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Baseball Primer Newsblog — The Best News Links from the Baseball Newsstand Tuesday, December 13, 2022Shohei Ohtani and MLB take hit over FTX ties - Los Angeles TimesI find it difficult to blame MLB because of their association with FTX. A lot of people were taken in by the filmflam.
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1. Transmission Posted: December 13, 2022 at 11:31 AM (#6109335)Looking at the current MLB list of sponsors, they've delisted FTX. If we're draft-picking the next corporate sponsor to cause MLB a headache, I think Roman is a breakout sleeper candidate.
Thoughts and prayers!
Does any of this really cause a headache for MLB or Ohtani, other than the legal costs?
MLB has never been particularly careful or diligent in terms of who they associate with, other than (historically) gambling interests. I find it amusing that the article mentions Enron but doesn't note that Enron had also sponsored an MLB stadium.
Even if I believed in crypto (i most definitely DO NOT), I'd still choose making a little less money with the "next best" investment. Crypto wants to name my stadium? Um, what's the "next best" offer? Let's just go with that.
If they pay up front in real cash, who cares if your sponsor goes bust? You can sell the remaining term to the 2nd best offer.
No, it wasn't.
It isn't a gamble when you have virtually no chance of winning.
Well there is a PR hit but I'm with you. If you are selling naming rights, take the money and run. The company goes bust? Find someone else.
Land Shark Stadium says hello. :-)
We’ve been really religious about staying away from coins themselves, as opposed to more company-based sponsorships.
I read this as "we weren't going to take the rubes' money directly." Yet gambling parlors in the stadium are OK. And "Candy is Major League Baseball's official NFT ecosystem."
(How the game has changed ... I'm pretty sure Candy used to be one of Grace's slumpbusters.)
The Miami Heat deal seems to be generous for the team.
As far as I know, Ohtani is a Japanese citizen - he's certainly playing for Japan in the WBC. If he has become a US citizen, as this seems to imply, I somehow missed it...
I told them I was probably not their person, in that I know very little about it, and have nothing intelligent to add. They insisted I would be a really good person to ask, given that I was well-dressed, obviously coming out of a business lunch, etc.
So I said this: "I have never seen a topic in public and economic policy where I've actually tried to read numerous articles, and listened to many interviews and podcasts about it, and always feel more confused at the end of the piece than I was at the beginning."
He was like, "Would you be interested in learning more about crypto?"
I said, "I have zero interest in investing more time in the topic. I'm going to use my time to make sure I understand how best to earn, spend, and invest in regular currency. Good luck on your documentary."
I doubt any of these athletes and other celebrities knew jack #### about cryptocurrency. I don't think they did anything remotely criminal here...but I do think you should know something about the product before you promote it. This strikes me as a little bit more like if Ohtani had been a big promoter of pets.com or something back in the 1990s.
I don't know if this link works but there is a writer at Bloomberg who did a great crypto 101. It will take several sittings to get through it all but well worth the read. No revelations but it helps you understand how the whole ecosystem works and is especially helpful in understanding the "mining " of Bitcoin and the logic of the FTXs of the world.
I won't spoil it but........it's a fraud. You all knew that
MLB's sudden love affair with Big Gambling would seem to indicate there are no remaining dollars that are too risky or dirty or scandalous for the league to sell itself out to.
this statement is brought to you by enron field.
Crypto doesn't really have a recent analogue. Madoff was small potatoes compared to crypto. Maybe the tulip craze in Holland. It's amazing to me that no one, even today, can simply explain what this trillion dollar industry does.
I work in finance and have read books/listened to podcasts on crypto. It has always seemed to me like an overly complicated (while technically interesting to this former computer science/math student) solution to something that wasn’t really a problem. I can understand why some people don’t like the centralized and heavily regulated financial system but we are now seeing that regulation and centralized control has some benefits. In the end, crypto hasn’t solved the problems it aimed to and it has introduced plenty of others that make it unusable as a currency IMO.
As to what it actually does, we’ll it’s basically been a closed system for speculators and certain criminals, with little connection to the broader economy. As I have noted before, the total value of all cryptocurrency has gone up 250% and down 75% multiple times in the past year with almost no wider impact. If it all goes away tomorrow few people will notice.
One of my favorites from the Grand Theft Auto commercials.
Little bundles of love, in a box, directly to your door.
Have any of you crypto-curious, crypto-bewildered folks watched LINE GOES UP? It's pretty amazing. Yes, it's two hours and twenty minutes, and yes it has a position, but it really helps. I mean, not that I understand it now, but... it does help.
Line Goes up - the Problem with NFTs
This is true for even the most technically-complicated innovations. On some level, most new innovations do one of a few things:
1) Make something cheaper
2) Make something smaller/lighter
3) Make something faster/more convenient/simpler
Successful innovations give you back some of your time or money, or improve the enjoyment you get from your time or money.
Can somebody explain to me, like I am a child, how cryptocurrency legitimately does this?
fwiw, this is incorrect. if your sponsor goes bust and paid upfront, you may be stuck with the name for a while or have to give value back to the sponsor. As the City of Miami is currently learning.
Well, there are real problems that crypto theoretically aims to solve. It can enable near-instantaneous transfer of funds, even across borders. Anyone who's had to wait several days (or longer) for a check or an ACH to clear, or had to pay significant foreign exchange fees to make a cross-border payment, should appreciate that.
Central banks can print money and devalue fiat currencies (as we've seen during periods of high inflation). Theoretically, again, a cryptocurrency can be decentralized and have rules built in to prevent that kind of unilateral increase in monetary supply.
That being said, there are other reasons why crypto in its current form isn't a particularly good solution to these issues. Decentralization has not prevented massive valuation swings in cryptocurrencies. Who cares if I'm saving a bit in FX fees, for example, if the currency itself can go down 5% or more in a day?
It is not cheap - Mining bitcoins is a massive cost to the world and an environmental disaster
It is not faster than using cash or credit cards. This is the issue Venmo, Apple Pay and PayPal and Zelle all have - it's really easy to use cash and credit cards. How do you convince people to switch - what's the catch ? People stopped using checks because they were time consuming and complex. Cash/credit cards? Not so much.
It may have a niche roll in replacing western union as a cross border tool replacing banks but unlikely to me. The very worst feature of Bitcoin is that it acts as a bearer bond. You cant ask anyone to stop a transaction like you can with a credit card or check or wren direct debit or wire transfer. When you hit "send" the money is gone forever. This is why it's useful to criminals.
It can be a lot faster than using either one, except when you're using cash for a small, in-person transaction.
The very worst feature of Bitcoin is that it acts as a bearer bond. You cant ask anyone to stop a transaction like you can with a credit card or check or wren direct debit or wire transfer. When you hit "send" the money is gone forever. This is why it's useful to criminals.
Yes, exactly. It's faster. But it's not very user friendly. And that speed comes with additional risks, as you noted.
That being said, checks and credit cards have a risk of theft/fraud as well. But there is a whole industry that has evolved around preventing it.
PS please stop making me defend crypto :)
and this:
I doubt they're paying it all up front.
While on vacation in Times Square last summer, I saw about six separate NFTs being advertised in heavy rotation on the giant video billboards.
Never has it been so easy to call the top of a bubble.
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