I have been curious about this for JMU for a long time and often wondered if this could be an option for JMU.

As you may know cryprocurrency is now mainstream and sports teams have been using fan tokens to keep their fans engaged with their teams. Here is one sports site that helps team such as the 76ers and soccer teams https://socios.com

A short article about how sports teams are taking advantage https://www.sports.legal/2021/03/the-fut...echnology/

I am not sure if this would be successful or even worth trying or even allowed in Virginia.

What are your thoughts?

I think a lot of economies surrounding crypto are a bit gimmicky. NFTs in particular. However they could be good ways to raise money. Would be cool to own an NFT of jmu history.

How the hell are cryptos still legal? Amazing to me. This system is about to fail in a huge way.

(10-09-2021 02:09 AM)boozeNammo Wrote:  How the hell are cryptos still legal? Amazing to me. This system is about to fail in a huge way.

Thats the entire point of crypto. Operating without government interference

(10-09-2021 02:09 AM)boozeNammo Wrote:  How the hell are cryptos still legal? Amazing to me. This system is about to fail in a huge way.

or explode in a huge way

(10-09-2021 02:09 AM)boozeNammo Wrote:  How the hell are cryptos still legal? Amazing to me. This system is about to fail in a huge way.

Too many institutions are investing. Given the sorry state of Fiat currencies (Dollar, Euro, Chinese Yuan) -- there is more market support coming in.

I have about 10% of my liquid cash in crypto as an inflation hedge. Banks and companies are investing heavily into crypto. New payment systems and decentralized banking and finance companies are growing up around crypto. More secure and the government cannot confiscate your assets like in a bank connected with the federal reserve system.

(10-11-2021 09:11 AM)Deez Nuts Wrote:  

(10-09-2021 02:09 AM)boozeNammo Wrote:  How the hell are cryptos still legal? Amazing to me. This system is about to fail in a huge way.

or explode in a huge way

That is the likely turn out.

Yeah, no way crypto goes away with all of it's institutional buying. It will only get bigger and regulated.

Crypto us hard to understand, especially NFTs. The reason I brought this topic up is because it will become the way of the future. The younger generations is gravitating toward this in big ways.

Crypto is an amazing alternative to fiat currency. Some cryptos are stores of wealth like bitcoin, while others house entire decentralized ecosystems and work as a store of wealth like ethereum. There are some that are angling to replace currency and prevent the tracking of transactions. This becomes significantly more attractive to people as the IRS attempts to monitor transactions of $600 dollars or more. Decentralized currencies are able to do this at a significantly lower cost than centralized banks and avoid the long term inflationary risk of government issued currency. While it is volatile now, there seems to be some stability on the horizon. Some currencies will head to a 0 valuation, but many are here to stay and have robust, voluntary communities of financial and technical support.

James Madison would have been pro crypto as he believed that an individual had a right to property defined as "every thing to which a man may attach a value and have a right; and which leaves to every one else the like advantage." This includes "a man's land, or merchandize, or money is called his property...his opinions and the free communication of them... religious opinions, and in the profession and practice dictated by them... the safety and liberty of his person.... free use of his faculties and free choice of the objects on which to employ them."

Decentralized currencies, as well as other technologies and platforms enabled by decentralization are guarantors of free speech and commerce. They can safely avoid the unjust government "where the property which a man has in his personal safety and personal liberty, is violated by arbitrary seizures of one class of citizens for the service of the rest."

This is not an indictment on this administration, but every administration in my lifetime that consistently increase the size and scope of the federal government to levels our founder would never recognize.

Great response. Crypto and privacy coins especially become important when governments and banks decide to close and refuse to allow people to withdraw their money from it such as what is now happening in Lebanon. Crypto like bitcoin have also been adopted as legal currency in several countries, including Brazil and El Salvador.

In my personal opinion it would be smart for JMU to look into NFTs, fan tokens, etc as a way to raise funds and have interactive/engaged fan base.

it costs almost nothing to engage with a fanbase through NFTs

Agree with much of the sentiment mentioned here but there will inevitably be backlash from government... as is always the case when power and control (especially with currency) is diminished. They (the SEC on the civil side and FBI on the criminal) are just getting their ducks in a row, i.e. trying - at a minimum - to understand the animal that is crypto and more specifically, how blockchain is "eroding" the government's ability to 'monitor things'. Push a badger back into a corner and watch what happens. The technology is pretty amazing though. I implement blockchain tech and strategies at my current job and while it is certainly powerful, it is also a Pandora's box that has already been opened. It enables both good and bad. Government just doesn't understand it yet.

There will definitely be regulations and too be honest good and decent regulation is needed. However, I don't think it will be a complete lockdown. There are many politicians and institutions owning crypto. The Texan government is very pro-crypto and has with the USA surpassed China as the #1BTC mining country.. Even by Monday we could be seeing the first ETF Bitcoin being approved by the SEC. And their lawsuit against Ripple has fallen completely through and will very likely lose the case against Ripple.

Crypto is great for now, but once regulation comes in, I think a lot of folks might look to sell and cash out. I liken the regulation to when Facebook allowed everyone to join, and it lost the allure. Then the next decade plus of Facebook happened and I am really glad I got out early.

