become the banker (process the transaction) and you receive bitcoin.

So the more processing power you have (think clusters of computers joined together all working on this puzzle to get coins) the more chance of solving the puzzle and being rewarded, and the more energy you need. If your energy is derived from fossil fuels then there's your issue.

They estimate bitcoin mining uses more power than some small countries.

But it's essential to "power" the network and process the transactions and it gets increasingly harder as the network tries to control the rate of bitcoin creation (it's finite).

Hope that makes sense?

[Twodogs]

Blockchain tech is almost impossible to tamper with so it is trusted to manage the data in the blocks (unit of data).

For crypto like Bitcoin, much like a bank is trusted in our society to record transactions (the ledger of transactions, eg you transferred 20 bucks to the Bulldogs for a scarf) , the block chain is trusted to maintain the ledger for bitcoin transactions, and without going into detail you can't tamper with it and its decentralised across the network (no one person has the power).

Where the environmental issue comes in is to process a block in the chain you use compute resources (think your CPU in your PC, it's called mining) to solve a complex puzzle the network provides as an entry fee; the reward for getting it right is you become the banker (process the transaction) and you receive bitcoin.

So the more processing power you have (think clusters of computers joined together all working on this puzzle to get coins) the more chance of solving the puzzle and being rewarded, and the more energy you need. If your energy is derived from fossil fuels then there's your issue.

They estimate bitcoin mining uses more power than some small countries.

But it's essential to "power" the network and process the transactions and it gets increasingly harder as the network tries to control the rate of bitcoin creation (it's finite).

Hope that makes sense?

One thing I have always wondered/been confused about. When they talk about mining in regards to crypto currency or block chain does that mean that somebody somewhere is digging a hole in the ground or is it more of a virtual mine?