Superstar Cristiano Ronaldo Promotes Binance. Should We Start Worrying About Binance?
I don't think Cristiano Ronaldo promoting something is doing that brand a disservice. It might not do it a service either, I certainly don't base my purchases on what Cristiano Ronaldo promotes.
It is a matter of superstars or celebrities associating their names with crypto businesses and the disaster that usually follows for the respective crypto businesses.
The matter is two-fold here. In some (better said, most) cases, the celebrities have no idea what they are promoting. Crypto is certainly more complex than a pair of underwear.
And if you don't know what you're promoting, you'd better stay away from it. In this sense, there is not much difference between crypto and the fiat world. If you promote some scammers or shady businesses the result is the same.
The only difference is more people understand the fiat world and are likely to catch onto the shady businesses, while crypto is still almost a virgin territory. When you explore it for the first time, you might meet some unknown plants or animals that can bite or poison you and you will make harm to that ecosystem too (we humans, are experts at that). You also may come across a plant, animal, or substance that could help feed mankind. I hope the metaphor is transparent enough that celebrities would understand it, although I doubt they read my posts.
The other aspect is about the crypto business itself. Even if it's not a scam, it's a serious business, can it handle all the extra attention that comes from the endorsements of major influencers? If it's not built on a very solid foundation, it might not.
Binance is as solid as it gets in the crypto sphere, from all data available publicly. Except it's centralized and it has a way too dominant position in the market, and CZ is aggressively trying to increase it by publicly forcing stress tests into its competitors, during hard times. All for the good of crypto, of course.
This is just one example of Binance dominance, taken from one of @dalz's reports:
Note the chart includes both CEXes and DEXes.
Regarding Cristiano Ronaldo and Binance, he launched his first NFT collection on Binance 2 days before the World Cup started. Very good timing considering the WC, very bad timing considering that NFTs without use case lost all shine, and with it their value.
I probably saw the news about his collection but forgot about it in the meantime. What reminded me was a TV commercial I saw before or during the break of the game between Spain and Germany.
The commercial is made in a way that promotes Binance at the same time. Therefore my title. We have the ingredients. Superstar promotes crypto business. Will this time be any different?
I hope so because otherwise, I believe the crypto world will be scorched. Much like Russia dropping a nuke on the world (unlikely), given the tentacles of Binance. Some crypto projects might survive, but much like a nuke, this would be a before-and-after event.
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While Binance is too compliant it is also the safest bet imo.
I don't like Binance, for many reasons, but among the CEXes, it seems the most solid one. I still wouldn't keep any crypto on it.
Same here.
I'll stick with the Hive wallet for now. There is the Brave wallet but there sticking with the Solana chain. Plus Ecency has there own wallet. I'm happy with that.
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Yep, I believe Hive is one of the few chains that have both use cases and resilience when hard times are affecting crypto.
It is the same with Matt Damon and crypto.com.. they must be making some serious cash to afford all this.
They sure are. And I don't think they care much about what happens with the projects they promote unless that affects them.
Yes, like any corporation, they will trample on anything to achieve their goals.
Unless we change the game, these are the rules of the game. In their world, they don't do something that is considered wrong.
Thats exactly right. !LUV
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Binance should be fine, for now at least.
I don't really think Binance will be in trouble because Ronaldo promotes it. It was more of a tongue-in-cheek kind of thing, based on the track record of celebrities promoting crypto so far.
I think Christiano Ronaldo saw the opportunity it offers, maybe Binance convince him with a high pay. It's not like he isn't aware of the recent bankruptcies that happened in the crypto space.
I'm pretty sure their contract was signed before FTX went down. I think both Ronaldo and Binance will be fine. His NFT collection, I wouldn't bet on it, but you never know...
It’s like Jim Cramer promoting stocks and the stock go the other way! 🤣
When it’s all said and done, how many CEX will be left to be endorsed? 😂
Then we have something consistent. Do the opposite of what this guy says.
In Binance's case, while I don't think it'll go south any time soon, this kind of endorsement from super-high profile individuals would make me think twice about leaving any crypto at their disposal. I never do it anyway, but if I would, that is a pretty strong signal to take it back into my own hands.
I always stay away from crap promoted by "super famous people"
You can't go wrong with that, in most cases.
Cristiano himself is rather messy, not sure what good he brings. Stay with Hive
He has an excuse... For a striker based on physical skills, he's getting old.
No doubt about that.
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Celebrities and influencers get paid, they say what they're told to say, milk the opportunity for as long as they're allowed and then move on.
This is how the game works.
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I know. But as some of them found out, promoting everything that pays can backfire.
Thanks for the info Gadrian. It's interesting.
Have a nice day and evening.
Barb 😊
#thriveonhive
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I initially wanted to make fun of the celebrities' track record with crypto. The post turned out to have a way too serious tone than I anticipated, lol.
We've been here before - celebrities and influencers promoting some crypto projects - in this case its Ronaldo for Binance. Whether Ronaldo knows what he is promoting or not, I think they care less. They do care more about the 'contract' money. At the end, the untrained fans who are the target market, will just put their money blindly where they saw their idol. It should be better than this
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Oh, I know they only see money and contracts in front of their eyes. If we talk about football, many of them forget how to play it when they become rich and famous.
For me I think maybe that is what he was asked to do or say. It all left for us to know wish one to follow
Of course, trusting what celebrities advertise without DYOR is often a very bad idea.
Yeah @gadrain exactly because we don't know thier mine.