Bitcoin and the NBA: Spencer Dinwiddie Tokenizes $34M Contract on Ethereum | Crypto News

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Bitcoin meets the NBA: Spencer Dinwiddie set to roll out tokenized investment platform next Monday. We discuss the merits of this strategy as well as the larger potential for tokenization in the world of professional sports. 


References:
https://twitter.com/SDinwiddie_25/sta...
https://twitter.com/SDinwiddie_25/sta...
https://decrypt.co/16420/nba-spencer-...
https://twitter.com/econoar/status/12...
https://en.wikipedia.org/wiki/Spencer...
https://dreamfanshares.com/
https://www.forbes.com/sites/chrisshe...
https://www.altcoinbuzz.io/crypto-new... (edited) 


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COMMENT

24

preview not available Shadda 🇵🇰
11 Jan

$34million is huje contract.. Thanks for updating about this.

4 REPLY

21

Shmily Gul
12 Jan

$ 34 million. It's a very enormous program.

Thanks for updates. 

2 REPLY

5

Sandra Gambo
13 Jan

Thanks for the update

2 REPLY

4

Justin Dyczewski
13 Jan

This in concept makes perfect sense. Unless there is NBA player strike or the individual player does something stupid that nullifies his contract the $34 million is guaranteed.  Why shouldn't the player be allowed to do what he wants with that contract.

Additionally, the player is selling a bond which is a debt instrument and therefore the interest paid by the player will be a deductible expense on his taxes.

This also makes financial sense for the player from an investment standpoint.  If the player issues a bond at 5% annual interest and happens to make 8% return the player will come out ahead.  However, if the player makes no return he is then discounting his salary by 5% by taking upfront payment. Which doesn't turn out to be 5% as the interest paid on the bond is tax deductible. So the 5% loss would really only be 3% effectively since the player would be in the 40% federal tax bracket (subtract 40% of the 5% interest paid and you get 3%).

2 REPLY

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