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Bitcoin and crypto currency in college football

BiggsCoug

Hall Of Fame
Feb 5, 2003
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Will this be how teams pay players in the future? Is it already happening now? No trace, no banks, send it to anyone....

What Propst down in Georgia said about SEC schools paying players made me wonder how they’ve been doing it with no paper trail... too many bank statements or cash in hands get noticed.

A bitcoin transfer of 50% down for a verbal.... the other 50% on LOI day when the paperwork is signed.... a monthly stipend while in school and bonuses for starting and performance...

Agree or disagree that crypto currency has or will have a role in college sports? Discuss.
 
Will this be how teams pay players in the future? Is it already happening now? No trace, no banks, send it to anyone....

What Propst down in Georgia said about SEC schools paying players made me wonder how they’ve been doing it with no paper trail... too many bank statements or cash in hands get noticed.

A bitcoin transfer of 50% down for a verbal.... the other 50% on LOI day when the paperwork is signed.... a monthly stipend while in school and bonuses for starting and performance...

Agree or disagree that crypto currency has or will have a role in college sports? Discuss.

Yep it will have a huge role and it probably has already been happening for the past few years at least.
 
I doubt it's been a major factor thus far. Let's just call it a hunch based on the people involved on all sides and crypto being difficult for J6P to deal with. That said, I am sure it will be more of one going forward as cryptocurrencies become more accessible to, and adopted by, more people.

The thing is, whether it is cash, crypto, gold, diamonds, art, or anything else, most of these guys aren't trying to get the money to broaden their asset mix or to hold it for a rainy day. They're looking for actual, spendable currency, often for their families or to spend on stuff. There are exceptions, of course, like when a family already is well-off but Johnny Five Star still gets paid. Most of the time, though, these guys are going to want good old cash, and that isn't that hard for bag men to deal with. No names, no wallet addresses, no emails, no anything (bitcoin definitely does leave a trace--a theoretically immutable one, in fact, but it's a question of what it can be traced to). But as mentioned previously, I'm sure crypto will be part of this going forward to a greater extent.
 
I doubt it's been a major factor thus far. Let's just call it a hunch based on the people involved on all sides and crypto being difficult for J6P to deal with. That said, I am sure it will be more of one going forward as cryptocurrencies become more accessible to, and adopted by, more people.

The thing is, whether it is cash, crypto, gold, diamonds, art, or anything else, most of these guys aren't trying to get the money to broaden their asset mix or to hold it for a rainy day. They're looking for actual, spendable currency, often for their families or to spend on stuff. There are exceptions, of course, like when a family already is well-off but Johnny Five Star still gets paid. Most of the time, though, these guys are going to want good old cash, and that isn't that hard for bag men to deal with. No names, no wallet addresses, no emails, no anything (bitcoin definitely does leave a trace--a theoretically immutable one, in fact, but it's a question of what it can be traced to). But as mentioned previously, I'm sure crypto will be part of this going forward to a greater extent.
Bitcoin and the other cryptos are becoming more widely accepted. My wife ordered some stuff from (I believe Target) and had the option of paying with Bitcoin.

But, I agree cash is still king.
 
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So it's been a while since I've posted... and yeah... made a few bucks off bitcoin and NCAA... waaaaaay behind the curve. Gotta have balls but if you can stomach the risk and a non-government/bank backed entity, you have money to earn. Over the past 2 years, our financial advisor has actually started to talk about Crypto as an actual investment. It's real
 
They use cash .. the SEC doesn’t care . Jim Waldens famous line was they investigate Alabama for illegal recruiting and put Mississippi State on probation

Cash has a trail unless you arent withdrawing it from the bank. Dont be surprised if some of these schools have payrolls like SMU did. How are you gonna manage handing all those kids $ with prying eyes and phones with cameras???
 
Will this be how teams pay players in the future? Is it already happening now? No trace, no banks, send it to anyone....

What Propst down in Georgia said about SEC schools paying players made me wonder how they’ve been doing it with no paper trail... too many bank statements or cash in hands get noticed.

A bitcoin transfer of 50% down for a verbal.... the other 50% on LOI day when the paperwork is signed.... a monthly stipend while in school and bonuses for starting and performance...

Agree or disagree that crypto currency has or will have a role in college sports? Discuss.
I am waiting for the book “bitcoin for dummies “to come out before I can even comment on this. I’m totally baffled by the whole concept.
 
I am waiting for the book “bitcoin for dummies “to come out before I can even comment on this. I’m totally baffled by the whole concept.
They're saying Jim Sterk could've paid Wulff and his staff's salary in $100,000 bills with Art Linkletter's face on them, but didn't.
 
So it's been a while since I've posted... and yeah... made a few bucks off bitcoin and NCAA... waaaaaay behind the curve. Gotta have balls but if you can stomach the risk and a non-government/bank backed entity, you have money to earn. Over the past 2 years, our financial advisor has actually started to talk about Crypto as an actual investment. It's real

Glad you've made some $$$ on crypto. I seriously question the rationale of a financial advisor who will call crypto an actual investment though.

My personal opinion is that a market exists for some sort of anonymous digital currency. Since the need exists one will eventually succeed. But no one has a clue which currency will win out or if the eventual winner exists yet.

Look back at the internet bubble of the late 90's. Everyone saw, correctly, that the internet was going to change everything. But of the big winners in internet business, only an online bookstore founded in Seattle really paid off. Google and Facebook came later. Apple was a company left for dead.

Best of luck picking crypto winners.
 
If you lived in a country where you couldnt trust the government not to screw up the currency or if you did not have access to a bank.... the ability to pay and be paid thru your cell phone has value.

