PromoTheRobot Posted June 21, 2022 Share Posted June 21, 2022 How's that working out? 16 2 Quote Link to comment Share on other sites More sharing options...
ddaryl Posted June 21, 2022 Share Posted June 21, 2022 A fine case of 2 in the bush 3 Quote Link to comment Share on other sites More sharing options...
GunnerBill Posted June 21, 2022 Share Posted June 21, 2022 Hope he spent some of it on a financial advisor who encouraged him to sell at the right time. 1 Quote Link to comment Share on other sites More sharing options...
RoyBatty is alive Posted June 21, 2022 Share Posted June 21, 2022 (edited) Not all Crypto Currencies are created equal. Depends which ones you own. Edited June 21, 2022 by RoyBatty is alive 1 1 Quote Link to comment Share on other sites More sharing options...
Franco_92 Posted June 21, 2022 Share Posted June 21, 2022 If he was willing to go through with that, I highly doubt he sold and locked in any significant losses. Someone willing to take a paycheck in BTC isn't panicking when price goes down (as it has many ti.es before) in the face of such ***** macro conditions And I hope PTR leaves this thread unlocked so we can come back at a future date and see exactly "how that's working out" 5 2 Quote Link to comment Share on other sites More sharing options...
Allen2D̶i̶g̶g̶s̶TBD Posted June 21, 2022 Share Posted June 21, 2022 The athletes who asked to be paid in crypto probably got kickbacks in order to promote those coins. 6 Quote Link to comment Share on other sites More sharing options...
DrDawkinstein Posted June 21, 2022 Share Posted June 21, 2022 Says he got paid on May 2, 2021. Right when BTC was peaking at ~$58,000. And then crashed the next week back to ~$30k. Rough if the timing is accurate, but it did jump up again in November to an all time high in the $60ks, so maybe he sold off then after seeing how the summer went. Or he's still holding for the long haul. I'm sure he's mostly living off endorsement money anyways. Football money is to play/invest/gamble with for some of these guys. 2 Quote Link to comment Share on other sites More sharing options...
KDIGGZ Posted June 21, 2022 Share Posted June 21, 2022 (edited) Any investment you make can go up or down. If you are over-leveraged or sell it when it's down then you are an idiot no matter what you are into. Typically you sell when it goes back UP so the fluctuations shouldn't bother you if you are in something long term. Did you think people that owned real estate were dumb in 2008? When things go down is when you should be buying. Crypto is on sale right now. If you think it's dumb then don't buy it, but I think it's already proven that it has staying power. It's bottomed out like this a few times now and the current lows are the 2017 highs, back when everyone started freaking out about it as a great investment. The next time it bottoms out it might drop under 6 figures and people will be laughing about it again then saying how dumb people were to buy it when a lot of us bought it for pennies on the dollar and are way up either way. Also, some purists people believe crypto is the $ of the future so if that's the case then it doesn't matter how it correlates to USD because if some day USD doesn't exist or inflation goes so high that it's worthless then you want crypto stashed away either way. Edited June 21, 2022 by KDIGGZ 1 2 Quote Link to comment Share on other sites More sharing options...
What a Tuel Posted June 21, 2022 Share Posted June 21, 2022 Whats the advantage to being paid in crypto as opposed to being paid in usd and then buying crypto with it? Isnt it taxed as income either way? 3 Quote Link to comment Share on other sites More sharing options...
The Wiz Posted June 21, 2022 Share Posted June 21, 2022 (edited) 26 minutes ago, Allen2Diggs said: The athletes who asked to be paid in crypto probably got kickbacks in order to promote those coins. Almost 23m in kickbacks though? Edited June 21, 2022 by The Wiz Quote Link to comment Share on other sites More sharing options...
DabillsDaBillsDaBills Posted June 21, 2022 Share Posted June 21, 2022 2 minutes ago, What a Tuel said: Whats the advantage to being paid in crypto as opposed to being paid in usd and then buying crypto with it? Isnt it taxed as income either way? That's my understanding of it. The advantage would be the crypto company giving the celebrity $$ in a separate deal to promote their product. Pretty stupid tweet anyway. We have no idea if Lawrence is still holding crypto or not. It's very believable he dumped his position for a nice gain. Quote Link to comment Share on other sites More sharing options...
