Floyd Mayweather Sums Up Everything That’s Wrong With Cryptocurrencies

Gerelyn 3 years ago

Mayweather has connections to various rug pulls and punches The superstar boxer deleted his social media references to his promotions, but the internet is forever He exemplifies the opportunity that exists in cryptocurrencies for those with no conscience I love crypto. I believe Bitcoin can make the world a better place – a decentralized, digital form of money with a tight supply cap the world has never seen before. I especially think that innovation within stablecoins and decentralized finance can create a more just, democratic and accessible financial system, compared to the current system, which often favors those at the top, widening the chasm of inequality that plagues so many countries. right now. But make no mistake here – there are also dark sides to this wonderful industry. And the potential, possibilities and dreams of making a difference mentioned above are still far from reality.

regulation

Whether you are for or against regulation, the truth is that this is a $1.2 trillion industry that has been allowed to function freely. It’s an overused term in cryptography, but the “old west” is still the perfect way to describe it. Of course, this has huge positives as innovation can increase, creators have free rein and barriers remain minimal. But as important as these advantages of minimal regulation are, I don’t want to discuss them here. I want to talk about the negative externalities of this environment; I want to spend some time looking at villains who can operate in space, salivating at the expense of unsuspecting members of the public. Let’s take a case study of an individual who exploited the system and the gullible investor for its benefit, perhaps more than anyone else: Floyd Mayweather.

Floyd Mayweather

Floyd Mayweather is a boxer known for his gripping fighting style, humble attitude and respect for women. Okay, that was a joke. Let’s talk about money because that’s what this article is really about. Mayweather ranked sixth on Sportico’s list of all-time athlete earnings last year, with an inflation-adjusted $1.2 billion accrued over the course of his career. But have you seen the price of gas lately? Apparently even $1.2 billion makes it difficult to survive in modern America as Floyd “Money” Mayweather has turned to cryptocurrency scams to supplement his income.

Mayweather’s Metaverse Project

His Twitter bio can be seen below, promoting some sort of metaverse-related project titled “mayweverse”, which if you ask me, couldn’t come out of the worse language.

The funny thing is that when this project was announced, he completely abandoned the Floyd NFT project that he had previously incessantly promoted. He also deleted all tweets and public social media posts related to the post. Fortunately, things live on forever on the Internet, so you can see an example below of Mayweather, typically humble as he chats with the camera from the pool of one of his mansions.

Worse still, he neither informed the team (or investors) behind FloydNFT that he was launching another project nor abandoning the previous one. Elegant move, Floyd.

Oh, and what happened to the Mayweverse? Yes, it was a sham, with the incumbents losing everything. The team behind this was anonymous and was therefore able to withdraw without consequences. As for Floyd, there don’t seem to be any repercussions, which is unfortunate, but also unsurprising in the slightest. On the bright side, God bless the @bestvideosoftt Twitter account because they have the gem below one of Mayweather’s many promotions. “And of course I’m the money man, but guess what? Be a part of history, own a piece of my legacy and you too can make money.” – Floyd Mayweather

Ethereum Max

Ethereum Max is a token that sponsored Mayweather’s “fight” with YouTube personality Logan Paul. Heavily promoted by Mayweather, he showed up at the weigh-ins wearing an Ethereum Max T-shirt, while the official fight card advertised the token, and tickets could be purchased with the coin. Just for fun, I’ve plotted the token price action below since the fight.

Bored Bunny and Moonshot were similarly promoted cheats, but really, I can’t bother going into the details behind them. There are also a number of older projects from the previous crypto cycle, mostly ICOs that went to zero, which Mayweather promoted. In almost all cases, their Twitter account has been eliminated from promotions.

Beware, People

I don’t think I need to clarify that Mayweather is not a good individual. He has been arrested several times for beating up his girlfriends, with a list of assault, battery and harassment cases against him. Given his status as an incredibly talented fighter, repeated physical abuse is even more disgusting and cowardly. But it’s these kinds of morally bankrupt people who can stand out in the cryptocurrency space, given the lack of regulation and the easy ability for anyone to forge a coin or mint an NFT collection and sell it to the masses. It’s a reminder that while due diligence is vital when investing in any asset class, it’s even more crucial in cryptocurrencies, where anyone can scam anyone as long as they have a WiFi connection and don’t have a proper conscience.

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