Okay so Russel Okung just got half of his $13 million salary paid in bitcoin. I don't like this at all. What is going to prevent teams from just sending a bunch of crypto to a player so they can remain under the cap?
It's not going to have cap implications--the dollar value at the time of the transaction will be the cap value. What's funny is guys with no experience at investing are going to be flush in bitcoin and will most likely take a huge hit. Anyone could take cash and merely buy bitcoin--no reason to get paid in it unless you're getting a premium for advertising or something.
Yeah, this is mysterious to me. Anyone can buy bitcoin if they want to, so the benefit of "getting paid in bitcoin" is beyond me. I can't see why he would get any special benefit from doing it this way compared to just buying it himself. Strikes me as no different than "getting paid in Alphabet stock."
It's as part of his partnership with @in_strike. Not sure the particulars just what Rapoport said Edit: Looks like Strike processes bitcoin payments.
That makes sense man--he's getting paid. I've heard commissions on Bitcoin trade are high--could be 1% or more.
I'm sure it happens already, but I'm more concerned with players getting paid $X on the cap and a team paying a player $X off the cap in BTC since it isn't traceable. Like, just buy your BTC after you get paid. Why do sports teams need to get involved in paying players in crypto?
Well, that would be tax fraud and a felony, and I’d be really surprised to see a team (or it’s owner) doing that for a player. That would be a very effective way to have your team taken away from you. If he’s getting paid to do it (either directly or indirectly), that explains why he’d do it. It’s also a very good reason for the league to ban it, since it would be providing an unfair benefit to certain players.
The problem being you'd have to prove it and being untraceable currency is the whole point of crypto currency.
He isn't really getting paid in Bitcoin, i.e. a fixed amount of Bitcoin. He just has an arrangement to immediately convert his dollar salary to Bitcoin. Mainly just a marketing stunt.