(10-14-2021 10:40 AM)boozeNammo Wrote:  Agree with much of the sentiment mentioned here but there will inevitably be backlash from government... as is always the case when power and control (especially with currency) is diminished. They (the SEC on the civil side and FBI on the criminal) are just getting their ducks in a row, i.e. trying - at a minimum - to understand the animal that is crypto and more specifically, how blockchain is "eroding" the government's ability to 'monitor things'. Push a badger back into a corner and watch what happens. The technology is pretty amazing though. I implement blockchain tech and strategies at my current job and while it is certainly powerful, it is also a Pandora's box that has already been opened. It enables both good and bad. Government just doesn't understand it yet.

Fortunatelty - there are limits to government and central bank authority here as the technology prevents central control - hence its inherent honesty versus the crime syndicate that is the federal reserve and the whole fractional reserve banking system.

The less government is involved the better --- considering the hot dumpster fire 30 years of low interest rates have created along with never ending spending at the government level.

(10-15-2021 02:17 PM)Pikapppatri8 Wrote:  

(10-14-2021 10:40 AM)boozeNammo Wrote:  Agree with much of the sentiment mentioned here but there will inevitably be backlash from government... as is always the case when power and control (especially with currency) is diminished. They (the SEC on the civil side and FBI on the criminal) are just getting their ducks in a row, i.e. trying - at a minimum - to understand the animal that is crypto and more specifically, how blockchain is "eroding" the government's ability to 'monitor things'. Push a badger back into a corner and watch what happens. The technology is pretty amazing though. I implement blockchain tech and strategies at my current job and while it is certainly powerful, it is also a Pandora's box that has already been opened. It enables both good and bad. Government just doesn't understand it yet.

Fortunatelty - there are limits to government and central bank authority here as the technology prevents central control - hence its inherent honesty versus the crime syndicate that is the federal reserve and the whole fractional reserve banking system.

The less government is involved the better --- considering the hot dumpster fire 30 years of low interest rates have created along with never ending spending at the government level.

US citizens who think the government is not watching or involved are likely to land in a heap of trouble with this.

Crypto is currently being regulated like an investment asset (eg: gold or oil) Transactions are required to be reported.

There are several large government organizations working hard to track and trace movement of crypto and chase tax evasion. Other regulations will likely follow soon.

None of this is truly "anonymous" - every transaction is permanently recorded on the public ledger, and there are multiple technical ways to tie them back to individuals that most people are unaware of. There are techniques used to evade this, but countermeasures also.

The SEC will be, unless something happens, approving at least two BTC ETFs and that decision should be made either today or sometime next week.

Anyway, yes, tax wise, you must report the income you make from crypto. It is much like any investment. Privacy coins are suppose to be fully private.

FYI....

Just solidifies crypto.

Not sure how it would not be allowed for JMU to at least explore blockchain, fan token, and NFT use.

(10-15-2021 02:31 PM)JMURocks Wrote:  

(10-15-2021 02:17 PM)Pikapppatri8 Wrote:  

(10-14-2021 10:40 AM)boozeNammo Wrote:  Agree with much of the sentiment mentioned here but there will inevitably be backlash from government... as is always the case when power and control (especially with currency) is diminished. They (the SEC on the civil side and FBI on the criminal) are just getting their ducks in a row, i.e. trying - at a minimum - to understand the animal that is crypto and more specifically, how blockchain is "eroding" the government's ability to 'monitor things'. Push a badger back into a corner and watch what happens. The technology is pretty amazing though. I implement blockchain tech and strategies at my current job and while it is certainly powerful, it is also a Pandora's box that has already been opened. It enables both good and bad. Government just doesn't understand it yet.

Fortunatelty - there are limits to government and central bank authority here as the technology prevents central control - hence its inherent honesty versus the crime syndicate that is the federal reserve and the whole fractional reserve banking system.

The less government is involved the better --- considering the hot dumpster fire 30 years of low interest rates have created along with never ending spending at the government level.

US citizens who think the government is not watching or involved are likely to land in a heap of trouble with this.

Crypto is currently being regulated like an investment asset (eg: gold or oil) Transactions are required to be reported.

There are several large government organizations working hard to track and trace movement of crypto and chase tax evasion. Other regulations will likely follow soon.

None of this is truly "anonymous" - every transaction is permanently recorded on the public ledger, and there are multiple technical ways to tie them back to individuals that most people are unaware of. There are techniques used to evade this, but countermeasures also.

You are partially correct. On KYS exhanges - like Coinbase - yes. And using CoinTracker they will prepare your tax information for you. Where the government has zero hand is in teh DeFi space and soft and cold wallets..

Case in point - I use the Coinbase exchange to invest in and accumulate tokens (Bitcoin, Ethereum, Cardano, AMP and Shibu). As I accumulate - I move my bitcoin and ethereum off the exhange into a cold storage wallet. Teh wallet has addresses on the blockchain - but it cannot be seen. If I transfer the coins from my cold storage wallet to my phone - I can buy things without going through any federal reserve mechanism and with no visibility to the government because transactions are direct peer-to-peer. By withdrawing the coins/tokens from the exchange to a wallet - there is no taxable event. Additionally - while in my cold storage or my software wallet - the government has no ability to freeze or confiscate my assets.

Ergo - financial sovereignty.

15 more NBA teams. Would like to know. What they will be doing to help build fan engagement?