GoBills808 Posted June 21, 2022 Share Posted June 21, 2022 7 minutes ago, DabillsDaBillsDaBills said: That's my understanding of it. The advantage would be the crypto company giving the celebrity $$ in a separate deal to promote their product. Pretty stupid tweet anyway. We have no idea if Lawrence is still holding crypto or not. It's very believable he dumped his position for a nice gain. Is it? Doesn't it get taxed? Quote Link to comment Share on other sites More sharing options...
PonyBoy Posted June 21, 2022 Share Posted June 21, 2022 43 minutes ago, Allen2Diggs said: The athletes who asked to be paid in crypto probably got kickbacks in order to promote those coins. Hmm... Interesting opinion... Quote Link to comment Share on other sites More sharing options...
ControllerOfPlanetX Posted June 21, 2022 Share Posted June 21, 2022 I get paid in soybeans. Quote Link to comment Share on other sites More sharing options...
DabillsDaBillsDaBills Posted June 21, 2022 Share Posted June 21, 2022 4 minutes ago, GoBills808 said: Is it? Doesn't it get taxed? Yea, crypto is viewed as property by the IRS so it would be taxed. If he sold at a profit and had to pay capital gains taxes he'd still be up overall. If he sold at a loss he'd be able to take that as a tax deduction. 1 Quote Link to comment Share on other sites More sharing options...
RocCityRoller Posted June 21, 2022 Share Posted June 21, 2022 1 hour ago, GunnerBill said: Hope he spent some of it on a financial advisor who encouraged him to sell at the right time. I wonder what kind of financial advisor was willing to be paid in Bitcoin? Quote Link to comment Share on other sites More sharing options...
HappyDays Posted June 21, 2022 Share Posted June 21, 2022 It turns out if you buy into a new market after watching a celebrity Super Bowl ad, you're not getting in on the ground floor. 3 3 Quote Link to comment Share on other sites More sharing options...
RocCityRoller Posted June 21, 2022 Share Posted June 21, 2022 7 minutes ago, ControllerOfPlanetX said: I get paid in soybeans. get paid in wheat and you will be wealthy this fall 1 Quote Link to comment Share on other sites More sharing options...
billsbackto81 Posted June 21, 2022 Share Posted June 21, 2022 Not my cup of tea but I won't make fun of the man or anyone else who took a chance. Not all investments pan out and scared money don't make money. At least he has plenty of money and can recomp his losses eventually. 3 Quote Link to comment Share on other sites More sharing options...
ticketssince61 Posted June 21, 2022 Share Posted June 21, 2022 10 minutes ago, DabillsDaBillsDaBills said: Yea, crypto is viewed as property by the IRS so it would be taxed. If he sold at a profit and had to pay capital gains taxes he'd still be up overall. If he sold at a loss he'd be able to take that as a tax deduction. I am not an accountant, but I think, you can only deduct capital losses to offset actual capital gains. So it might take a long time, to get the tax benefit 1 Quote Link to comment Share on other sites More sharing options...
Allen2D̶i̶g̶g̶s̶TBD Posted June 21, 2022 Share Posted June 21, 2022 39 minutes ago, The Wiz said: Almost 23m in kickbacks though? No, there's no way it would be enough to offset the losses (assuming he didn't sell it immediately) 19 minutes ago, PonyBoy said: Hmm... Interesting opinion... I mean there's no real incentive for them to be paid directly in crypto considering they could just buy it with their signing bonus Quote Link to comment Share on other sites More sharing options...
Chicken Boo Posted June 21, 2022 Share Posted June 21, 2022 (edited) Ask that question in 2 years. If you know anything about crypto, you'd know that is nothing new, was expected and will pass. 1 BTC was $2,000 in May of 2017. Edited June 21, 2022 by Chicken Boo 1 1 1 Quote Link to comment Share on other sites More sharing options...
RussellDopeland Posted June 21, 2022 Share Posted June 21, 2022 Quote Link to comment Share on other sites More sharing options...
hemma Posted June 21, 2022 Share Posted June 21, 2022 Wonder about his agent’s role in that decision. Quote Link to comment Share on other sites More sharing options...
Rigotz Posted June 21, 2022 Share Posted June 21, 2022 1 hour ago, RoyBatty is alive said: Not all Crypto Currencies are created equal. Depends which ones you own. .... not recently. They have all gotten smacked the past 6 months. Quote Link to comment Share on other sites More sharing options...
