Bitcoin: Kansas City Chiefs refuse to pay Sean Culkin’s salary in crypto
TL;DR Breakdown • The Chiefs team eliminated Culkin and quarterback Jordan Ta’amu.• Russell Okung, Carolina Panthers player, received his salary in Bitcoin. NFL player Sean Culkin was in the news in April for his remarks about the Kansas City Chiefs. This player wanted the team to convert his $920000 salary from his one-year contract into […]
• The Chiefs team eliminated Culkin and quarterback Jordan Ta’amu. • Russell Okung, Carolina Panthers player, received his salary in Bitcoin.
NFL player Sean Culkin was in the news in April for his remarks about the Kansas City Chiefs. This player wanted the team to convert his $920000 salary from his one-year contract into Bitcoin.
The Kansas City Chiefs didn’t agree, so they decided not to pay him at all. The team declined to make the transaction and removed fifth-year Culkin from Missouri. This news went viral last Monday after he signed a future reserve contract for the offseason.
Sean Culkin and his intention with Bitcoin
Culkin expressed that considering his career, the demand he generates, and his popularity, it is logical to pay him in Bitcoin. Culkin’s idea is that this digital currency will protect the value and earn money for holding it. Newsweek took Sean Culkin’s statements in April.
The star player also clarifies that he demands payment in cryptocurrencies because he wants to profit. He intends to join the crypto market in full swing and thus make a “master move.”
Many NFL players bet on Bitcoin
Culkin hasn’t been the only NFL player to have a significant attraction to Bitcoin. Russell Okung, an offensive lineman, received more than half of his salary in Bitcoin, which would bring him $13 million. This Carolina Panthers player got his way and broke into the crypto market.
But Trevor Lawrence, quarterback of Jacksonville Jaguars, will invest his entire signing bonus in cryptocurrencies such as Bitcoin. Culkin, a former Chiefs tight end, wasn’t as lucky as his teammates but somehow got into the business.
Culkin spent the entire 2020 season playing for the Baltimore Ravens on practice but then appeared in a game. The star player has only two receptions in his entire career. According to Spotrac, the 27-year-old has made $2 million in his career.
A new development occurred on Monday when the Chiefs removed quarterback Jordan Ta’amu from their selection. This player was part of the practice squad and was a member of the XFL St. Louis Renegades team.
Many players have been lucky, and the NFL team has approved their payment in Bitcoin while others have not. With time these transactions will be more frequent due to their level of profit and how easy the transactions are.
Rising NFL players should choose this payment method to avoid losing their money’s worth. With a small investment in Bitcoins or other cryptocurrencies, the player could join the crypto market on the rise. These could then be passive investments that can help the players have a better economic future.
The Securities and Exchange Commission(SEC) delayed its approval of VanEck’s Bitcoin ETF in a Wednesday filing for a second time. Meanwhile, the CEO of VanEck urged the commission to fast-track the approval of an exchange-traded fund as customer appetite for Bitcoin ETFs grows.
SEC Should Approve a Bitcoin ETF Before Its Too Late
During an interview with CNBC’s ETF Edge, VanEck Associates CEO Jan van Eck asserted that the SEC needs to act promptly and approve an ETF because customers don’t have feasible alternatives to seek exposure to Bitcoin.
The firm has filed for a few ETFs already. However, earlier this year, it withdrew its previous attempts and filed a fresh application, which has been pushed back twice by the SEC.
While the firm awaits the commission’s final decision, it has also filed another draft prospectus for a proposed subsidiary called “Bitcoin Strategy Fund” that will invest in BTC futures contracts, exchange-traded products with exposure to the cryptocurrency, and pooled investment vehicles.
Speaking on the need for a more efficient instrument that provides access to Bitcoin, van Eck said, “We really think the SEC should approve a Bitcoin ETF.” Although, he also indicated that the Chairman of the commission was not “putting it high on his agenda. It is what it is. The SEC is just not moving fast on this.”
