Cryptocurrency news

The latest cryptocurrency news from Ibrox is another warning for the rest of our game.

A few weeks ago, one of Ibrox’s two cryptocurrency partners was liquidated and disappeared. Was it a scam? Who knows? The whole market is one big scam if you ask me, with NFTs on one side and tradable “coins” popping up everywhere on the other.

The news today that the second of their partners – the one who trades coins – is facing legal action for “missed payments” is not at all surprising.

The token they launched at Ibrox sold out within weeks. They are probably now worth less than the value of an Ibrox share – which, as you know, according to this site, is worth less than toilet paper.

I don’t mean to turn this into a disparaging Ibrox article, although in their hunger to participate in something bright and new and in which there might be a few books, they have once again overstepped their sensitivity and responsibility to their own fans. .

No, this is a warning to the rest of Scottish football, including us.

It’s a cowboy business if there ever was one.

None of this is protected by the kinds of laws that exist to protect genuine investment markets. None of this is regulated in the same way. It’s a whole industry full of lucky guys and charlatans.

I’m amazed there isn’t a Dave King piece there.

Bitci.com is featured on the Ibrox club shorts. Their former crypto company Sportemongo appeared on the back of their shirts. This should give you an idea of ​​the desperation of their sales department.

One has already been deleted… will the other follow now?

At least it’ll give them space to get Dinkey’s Dogfood or another lowball partner’s name.

When Ibrox announced the collaboration, both parties went out of their way to praise the other for “his vision and forward-thinking.” It must have been nice for the Ibrox board to hear this from other than Daily Record reporters, but that’s typical bullshit from people in a market full of dodgy geezers.

They’ve clearly never heard that saying about rushing fools.

Their club did this at a time when crypto was riding high and everyone wanted to be first at the Next Big Thing. Celtic, as you will understand, kept their distance from the whole spectacle, despite the SPFL stepping in and imposing one of these undertakings on us.

Since then, cryptocurrency prices have steadily fallen, and governments around the world are preparing legal mechanisms to bring some semblance of control to the sector, which remains largely a mess.

Scottish football clubs as a whole should have avoided this sort of thing, as Celtic did. Scottish football itself should have refused to get involved, no matter how many national associations had already signed up. The Spanish federation is one of Bitci.com’s partners; it is their clubs that seek redress in court.

As usual, the people who suffer the most when this happens are the fans. When Ibrox launched the Bitci.com token, they sold over 20 million to their own unfortunate and gullible followers.

If they ever see a penny of return on their “investments,” they will be in luck.

Think you know your CVAs from your EBTs? Take the Ibrox liquidation quiz below!

The Ibrox crisis started to get real when the bank that was keeping Rangers afloat started to sweat at the height of the financial crisis. Who were the bankers for Rangers and Murray before being taken over?

HSBC

HBOS

RBS

LLOYDS