July 1, 2022

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The outage causes crypto companies to cut spending on sports

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The current bursting of the cipher bubble may be something more important than resetting the Jinja pyramid. This may cause crypto companies to cut back on their money for the games we play.

Across New York PostCryptocurrency companies Reduce their spending on sports. For example, cryptocurrency exchange FTX recently exited talks to fund the LA Angels jersey patch. According to the report, FTX’s deal with the Washington Wizards also failed.

FTX has bragged about deals with the likes Tom Brady. The company also dropped a lot of real dollars for a Super Bowl ad featuring Larry David.

As noted before MailHowever, other crypto companies that have spent many millions on sports sponsorships have recently had financial struggles. Crypto.com, which paid for the naming rights to the place formerly known as Staples Center and which gave the world Matt Damon’s “Fortune Favors the Braves” ad, recently laid off 260 employees.

Also, Coinbase paid close to $14 million for a one-minute Super Bowl ad, and also became the exclusive partner of the NBA cryptocurrency platform. It has laid off nearly a fifth of its workforce, and its share is down 75 percent this year.

Brady, whose Twitter feed of 2.7 million followers has become just an extended advertisement for a growing array of things he wants you to buy, was recently mentioned by FTX on Twitter Almost three weeks agowith an ad promoting the ease of use of the FTX trading platform.

Yes, it is easy to use. It’s also easy to lose money for it. Because many people think that it is easy to get rich.

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Whatever label is applied, it is not difficult to determine the grift. The more people buy these coins, the higher the price. Then, when those who bought at a low price start selling at a high price, the price falls. More take their profits. More stress. As they get rid of their possessions, the price drops, leaving those who entered the peak holding the bag.

Then it starts again. People who understand the market will “buy the dip,” hoping the price will recover to the point where they can sell the peak, inevitably leading to another dip they will buy from. and so on. and so on.

Yes, someone gets rich from cryptocurrencies, starting with those who know when to buy and when to sell. And those who get in and out too late end up with their money in someone else’s pocket.