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Buy Your Favourite Football Club – With Crypto

Buy Your Favourite Football Club - With Crypto - blockchain24,coBeing a football enthusiast is one thing. But what about owning shares in your favorite club? Apparently, blockchain may make such dreams reality.  Today’s case was previously mentioned in the last Weekly Update – but it is interesting enough for a separate article. After all, not every day, we can witness the situation in which …

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Being a football enthusiast is one thing. But what about owning shares in your favorite club? Apparently, blockchain may make such dreams reality. 

Today’s case was previously mentioned in the last Weekly Update – but it is interesting enough for a separate article. After all, not every day, we can witness the situation in which an institution not-related to the blockchain industry is bought by a cryptocurrency-based entity.

Unexpected transaction

Our story begins with Perth Glory, an Australian football team. As we learned last week, it is going to be acquired by the London Football Exchange Group (LFE). The company calls itself a football club stock exchange, and it is strictly related to the cryptocurrency industry. LFE gained in significance with 2018 ICO when it raised $70 million, which allowed it to launch its own token, LFEC, based on Stellar blockchain.

Perth Glory is playing in the Australian A-League – the highest-level league of professional football in the country. As you can see, we are not dealing here with some marginal sports club, but the established player on the worldwide scale. It makes the last revelations somehow an important matter both for the cryptocurrency industry and the sports world.

The club owner, a well-known Australian businessman Tony Sage, has recently confirmed the sale of 80 percent of the club to the LFE. Both sides are now only waiting for the confirmation from Football Federation Australia, the country’s main sports governing body. According to LFE, there won’t be any changes in the management structure of the club, nor in the operations or functionality.

Crypto football manager

But what exactly is the London Football Exchange, and why is it acquiring an Australian football club? According to the company’s website, LFE is aiming to utilize blockchain for the benefit of both football clubs and their fans. As for the first ones, the platform is meant to be a form of funding alternative for clubs, allowing clubs to raise new capital directly from people interested in such investment.

As for the fans, LFE is going to create a tokenized marketplace, offering various products related to their favorite clubs. The wide range of services started with ticket sales and merchandising, but the platform is also going to include accomodation, broadcast, and football retail services. On top of that, most devoted fans will, of course, be able to invest in particular clubs. 

All of those functions will be supported by LFEC token. And the company is not going to stop at only one club – the idea of LFE assumes gathering funds for buying more football teams. This way, sports enthusiasts will own shares in their favorite clubs by buying LFEC. At least in theory.

Community takeover

Although the case is still new, and we can’t be sure what the relationship between LFE and Perth Glory will look like in practice, the very idea of fans buying shares in firms is intriguing. In theory, it is going to utilize the blockchain to have more significant influence on their favorite entities. But on the other hand, how will such a process differ from owning traditional shares on a stock exchange? 

The only hope remains in the blockchain technology, which could possibly give such stakeholders some tools to influence – for example, via voting systems. But it still leaves us with one problem: the owners who acquired a larger number of tokens are likely to have a more significant influence. 

Nevertheless, the detail about the functioning of Perth Glory is still unknown. And since Tone Sage assures that LFE won’t influence the management of the club, then maybe owning tokens actually won’t have any particular meaning other than contributing to the favorite club. Yet the idea of community buying off some entity and self-governing it via blockchain is still very interesting.

Various reactions

According to Tony Sage, LFE is currently negotiating with other football clubs about a similar deal, and he believes that the community-oriented blockchain marketplace will own up to seven football teams in the next two years. The businessman himself strongly believes in the success of this cooperation. And he surely has a nose for various investments, since he made his fortune on the mining (the physical one, not blockchain).

Yet, not everyone is as enthusiastic about the deal as Sage. Outside the blockchain industry, information about being acquired by a cryptocurrency-related company is still quite a new thing. Many sports enthusiasts might be skeptical about such a situation rather than be happy about the possibility of closer integration between a sports club and their fans. But on the other hand, if funds for buying Perth Glory are indeed coming from its supporters, then everyone should be happy about that outcome.

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Source: https://www.blockchain24.co/buy-your-favourite-football-club-with-crypto/

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Fund Manager Bashes Bitcoin: An Extreme Form of Libertarian Anarchism

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As Bitcoin price makes headlines across mainstream and financial media, skeptics of cryptocurrencies have come out of the woodwork in droves.

The latest skepticism comes from Tim Bond, partner and portfolio manager at Odey Asset Management, who claims that Bitcoin has very little benefit to society, and instead is an extreme form of Libertarian anarchism. But could there actually be truth in the bold, blanket statement?

Tim Bond Bashes Bitcoin As Pointless, Vile, And Damaging To The Environment

Bitcoin is a subject that most economists, tech enthusiasts entrepreneurs, and fund managers alike are asked about these days, as the asset has ballooned from under $10,000 to more than $50,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in less than one year.

Depending on who you ask, it is the most important technological revolution since the internet, while others might claim it is a bubble wait to burst.

