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leor_77
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PostPosted: Wed Nov 09, 2022 10:52 am    Post subject:

I've always hated the Crypto.com name - Still Staples Center to me. Maybe they will change it to the Bibigo Arena?
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lakersken80
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PostPosted: Thu Nov 10, 2022 10:24 pm    Post subject:

Looks like the sports world will be heavily affected if these crypto companies go bankrupt.
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lakersken80
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PostPosted: Fri Nov 11, 2022 11:44 am    Post subject:

FTX files for bankruptcy.
https://www.yahoo.com/news/crypto-firm-ftx-files-bankruptcy-191136658.html
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XTC
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PostPosted: Fri Nov 11, 2022 12:47 pm    Post subject:

^After all of these years, Larry David got one right.
https://m.youtube.com/watch?t=130&v=BH5-rSxilxo
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JerryWest_44
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PostPosted: Fri Nov 11, 2022 3:41 pm    Post subject:

leor_77 wrote:
I've always hated the Crypto.com name - Still Staples Center to me. Maybe they will change it to the Bibigo Arena?


How Ironic … Crypto currency cratering like the Lakers
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leor_77
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PostPosted: Fri Nov 11, 2022 6:32 pm    Post subject:

JerryWest_44 wrote:
leor_77 wrote:
I've always hated the Crypto.com name - Still Staples Center to me. Maybe they will change it to the Bibigo Arena?


How Ironic … Crypto currency cratering like the Lakers


Not ironic at all - the team has honestly sucked ever since the dumb stadium name change.
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XTC
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PostPosted: Fri Nov 11, 2022 7:20 pm    Post subject:

Hopefully the arena formerly known as Staples Center will also get a new name at some point. Miami is done with FTX.

https://www.espn.com/nba/story/_/id/35004915/miami-heat-cut-ties-bankrupt-ftx-rename-home-arena

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Miami-Dade County and the Miami Heat are ending their arena naming rights deal with bankrupt cryptocurrency firm FTX.

The county, which owns the arena, signed a 19-year, $135 million deal for the bayfront Heat homecourt's name in 2021. After an initial balloon payment of $14 million, FTX was scheduled to make a $5.5 million payment in January.

The arena will still technically be referred to as FTX Arena for Saturday's game between the Heat and Charlotte Hornets, but signage and the name will soon come down.

"The reports about FTX and its affiliates are extremely disappointing," the county and team said in a joint statement. "Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena."

FTX, a cryptocurrency exchange, filed for Chapter 11 bankruptcy protection Friday after a steep fall in crypto prices left the company unable to cover accounts as customers rushed to withdraw funds.

The deal in Miami was one of a number of sports marketing deals FTX had signed over the past few years, including sponsorship deals with the Golden State Warriors and Washington Wizards. Among top athletes who had FTX deals included Tampa Bay Buccaneers quarterback Tom Brady, Warriors guard Stephen Curry and tennis star Naomi Osaka.

FTX also entered into a deal with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball, whose umpires wear the company's logo. Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.

The Heat's home was known as American Airlines Arena from its opening in 1999 until last season.

The team was to receive $2 million a year as part of the naming rights deal with FTX. Most of the rest -- roughly $90 million over the lifetime of the agreement -- was to be paid to the county, the vast majority of it earmarked toward fighting gun violence and poverty.
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lakersken80
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PostPosted: Fri Nov 11, 2022 7:56 pm    Post subject:

When this crypto boom turns to bust, CNBC is gonna have a lot of new content for their show American Greed.
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lakersken80
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PostPosted: Fri Nov 11, 2022 8:09 pm    Post subject:

Probably not good when your exchange misses a couple of billion dollars.
https://www.reuters.com/markets/currencies/exclusive-least-1-billion-client-funds-missing-failed-crypto-firm-ftx-sources-2022-11-12/
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DaMuleRules
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PostPosted: Fri Nov 11, 2022 9:14 pm    Post subject:

Wait . . . Companies revolving around a currency model with no tangible connection to any kind of regulating base, where dude bros looking to get rich quick by playing around like they’re playing fantasy football can mess with the value, and where any douchebag with enough true wealth can just manipulate the market are failing?!

I’m shocked. Just totally shocked.
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Omar Little
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PostPosted: Sat Nov 12, 2022 8:26 am    Post subject:

Been trying to say that anything that has designs on being both an investment and a currency is going to have to be one of the other, or neither.
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JerryWest_44
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PostPosted: Sun Nov 13, 2022 10:41 am    Post subject:

lakersken80 wrote:
Probably not good when your exchange misses a couple of billion dollars.
https://www.reuters.com/markets/currencies/exclusive-least-1-billion-client-funds-missing-failed-crypto-firm-ftx-sources-2022-11-12/


Not quite the level of the Bernie Madoff fraud but it's a start.
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XTC
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PostPosted: Sun Nov 13, 2022 11:31 am    Post subject:

Crypto.com Withdrawals Rise After CEO Admits Transaction Problem [paywall]
https://www.wsj.com/articles/crypto-com-withdrawals-rise-after-ceo-admits-transaction-problem-11668350510

Quote:
Crypto.com CEO Kris Marszalek admitted that a transfer was mishandled, but said the company’s processes have since been strengthened.Photo: Bloomberg
Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction.

Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records.
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lakersken80
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PostPosted: Sun Nov 13, 2022 3:16 pm    Post subject:

XTC wrote:
Crypto.com Withdrawals Rise After CEO Admits Transaction Problem [paywall]
https://www.wsj.com/articles/crypto-com-withdrawals-rise-after-ceo-admits-transaction-problem-11668350510

Quote:
Crypto.com CEO Kris Marszalek admitted that a transfer was mishandled, but said the company’s processes have since been strengthened.Photo: Bloomberg
Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction.

Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records.


Economy slows down. Depositors decide to cash out of their holdings in crypto. Realize the money isn't there any longer. House of cards begins to crumble.
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jodeke
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PostPosted: Tue Nov 15, 2022 11:49 am    Post subject:

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

LINK
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lakersken80
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PostPosted: Fri Nov 18, 2022 9:21 am    Post subject:

El Salvador president doubling down on his investment.
https://www.kitco.com/news/2022-11-17/El-Salvador-will-be-buying-one-Bitcoin-a-day-says-country-s-president.html
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Macferson
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PostPosted: Wed Nov 23, 2022 12:47 pm    Post subject:

lakersken80 wrote:
When this crypto boom turns to bust, CNBC is gonna have a lot of new content for their show American Greed.

True! Modern crypto is a dependable newsmaker.
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