One of the pressing problems that Barkley faced during negotiations, was he made a huge mistake (like many NFL players) by taking his entire 2021 salary (10M) in bitcoin. It dropped 5.9M so he only got 4.1M for the season
I have to believe that he put himself in a financial bind with a poor decision and is trying to recoup a huge loss that is probably irredeemable and should just be chalked up as "big mistake...hard lesson learned"
Crypto has burned a lot of high-end athletes looking to make a killing while their talents are at their highest level (albeit for a short time). Getting burned playing the "high risk / high reward" game is NOT the fault of teams who agree to payout salaries (and portions thereof) to their players
And it's not just NFL players, others like NBA's Stephen Curry and Klay Thompson (who lost 20M for his investment in crypto) have been hit hard. Even Michael Jordan lost at least 10M, but for him that's not big deal...like me dropping a penny and not bothering to pick it up
In short, bad investment choices are part of life. Trying to recover those losses NEVER work, but that's not going to prod players to try. I've always felt Saquon's crypto loss has been the driving force behind his standoff with the front office
https://frontofficesports.com/crypto-crash-costing-nfl-players-millions/
https://cointelegraph.com/news/7-nfl-players-that-chose-crypto-over-cash-salaries
No doubt Barkley lost a lot of money in crypto, but I don't see him as being in any sort of real financial bind. He has still made a huge amount of money the last 5 years, even with the crytpo loss, when you count endorsements.
If by "financial bind" you just mean his net worth isn't as high as it would have been if he never touched bitcoin, then I certainly agree with that, but I don't really view that as a "bind."
I can understand the issues that come with that, but not to be insensitive to it, it is unfortunately a non football mistake by Barkley, it isn't and wasn't up to the Giants to remedy that.
I would hope that isn't why he wanted more money.
Barkley was investing his endorsement money into BitCoin
https://cointelegraph.com/news/nfl-s-saquon-barkley-converting-endorsements-to-btc-to-create-generational-wealth
It's sad reading the article. Instead of finding a qualified financial adviser he could trust he decided to copy what wealthy sports superstars were doing. I couldn't think of a more poorly conceived financial strategy.
Quote from: MightyGiants on July 19, 2023, 10:47:22 AMBarkley was investing his endorsement money into BitCoin
https://cointelegraph.com/news/nfl-s-saquon-barkley-converting-endorsements-to-btc-to-create-generational-wealth
It's sad reading the article. Instead of finding a qualified financial adviser he could trust he decided to copy what wealthy sports superstars were doing. I couldn't think of a more poorly conceived financial strategy.
It is now readily apparent that Barkley either receives and follows very poor professional advice, or he stubbornly ignores good advice and exercises his own poor judgment with business decisions.
While I continue to think there is just about a zero percent chance he'll actually sit regular season games out, when you look at the insanity of some of his decisions off the field, it's hard to completely rule it out, crazy and self-harmful as it would be.
Quote from: DaveBrown74 on July 19, 2023, 11:34:28 AMIt is now readily apparent that Barkley either receives and follows very poor professional advice, or he stubbornly ignores good advice and exercises his own poor judgment with business decisions.
While I continue to think there is just about a zero percent chance he'll actually sit regular season games out, when you look at the insanity of some of his decisions off the field, it's hard to completely rule it out, crazy and self-harmful as it would be.
I have watched two long-form interviews with Barkley. In both of them the host was giving advise to Barkley and Barkley appeared receptive to it.
Hot Boxing with Mike Tyson- Mike was giving Barkley life advice
The Money Matters Podcast with Jack Mallers (who is involved in various crypto-based companies)- Jack was giving Barkley financial advice
I think most of us have an opinion about getting life advice from Mike Tyson.
I listened to the hour-long pod with Jack Mallers and Barkley. The stupid crap that Jack Mallers was saying pained me; it pained me greatly. Jack is a combination of conman and idiot. Yet, Barkley was listening to the man like he was someone who would give him good advice.
For some reason, Barkley seems attracted to the wrong people to guide him.
I have not delved into the crypto market but from what I understand it's mainly relying on the buying and selling of the crypto itself. There are no assets backing its valuation. We have seen this before from the tulip craze and beyond.
Quote from: MightyGiants on July 19, 2023, 12:24:25 PMThe Money Matters Podcast with Jack Mallers (who is involved in various crypto-based companies)- Jack was giving Barkley financial advice
I listened to the hour-long pod with Jack Mallers and Barkley. The stupid crap that Jack Mallers was saying pained me; it pained me greatly. Jack is a combination of conman and idiot. Yet, Barkley was listening to the man like he was someone who would give him good advice.
For some reason, Barkley seems attracted to the wrong people to guide him.
