Grant Holts Moustache 105 Posted June 13, 2022 Didn't realise the club has a crypto partner. Looks rather suspect too. Claims to be a UK business, also claims to be a bank (but isn't FCA regulated). Would have thought after the BK8 fiasco someone at the club would do some due diligence (or just avoid things they dont understand). Especially when the crypto world is full of rug pull scams, ponzis and **** coins. This details the owner who says they are a bank trying to get regulated. Their Reddit also mentions they are a regulated bank a number of times. https://finance.yahoo.com/news/scallop-ceo-raj-bagadi-future-151218656.html According to the last set of UK accounts in October 2021 (a few months before the club announced them as a partner) they are a dormant company. So where did the money come from as according to this they have none. https://find-and-update.company-information.service.gov.uk/company/12764221/filing-history They also seem to be registered in Estonia with 12,000 Euros of working capital under a name that appears on dozens of other businesses a number of which seem to be crypto focused. https://b2bhint.com/en/company/ee/scallop-group-eu-ou--16091996 Just for fun, also check out their promotional info. Lots related to climbing mountains, very on topic at the club and on the Pink Un right now. https://www.linkedin.com/company/scallopx Would be interested to know how legit these are if anyone on here has some blockchain/crypto knowledge because from a club perspective there are quite a few red flags. Share this post Link to post Share on other sites
Canary Wundaboy 1,358 Posted June 13, 2022 This was one thing I hoped our club would stay away from. Nothing good comes from dabbling in crypto. 1 Share this post Link to post Share on other sites
The Bunny 305 Posted June 13, 2022 The board continue to prove that they are either clueless or morally bankrupt (or both). This crap is pure snake oil. 2 Share this post Link to post Share on other sites
Grant Holts Moustache 105 Posted June 13, 2022 2 minutes ago, Canary Wundaboy said: This was one thing I hoped our club would stay away from. Nothing good comes from dabbling in crypto. Ben Kensell had already gone by this time, so they can't blame him for this one! Share this post Link to post Share on other sites
king canary 7,580 Posted June 13, 2022 Seems to be the latest must have thing in football, a dodgy crypto sponsor who is quietly fleecing fans off to the side. At least they don't own us unlike a couple of clubs. Share this post Link to post Share on other sites
A Load of Squit 5,135 Posted June 13, 2022 (edited) It was announced about 5 months ago, I think there was some mention of it in the last OSP meeting and the reasoning from the club was that they were only following what all the other clubs were doing, one of those damned if you do, damned if you don't things. I suppose at the end of the day it's up to the individual if they want to put their money in Crypto/Fan Tokens, personally I wouldn't go near it. Edited June 13, 2022 by A Load of Squit Share this post Link to post Share on other sites
cambridgeshire canary 6,680 Posted June 13, 2022 Anybody who invests into the crypto scams and pozi schemes gets when they deserve when said schemes collapse and cause nothing but major loses. Very disappointing from our club. Share this post Link to post Share on other sites
Grant Holts Moustache 105 Posted June 13, 2022 19 minutes ago, cambridgeshire canary said: Anybody who invests into the crypto scams and pozi schemes gets when they deserve when said schemes collapse and cause nothing but major loses. Very disappointing from our club. Don't think anyone deserves that. Surely it is up to the club to do their diligence and ensure the one they promote isn't one of those scams. Share this post Link to post Share on other sites
canarydan23 4,060 Posted June 13, 2022 They're authorised by the Estonian regulator? Take my money. 1 Share this post Link to post Share on other sites
hogesar 9,618 Posted June 13, 2022 Crypto in itself isn't a scam. There's a viable NFT market particularly in relation to the MetaVerse too. I would still encourage people to avoid it unless they've done a lot of background reading and know what they're getting involved with. Share this post Link to post Share on other sites
Trevor Hockey's Beard 526 Posted June 13, 2022 6 minutes ago, hogesar said: Crypto in itself isn't a scam. There's a viable NFT market particularly in relation to the MetaVerse too. I would still encourage people to avoid it unless they've done a lot of background reading and know what they're getting involved with. I'm too old to understand - or even believe in all this Crypto malarkey. I'm not even keen on paper money - when we moved away from gold and silver coins which had their real face value it all started to go wrong... although some say that it went wrong once we started using stones with holes in rather than just bartering. 2 Share this post Link to post Share on other sites