Add in anonymity. Perfect way to pay people without being caught.

What happens when Alabama starts paying in bitcoin and the value takes off? You could have millionaires taking the field.
 
If you lived in a country where you couldnt trust the government not to screw up the currency or if you did not have access to a bank.... the ability to pay and be paid thru your cell phone has value.

Add in anonymity. Perfect way to pay people without being caught.

What happens when Alabama starts paying in bitcoin and the value takes off? You could have millionaires taking the field.
Is this new?

Hugh McElhenny took a big payout leaving the UW for the NFL.
49ers wouldn't give his wife a job & he had to pay taxes on his own earnings.
 
I think most here are hugely underestimating the complexity of buying and selling with crypto. I consider myself top 1% tech savvy, including with crypto. I have tens of thousands tied up in it, and I've used 4 different exchanges (Bitstamp, Binance, Coinbase and 1 other which now eludes me).

Most require a driver's license or passport, there's a waiting window, you set up 2-factor authentication, email confirmation, you have to provide an account hash (code) to send or receive, and you'd have to link to your own bank account (account + routing numbers) to pull the money out, then be prepared to explain where the $10k deposit came from 5 years down the road during an IRS audit. God help you if you forget your password, like this guy who stands to lose $240 million because of it. In fact, $140 billion in BTC is tied up in lost password accounts.

This is not like setting up an Instagram or TikTok account. It's more like starting a small business online, which is probably why only 6% of Americans own crypto. It's not impossible, but you'd better be prepared to spend a day in person, hand-holding a prospective offensive lineman, if you wanted to illicitly pay him. Until this gets bigger, expect this kind of cheating to be very limited.
 
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I think most here are hugely underestimating the complexity of buying and selling with crypto. I consider myself top 1% tech savvy, including with crypto. I have tens of thousands tied up in it, and I've used 4 different exchanges (Bitstamp, Binance, Coinbase and 1 other which now eludes me).

Most require a driver's license or passport, there's a waiting window, you set up 2-factor authentication, email confirmation, you have to provide an account hash (code) to send or receive, and you'd have to link to your own bank account (account + routing numbers) to pull the money out, then be prepared to explain where the $10k deposit came from 5 years down the road during an IRS audit. God help you if you forget your password, like this guy who stands to lose $240 million because of it. In fact, $140 billion in BTC is tied up in lost password accounts.

This is not like setting up an Instagram or TikTok account. It's more like starting a small business online, which is probably why only 6% of Americans own crypto. It's not impossible, but you'd better be prepared to spend a day in person, hand-holding a prospective offensive lineman, if you wanted to illicitly pay him. Until this gets bigger, expect this kind of cheating to be very limited.
I’m surprised it’s 6%. I would have thought it was less than 1%.
 
I think most here are hugely underestimating the complexity of buying and selling with crypto. I consider myself top 1% tech savvy, including with crypto. I have tens of thousands tied up in it, and I've used 4 different exchanges (Bitstamp, Binance, Coinbase and 1 other which now eludes me).

Most require a driver's license or passport, there's a waiting window, you set up 2-factor authentication, email confirmation, you have to provide an account hash (code) to send or receive, and you'd have to link to your own bank account (account + routing numbers) to pull the money out, then be prepared to explain where the $10k deposit came from 5 years down the road during an IRS audit. God help you if you forget your password, like this guy who stands to lose $240 million because of it. In fact, $140 billion in BTC is tied up in lost password accounts.

This is not like setting up an Instagram or TikTok account. It's more like starting a small business online, which is probably why only 6% of Americans own crypto. It's not impossible, but you'd better be prepared to spend a day in person, hand-holding a prospective offensive lineman, if you wanted to illicitly pay him. Until this gets bigger, expect this kind of cheating to be very limited.

You can buy bitcoin on cashapp and paypal.
 
You can buy bitcoin on cashapp and paypal.
The ability to buy and sell bitcoin on Paypal is really just buying and selling a ledger entry reflecting crypto PP holds the keys to. One can't send crypto to an external address using Paypal. One can't even send it to another Paypal user. What sometimes is described as an ability to buy and sell crypto with Paypal has no practical relevance to the bagman issue.

Cash App might be making crypto more accessible and could be relevant, I guess, but I don't use it and don't know its position on KYC, tracking, or reporting. Definitely more than a bag of cash. Also, at some point for all of these, fiat has to enter the system and buy bitcoin somehow, unless bubbas have mining rigs set up in their barns. That's not economically feasible even if it otherwise wasn't insane. So when fiat enters the system, that's ... banks and all the other stuff you were saying you wanted to avoid.

The offensive lineman also has to establish the Cash App account and receive a bunch of payments on an immutable ledger tied to an email address (and vast amounts of other info), along with an IP address, linked to the offensive lineman or someone tied to him.

Then he has to figure out to do with it, which raises a whole other host of issues. He can't use it for much right now, so he has to cash it out somehow. That requires providing info, dealing with banks, KYC, all kinds of data collection, and other stuff, even in most foreseeable situations that are relatively simple.

Either that or he gets a bag of cash. I dunno. You tell me.
 
There's no doubt that cryptocurrencies will have a role in college sports, and not only. To be honest, I reckon it's already been happening for the last few years. These cryptocurrencies are slowly but surely becoming more universally accepted, more interconnected, and more popular than ever. I, myself, have never thought that I would ever invest in Bitcoin or Ethereum. But look at me now; I'm a mainstream investor, and I'm living off crypto. If you're willing to do so as well or if you're at least interested in finding out more about cryptocurrencies/ crypto exchanges, I would recommend reading this Reddit article .
 
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