DCofNC Posted June 21, 2022 Share Posted June 21, 2022 59 minutes ago, What a Tuel said: Whats the advantage to being paid in crypto as opposed to being paid in usd and then buying crypto with it? Isnt it taxed as income either way? Taxed twice and fees. Collect 10M get taxed 3.2M, buy 6.8M in crypto, pay 1% of that in fees and then get taxed on the sale. Or, be paid in crypto before tax, get taxed for it at EOY, hopefully the gains pay for some of the taxes. Kinda like stocks. Probably didn’t work out as well in this case. Quote Link to comment Share on other sites More sharing options...
SoCal Deek Posted June 21, 2022 Share Posted June 21, 2022 I have one word for you son…..plastics! Enough said. 1 1 Quote Link to comment Share on other sites More sharing options...
aristocrat Posted June 21, 2022 Share Posted June 21, 2022 Hope he sold on the way up Quote Link to comment Share on other sites More sharing options...
BuffaloRebound Posted June 21, 2022 Share Posted June 21, 2022 Fortune favors the brave. Just ask crypto expert Matt Damon. 2 Quote Link to comment Share on other sites More sharing options...
JakeFrommStateFarm Posted June 21, 2022 Share Posted June 21, 2022 What a dumbass Quote Link to comment Share on other sites More sharing options...
brianthomas Posted June 21, 2022 Share Posted June 21, 2022 48 minutes ago, Chicken Boo said: Ask that question in 2 years. If you know anything about crypto, you'd know that is nothing new, was expected and will pass. 1 BTC was $2,000 in May of 2017. Yep, all about the bitcoin halving & 4 year macro cycle. The downside exacerbated by the greater global macroeconomic situation. When your 'safe' investments in the S&P or Nasdaq tank, you know fake digital ponzi's will tank even more haha. I'm a big investor & crypto-enthusiast but a cleansing was needed. Evidently there's still more downside to go, as Shiba-Inu pumped 30% today. People havent felt enough pain yet if theyre still buying memecoins. I believe its going to take 1-2 years for our current crisis to play out. TLaw's btc value per usd this season will be dirt cheap, but his 2022 salary could 3-5x in the future if/when its USD value goes back to ATH's (like it should). Tlaw makes millions from endorsements i imagine. Millions in cash so i can see why he took the risk with his salary. Hope it pays off for him bcuz it'd mean we all went to the moon together 2 1 Quote Link to comment Share on other sites More sharing options...
pennstate10 Posted June 21, 2022 Share Posted June 21, 2022 2 hours ago, arcane said: If he was willing to go through with that, I highly doubt he sold and locked in any significant losses. Someone willing to take a paycheck in BTC isn't panicking when price goes down (as it has many ti.es before) in the face of such ***** macro conditions And I hope PTR leaves this thread unlocked so we can come back at a future date and see exactly "how that's working out" Investing in a basket of stocks (ie S&P500) is always a wise idea, providing you dont need the money for 10 years. Look at any 10 year time-frame in 1900-2000. Over 10 years, stocks ALWAYS had a positive return, with an average of 8+%. But crypto is a new animal. Stocks in IBM, Amazon, and yes,even Blockbuster, had tangible assets backing them. Crypto has a bunch of electrons backing it. I read a fascinating article a year ago stating that the author didnt know which Crypto (Bitcoin Etherium, etc) would gain dominance in years to come, but he was confident it wasnt Bitcoin. Had to do with the expense of mining and/or maintaining the crypto. That newer cryptos were somehow more efficient. Bottom line; having a high risk/high reward asset such as crypto isnt a bad idea. To have 50+% of your assets in crypto is..???? 1 Quote Link to comment Share on other sites More sharing options...
billsfanmiamioh Posted June 21, 2022 Share Posted June 21, 2022 1 hour ago, KDIGGZ said: Any investment you make can go up or down. If you are over-leveraged or sell it when it's down then you are an idiot no matter what you are into. Typically you sell when it goes back UP so the fluctuations shouldn't bother you if you are in something long term. Did you think people that owned real estate were dumb in 2008? When things go down is when you should be buying. Crypto is on sale right now. If you think it's dumb then don't buy it, but I think it's already proven that it has staying power. It's bottomed out like this a few times now and the current lows are the 2017 highs, back when everyone started freaking out about it as a great investment. The next time it bottoms out it might drop under 6 figures and people will be laughing about it again then saying how dumb people were to buy it when a lot of us bought it for pennies on the dollar and are way up either way. Also, some purists people believe crypto is the $ of the future so if that's the case then it doesn't matter how it correlates to USD because if some day USD doesn't exist or inflation goes so high that it's worthless then you want crypto stashed away either way. This is all news to me. 1 Quote Link to comment Share on other sites More sharing options...
