Cryptocurrency, NFT (non-fungible token), decentralized finance to the metaverse, these hot words that suddenly exploded in Internet volume in 2021 are complex emotions intertwined between excitement and uneasiness for many people. These currencies and systems that subvert traditional forms may seem like alien concepts to most people, but to those who have been paying attention for a long time, they are being planned and controlled, and Spencer Dinwiddie is one of them.
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New to cryptocurrency
"I am very patient and good at waiting, whether it is a professional basketball career or investing in cryptocurrency-related assets." Dinwiddie said, "I like to do meaningful things."
"Becoming a billionaire has always been my life goal, but traditional finance cannot help me achieve it." Dinwiddie said ambitiously, "Suppose I have a super high investment rate of 15% and am lucky enough to earn 150 million in the NBA. Salary, including various taxes, expenses, agent commissions, etc., I may have 100 million free of charge before I pass away, but the chance of achieving the goal is still not high."
After searching for a while, Dinwiddie successively came into contact with venture capital, technology investment and other projects. However, he was introduced to cryptocurrency by a friend in 2014. After a period of research, he started investing in 2017. Dinwiddie is not the first person in the NBA to invest in the cryptocurrency market. The Sacramento Kings opened Bitcoin to pay for game tickets and peripheral products as early as 2014.
Dinwiddie doesn't just use cryptocurrencies as investment positions, but uses Bitcoin and Ethereum as risk hedging insurance to prevent the price of the U.S. dollar or other currencies from falling during turmoil.
Satoshi Nakamoto published a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008, describing an electronic currency he called "Bitcoin" and its algorithm. It also Ushering in the era of cryptocurrency. In 2014, "V God" Vitalik Buterin launched the decentralized open source platform Ethereum and its native cryptocurrency Ethereum.
Including all cryptocurrencies, including Bitcoin and Ethereum, although the entire cryptocurrency market has been like a rising myth in recent years, it has experienced high volatility in the process of skyrocketing and plummeting. There is also a saying in the currency circle that "one day in the currency area, the world will be the same." "Ten years", many investors joke that without enough faith bonus, it will be difficult to survive in the currency area, or even make a profit.
But faith is exactly what Dinwiddie lacks the most. "The currency value fluctuates violently, and sometimes there are many people who make big profits and lose big money. Patience and faith are important elements."
Blockchain technology creates a point-to-point decentralized platform that uses distributed nodes to access, verify, and transmit data, allowing payments to be directly transmitted from one party to another, forming a shared network account that can be read at any time. Basically, this process is decentralization, and the medium of transaction is peer-to-peer digital currency. Dinwiddie believes that this model can not only prevent the financial system from collapsing due to central corruption. "Basically, current cash flow requires a third party. Whether it is real estate, banks, or music publishers, secure blockchain operation is a valuable technology." .”
Dinwiddie believes that this model can also achieve many derivative benefits, such as the scarcity and value of NFT, preventing piracy, subverting the phenomenon of copying and being unable to source in the past Internet era. For creators, they can retain copyright to protect their rights and interests.
Looking at the NBA’s blockchain craze from NBA Top Shot
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New concepts impact NBA ecology
In addition to buying cryptocurrency assets, Dinwiddie also actively affects his industry. When he signed a three-year, $34.4 million contract with the Nets at the end of 2018, he tried to convert part of the contract into security tokens (Security Tokens). Token), and established the investment platform "DREAM Fan Shares" to issue professional athlete investment tokens (PAInT). Dinwiddie originally wanted to tokenize the three-year contract 40% and issue "SD8" so that ordinary people can invest in future "performance". If they receive bonuses or renew the contract in advance, investors can also make profits or dividends. On the other hand, if the performance is poor, there will naturally be losses. Unfortunately, in the end, the NBA has banned it on the grounds of violating the labor agreement. If Dinwiddie is successfully released at that time, he will be traded to the Wizards in 2021 and signed for 62 million for three years, which will also make potential investors a lot of money.
