Cryptocurrency Signing Bonuses and Salary Cap Ramifications

[incognito_man]

35 minutes ago, kingseanjohn said:

I'm not an expert and I won't claim to be. But I've watched several documentaries, read quite a bit on the subject, and I'm a fall semester away from graduating with a degree in computer science. So while I'm not an expert, I do have a fairly decent understanding.

That's wonderful. I, too, have a CS degree and have consumed white papers on many players in the game. But I'm not sure why you felt the need to tell everyone here they don't understand crypto. There was nothing stated that warranted that comment.

[kingseanjohn]

4 minutes ago, incognito_man said:

That's wonderful. I, too, have a CS degree and have consumed white papers on many players in the game. But I'm not sure why you felt the need to tell everyone here they don't understand crypto. There was nothing stated that warranted that comment.

I feel like you're taking my comment personal for some reason. It was not directed at any specific individual.

[scar988]

10 minutes ago, kingseanjohn said:

I feel like you're taking my comment personal for some reason. It was not directed at any specific individual.

I work in the financial industry in my day job. I don't really understand Crypto either. To me, it's more of a stocks and bonds type deal. I view it a lot like a more secure and accessible version of a stock where you invest into basically a fund of nothing. It's very weird to me. The values in each crypto fund are worth what each crypto fund kind of says it's worth. There's no real backing to any of it.

[jrry32]

On 4/26/2021 at 12:10 PM, Starless said:

Russell Okung is an idiot

Trevor Lawrence is somehow a bigger idiot

He's definitely not an idiot, but I'm not betting on Bitcoin long term.

[Shanedorf]

16 minutes ago, kingseanjohn said:

I feel like you're taking my comment personal for some reason. It was not directed at any specific individual.

Pro Tips: 1) never get involved in a land war in Asia...  2) never get involved in an argument with incognito. 
Not because you'll lose the argument, but because he's just one of THOSE  people. Smile knowingly and calmly walk the other way  😎

 

fyi: this is what incog wrote on page 2

"very few people really understand it "  vs. what you wrote : "I’m just going to assume that people don’t understand cryptocurrency"

I've been told he's a real blast at parties, aka Colonel Conviviality
 

[Trojan]

The team doesn't pay him in BTC. He has whatever portion of his contract given to a start up called Zap which then transfers him BTC. It'd be more similar to saying put 7mil in this checking account and 7 mil in my Charles Schwab or whatever then like how the guy at Charles Schwab would buy you stocks... the  app Zap takes the USD and sends BTC to his wallet.

Edited April 27, 2021 by Trojan

[jrry32]

17 minutes ago, scar988 said:

I work in the financial industry in my day job. I don't really understand Crypto either. To me, it's more of a stocks and bonds type deal. I view it a lot like a more secure and accessible version of a stock where you invest into basically a fund of nothing. It's very weird to me. The values in each crypto fund are worth what each crypto fund kind of says it's worth. There's no real backing to any of it.

That's what it basically is. It's touted as a currency, but it's more akin to a speculative security. And due to the incredible amounts of energy being dedicated to Bitcoin mining, I would bet that countries are going to be hostile towards it long term.

[Apparition]

9 minutes ago, jrry32 said:

He's definitely not an idiot, but I'm not betting on Bitcoin long term.

Oh, he's definitely an idiot for other reasons, too. 

[scar988]

2 minutes ago, Trojan said:

The team doesn't pay him in BTC. He has whatever portion of his contract given to a start up called Zap which then transfers him BTC. It'd be more similar to saying put 7mil in this checking account and 7 mil in my Charles Schwab or whatever then like how the guy at Charles Schwab would buy you stocks... the  app Zap takes the USD and sends BTC to his wallet.

Thats exactly what I was saying.

1 minute ago, jrry32 said:

That's what it basically is. It's touted as a currency, but it's more akin to a speculative security. And due to the incredible amounts of energy being dedicated to Bitcoin mining, I would bet that countries are going to be hostile towards it long term.

