MKnight82 Posted April 26, 2021 Share Posted April 26, 2021 If you aren't aware, Russell Okung asked for half of his 2020 salary to be paid in Bitcoin instead of US currency. The result was the bitcoin jumping in value so large over the season he was one of the highest compensated players in all of football. https://news.bitcoin.com/paid-in-bitcoin-nfl-offensive-tackle-russell-okung-considered-the-highest-paid-in-the-league/ This has led to Trevor Lawrence signing an endorsement deal with the cryptocurrency company Blockfolio. He has asked for a significant portion of his signing bonus to be paid in cryptocurrency as well: https://www.forbes.com/sites/chriscason/2021/04/26/trevor-lawrence-makes-first-investment-move-with-first-of-its-kind-partnership-with-blockfolio/?sh=5a2bf6d747ef What are your thoughts on this new development? Do you think this is a fair playing field? Obviously these players are taking on the risk of these currencies going down in value, but it also could be argued this is circumventing the salary cap as the cap is calculated in US dollars. Quote Link to comment Share on other sites More sharing options...
Soko Posted April 26, 2021 Share Posted April 26, 2021 “For instance, when BTC hit $44k, the half of his contract that is paid in BTC climbed to $10.59 million, at $56k+ his half turned into more than his entire quoted salary.” It sounds like they buy-in at whatever the market is at the time. Didn’t see many details so I’m not 100% sure how it’s structured, but I don’t see how there’d be cap ramifications if this is the case. Quote Link to comment Share on other sites More sharing options...
NVRamsFan Posted April 26, 2021 Share Posted April 26, 2021 You have to think it will be addressed. In some way they’ll account for the end results in the valuation or they just get the Bitcoin apvalue at the start of the season. It probably won’t be addressed until more players do this. Quote Link to comment Share on other sites More sharing options...
Apparition Posted April 26, 2021 Share Posted April 26, 2021 (edited) Russell Okung is an idiot Trevor Lawrence is somehow a bigger idiot Edited April 26, 2021 by Starless 5 Quote Link to comment Share on other sites More sharing options...
Shanedorf Posted April 26, 2021 Share Posted April 26, 2021 If this plays out in typical NFL fashion, the League will come out strongly against it until they have time to get out in front of it and monetize it for the owners. Then they'll brand it and take their Lords cut - adding it to the other billions they earn from the game. NFC bitcoins vs AFC bitcoins for the World Championship 3 Quote Link to comment Share on other sites More sharing options...
49ers Finest Posted April 26, 2021 Share Posted April 26, 2021 20 minutes ago, Starless said: Russell Okung is an idiot Trevor Lawrence is somehow a bigger idiot okungs pay for 2020 is now worth 1.5x what it would have been in Cash. And could grow to be more (or less).... doesnt seem dumb to me I am not going to try to get into an argument about cytpo vs fiat, but I fail to see how him getting more money (in terms of today) is dumb. He could sell now and be up if he chose to 3 Quote Link to comment Share on other sites More sharing options...
Nut Posted April 26, 2021 Share Posted April 26, 2021 (edited) On 4/26/2021 at 12:10 PM, Starless said: Russell Okung is an idiot Trevor Lawrence is somehow a bigger idiot Lol, enjoy your worthless dollar in a few years after it gets eaten alive by inflation because your bank only gives .01% interest. I only carry enough cash for bills/small emergencies. Everything else is invested in cryptos, ETFs and a little bit of gold. In the process of buying land (the king of all investments) too. Edited April 29, 2021 by Nut 5 Quote Link to comment Share on other sites More sharing options...
Apparition Posted April 26, 2021 Share Posted April 26, 2021 1 minute ago, 49ers Finest said: okungs pay for 2020 is now worth 1.5x what it would have been in Cash. And could grow to be more (or less).... doesnt seem dumb to me I am not going to try to get into an argument about cytpo vs fiat, but I fail to see how him getting more money (in terms of today) is dumb. He could sell now and be up if he chose to BTC has cratered before and it'll crater again. Sure, if they cash out now, they'll get good value but guys like Okung are true believers and tend to not notice when their house is on fire. Not even going to mention the environmental impact of the whole venture. 4 Quote Link to comment Share on other sites More sharing options...
Apparition Posted April 26, 2021 Share Posted April 26, 2021 Just now, Nut said: Lol, enjoy your worthless dollar in a few years after it gets eaten alive by inflation. Cool, I'll keep that in mind, just like I did when goldbug freaks have warned about it every year for the past 40. 🥴 AAAAAANY day now. Quote Link to comment Share on other sites More sharing options...
49ers Finest Posted April 26, 2021 Share Posted April 26, 2021 3 minutes ago, Starless said: BTC has cratered before and it'll crater again. Sure, if they cash out now, they'll get good value but guys like Okung are true believers and tend to not notice when their house is on fire. Not even going to mention the environmental impact of the whole venture. It will probably crash again, and then will rise and cycle again as well The environmental argument has some ground, but also lots of false info, numerous places our moving towards green energy as well Quote Link to comment Share on other sites More sharing options...
Apparition Posted April 26, 2021 Share Posted April 26, 2021 2 minutes ago, 49ers Finest said: It will probably crash again, and then will rise and cycle again as well The environmental argument has some ground, but also lots of false info, numerous places our moving towards green energy as well idk, when your math puzzle rigs that create value out of thin air use more energy than a country of 45 million people, that's not a great sign to me. 🤷♂️ 2 Quote Link to comment Share on other sites More sharing options...
43M Posted April 26, 2021 Share Posted April 26, 2021 12 minutes ago, Nut said: Lol, enjoy your worthless dollar in a few years after it gets eaten alive by inflation. I only carry enough cash for bills/small emergencies. Everything else is invested in cryptos/ETFs. In the process of buying land too. Youre adorable. 3 Quote Link to comment Share on other sites More sharing options...
MKnight82 Posted April 26, 2021 Author Share Posted April 26, 2021 19 minutes ago, Nut said: In the process of buying land too. You're going to have to buy that in dollars. And pay taxes on it in dollars. 6 Quote Link to comment Share on other sites More sharing options...
Mastercheddaar Posted April 26, 2021 Share Posted April 26, 2021 I'd pay them in USD for cap purposes. What they choose to do with their money afterwards is on them. MC 2 Quote Link to comment Share on other sites More sharing options...
incognito_man Posted April 26, 2021 Share Posted April 26, 2021 I don't get the question... They can collect payment in whatever format the player and team agree upon as far as anyone should care. It skips the step of them paying him in USD and then him going on the market and buying Bitcoin himself. It seems like it's an annoying step he'd force the team to take to set up their accounting to accommodate him. I don't even know why he would that vs. just buying it himself right after he gets it (beyond it being a publicity stunt, I suppose). There are zero cap ramifications from this, however. 8 Quote Link to comment Share on other sites More sharing options...
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