I listened to part of that and then couldn't stomach any more. Some of Mallers' analogies to the stock market were beyond absurd.
And Saquon never seems to acknowledge that by virtue of his draft position he was instantly one of the highest paid RBs in the league, and counting his 5th year option has collected $38 million. I wonder how many RBs collected more than that over that 5 year period?
The one I have more sympathy is the Raiders guy who has made between 5 and 6 million for his first 4 years. I had assumed he wasn't a first rounder because they tagged him for year 5 rather than picking up his 5th year option.. I know the amount of the 5th year option is performance based so is it possible that his 5th year option would have cost more than the tag?
Quote from: AZGiantFan on July 19, 2023, 01:52:35 PMI listened to part of that and then couldn't stomach any more. Some of Mallers' analogies to the stock market were beyond absurd.
And Saquon never seems to acknowledge that by virtue of his draft position he was instantly one of the highest paid RBs in the league, and counting his 5th year option has collected $38 million. I wonder how many RBs collected more than that over that 5 year period?
The one I have more sympathy is the Raiders guy who has made between 5 and 6 million for his first 4 years. I had assumed he wasn't a first rounder because they tagged him for year 5 rather than picking up his 5th year option.. I know the amount of the 5th year option is performance based so is it possible that his 5th year option would have cost more than the tag?
Josh Jacobs has earned a hair under $12 million for his 4-year career. The Raiders didn't pick up Jacob's 5th year option so he has played one less season than Barkley.
Quote from: True Blue on July 19, 2023, 10:32:25 AMI can understand the issues that come with that, but not to be insensitive to it, it is unfortunately a non football mistake by Barkley, it isn't and wasn't up to the Giants to remedy that.
I would hope that isn't why he wanted more money.
exactly what I was thinking. I am not giving my cleaning lady or babysitter a raise if they go to Atlantic City and lose all their money in the slot machines.
They say that in 2023 Barkley is worth an estimated $45 million
Now admittedly, taxes would eat up some of this, but Barkley earned $38 million from the Giants, and it's been reported he gets an outside income of $10 million per year (he has been in the league for 5 years). So by my math, Barkley has earned around $88 million but has a net worth of $45 million. Barkley stated in the interview that he has a great financial adviser, but I am not sure I see it. Even with taxes, I would think a good financial manager would have Barkley's wealth somewhere between $50 million and $60 million.
Quote from: MightyGiants on July 19, 2023, 02:45:55 PMJosh Jacobs has earned a hair under $12 million for his 4-year career. The Raiders didn't pick up Jacob's 5th year option so he has played one less season than Barkley.
You're right, I misread spotrac somehow. It's still a lot less than Barkley's 31.6 million rookie contract. I still don't fully get why they tagged him rather than exercising his 5th year option.
STUPID is what a stupid does!
Quote from: AZGiantFan on July 19, 2023, 04:03:59 PMYou're right, I misread spotrac somehow. It's still a lot less than Barkley's 31.6 million rookie contract. I still don't fully get why they tagged him rather than exercising his 5th year option.
He had a down year in 2021 and hadn't played a full season at that point. Then he had a breakout year and doubled his output in 2022. He would have cost them $8MM but just like Jones and the Giants, they weren't that committed to him.
His Market Value pre-crash was $12.5MM. If the market held up, it could have been worse.
Which gets me thinking, would the Giants have tagged Barkley last year if they didn't exercise his 5th year option?
Quote from: Ed Vette on July 20, 2023, 08:51:49 AMHe had a down year in 2021 and hadn't played a full season at that point. Then he had a breakout year and doubled his output in 2022. He would have cost them $8MM but just like Jones and the Giants, they weren't that committed to him.
His Market Value pre-crash was $12.5MM. If the market held up, it could have been worse.
Which gets me thinking, would the Giants have tagged Barkley last year if they didn't exercise his 5th year option?
That makes sense. I don't know the answer on Barkley.
Well Bitcoin is back to an all-time high, so if he kept it, he didnt lose money other than what could have been made with other investments.
Am I missing something ... Bit coin is at all time highs. So none of them lost any money.
Quote from: Fletch on March 05, 2024, 11:19:03 AMAm I missing something ... Bit coin is at all time highs. So none of them lost any money.
Maybe, this thread is from a while ago and I just commented to update that
Bitcoin as a replacement for dollars, is never going to happen. Bitcoin's value is too unstable, it's use less and practical and ways to store it securely (and perhaps earn interest) not ideal.