Yeah, I don't ever see it as a currency. Especially not a world wide one. And the long-term of bitcoin with climate change accelerating isn't going to help it at all.

[Trojan]

Also Bitcoin and cryptos in general are not nothing. It is a ledger of transactions and the crypto is the reward for verifying the transactions. The value is based on the network effect of how used the ledger is. Without value no one verifies and the transactions stop. That's not how anything works. If the ledger is used and transactions are veried there is some intrinsic value, that doesn't mean it's worth $1 or $500,000 but it's worth something (the market price range is wild because of speculation, but there is value to the ledger). The fee to send a transaction varies based off the value of the crypto and often times it is an outrageous fee that makes no sense because the market value of the coin no longer matches what the fee is. The way a crypto should be valued is off the ledger and how adopted it is and it's use cases. Bitcoin has essentially never been great for day to day transactions, but it has found a niche as a store of value and documenting who has what in a secure fashion that people control their own asset and minus fees it's been very liquid regardless of state and national lines. If you wanted to send $50,000 to Nigeria or Thailand with BTC two cell phones and it's there instantly. It's an odd pick to put half your salary into, but it's probably better than investing in each seasons Gucci clothing or whatever. The team itself never transfers BTC and therefore it isn't an issue with cap. They simply deposit a portion of a paycheck to a different account that then makes the "investment".

Edited April 27, 2021 by Trojan

[Nut]

2 hours ago, JJ6 said:

Can't believe people are still betting against crypto. Idiots. 

This is why you don't put every single dime into it (not to mention it's more geared for day trading due to the volatility). Diversity is finance 101.

As for needing cash to buy land/pay taxes, thank you Captain Obvious. That's how investment works; you convert cash into an asset you feel will appreciate in time.

[SkippyX]

I don't think many people  understand how this works even remotely.

Okung was paid in dollars. They may have transferred those dollars to cryptocurrency as they paid him but he could have done this himself.

Its like a player saying they want to be paid in cheese, or gold, or pork bellies.

 

Acting like this has any meaning is foolishness.

 

Drew Brees sorta got paid in 'investment gold jewelry' if he took his paycheck and instantly bought that junk.

 

How do the Seahawks get the cryptocurrency? Do they trade sheep and cows for it or buy it with dollars or equivalent?

Okung did not get a penny more than his salary in value at the time he was paid. It would be a cap violation if he did.

If that money as a speculative commodity (bitcoin) increased in value later then bully for him but it has zero impact on anything in the NFL.

[blkwdw13]

11 hours ago, incognito_man said:

only if the team agrees to it

Correct, I was just giving a reason why the player would prefer the team to do it. 

[ET80]

14 hours ago, scar988 said:

To me, it's more of a stocks and bonds type deal. I view it a lot like a more secure and accessible version of a stock where you invest into basically a fund of nothing. It's very weird to me. The values in each crypto fund are worth what each crypto fund kind of says it's worth. There's no real backing to any of it.

I'm a Certified Payments Professional (CPP) and this is my take on crypto - pretty much word for word. I don't see it becoming a method of payment within the next 10-20 years, but it's a unique investment tool where the value of the investment is based on consumer demand. This isn't investing in EV technology or putting a few bucks into Moderna because they're creating a vaccine - there is no end product to crypto to derive value from. It's akin to a bar/club getting a lot of traction because they have a long line to get in; The perception of value drives the value, and the lack of that perception of value drops the value. (Crude example, I know).

An optimist might compare this to the gold rush. A pessimist might compare this to a kiting scheme. I'm waiting to determine if there will be any tangible use for it before I form an opinion outside of my vocation.

As far as this as an NFL salary cap issue - it's not. This is no different than if Okung requested money to be deposited into a brokerage account or such, as someone alluded to.

I'll direct you all to our TAST thread, which had lived through several dips and peaks as well as gone into detail on various alt-coins that have been in discussion... Lotta good stuff here to read:

https://forums.footballsfuture.com/topic/2000-bitcoin/

[Ryan_W]

I wanted my contract in Trident Layers