king canary 7,580 Posted June 13, 2022 9 minutes ago, hogesar said: Crypto in itself isn't a scam. There's a viable NFT market particularly in relation to the MetaVerse too. I would still encourage people to avoid it unless they've done a lot of background reading and know what they're getting involved with. I remain unconvinced their is a single viable use for NFT's and that is after doing a fair bit of reading. All these weird dudes paying huge $$$ for a monkey JPEG is just a huge head scratcher. Share this post Link to post Share on other sites
hogesar 9,618 Posted June 13, 2022 14 minutes ago, king canary said: I remain unconvinced their is a single viable use for NFT's and that is after doing a fair bit of reading. All these weird dudes paying huge $$$ for a monkey JPEG is just a huge head scratcher. Which is why I was careful to specify in relation to the metaverse. There are digital assets that will be usable within it that could have commercial value. We don't really know the extents of this - the NFT's you refer to are essentially no different to collecting Pokemon Cards, in reality. Share this post Link to post Share on other sites
shefcanary 2,389 Posted June 13, 2022 16 minutes ago, Trevor Hockey's Beard said: I'm too old to understand - or even believe in all this Crypto malarkey. I'm not even keen on paper money - when we moved away from gold and silver coins which had their real face value it all started to go wrong... although some say that it went wrong once we started using stones with holes in rather than just bartering. I'm still struggling with moving away from the Gold Standard! Share this post Link to post Share on other sites
The Bunny 305 Posted June 13, 2022 43 minutes ago, hogesar said: There's a viable NFT market particularly in relation to the MetaVerse too. NFTs are very much included in the crypto snake oil I was referring to. They exist entirely to create a fake scarcity around things that are otherwise free. But hey, if you want to buy some "unique" jpegs, let me know. I'm sure I could rustle some up for a reasonable price. Share this post Link to post Share on other sites
cambridgeshire canary 6,680 Posted June 13, 2022 29 minutes ago, hogesar said: Which is why I was careful to specify in relation to the metaverse. There are digital assets that will be usable within it that could have commercial value. We don't really know the extents of this - the NFT's you refer to are essentially no different to collecting Pokemon Cards, in reality. Except at least with trading cards you get something phsyical that you can hold onto forever and that is yours. On the other hand a JPG is online only and anyone can save it. Share this post Link to post Share on other sites
hogesar 9,618 Posted June 13, 2022 8 minutes ago, The Bunny said: NFTs are very much included in the crypto snake oil I was referring to. They exist entirely to create a fake scarcity around things that are otherwise free. But hey, if you want to buy some "unique" jpegs, let me know. I'm sure I could rustle some up for a reasonable price. 1 minute ago, cambridgeshire canary said: Except at least with trading cards you get something phsyical that you can hold onto forever and that is yours. On the other hand a JPG is online only and anyone can save it. I think, to comment, you both need to do a bit more reading. I would advise both of you to definitely avoid both Crypto and NFTs, i've made and lost money on both. But there's more to it all. Share this post Link to post Share on other sites
The Bunny 305 Posted June 13, 2022 I'm a software engineer; I don't work on Crypto in my day job but I know quite a bit about the subject. I even wrote a mini bitcoin miner back before it all exploded. To anyone who wants to read up about the subject, I suggest https://en.wikipedia.org/wiki/Tulip_mania. This is not a new phenomenon... Share this post Link to post Share on other sites
king canary 7,580 Posted June 13, 2022 1 hour ago, hogesar said: Which is why I was careful to specify in relation to the metaverse. There are digital assets that will be usable within it that could have commercial value. We don't really know the extents of this - the NFT's you refer to are essentially no different to collecting Pokemon Cards, in reality. But they aren't even like Pokemon cards in that they are a physical thing, limited by how many were actually made. The fact you've managed to make money on NFTs just means you're on the right end of the ponzi scheme. Share this post Link to post Share on other sites
Nuff Said 5,092 Posted June 13, 2022 There probably is a future for cryptocurrency in some form, there are lots of positive aspects to it and the underlying blockchain technology. Unfortunately, right now the whole area is swamped by scammers and naive investors so it all looks like a sh*t show. Even so-called “stable coins” are collapsing. I guess in a similar way to how people still buy and sell tulips now long after tulip mania, someone will use cryptocurrency in some way in the future, but it will be as currency, not a get rich quick scheme. Share this post Link to post Share on other sites
