Crypto.com Taking Over LA Arena

The website Crypto.com has bought the naming rights to the Staples Center for $700 million for the next 20 years.

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Emma: Nick in eastern Iowa- Love to hear your thoughts on crypto.com replacing Staples as the sponsor of the Lakers Clippers Kings arena. 700 million dollars over 20 years. Yeah, it's gonna be the car it's not even the crypto center. it's gonna be Crypto.com. Center I joked on Twitter that they wanted to call it to pyramid scheme center but it was a little over than it was a little on the nose.

Matt: Of course it's crypto.com center arena or whatever it is because that wouldn't be the brand name. Then you can't just these guys are paying lots of money to make sure everyone knows to go to crypto.com. if it was just crypto they might someone might google what crypto is and go to one of the other many exchanges and then what would be the point of them paying for all this.

Brandon: I think it will be great once the NFTs become so popular that they start being used as the mascots of basketball teams like you have like the Lakers replaced by the lazy lions and stuff like that. like then finally we'll enter the digital age.

Matt: Yeah, there are a couple things I'd say. spike freedman on Twitter had a statement Phil Anschu's a major donor a massive donor to anti-LGBTQ and anti-abortion causes. Just pocketed a cool 700 million dollars for slapping crypto at a 20-year-old building in downtown L.A. that was built on formerly public land and financed as part of a community redevelopment loan. and before it was even that public land it was a barrio in LA that was taken over through public domain. So like I would, I think that story of development and gentrification and ultimately that's privatized for capitalists. It's probably a bigger story than the crypto angle. Which I of course you know have plenty of smoke for. I think crypto's a dumb fad. that might last as long as staples. I'm not sure right like we need to move on from staples I guess. because people don't go to Staples to buy staples anymore. right yeah, crypto crypto.com is it's funny that the reason had with nick Gillespie had a piece about how the elites just want to bash crypto. and it's like really matt Damon doing an ad and it is where the lakers play and the elites are against crypto? okay.

Emma: Yeah I mean there is still like I had someone reach out to me like a good friend who's on the left who says you know one of my friends wants to know why you're so anti-crypto? and I mean there's a lot of people who are like left-leaning who you think are duped by this but guys it's a multi-level marketing scheme. the people who already have the crypto that's gonna make them rich that they're the ones who are advertising for you to buy it so the value of their crypto goes up.

Matt: Yeah, they call it the network effect. isn't like more losers to sell to.

Emma: they're this isn't to say that people can't make money off of crypto.

Matt: You absolutely can. Speculation. not good for society.

Emma: It's not but in mass, most of the people that buy crypto are gonna lose out and they're gonna lose money.

Matt: I mean I'm hunting the bank on this stuff. Anybody kept holding a bitcoin that they can't give for dollars or an NFT they can't get for dollars or whatever they can't get for dollars is gonna be toast.