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NFL labor union is out almost $42M thanks to crypto collapse
- londons_explore 3y agoI just checked, and crypto is up over 100x in the past 7 years. Why are they complaining?
- candiddevmike 3y agoIsn't it interesting that cryptocurrencies are up but legitimate uses for them (being charitable here) like this always tank?
- anonporridge 3y ago"Crypto" isn't a uniform thing that goes up or down in price. The biggest cryptocurrencies 7 year ago are mostly all forgotten and market price wiped out, except for bitcoin.
- pvarangot 3y agoBecause crypto sponsors are not paying them?
- xigency 3y agoSo they’re complaining that because the scams they promoted failed, they’re not getting paid anymore.
- emodendroket 3y agoIf your employer shut its doors because there was no market for its product or it didn't work all that well, you'd be OK with them not paying you for work you already did for them?
- CuriousCosmic 3y agoIf you are owed wages, salaries, or commissions and the business you work for goes bankrupt, you are given priority over all unsecured creditors. But what that means is that if the company is out of money and out of assets worth anything (as a lot of cryptocurrency adjacent orgs that went bust were), then there is little if anything for them to owe you. You may get a few cents back on the dollar after banks and investors sell off everything left to cover their secured claims. It's kind of shitty but that's just how debts work in the US. They owe you money but they have none and wash their hands of it so now you are out of luck. Now in the case of the OP they probably would still get paid out given the org in question is still operating and is not bankrupt. It'll just take time for the court to do its thing.
- deleted 3y ago[deleted]
- mattmcknight 3y agoI bought $NVDA yesterday and the stock is down 4%. Maybe they didn't buy btc 7 years ago. (/s)
- bdcravens 3y agoThey are complaining about a company that is using the price of crypto to justify not paying their bills.
- boc 3y agoNot even factually true. BTC was at ~$540 in May 2016 (7 years ago today). It's 27K today. That's more like 5x... nowhere close to 100x.
- jdminhbg 3y agoWithout double-checking your prices, you're off by a factor of 10. 50x, not 5x.
- frontman1988 3y agothat's 50x not 5x
- jtsiskin 3y ago27k / 540 = 50
- paulddraper 3y agoI just checked and the NASDAQ is up 2.4x over the past 7 years.
- jjulius 3y ago... you do know that even just because "crypto" as a broad umbrella may be up, that doesn't mean that every company in the space is up, right? I mean the article highlights that fact... >The unpaid bills appear tied to the news in Sportico last month that Dapper Labs, the platform for the NBA’s and NFL’s sputtering nonfungible tokens, and DraftKings’ Reignmakers NFTs had each engaged the NFLPA to renegotiate their deals in light of the plummeting value of the digital assets.
- browningstreet 3y agoIt’s like complaining that companies go out of business while the dollar keeps going up…
- theandrewbailey 3y agoIf you put all your money in Luna, FTX, and NFTs, you're down ~infinity x over 2 years.
- blululu 3y agoThe title here is a bit misleading. The article's actual headline is: "NFLPA owed $41.8M in licensing and marketing payments from affiliate following crypto collapse" which is a more accurate description of what is happening. This is ~25% of their expected annual revenue so it is a serious issue.
- DoesntMatter22 3y agoWow what a misleading headline
- smeyer 3y agoThis is exactly what I assumed when I read the headline. What did you assume when first reading the headline?
- jameskilton 3y agoYou can also read this headline to mean that the labor union lost $42M that they had "invested" in crypto.
- tssva 3y agoWhat I assumed and what I imagine a lot of people would assume is that the NFLPA invested union funds in crypto which they took a $42 million loss on.
- DoesntMatter22 3y agoYes. This
- jandrese 3y agoMany of these stories are "Our retirement fund trader decided to bet his entire pool on hideous monkey NFTs and lost it all, even though he was only authorized to buy relatively safe bonds. His manager was completely asleep at the wheel."
- 3y ago
- ftxbro 3y agothey can make it back and more by pivot to AI like all us other bros
- spaceguillotine 3y agoTranslation from Techbro to English "There's a sucker born every minute"
- emodendroket 3y agoI would have gone with "double or nothing"
- JamesLeonis 3y agoThe lede: > The unpaid bills appear tied to the news in Sportico last month that Dapper Labs, the platform for the NBA’s and NFL’s sputtering nonfungible tokens, and DraftKings’ Reignmakers NFTs had each engaged the NFLPA to renegotiate their deals in light of the plummeting value of the digital assets. Then came a report this month that Dapper Labs’ NFL NFT was badly missing financial goals. > “OneTeam would have expected around $60 million from Dapper & DraftKings, of that, $41 million would go to the NFLPA,” the person who has been involved in past NFLPA dealings wrote in a direct message. “Now, NFTs are relatively new, so most of the money typically comes from Madden and trading cards.” By that, this person means the bread-and-butter licensing businesses like video games and trading cards at the NFLPA remains healthy. Cryptocurrency is a relatively new category for the unions and has not been a relied-upon source of revenue. Still, this person described the nonpayments of $41.8 million as “horrific.” > Cryptocurrencies like NFTs were all the rage two years ago, skyrocketing in value. Leagues and teams were inking cryptocurrency deals with companies like now-bankrupt FTX, and touting a wide range of NFTs. But crypto crashed along with NFTs, which are essentially authenticated digital duplicates of something real, like a highlight, a trading card or a work of art.
- birdyrooster 3y agoAllow me to play the worlds smallest violin. Good riddance idiots.
- penjelly 3y agoofftopic but i wonder how the bitcoin bet worked out for that country that bought in