VanEck Will Keep an Eye on Global Embrace of Digital Assets
In the meantime, VanEck will watch out for crypto-related banking regulations and how institutions such as State Street react to digital assets.
Ric Edelman, the founder of Edelman Financial Engines, believes that these trends may be more crucial than a Bitcoin ETF itself. The investment advisor appeared in the same interview as van Eck and said that Bitcoin is “the first major new asset class in 150 years.” And he expects the asset to become a regular feature on many portfolios over the next few years but before that, an investor should understand how it works and how it fits in an “asset allocation strategy”.
Edelman encourages investors to pursue other Bitcoin opportunities rather than waiting for the SEC approval of ETFs. “It’d be so much easier and simpler if there was a bitcoin ETF. That’s not here and it’s not going to be in the foreseeable near future, so you can’t continue to sit on the sidelines waiting for it because, by the time the SEC says yes to it, bitcoin might be 100,000,” he told the channel.
As Dogecoin was down 74.69% from its ATH 45 days ago, all eyes turned to the self-proclaimed Dogefather for some price-pumping tweets. Musk had single-handedly taken a meme-coin and placed it on a pedestal as one of the top ten cryptocurrencies. However, his bullishness on this joke coin couldn’t keep its value up for too long.
The Tesla CEO’s favorite cryptocurrency shed tens of billions of dollars in value since he publicly plugged it on mainstream TV. Musk’s appearance on Saturday Night Live (SNL), which was bound to push the coin’s price up was in fact followed by some late-night dumping, after which DOGE’s price began its southward movement. Unfortunately, the DOGE community couldn’t see the $1 mark benchmark they had set for it.
Amid this price dip, many eyes turned to the Dogefather and former Bitrefill executive John Carvalho joked about Musk’s absence from the scene:
“To lazy passers-by, I’m not a dogecoiner, I’m asking him (Elon Musk) to own up to being a colossal dou*** nozzle.”
However, to the relief of the Dogearmy, Musk’s absence from the DOGE dip was not prolonged as he was seen Tweeting about ecosystem updates related to the meme-coin. Replying to Dogecoin developer, Ross Nicoll’s Tweet about the fee reduction code and a possible run-through of it, live on the Dogecoin testnet, Elon applauded by calling it “an important improvement”
Dogecoin started as a joke and can field very little criticism of its rise and fall, apart from the viral promotional stunts by the likes of Musk and others. Many have argued that those who bought DOGE based on his efforts have lost money while others have pointed out some genuine use-case for the alt.
Recently, pseudonymous analyst Tyler Durden highlighted a “Head and Shoulder” pattern and hinted that the alt’s price has a tendency to crash once it breaks below the $0.299 support level (which it did). He further claimed this time even the Tesla CEO can’t save DOGE:
“Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high. 0.05 is programmed.”
Can’t say that Tyler’s claims were wrong as Musk’s return to the scene did almost nothing for the alt other than slight gains which didn’t hold for long. At the time of writing, DOGE traded at $0.18 and its ROI over the past 7 days, vs USD, was down by 40.8%. The asset had tested its lower-key support at $0.17 and bounced back after the same.
NetFlowCoin: The World’s First Decentralized Internet Application Platform
The NetFlowCoin Project provides users with a decentralized network resource that turns key Internet infrastructure elements into an algorithmic market. Made possible by combining Blockchain technology with a Software Defined Network, NetFlowCoin is the world’s first decentralized Internet application platform. NFC’s underlying architecture operates by optimizing the bandwidth, storage, edge computing, and data resources of […]
The NetFlowCoin Project provides users with a decentralized network resource that turns key Internet infrastructure elements into an algorithmic market. Made possible by combining Blockchain technology with a Software Defined Network, NetFlowCoin is the world’s first decentralized Internet application platform.
NFC’s underlying architecture operates by optimizing the bandwidth, storage, edge computing, and data resources of its global network.
With its native protocol NFC (also “NetFlowCoin”) token, the NetFlowCoin Project provides users with a dApp marketplace and a circulating digital asset ecosystem.