PromoTheRobot Posted June 21, 2022 Author Share Posted June 21, 2022 3 hours ago, RoyBatty is alive said: Not all Crypto Currencies are created equal. Depends which ones you own. Aren't they all taking on water? 2 hours ago, arcane said: If he was willing to go through with that, I highly doubt he sold and locked in any significant losses. Someone willing to take a paycheck in BTC isn't panicking when price goes down (as it has many ti.es before) in the face of such ***** macro conditions And I hope PTR leaves this thread unlocked so we can come back at a future date and see exactly "how that's working out" For sure. Quote Link to comment Share on other sites More sharing options...
nedboy7 Posted June 21, 2022 Share Posted June 21, 2022 So many people acted like they were investment geniuses touting crypto for a while. Everything they said has shown to be false. Imagine. 1 Quote Link to comment Share on other sites More sharing options...
PromoTheRobot Posted June 21, 2022 Author Share Posted June 21, 2022 2 hours ago, DabillsDaBillsDaBills said: That's my understanding of it. The advantage would be the crypto company giving the celebrity $$ in a separate deal to promote their product. Pretty stupid tweet anyway. We have no idea if Lawrence is still holding crypto or not. It's very believable he dumped his position for a nice gain. That's a telling comment. I don't get that a good investment needs promotion, you know? Quote Link to comment Share on other sites More sharing options...
Augie Posted June 21, 2022 Share Posted June 21, 2022 (edited) 1 hour ago, HappyDays said: It turns out if you buy into a new market after watching a celebrity Super Bowl ad, you're not getting in on the ground floor. Chivalry may be on the ropes, but diversification is DEAD to some! Just imagine that stupidity! You take what you make, THEN you diversify! Sure, get a little crypto if you want to. Don’t take ALL crypto! . Edited June 21, 2022 by Augie 1 1 Quote Link to comment Share on other sites More sharing options...
BillsShredder83 Posted June 21, 2022 Share Posted June 21, 2022 3 hours ago, PromoTheRobot said: How's that working out? You could do same thing with stock market from a year ago, and nobody would be calling him stupid in 20 years. Nobody loses anything until they sell at a loss, and he'll be smart enough to not anytime in the next decade or two 2 hours ago, KDIGGZ said: Any investment you make can go up or down. If you are over-leveraged or sell it when it's down then you are an idiot no matter what you are into. Typically you sell when it goes back UP so the fluctuations shouldn't bother you if you are in something long term. Did you think people that owned real estate were dumb in 2008? When things go down is when you should be buying. Crypto is on sale right now. If you think it's dumb then don't buy it, but I think it's already proven that it has staying power. It's bottomed out like this a few times now and the current lows are the 2017 highs, back when everyone started freaking out about it as a great investment. The next time it bottoms out it might drop under 6 figures and people will be laughing about it again then saying how dumb people were to buy it when a lot of us bought it for pennies on the dollar and are way up either way. Also, some purists people believe crypto is the $ of the future so if that's the case then it doesn't matter how it correlates to USD because if some day USD doesn't exist or inflation goes so high that it's worthless then you want crypto stashed away either way. I like you lol we could hang out 😆😆 1 Quote Link to comment Share on other sites More sharing options...
BillsShredder83 Posted June 22, 2022 Share Posted June 22, 2022 12 minutes ago, nedboy7 said: So many people acted like they were investment geniuses touting crypto for a while. Everything they said has shown to be false. Imagine. Please baby Jesus leave this thread open so we can see all the crying in a few years 😭😭 1 Quote Link to comment Share on other sites More sharing options...
Southern_Bills Posted June 22, 2022 Share Posted June 22, 2022 BTC will go back up, I'm not sure of the longevity of it, but if he sticks it out and it was BTC Crypto he will get his money back. Not sure why you would take the chance these guys take. Quote Link to comment Share on other sites More sharing options...
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