Bitcoin is a way for people who are looking to break or skirt the law to be a thing. People investing in Bitcoin like they would other no usable assets like Gold will be a thing as long as people wish it to be a thing. I think the difference between crypto and gold is that gold has a limited supply. While Bitcoin or any given cryptocurrency has a theoretical limit, the number of cryptocurrencies doesn't have a limit. The other big difference is that gold does have some real-world value (jewelry and as a material), and it's been valued since man first understood the idea of money. Crypto, on the other hand, has been around for a very short time. If people decide they don't value crypto, its value plummets to zero because it has no intrinsic value and is not backed up by any institution or government.
Frankly, I think it's silly to ask to be paid in crypto. Just get your check and buy as much crypto as you want.
Quote from: MightyGiants on March 05, 2024, 12:05:56 PMBitcoin as a replacement for dollars, is never going to happen. Bitcoin's value is too unstable, it's use less and practical and ways to store it securely (and perhaps earn interest) not ideal.
Bitcoin is a way for people who are looking to break or skirt the law to be a thing. People investing in Bitcoin like they would other no usable assets like Gold will be a thing as long as people wish it to be a thing. I think the difference between crypto and gold is that gold has a limited supply. While Bitcoin or any given cryptocurrency has a theoretical limit, the number of cryptocurrencies doesn't have a limit. The other big difference is that gold does have some real-world value (jewelry and as a material), and it's been valued since man first understood the idea of money. Crypto, on the other hand, has been around for a very short time. If people decide they don't value crypto, its value plummets to zero because it has no intrinsic value and is not backed up by any institution or government.
Frankly, I think it's silly to ask to be paid in crypto. Just get your check and buy as much crypto as you want.
That is a myopic view.
Quote from: MightyGiants on March 05, 2024, 12:05:56 PMBitcoin as a replacement for dollars, is never going to happen. Bitcoin's value is too unstable, it's use less and practical and ways to store it securely (and perhaps earn interest) not ideal.
Bitcoin is a way for people who are looking to break or skirt the law to be a thing.
Or gee i don't know maybe they are looking for a way not to be endebted to some weird entity that no one knows much about, and are looking for honest money. I.e. you borrow money from me -- you work overtime to pay me back. not just print up money out of thin air and lend out money out of thin air.
QuotePeople investing in Bitcoin like they would other no usable assets like Gold will be a thing as long as people wish it to be a thing. I think the difference between crypto and gold is that gold has a limited supply. While Bitcoin or any given cryptocurrency has a theoretical limit, the number of cryptocurrencies doesn't have a limit. The other big difference is that gold does have some real-world value (jewelry and as a material), and it's been valued since man first understood the idea of money. Crypto, on the other hand, has been around for a very short time. If people decide they don't value crypto, its value plummets to zero because it has no intrinsic value and is not backed up by any institution or government.
Ah the good old gold argument, and I actually had some and fell for this at one time. Let me tell you I am much happier with bit coin now than I am with stupid gold. I am also glad I figured out a few things.
Just because gold is old, does not mean anything. A sucker was born every minute back then same as now.
Gold isn't really
worth anything. It has no utility value but looking nice. I have some nice gold coins which I cannot bring myself to sell just because i like to look at them. I have a gold plated watch that serves that purpose.
QuoteFrankly, I think it's silly to ask to be paid in crypto. Just get your check and buy as much crypto as you want.
I agree actually. especially if your salary is really a matter of public record. It is going to be pretty tricky to claim 0 on line 10 of your irs form.
Get out of the new one if you can't lend your hand, for the times they are a-changin'.
Quote from: MightyGiants on March 05, 2024, 12:41:07 PMHow so?
Every transaction is recorded forever and can be viewed by the public. The best way to skirt the law is still cash.
I don't know if it will be bitcoin or something else, but I totally think there will be a digital currency that becomes more accepted than not as an international currency.
Quote from: uconnjack8 on March 05, 2024, 01:10:08 PMEvery transaction is recorded forever and can be viewed by the public. The best way to skirt the law is still cash.
I don't know if it will be bitcoin or something else, but I totally think there will be a digital currency that becomes more accepted than not as an international currency.
There is an irony in accusing me of having a myopic view of crypto. I am going to suggest you read this report that goes over all the ways crypto has helped and is used by criminals to aid in committing crimes.
https://www.europol.europa.eu/cms/sites/default/files/documents/Europol%20Spotlight%20-%20Cryptocurrencies%20-%20Tracing%20the%20evolution%20of%20criminal%20finances.pdf
Apropos of nothing in particular, I went to HS with Stuart Haber, one of the inventors of blockchain which is intrinsic to Bitcoin. He was a year behind me but I knew him pretty well from Math Team. He was obviously very very smart, but he was also a funny little guy who loved to juggle.
Personally I don't understand Blockchain nor Bitcoin, so I'll stick to tulips. LOL