Do You Think Professional Pool Players Should Be Paid In Crypto Or Cash?
- Thread starter Chicagoplayer
- Start date
I presume the question comes up since crypto firms are/will be sponsoring pool tournaments.
It's not unheard of; last month the white house UFC fighters got paid (partially) in crypto run by the event organizers.
Whether or not the idea is consistent with the High Standards of 2nd-tier professional sports is another question.
It's not unheard of; last month the white house UFC fighters got paid (partially) in crypto run by the event organizers.
Whether or not the idea is consistent with the High Standards of 2nd-tier professional sports is another question.
You don’t think some promoter might do it?
It’s bad enough some promoters have airbarrelled payouts, and you don’t think this is a possibility?
Filipino or Mexican?
staticfire98
Member
I cannot believe this is a serious question but I'll provide a comment. Paying a normal person digitally with crypto is probably one of the worst ways to compensate an individual. Are you going to hand them a ledger with a 24 seed phrase already established? Are you going to ask them to setup a wallet and provide a public address? Are you going to have them setup accounts at Coinbase to send payment to?
All of those options are quite terrible. Exchanging Bitcoin or any other crypto to dollars at an exchange will require a cost basis for the acquisition and resulting tax liability when sold and converted to USD. Even sending stable coins like USDC or USDT will require a transaction to convert to USD and subsequent source of funds and tax liability upon conversion.
-The recipients will be paying tax on the crypto if they want US dollars in a bank account.
- Now, the person paying won't have to convert to USD, so they won't have a conversion transaction so that is why they might want to go that route.
All of those options are quite terrible. Exchanging Bitcoin or any other crypto to dollars at an exchange will require a cost basis for the acquisition and resulting tax liability when sold and converted to USD. Even sending stable coins like USDC or USDT will require a transaction to convert to USD and subsequent source of funds and tax liability upon conversion.
-The recipients will be paying tax on the crypto if they want US dollars in a bank account.
- Now, the person paying won't have to convert to USD, so they won't have a conversion transaction so that is why they might want to go that route.
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If someone wanted to pay in a less stable currency, then I would expect to get paid more. If the promoter isn't offering more money in exchange for accepting crypto, then give me money. Most professionals get paid in money. I don't know why pool players should accept less, unless there is some additional benefit.
kollegedave
The WNT pays in dollars, but it's by bank transfer.
Bank transfer is considered cash in almost every context these days. If you buy a car or a house in “cash” that’s what it means.
If someone doesn’t have a bank checking account, they pretty much can’t get any legit job. You get a job today and in the HR enrollment forms it asks for your bank info to pay you direct deposit.
Crypto has a lot more hurdles for the logistics of getting paid. Plus, it has about a million times more trust issues than the USD currency.
The only place I’d see crypto in pool is high stakes gambling. I saw it once before and wrote about it here. It was at the DCC about the year 2017. Two of the big gamblers were betting “one coin per game” of one pocket. I heard and saw them discussing myself. The value was about 13k USD at that time.
They were doing it so they didn’t have to have 100k or more of cash on them.
At that time, I believe crypto was also completely anonymous. Idk if that’s true today. So that would avoid any suspicion due to large transfers and suspected drug dealing.
<== never touched crypto and never plan to.
If someone doesn’t have a bank checking account, they pretty much can’t get any legit job. You get a job today and in the HR enrollment forms it asks for your bank info to pay you direct deposit.
Crypto has a lot more hurdles for the logistics of getting paid. Plus, it has about a million times more trust issues than the USD currency.
The only place I’d see crypto in pool is high stakes gambling. I saw it once before and wrote about it here. It was at the DCC about the year 2017. Two of the big gamblers were betting “one coin per game” of one pocket. I heard and saw them discussing myself. The value was about 13k USD at that time.
They were doing it so they didn’t have to have 100k or more of cash on them.
At that time, I believe crypto was also completely anonymous. Idk if that’s true today. So that would avoid any suspicion due to large transfers and suspected drug dealing.
<== never touched crypto and never plan to.
staticfire98
Member
I believe crypto has and will continue to make its place. It can be debated what that will evolve into. I think its best use case will be for the coming agentification with humans being minor participants.
I love the story about DCC and a high stakes game taking place with single coins on the line. This is an ideal use case for the wassies and pepes. The anonymity of crypto was and is widely misunderstood. Every transaction that has ever occurred is published to the public ledger that is used to verify the chain.
Anyway, never pay people in crypto and don't give it as a gift. Normies do not want to receive crypto or have any association to it whatsoever. The industry is a joke but has time to evolve.
I love the story about DCC and a high stakes game taking place with single coins on the line. This is an ideal use case for the wassies and pepes. The anonymity of crypto was and is widely misunderstood. Every transaction that has ever occurred is published to the public ledger that is used to verify the chain.
Anyway, never pay people in crypto and don't give it as a gift. Normies do not want to receive crypto or have any association to it whatsoever. The industry is a joke but has time to evolve.
Crypto or pool?
Crypto is at the mercy of data centers.
Pool on the other hand is at the mercy of data centers.