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NetFlowCoin’s blockchain architecture solves many of the issues plaguing the crypto mining industry. This is enabled by NFC’s hybridized consensus mechanism, which consists of Delegated Proof of Stake (DPoS) and Proof of Valuable Flow (or PoVF). The purpose of these mechanisms is to welcome both established and new miners to the blockchain.
The NetFlowCoin blockchain runs on NFC tokens, which miners earn by providing network resources (idle storage, bandwidth, edge computing) to the network’s users. The NFC token can be used for business transactions, currency within dApps, and other uses defined within the NFC ecosystem.
NetFlowCoin’s blockchain provides token rewards to the nodes involved in maintaining the security of the system and safeguarding its operation through a consensus mechanism while penalizing malicious nodes. In the NetFlowCoin ecosystem, miners operate nodes to direct traffic and check transactions.
Some of NFC’s mining advantages include:
More Ways to Mine: Through the PoVF consensus, any user with a server can mine NFC by providing network services such as bandwidth or storage.
Landable Application: With SDN, NetFlowCoin can maintain a flexible marketplace, where users can transact with dApps, businesses, and others using the NFC token. While NFC tokens are digital assets with trade potential, they work to bind business, mining, and users into one ecosystem.
Mine for Utility: Gone are the days of mining for the sake of mining. Avoid the Mining pool mafias who dominate BTC, ETH, or even CHIA and FIL. Everyone can participate in mining NFC tokens.
Built to Scale: NFC token holders play a huge role in the governance of the hybrid DPoS/PoVF consensus mechanism
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Develop New Applications Like Never Before
The capacity of dApps to interact with smart contracts on the blockchain brings an infinite amount of possibilities when it comes to creating value for NetFlowCoin users.
The NetFlowCoin network enables users to create dApps that validate transactions in storage, bandwidth, and other computing resources into NFC tokens. This can translate into a countless number of dApps within the NFC platform.
NFC provides diversified open source interfaces, and developers can build various application scenarios for users as needed on the application layer, such as:
Distributed lottery/sports betting
Decentralized IM/video/media platform
Decentralized data trading platform
Distributed charity platforms
Imagine a decentralized security camera streaming network or a distributed storage application that allows users to access and transmit confidential workspace data from anywhere. Create tools without the burden of having data stolen, individuals censored, or precious information exposed.
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Central Bank of Nigeria says CBDC pilot will come before the year ends
The Central Bank of Nigeria (CBN) has revealed its plans to launch a digital currency pilot as soon as the end of this year, according to some reports. While previously, the CBN came to a consensus to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced crypto exchanges, Governor Godwin Emefiele, […]
The Central Bank of Nigeria (CBN) has revealed its plans to launch a digital currency pilot as soon as the end of this year, according to some reports.
While previously, the CBN came to a consensus to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced crypto exchanges, Governor Godwin Emefiele, in a complete U-turn on bitcoin and other cryptocurrencies, said he will allow them.
In what is being regarded as a reversal of fortunes, it now looks that the Nigerian officials are gearing to embrace blockchain technology.
Already years in the making
As it turns out, despite Nigeria’s skepticism of fintech, its central bank has already been working on a digital currency for the past two years.
Rakiya Mohammed, the CBN Director of Information Technology, re-echoed the sentiments of other nations as far as a digital currency is concerned. That is, their country will not be left behind in this technological revolution.
The director said, “We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currencies, and Nigeria cannot be left behind.”
Only trying to protect citizens
It is public knowledge that CBN was adamant about its previous anti-bitcoin position. In explaining this, the financial institution said it was only trying to protect the citizens of Nigeria.
It also pointed out that there is no legal remedy if things go wrong in an unregulated market such as that of cryptocurrencies like bitcoin.
CBN did not also spare the usual concept that links the crypto and other digital currencies to criminal activities such as money laundering and terrorist financing.
Meanwhile, hopefuls are waiting for additional updates on the progress of the works the financial institution has already done to make the issuance of a CBDC in the country a possibility.