Tim Bond, fund manager at Odey Asset Management, instead calls it “particularly vile,” “pointless,” and “damaging to the environment.”

Related Reading | Summing Up The Case For Crypto As The Future Of Collateral

Bond claims that Bitcoin isn’t only emitting more CO2 than most small economies, but that it is spearheading “a particularly extreme form of libertarian anarchism,” which he says is why the cryptocurrency is so popular amongst Silicon Valley types.

“If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired,” Bond continued.

bitcoin btcusd

As Bitcoin grows in value, the more disruptive power it wields | Source: BTCUSD on TradingView.com

Crypto Anarchist Future Prefers Consensus Over Forced Taxation

Bond, however, is absolutely right about at least one thing: Bitcoin could severely impact a “governments’ ability to tax, spend and redistribute” – a system that is arguably broken already.

Governments like the United States establish control over society through their money, and without that leverage, society won’t be as compelled to comply with taxation and other forms of control.

While much of this infrastructure was designed for the benefit of civilized society, governments have abused this control and how they redistribute wealth is a major ongoing economic problem that only Bitcoin has the potential to fix.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

By removing the government from the equation, it will require community consensus – something the crypto industry does well – to handle redistribution in the future.

Bitcoin has several key benefits that give the unique cryptocurrency its underlying value. It cannot be counterfeited, there are only 21 million BTC available ever, and much more. However, the greatest benefit of all could be the fact that governments can control it – something that Bond clearly can’t comprehend.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-libertarian-anarchism/

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Chiliz (CHZ) rallies 60% to a $1B market cap as fan token offerings expand

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Nonfungible tokens (NFTs) and decentralized finance (DeFi) are two of the hottest concepts in the crypto sector, and each is altering the way projects and companies interact with the public on a wide scale. 

One project that is looking to apply these concepts into a framework for sports fan engagement is Chiliz, a blockchain platform created by the Socios fan engagement platform. The project is designed to allow fans to purchase branded Fan Tokens that let them influence their teams through the popular vote.

According to the project website, all Fan Tokens are minted on the Chiliz blockchain with on-platform voting being executed through a series of smart contracts.

Data from Cointelegraph Markets and TradingView shows that over the past month, the price of Chiliz (CHZ) has increased 760%, going from $0.022 on Feb. 8 to a new all-time high of $0.189 on March 8. CHZ trading volume also hit a 24-hour record at $1.92 billion.

CHZ/USDT 4-hour chart. Source: TradingView

The platform currently offers Fan Tokens for some of the most popular sports teams in the world, including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray and Atletico de Madrid.

Token launch sparked a strong rally

Momentum for Chiliz began to gather steam at the end of 2020 when the platform partnered with Binance to launch the ACM Fan Token for AC Milan on Feb. 24. The launch generated $6 million in revenue for the CHZ ecosystem.

ACM is part of a network of 23 major sporting and esports organizations that also have plans to work with Chiliz on launching Fan Tokens.

CHZ price received an added boost on March 2 when CEO Alexandre Dreyfus announced that the project would allocate $50 million to expand operations to the United States, and there are already plans to start working with local leagues and sports franchises.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CHZ on March 1, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CHZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score hit a high of 66 on March 1, less than 5 hours before the price of CHZ began to break out above $0.06. Following the price rise and consolidation above $0.11, the VORTECS™ score climbed to 69 on March 6, two days before the price surged to a new all-time high.

Currently, Chiliz is in ongoing talks with Formula One, and if the team is able to onboard popular U.S. sporting teams, the project could be well positioned to see further growth as blockchain technology and NFTs become more ingrained into the sports industry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/chiliz-chz-rallies-60-to-a-1b-market-cap-as-fan-token-offerings-expand

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Decentralized esports tournament series looks to bring traditional gamers to crypto

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Non-fungible token-focused investment firm Polyient Games is launching a new online tournament to introduce mainstream gamers to the crypto space.

In an announcement today, Polyient Games said it would be partnering with esports tournament platform Community Gaming for a $100,000 series featuring games using non-fungible tokens, or NFTs. The esports games will reportedly “function as a method of introducing mainstream gamers to the world of cryptocurrency and blockchain assets” by allowing players to acquire digital collectibles and use NFTs as in-game items.

“The marriage between decentralized technology and gaming will be one of the most significant themes of the coming decade,” said Craig Russo, co-founder of Polyient Games. “Our work with Community Gaming on this brand new decentralized tournament series serves as a major step towards bringing mainstream adoption to this new industry.”

In addition to esports games, the tournament will reportedly feature blockchain games including trading and battling game Axie Infinity and Ethereum-based digital trading card game SkyWeaver. All games will reportedly utilize Polyient Games’ decentralized exchange for in-game currencies.

The first event of the $100,000 tournament will begin on March 29, with prizes paid out in U.S. dollars and Polyient Games’ native token, PGU. 

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Source: https://cointelegraph.com/news/decentralized-esports-tournament-series-looks-to-bring-traditional-gamers-to-crypto

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