The Bunny 305 Posted June 13, 2022 4 minutes ago, Nuff Said said: There probably is a future for cryptocurrency in some form, there are lots of positive aspects to it and the underlying blockchain technology. Unfortunately, right now the whole area is swamped by scammers and naive investors so it all looks like a sh*t show. Even so-called “stable coins” are collapsing. I guess in a similar way to how people still buy and sell tulips now long after tulip mania, someone will use cryptocurrency in some way in the future, but it will be as currency, not a get rich quick scheme. There is also the fact that mining uses more energy than some developed nations. They're actually reopening coal mines in the US just to power bitcoin mining operations. The situation will supposedly improve (for bitcoin) when they move away from Proof of work for mining, but they've been saying that for years now. Share this post Link to post Share on other sites
Nuff Said 5,092 Posted June 13, 2022 3 hours ago, The Bunny said: There is also the fact that mining uses more energy than some developed nations. They're actually reopening coal mines in the US just to power bitcoin mining operations. The situation will supposedly improve (for bitcoin) when they move away from Proof of work for mining, but they've been saying that for years now. Isn’t Ethereum, which from my not terribly well-informed position is one of the more credible currencies, about to switch over? Share this post Link to post Share on other sites
daly 500 Posted June 13, 2022 5 hours ago, Trevor Hockey's Beard said: I'm too old to understand - or even believe in all this Crypto malarkey. I'm not even keen on paper money - when we moved away from gold and silver coins which had their real face value it all started to go wrong... although some say that it went wrong once we started using stones with holes in rather than just bartering. Never understood why we moved away from Cows and Goats bartering Share this post Link to post Share on other sites
hogesar 9,618 Posted June 13, 2022 1 hour ago, Nuff Said said: Isn’t Ethereum, which from my not terribly well-informed position is one of the more credible currencies, about to switch over? Yes. Well, it should be. 4 hours ago, king canary said: But they aren't even like Pokemon cards in that they are a physical thing, limited by how many were actually made. The fact you've managed to make money on NFTs just means you're on the right end of the ponzi scheme. They can be limited though. Just because they're not physical. People pay hundreds or thousands for in-game items, for example. The MetaVerse and NFTs are more interesting (for those who are actually interested) as there's the concept of unique buildings or virtual material possessions that can be interacted with. A lot hinges on the future of MV. Share this post Link to post Share on other sites
Monty13 2,229 Posted June 13, 2022 7 hours ago, king canary said: I remain unconvinced their is a single viable use for NFT's and that is after doing a fair bit of reading. All these weird dudes paying huge $$$ for a monkey JPEG is just a huge head scratcher. They are just hoping it blows up and they aren’t the last person holding the useless sh1t they bought, unbelievable mass delusion built on hope of making it big. Share this post Link to post Share on other sites
The Bunny 305 Posted June 13, 2022 2 hours ago, Nuff Said said: Isn’t Ethereum, which from my not terribly well-informed position is one of the more credible currencies, about to switch over? Ah, I was thinking of Ethereum. They've missed a few deadlines at this point (it was scheduled for 2019 originally). I guess we'll see. Bitcoin still has no ETA. Share this post Link to post Share on other sites
The Bunny 305 Posted June 13, 2022 2 minutes ago, Monty13 said: They are just hoping it blows up and they aren’t the last person holding the useless sh1t they bought, unbelievable mass delusion built on hope of making it big. It's already happening. https://theathletic.com/3307639/2022/05/19/premier-league-players-nfts/ Share this post Link to post Share on other sites
The Bunny 305 Posted June 14, 2022 Wheehttps://arstechnica.com/tech-policy/2022/06/cryptocurrency-plunges-as-crypto-bank-celsius-suspends-withdrawals/ Share this post Link to post Share on other sites
Graham Paddons Beard 2,424 Posted June 14, 2022 13 hours ago, shefcanary said: I'm still struggling with moving away from the Gold Standard! I prefer fluffy kittens 🐈⬛ Share this post Link to post Share on other sites
First Wazzock 902 Posted June 14, 2022 That's the trouble with living in Norfolk, I'm still coming to terms with the wheel. 1 Share this post Link to post Share on other sites